External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

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>Titan: Titan’s top-line growth remains healthy. Revenue grew 26% YoY to INR 119bn</li><li>Ex-bullion sales grew 22% YoY to INR97.5bn (in-line) as both buyers’ growth (+14% YoY) and ticket sizes (+6% YoY) aided growth</li><li>The key take from the Q1 print was the preference for market share gain over margins</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.

Titan: Titan’s top-line growth remains healthy. Revenue grew 26% YoY to INR 119bnEx-bullion sales grew 22% YoY to INR97.5bn (in-line) as both buyers’ growth (+14% YoY) and ticket sizes (+6% YoY) aided growthThe key take from the Q1 print was the preference for market share gain over marginsContent 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: Titan, Ambuja Cement, Cholamandalam Investment and Finance Company

External broker reports(aggregated public sources), Axis Direct

Axis Direct

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>ACC reported Revenue/Volume/EBITDA/APAT growth of 16%/24%/81%/105% YoY (above expectations), driven by better demand and lower cost.</li><li>The company recorded an EBITDA Margin of 14.8% against 9.5% YoY (above estimates), primarily owing to the lower fuel cost on a YoY basis.</li><li>The volume for the quarter stood at 9.4 Mn tonnes per annum (mntpa), up 24% YoY and up 11% QoQ (above expectations). </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.

ACC reported Revenue/Volume/EBITDA/APAT growth of 16%/24%/81%/105% YoY (above expectations), driven by better demand and lower cost.The company recorded an EBITDA Margin of 14.8% against 9.5% YoY (above estimates), primarily owing to the lower fuel cost on a YoY basis.The volume for the quarter stood at 9.4 Mn tonnes per annum (mntpa), up 24% YoY and up 11% QoQ (above expectations). 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.

ACC Limited - Beat On All Fronts; Maintain BUY

<ul><li>We expect industry volume to grow by ~9% YoY in FY24</li><li>We expect fuel prices to further correct by at least ~INR 100 per MT QoQ each in Q2/Q3FY24</li><li>So, we expect realisation to fall 1-2% YoY in FY24, as the industry would partially pass on the cost savings</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 industry volume to grow by ~9% YoY in FY24We expect fuel prices to further correct by at least ~INR 100 per MT QoQ each in Q2/Q3FY24So, we expect realisation to fall 1-2% YoY in FY24, as the industry would partially pass on the cost savingsContent 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.

Cement: Demand stays strong; fuel costs cool off further

<ul><li>Q4FY23 earnings season saw an overall in-line performance, with wide divergences across sectors and companies</li><li>Aggregate revenue/PAT grew by 13%/9% YoY across the HSIE coverage (~215 stocks), their two-year CAGR being 19%/15%</li><li>Our coverage universe saw strong YoY revenue growth in auto, lending financials, industrials, IT, cement and power sectors</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.

Q4FY23 earnings season saw an overall in-line performance, with wide divergences across sectors and companiesAggregate revenue/PAT grew by 13%/9% YoY across the HSIE coverage (~215 stocks), their two-year CAGR being 19%/15%Our coverage universe saw strong YoY revenue growth in auto, lending financials, industrials, IT, cement and power sectorsContent 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 Equity Strategy - Banks Continue to Lead the Pack; Profitability Improves for Most Sectors

<ul><li>Ambuja Cement: We maintain our ADD rating on Ambuja Cements with a revised TP INR 395/share</li><li>During Q5FY23 (financial year moved to Mar vs Dec), it reported only 5% QoQ standalone volume growth (capacity constraints)</li><li>Unitary EBITDA recovered INR 145/MT QoQ to INR 973/MT, led by continued opex reductions, which more than offset for lower NSR</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.

Ambuja Cement: We maintain our ADD rating on Ambuja Cements with a revised TP INR 395/shareDuring Q5FY23 (financial year moved to Mar vs Dec), it reported only 5% QoQ standalone volume growth (capacity constraints)Unitary EBITDA recovered INR 145/MT QoQ to INR 973/MT, led by continued opex reductions, which more than offset for lower NSRContent 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

ACC Limited  manufactures a range of cements and blended cements. The Company also manufactures gypsum and refractory products such as Brown Tabular Alumina. The Company provides turnkey and application consulting services for setting up and operating cement plants and refractories. The Company owns cement plants throughout India.

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ACC Ltd (ACC IS)

HSIE Results Daily: Titan, Ambuja Cement, Cholamandalam Investment and Finance Company

Ex-bullion sales grew 22% YoY to INR97.5bn (in-line) as both buyers’ growth (+14% YoY) and ticket sizes (+6% YoY) aided growth

HDFC Securities

ACC Limited - Beat On All Fronts; Maintain BUY

ACC reported Revenue/Volume/EBITDA/APAT growth of 16%/24%/81%/105% YoY (above expectations), driven by better demand and lower cost.

Axis Direct

Cement: Demand stays strong; fuel costs cool off further

We expect industry volume to grow by ~9% YoY in FY24. We expect fuel prices to further correct by at least ~INR 100 per MT QoQ each in Q2/Q3FY24

HDFC Securities

India Equity Strategy - Banks Continue to Lead the Pack; Profitability Improves for Most Sectors

Q4FY23 earnings season saw an overall in-line performance, with wide divergences across sectors and companies. Aggregate revenue/PAT grew by 13%/9%...

HDFC Securities

HSIE Results Daily: Ambuja Cement, ACC

During Q5FY23 (financial year moved to Mar vs Dec), it reported only 5% QoQ standalone volume growth (capacity constraints)

HDFC Securities

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