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

Safari Industries India / Equity Bottom-Up

Safari Industries India Ltd. manufactures and sells travel goods.

<ul><li>Prabhudas Lilladher's research report onSafari Industries (India) Safari’s top-line was lower than our expectation as pricing aggression on ecom channel was measured.</li><li>On the other hand, GM improved to 50.6% (PLe 47.9%) due to improvement in HL:SL mix.</li><li>The expansion plan at Jaipur is on track and production is expected to begin from 3QFY25E.</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.

Prabhudas Lilladher's research report onSafari Industries (India) Safari’s top-line was lower than our expectation as pricing aggression on ecom channel was measured.On the other hand, GM improved to 50.6% (PLe 47.9%) due to improvement in HL:SL mix.The expansion plan at Jaipur is on track and production is expected to begin from 3QFY25E.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.

Safari Industries (India) (SII IN) - GM Springs a Surprise

Jubilant Pharmova Limited / Equity Bottom-Up

Jubilant Pharmova Limited operates as a pharmaceuticals company. The Company offers products and services across the pharma value chain that includes manufacturing and supply of radiopharmaceuticals, developing therapies, and drug discovery and development services.

<ul><li>Prabhudas Lilladher's research report onJubilant Ingrevia Challenging market conditions continue to persist especially for the Agrochemical sector which may take another 1-2 quarters to get back to normal.</li><li>Pharmaceutical segment had healthy volumes and the Nutrition segment saw steady demand for the quarter but due to excess supply from China, realization remained under pressure.</li><li>Specialty chemical saw a 30% QoQ growth primarily driven by growth in Fine chemical &amp; Microbial and Nutrition products.</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.

Prabhudas Lilladher's research report onJubilant Ingrevia Challenging market conditions continue to persist especially for the Agrochemical sector which may take another 1-2 quarters to get back to normal.Pharmaceutical segment had healthy volumes and the Nutrition segment saw steady demand for the quarter but due to excess supply from China, realization remained under pressure.Specialty chemical saw a 30% QoQ growth primarily driven by growth in Fine chemical &amp; Microbial and Nutrition products.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.

Jubilant Ingrevia - Pricing Pressure Continues

Cera Sanitaryware Ltd. manufactures sanitary wares, and trades bathroom accessories and captive nonconventional energy. The Company's products include sanitary wares, glass basins, whirpools, bathtubs, shower range and bath fittings.

<ul><li>Prabhudas Lilladher's research report on Cera Sanitaryware Cera Sanitaryware (CRS) reported above estimates profitability with improvement in operating margins on account of cost saving initiatives, reduction in advisement expense (2.8% cons. rev.) and increase in other income.</li><li>However, CRS reported soft revenue growth of 3.1% YoY in Q4FY24 and guided for sluggish demand to continue in Q1FY25 due to general election and shortage of labours because of heatwave in the country.</li><li>Company has changed its revenue guidance to reach Rs29bn by Mar-27 inplace of Sep-25 with ~16% revenue CAGR over FY24-27, while EBITDA margin expected to maintain at 16%+.</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.

Prabhudas Lilladher's research report on Cera Sanitaryware Cera Sanitaryware (CRS) reported above estimates profitability with improvement in operating margins on account of cost saving initiatives, reduction in advisement expense (2.8% cons. rev.) and increase in other income.However, CRS reported soft revenue growth of 3.1% YoY in Q4FY24 and guided for sluggish demand to continue in Q1FY25 due to general election and shortage of labours because of heatwave in the country.Company has changed its revenue guidance to reach Rs29bn by Mar-27 inplace of Sep-25 with ~16% revenue CAGR over FY24-27, while EBITDA margin expected to maintain at 16%+.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.

Cera Sanitaryware - Soft Revenue, Margins Surprised Positively

Siemens Ltd. has its operations in various areas: in the transportation sector it delivers high speed trains, in the lighting sector it manufactures small light bulbs. In the healthcare sector Siemens executes complete solutions for hospitals, for the industry sector it builds airports as well as produces contracts & for the communication segment it provides public network to mobiles.

<ul><li>Prabhudas Lilladher's research report onSiemens We revise our SY24/25E EPS estimates by +7.1%/13.4% factoring in robust intake &amp; execution and much better profitability.</li><li>Siemens (SIEM) reported healthy revenue growth of 18.4% YoY and EBITDA margin expansion of 249bps YoY.</li><li>The board approved demerger of Energy business into a separate listed entity, which will unlock value in both entities by allowing each to focus on its respective market &amp; core portfolio.</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.

Prabhudas Lilladher's research report onSiemens We revise our SY24/25E EPS estimates by +7.1%/13.4% factoring in robust intake &amp; execution and much better profitability.Siemens (SIEM) reported healthy revenue growth of 18.4% YoY and EBITDA margin expansion of 249bps YoY.The board approved demerger of Energy business into a separate listed entity, which will unlock value in both entities by allowing each to focus on its respective market &amp; core portfolio.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.

Siemens (SIEM IN) - Strong Q2; Long-Term Outlook Remains Robust

Apar Industries Ltd. manufactures aluminum conductors for power transmission. The Company also manufactures polymers, synthetic rubbers, latexes, transformer oils, pharmaceutical oils and other specialty oils.

<ul><li>Prabhudas Lilladher's research report onApar Industries We revise our FY25/26E EPS estimates by +5.1%/+3.3%, factoring in strong outlook in the Conductors segment.</li><li>Apar Industries (APR) reported revenue growth of 9.0% YoY, while EBITDA margin contracted by 91bps YoY vs a high base in Q4FY23.</li><li>Despite sluggish US demand caused by inventory destocking, there has been an uptick in order intake, with improvement anticipated in FY25.</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.

Prabhudas Lilladher's research report onApar Industries We revise our FY25/26E EPS estimates by +5.1%/+3.3%, factoring in strong outlook in the Conductors segment.Apar Industries (APR) reported revenue growth of 9.0% YoY, while EBITDA margin contracted by 91bps YoY vs a high base in Q4FY23.Despite sluggish US demand caused by inventory destocking, there has been an uptick in order intake, with improvement anticipated in FY25.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.

Apar Industries (APR IN) - Healthy Quarter; Strong Outlook Across Segments

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.