External broker reports(aggregated public sources), Prabhudas Lilladhar

Prabhudas Lilladhar

External broker reports(aggregated public sources)

Prabhudas Lilladher is one of India's leading research based financial services organisation.

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

Divgi Torqtransfer Systems / Equity Bottom-Up

Divgi Torqtransfer Systems Limited provides automotive powertrain solutions and products. The Company supplies transfer case systems, torque couplers, dual and triple cone steel synchronizers, and dual clutch automatic transmissions to automotive OEMs and passenger vehicle manufacturers. Divgi Torqtransfer Systems serves customers worldwide.

<ul><li>Divgi Torqtransfer Systems (DIVGIITT) reported 7th consecutive quarter of degrowth in revenue, indicating persistent challenges across core and new business segments.</li><li>Its Q3FY25 revenue declined by 16.5% YoY, against the anticipated de-growth of 8%/11% (PLe/BBGe).</li><li>Gross profit declined by 5% YoY, but gross margin expanded by 776bps YoY to 62.7% (PLe: 50.8%).</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Divgi Torqtransfer Systems (DIVGIITT) reported 7th consecutive quarter of degrowth in revenue, indicating persistent challenges across core and new business segments.Its Q3FY25 revenue declined by 16.5% YoY, against the anticipated de-growth of 8%/11% (PLe/BBGe).Gross profit declined by 5% YoY, but gross margin expanded by 776bps YoY to 62.7% (PLe: 50.8%).Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Divgi Torqtransfer Systems (DIVGIITT IN) - Persistent Headwinds to Impact Growth Prospects

Deepak Nitrite Limited manufactures chemicals and fertilizers. The Company's products include sodium nitrite/nitrate, nitric acid, ammonium nitrate, and Hydroxylamine Sulphate.  Deepak Nitrite's other two divisions manufacture dyes & dyestuffs and nitro aromatics.

<ul><li>Due to sharp correction in price, we upgrade to HOLD with TP of Rs.</li><li>1,960. Deepak Nitrite’s (DN) Q3FY25 revenue stood at Rs19bn, down 5.3% YoY and 6.3% QoQ.</li><li>Operating performance for the quarter was impacted as plants remained idle due to deferral in demand, lag adjusted recovery in agchem, increase in RM cost as well as oversupply from Chinese counterparts.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Due to sharp correction in price, we upgrade to HOLD with TP of Rs.1,960. Deepak Nitrite’s (DN) Q3FY25 revenue stood at Rs19bn, down 5.3% YoY and 6.3% QoQ.Operating performance for the quarter was impacted as plants remained idle due to deferral in demand, lag adjusted recovery in agchem, increase in RM cost as well as oversupply from Chinese counterparts.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Deepak Nitrite (DN IN) - Subdued Quarter, Margins Remain Under Pressure

Narayana Hrudayalaya Ltd / Equity Bottom-Up

Narayana Hrudayalaya Limited operates a network of hospitals. The Company offers cardiac surgery, cardiology, diabetes and endocrinology, gastroenterology, general surgery, neuroscience, facial surgery, nephrology, obstetrics and gynecology, orthopedics, oncology, pediatrics, transplant, and urology services. Narayana Hrudayalaya serves patients worldwide.

<ul><li>Narayana Hrudayalaya (NARH) reported EBITDA of Rs3.1bn (up 10% YoY) in Q3FY25, 9% above our estimates due to sharp ramp up in Cayman units.</li><li>The Cayman business reported profitability of Rs1.3bn, up 8% YoY and 37% QoQ.</li><li>India business reported healthy EBITDA adjusted for NHIC losses, up 15% YoY.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Narayana Hrudayalaya (NARH) reported EBITDA of Rs3.1bn (up 10% YoY) in Q3FY25, 9% above our estimates due to sharp ramp up in Cayman units.The Cayman business reported profitability of Rs1.3bn, up 8% YoY and 37% QoQ.India business reported healthy EBITDA adjusted for NHIC losses, up 15% YoY.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Narayana Hrudayalaya - Good Start to New Cayman Unit

ABB India Limited undertakes engineering and construction projects and manufactures heavy engineering and industrial equipment. The Company undertakes projects in the field of energy production, power transmission, transportation, process automation and pollution control. ABB India's products include pollution control equipment, switch gears and high current rectifiers.

<ul><li>We revise our CY25/26E EPS estimates by -2.9%/-6.1% factoring in pricing normalization and transient base order moderation but upgrade the rating to ‘BUY’ from Accumulate due to recent sharp correction in stock price and ABB’s sustained growth momentum.</li><li>ABB India (ABB) reported strong quarterly performance with revenue growing 22.0% YoY and EBITDA margin expanding by 440bps YoY to 19.5%.</li><li>During the quarter, the growth was led by strong momentum in Electrification and execution upticks in Data center orders.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

We revise our CY25/26E EPS estimates by -2.9%/-6.1% factoring in pricing normalization and transient base order moderation but upgrade the rating to ‘BUY’ from Accumulate due to recent sharp correction in stock price and ABB’s sustained growth momentum.ABB India (ABB) reported strong quarterly performance with revenue growing 22.0% YoY and EBITDA margin expanding by 440bps YoY to 19.5%.During the quarter, the growth was led by strong momentum in Electrification and execution upticks in Data center orders.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

ABB India (ABB IN) - Strong Q4; Healthy Outlook Across Key Segments

Kalpataru Projects International / Equity Bottom-Up

Kalpataru Projects International Limited provides engineering, procurement, and construction services. The Company offers complete solutions covering design, testing, fabrication, erection, and construction of transmission lines, oil and gas infrastructure, and railways projects on a turnkey basis. Kalpataru Projects International serves customers globally.

Kalpataru Projects International (KPIL IN)

<ul><li>We revise our FY26/FY27E EPS estimate by –6.0%/-4.9%, due to delayed collection in the Water business impacting the revenue and slowdown in the Railway segment, despite strong growth T&amp;D, B&amp;F and O&amp;G.</li><li>Kalpataru Projects -International (KPIL) reported decent quarterly performance with standalone revenue growth of 16.4% YoY and flattish EBITDA margin YoY at 8.3%.</li><li>Strong execution of a robust order book across various segments contributed to revenue growth, although delayed collections negatively impacted the Water business.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

We revise our FY26/FY27E EPS estimate by –6.0%/-4.9%, due to delayed collection in the Water business impacting the revenue and slowdown in the Railway segment, despite strong growth T&amp;D, B&amp;F and O&amp;G.Kalpataru Projects -International (KPIL) reported decent quarterly performance with standalone revenue growth of 16.4% YoY and flattish EBITDA margin YoY at 8.3%.Strong execution of a robust order book across various segments contributed to revenue growth, although delayed collections negatively impacted the Water business.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Kalpataru Projects International - Healthy Q3; Robust T&D Pipeline to Drive Growth

Prabhudas Lilladher is one of India's leading research based financial services organisation.  

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only.  Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.