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>ACC Limited- a part of Adani Cement is one of India’s leading producers of cement and ready-mix concrete.</li><li>It is a member of the Adani Group - which has the largest and fastest-growing portfolio of diversified sustainable businesses.</li><li>ACC has 17 cement manufacturing sites, over 83 concrete plants and a nationwide network of channel partners to serve its customers.</li></ul><p><em>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.</em></p>

ACC Limited- a part of Adani Cement is one of India’s leading producers of cement and ready-mix concrete.It is a member of the Adani Group - which has the largest and fastest-growing portfolio of diversified sustainable businesses.ACC has 17 cement manufacturing sites, over 83 concrete plants and a nationwide network of channel partners to serve its customers.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.

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>ACC: We maintain BUY on ACC, with a lower TP of INR 2,685/share (13x its Sep-24E consolidated EBITDA)</li><li>ACC delivered very poor set of numbers in Q3CY22/Q3FY23: profitability misses ours/consensus numbers by a huge margin</li><li>Due to lower realisation and higher costs (input costs spiked by INR 300/MT QoQ), ACC reported almost zero unitary EBITDA (the lowest in past many years)</li></ul><p><em>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.</em></p>

ACC: We maintain BUY on ACC, with a lower TP of INR 2,685/share (13x its Sep-24E consolidated EBITDA)ACC delivered very poor set of numbers in Q3CY22/Q3FY23: profitability misses ours/consensus numbers by a huge marginDue to lower realisation and higher costs (input costs spiked by INR 300/MT QoQ), ACC reported almost zero unitary EBITDA (the lowest in past many years)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.

<div><div><div><div><ul><li>ACC reported Revenue/Volume growth of 6%/4%YoY (below expectation). EBITDA/APAT however degrew by 98%/119% respectively YoY due to higher costs during the quarter.</li><li>The company recorded an EBITDA Margin of 0.4% against 19% YoY, which was below expectation as well as consensus estimate, primarily owing to the elevated input costs.</li><li>The volume for the quarter stood at 6.85 million tonnes per annum (mntpa), up 4% YoY. </li></ul></div></div></div></div><p><em>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.</em></p>

ACC reported Revenue/Volume growth of 6%/4%YoY (below expectation). EBITDA/APAT however degrew by 98%/119% respectively YoY due to higher costs during the quarter.The company recorded an EBITDA Margin of 0.4% against 19% YoY, which was below expectation as well as consensus estimate, primarily owing to the elevated input costs.The volume for the quarter stood at 6.85 million tonnes per annum (mntpa), up 4% 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.

ACC Limited - Cost Inflation Drags Margins; Better Synergies to Drive Growth

<ul><li>Healthy volumes; mixed pricing trend across regions: We estimate our coverage universe of 15 companies to deliver 8% YoY volume growth (three-year CAGR: 8%) in Q2FY23</li><li>We estimate average utilisation of ~71% vs 78/70% QoQ/YoY. In our view, cement prices fell ~3% QoQ on pan-India basis in Q2</li><li>Prices fell 5-6% QoQ each in north and central regions, 3-4% each in east and west regions and ~1-2% in south</li></ul><p><em>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.</em></p>

Healthy volumes; mixed pricing trend across regions: We estimate our coverage universe of 15 companies to deliver 8% YoY volume growth (three-year CAGR: 8%) in Q2FY23We estimate average utilisation of ~71% vs 78/70% QoQ/YoY. In our view, cement prices fell ~3% QoQ on pan-India basis in Q2Prices fell 5-6% QoQ each in north and central regions, 3-4% each in east and west regions and ~1-2% in southContent 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 (Q2FY23 Results Preview): Healthy offtake; costs to peak out in Q2

<ul><li>Traditionally Q2 is a soft quarter for cement producers from a demand perspective as it nosedives owing to the monsoon season impacting construction activities.</li><li>In Q2FY23, the cement companies witnessed soft demand in Jul’22 and Aug’22 but saw demand reviving strongly in Sep’22, driven by higher retail as well as institutional demand.</li><li>Institutional demand was more robust led by increasing construction activity after the receding monsoon.</li></ul><p><em>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.</em></p>

Traditionally Q2 is a soft quarter for cement producers from a demand perspective as it nosedives owing to the monsoon season impacting construction activities.In Q2FY23, the cement companies witnessed soft demand in Jul’22 and Aug’22 but saw demand reviving strongly in Sep’22, driven by higher retail as well as institutional demand.Institutional demand was more robust led by increasing construction activity after the receding monsoon.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.

Cement Q2fy23 Preview - Recovery on Cards Despite a Weak Quarter

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 IN)

Pick of the Week - ACC Ltd

ACC Limited- a part of Adani Cement is one of India’s leading producers of cement and ready-mix concrete. It is a member of the Adani Group - which...

Axis Direct

HSIE Results Daily: ACC, Oberoi Realty

ACC: We maintain BUY on ACC, with a lower TP of INR 2,685/share (13x its Sep-24E consolidated EBITDA)ACC delivered very poor set of numbers in...

HDFC Securities

ACC Limited - Cost Inflation Drags Margins; Better Synergies to Drive Growth

ACC reported Revenue/Volume growth of 6%/4%YoY (below expectation). EBITDA/APAT however degrew by 98%/119% respectively YoY due to higher costs...

Axis Direct

Cement (Q2FY23 Results Preview): Healthy offtake; costs to peak out in Q2

Healthy volumes; mixed pricing trend across regions: We estimate our coverage universe of 15 companies to deliver 8% YoY volume growth (three-year...

HDFC Securities

Cement Q2fy23 Preview - Recovery on Cards Despite a Weak Quarter

Traditionally Q2 is a soft quarter for cement producers from a demand perspective as it nosedives owing to the monsoon season impacting...

Axis Direct

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