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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Equity Bottom-Up

<ul><li>Aarti Industries Ltd. displayed a resilient performance in FY24 despite the headwinds faced by the overall chemical industry.</li><li>The company’s business was impacted by factors such as reduced demand, economic slowdown in key global markets, inventory destocking, inflation, supply chain disruptions, etc.</li><li>Moreover, geopolitical tensions, such as military conflicts in the Middle East, led to increased freight costs and extended transit times. </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 Ltd. displayed a resilient performance in FY24 despite the headwinds faced by the overall chemical industry.The company’s business was impacted by factors such as reduced demand, economic slowdown in key global markets, inventory destocking, inflation, supply chain disruptions, etc.Moreover, geopolitical tensions, such as military conflicts in the Middle East, led to increased freight costs and extended transit times. 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 - Adverse Macro Hits FY24 Performance

External broker reports(aggregated public sources), Prabhudas Lilladhar

Prabhudas Lilladhar

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.

<ul><li>Prabhudas Lilladher's research report onAarti Industries Agrochemical segment continue to remain under pressure due to demand weakness whereas discretionary segment witnessed sustained volume recovery.</li><li>All the growth initiatives taken by the company are proceeding as planned.</li><li>In the H2FY25, the Nitrotoluene project and its downstream initiatives are slated to begin, followed by the Chlorotoluene project in FY26. </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 onAarti Industries Agrochemical segment continue to remain under pressure due to demand weakness whereas discretionary segment witnessed sustained volume recovery.All the growth initiatives taken by the company are proceeding as planned.In the H2FY25, the Nitrotoluene project and its downstream initiatives are slated to begin, followed by the Chlorotoluene project in FY26. 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 (ARTO IN) - Agrochem Continues to Face Weakness

<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

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>ONGC: We maintain our REDUCE rating on ONGC, with a revised target price of INR 245, given: (1) limited upside potential for ONGC’s crude price realisation in the current environment, (2) gas price realisation unlikely to change significantly in the near term, and (3) slower ramp-up in oil &amp; gas production</li><li>In Q3FY25, reported EBITDA at INR ~190bn (+11% YoY, +4% QoQ) and PAT at INR 82bn (-17% YoY, -31% QoQ) were in line with our estimate. Sundaram Finance: Sundaram Finance’s (SUF) Q3FY25 earnings were lower than our estimates, largely due to lower other income and higher provisioning (74bps)</li><li>AUM growth moderated marginally to +19% YoY (FY24: +27% YoY), although the disbursements witnessed an uptick (+19% YoY), driven by most segments</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.

ONGC: We maintain our REDUCE rating on ONGC, with a revised target price of INR 245, given: (1) limited upside potential for ONGC’s crude price realisation in the current environment, (2) gas price realisation unlikely to change significantly in the near term, and (3) slower ramp-up in oil &amp; gas productionIn Q3FY25, reported EBITDA at INR ~190bn (+11% YoY, +4% QoQ) and PAT at INR 82bn (-17% YoY, -31% QoQ) were in line with our estimate. Sundaram Finance: Sundaram Finance’s (SUF) Q3FY25 earnings were lower than our estimates, largely due to lower other income and higher provisioning (74bps)AUM growth moderated marginally to +19% YoY (FY24: +27% YoY), although the disbursements witnessed an uptick (+19% YoY), driven by most segmentsContent 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: ONGC, Sundaram Finance, Aarti Industries, Aptus Value Housing Finance India

<ul><li>Revenue for our coverage universe is likely to improve by 9.3% YoY while it could fall marginally QoQ in 3Q</li><li>Prices of industrial solvents and basic chemicals have declined YoY. This shall lead to improvement in margins</li><li>However, increase in freight costs may offset the benefit of falling prices of chemicals</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.

Revenue for our coverage universe is likely to improve by 9.3% YoY while it could fall marginally QoQ in 3QPrices of industrial solvents and basic chemicals have declined YoY. This shall lead to improvement in marginsHowever, increase in freight costs may offset the benefit of falling prices of chemicalsContent 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.

Chemicals (Q3FY25 Results Preview): Volume-driven growth

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 - Adverse Macro Hits FY24 Performance

Aarti Industries Ltd. displayed a resilient performance in FY24 despite the headwinds faced by the overall chemical industry.

Axis Direct