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. 

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Thematic (Sector/Industry)

<ul><li>Tata Steel reported its provisional sales volumes for Q4FY23.</li><li>Its Indian operations sales stood at 5.15MT, up marginally by 0.5% YoY and a robust 9% QoQ.</li><li>Tata Steel Europe’s sales volume declined to 2.13 MT, down 11% YoY, but recovered by 7% QoQ, indicating an improving demand environment.</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.

Tata Steel reported its provisional sales volumes for Q4FY23.Its Indian operations sales stood at 5.15MT, up marginally by 0.5% YoY and a robust 9% QoQ.Tata Steel Europe’s sales volume declined to 2.13 MT, down 11% YoY, but recovered by 7% QoQ, indicating an improving demand environment.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.

Equity Bottom-Up

<ul><li>E-auction premium on a declining trend: e-auction premium stood at 241% in Q3FY23 over FSA prices (down from 329% in Q2FY23) still at elevated level benefitting Coal India.</li><li>However, Dec’22 monthly e-auction premium has declined to 177% (241% in Nov’22).</li><li>With falling international coal prices we factor in lower e-auction prices in FY24E at Rs 2,575/t (vs. Rs 5,046/t in Q3FY23).</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.

E-auction premium on a declining trend: e-auction premium stood at 241% in Q3FY23 over FSA prices (down from 329% in Q2FY23) still at elevated level benefitting Coal India.However, Dec’22 monthly e-auction premium has declined to 177% (241% in Nov’22).With falling international coal prices we factor in lower e-auction prices in FY24E at Rs 2,575/t (vs. Rs 5,046/t in Q3FY23).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.

Coal India - Decent Q3, E-Auction Premiums Coming off the Peak

<ul><li>We expect Tata steel to report revenue de-growth on both YoY/QoQ basis, led by a drop in HRC prices at India and Europe (ex-Mumbai prices down 25%/5% YoY/QoQ).</li><li>Tata Steel’s consolidated EBITDA is expected to fall by 66%/10% YoY/QoQ led by lower sales realisations and higher energy costs in Europe.</li><li>SAIL’s revenue is expected to increase by 2% YoY on the lower base of the last year’s sales volume, partly offset by fall in sales realisations 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.

We expect Tata steel to report revenue de-growth on both YoY/QoQ basis, led by a drop in HRC prices at India and Europe (ex-Mumbai prices down 25%/5% YoY/QoQ).Tata Steel’s consolidated EBITDA is expected to fall by 66%/10% YoY/QoQ led by lower sales realisations and higher energy costs in Europe.SAIL’s revenue is expected to increase by 2% YoY on the lower base of the last year’s sales volume, partly offset by fall in sales realisations 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.

Metals and Mining  - Q3FY23 Earnings Preview

<ul><li>Coal India Ltd (CIL) delivered a mixed set of numbers with revenue in line with our estimate while EBITDA/PAT stood below our estimates.</li><li>Revenue grew 28% YoY but declined 15% QoQ.</li><li>This growth stood in line with sales volumes, up 5% YoY and down 13% QoQ, and ASP, up 23% YoY and down 3% 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.

Coal India Ltd (CIL) delivered a mixed set of numbers with revenue in line with our estimate while EBITDA/PAT stood below our estimates.Revenue grew 28% YoY but declined 15% QoQ.This growth stood in line with sales volumes, up 5% YoY and down 13% QoQ, and ASP, up 23% YoY and down 3% 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.

Coal India - Outperformance Likely to Continue

<ul><li>Q2FY23 marked a cool-off in the key commodity prices including the base metals and the crude oil as against the Q1FY23 period that witnessed elevated commodity prices, which had changed the inflation dynamics significantly.</li><li>To curb the prevailing inflation problem, all central banks including the RBI have adopted a path of aggressive policy tightening.</li><li>The RBI increased the repo rate by 50bps in Sep’22 MPC, marking a total policy rate hike of 190bps to 5.9%.</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.

Q2FY23 marked a cool-off in the key commodity prices including the base metals and the crude oil as against the Q1FY23 period that witnessed elevated commodity prices, which had changed the inflation dynamics significantly.To curb the prevailing inflation problem, all central banks including the RBI have adopted a path of aggressive policy tightening.The RBI increased the repo rate by 50bps in Sep’22 MPC, marking a total policy rate hike of 190bps to 5.9%.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.

India

Coal India Limited produces and markets coal and coal products, as well as provides related consulting services.

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Coal India Ltd (COAL IN)

Metals - Q4FY23 Earnings Preview

Tata Steel Europe’s sales volume declined to 2.13 MT, down 11% YoY, but recovered by 7% QoQ, indicating an improving demand environment.

Axis Direct

Coal India - Decent Q3, E-Auction Premiums Coming off the Peak

E-auction premium on a declining trend: e-auction premium stood at 241% in Q3FY23 over FSA prices (down from 329% in Q2FY23) still at elevated...

Axis Direct

Metals and Mining - Q3FY23 Earnings Preview

We expect Tata steel to report revenue de-growth on both YoY/QoQ basis, led by a drop in HRC prices at India and Europe (ex-Mumbai prices down 25%...

Axis Direct

Coal India - Outperformance Likely to Continue

Coal India Ltd (CIL) delivered a mixed set of numbers with revenue in line with our estimate while EBITDA/PAT stood below our estimates.

Axis Direct

Consolidate Q2FY23 Result Preview

Q2FY23 marked a cool-off in the key commodity prices including the base metals and the crude oil as against the Q1FY23 period that witnessed...

Axis Direct

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