External broker reports(aggregated public sources), Axis Direct

Axis Direct

External broker reports(aggregated public sources)

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank in India. 

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

<ul><li>Aarti Industries' Q4FY24 Revenue came in at Rs 1,773 Cr, up 7% YoY and 2% QoQ, which was in line with our estimates.</li><li>EBITDA stood at Rs 283 Cr, up 12% YoY and 9% QoQ, missing our estimates marginally by 4% due to slightly higher operational expenses.</li><li>EBITDA Margin came in at 16%, compared to 15.22% in Q4FY23 and 15% in Q3FY24. </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.

Aarti Industries' Q4FY24 Revenue came in at Rs 1,773 Cr, up 7% YoY and 2% QoQ, which was in line with our estimates.EBITDA stood at Rs 283 Cr, up 12% YoY and 9% QoQ, missing our estimates marginally by 4% due to slightly higher operational expenses.EBITDA Margin came in at 16%, compared to 15.22% in Q4FY23 and 15% in Q3FY24. 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.

Aarti Industries Ltd - Stable Volume Uptake as Discretionary Stabilizes

<ul><li>Aarti Industries' Q3FY24 numbers surprised us on the Revenue and PAT front and missed EBITDA with our expectations.</li><li>Consolidated Revenue beat our estimate by 5% (up 4%/19% YoY/QoQ). EBITDA stood at Rs 260 Cr (up -10%/11% YoY/QoQ), missing our estimates by 13% mainly due to higher COGS and higher employee expenses.</li><li>EBITDA Margin came in at 15% (from 17%/16% in Q3FY23/Q2FY24). The company’s PAT stood at Rs 124Cr, up9%/35% YoY/QoQ, with the overall performance.</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.

Aarti Industries' Q3FY24 numbers surprised us on the Revenue and PAT front and missed EBITDA with our expectations.Consolidated Revenue beat our estimate by 5% (up 4%/19% YoY/QoQ). EBITDA stood at Rs 260 Cr (up -10%/11% YoY/QoQ), missing our estimates by 13% mainly due to higher COGS and higher employee expenses.EBITDA Margin came in at 15% (from 17%/16% in Q3FY23/Q2FY24). The company’s PAT stood at Rs 124Cr, up9%/35% YoY/QoQ, with the overall performance.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.

Aarti Industries Ltd - Revival in Discretionary Segment, Large Order Wins Bolster Confidence

<ul><li>Aarti Industries Q2FY24 numbers surprised us on all fronts with our expectations. Consolidated revenue beat our estimates by 6% (-14%/3% YoY/QoQ).</li><li>EBITDA stood higher on QoQ (-12%/16% YoY/QoQ) on account of volume expansion with stable-to-better realization for some products.</li><li>It also beat our estimates by 33% as we expected lower gross margins.EBITDA margins increased to 16.1%, up 24/180bps YoY/QoQ. </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.

Aarti Industries Q2FY24 numbers surprised us on all fronts with our expectations. Consolidated revenue beat our estimates by 6% (-14%/3% YoY/QoQ).EBITDA stood higher on QoQ (-12%/16% YoY/QoQ) on account of volume expansion with stable-to-better realization for some products.It also beat our estimates by 33% as we expected lower gross margins.EBITDA margins increased to 16.1%, up 24/180bps YoY/QoQ. 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.

Aarti Industries Ltd - Green Shoots of Volume & Value-Led Recovery in Demand

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

HDFC securities is the best online trading platform for stocks, IPOs, mutual fund in India. 

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.

Thematic (Sector/Industry)

<ul><li>Aurobindo Pharma: EBITDA (+41% YoY) was in line with our/consensus estimates as 10% sales growth (-3% QoQ US, +8% EU, and +53% YoY in growth markets), higher gross margin (+544 bps YoY), was offset by higher staff (+13%) and SG&amp;A (+22% ex-R&amp;D – remediation cost of USD 9 mn and Pen-G plant opex, R&amp;D was -13% YoY)</li><li>ARBP expects (1) steady growth in the US oral solid, led by new launches and volume gain, (2) specialty/injectable to improve QoQ and it targets reach USD 600 mn sales globally in FY25 (~USD 141 mn in Q1FY25), (3) EU sales at Euro 880-900 mn on new launch visibility, (4) EBITDA margin of 21-22% in FY25 (21.4% in Q1) on reduction in remediation spend and Pen-G plant scale-up led leverage, and (5) tax rate at 27-28% in FY25</li><li>Factoring Q1, we have raised our EPS by 3/2% for FY25/26E and revise the TP to INR 1,520 (20x Q1FY27E from 18x)</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.

Aurobindo Pharma: EBITDA (+41% YoY) was in line with our/consensus estimates as 10% sales growth (-3% QoQ US, +8% EU, and +53% YoY in growth markets), higher gross margin (+544 bps YoY), was offset by higher staff (+13%) and SG&amp;A (+22% ex-R&amp;D – remediation cost of USD 9 mn and Pen-G plant opex, R&amp;D was -13% YoY)ARBP expects (1) steady growth in the US oral solid, led by new launches and volume gain, (2) specialty/injectable to improve QoQ and it targets reach USD 600 mn sales globally in FY25 (~USD 141 mn in Q1FY25), (3) EU sales at Euro 880-900 mn on new launch visibility, (4) EBITDA margin of 21-22% in FY25 (21.4% in Q1) on reduction in remediation spend and Pen-G plant scale-up led leverage, and (5) tax rate at 27-28% in FY25Factoring Q1, we have raised our EPS by 3/2% for FY25/26E and revise the TP to INR 1,520 (20x Q1FY27E from 18x)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.

HSIE Results Daily: Aurobindo Pharma, Berger Paints, Metro Brands

HSIE Results Daily: Aurobindo Pharma, Berger Paints, Metro Brands, Aarti Industries

India

Aarti Industries Limited develops and manufactures basic bulk chemicals, dyes and pigment intermediates, pharmaceuticals and agrochemicals, rubber chemicals, surfactant intermediates, and specialty chemicals. The company sells its products in India and elsewhere throughout the world.

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Aarti Industries (ARTO IN)

Aarti Industries Ltd - Stable Volume Uptake as Discretionary Stabilizes

Aarti Industries' Q4FY24 Revenue came in at Rs 1,773 Cr, up 7% YoY and 2% QoQ, which was in line with our estimates. EBITDA stood at Rs 283 Cr, up...

Axis Direct

Aarti Industries Ltd - Revival in Discretionary Segment, Large Order Wins Bolster Confidence

EBITDA Margin came in at 15% (from 17%/16% in Q3FY23/Q2FY24). The company’s PAT stood at Rs 124Cr, up9%/35% YoY/QoQ, with the overall performance.

Axis Direct

Aarti Industries Ltd - Green Shoots of Volume & Value-Led Recovery in Demand

Aarti Industries Q2FY24 numbers surprised us on all fronts with our expectations. Consolidated revenue beat our estimates by 6% (-14%/3% YoY/QoQ).

Axis Direct

HSIE Results Daily: Aurobindo Pharma, Berger Paints, Metro Brands

EBITDA (+41% YoY) was in line with our/consensus estimates as 10% sales growth (-3% QoQ US, +8% EU, and +53% YoY in growth markets)

HDFC Securities

HSIE Results Daily: Aurobindo Pharma, Berger Paints, Metro Brands, Aarti Industries

EBITDA (+41% YoY) was in line with our/consensus estimates as 10% sales growth (-3% QoQ US, +8% EU, and +53% YoY in growth markets), higher gross...

HDFC Securities

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