External broker reports(aggregated public sources), HDFC Securities

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External broker reports(aggregated public sources)

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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.

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<ul><li>Titan: Titan’s top line grew 22% YoY to INR 141.6bn (HSIE: INR 148.2bn)</li><li>Jewellery (ex-bullion) sales grew 24% YoY to INR125.6bn (in-line)</li><li>Festive purchases resulted in double-digit buyer growth in jewellery, moderation was seen after Nov-23 though Consolidated EBITDAM contracted 55 bps YoY to 11% (in-line)</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 grew 22% YoY to INR 141.6bn (HSIE: INR 148.2bn)Jewellery (ex-bullion) sales grew 24% YoY to INR125.6bn (in-line)Festive purchases resulted in double-digit buyer growth in jewellery, moderation was seen after Nov-23 though Consolidated EBITDAM contracted 55 bps YoY to 11% (in-line)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: Titan, Astral, Aditya Birla Capital, IRB Infra

<ul><li>Revenue for our coverage universe is likely to improve by 4.6% QoQ while it could fall by 5.7% YoY in 3Q.</li><li>Chemical prices have shown a sharp correction in 3QFY24 as against product prices in 3QFY23 while these prices are showing a mixed bag on a sequential basis.</li><li>As per the management of chemical companies, the inventory destocking by agrochemical companies may be coming to an end.</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 4.6% QoQ while it could fall by 5.7% YoY in 3Q.Chemical prices have shown a sharp correction in 3QFY24 as against product prices in 3QFY23 while these prices are showing a mixed bag on a sequential basis.As per the management of chemical companies, the inventory destocking by agrochemical companies may be coming to an end.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.

Chemicals (Q3FY24 Results Preview): Getting Better

<ul><li>Revenue for our coverage universe is likely to improve by 6.3% QoQ while it could fall by 6.6% YoY in 2Q</li><li>Inventory rationalisation by global agrochemicals and weak demand for products from the US and Europe led to a correction in the prices of finished products</li><li>EBITDA could fall by 7% YoY while EBITDA margin could remain flattish 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.

Revenue for our coverage universe is likely to improve by 6.3% QoQ while it could fall by 6.6% YoY in 2QInventory rationalisation by global agrochemicals and weak demand for products from the US and Europe led to a correction in the prices of finished productsEBITDA could fall by 7% YoY while EBITDA margin could remain flattish 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.

Chemicals (Q2FY24 Results Preview): Lackluster quarter

<ul><li>Aether Industries: We retain our BUY rating on Aether Industries, with a target price of INR 1,180, on the back of (1) capacity expansion-led growth, (2) advanced R&amp;D capabilities, (3) technocratic management, (4) market leading position in most of its products, (5) strong product pipeline, and (6) marquee customer base</li><li>EBITDA/APAT were 24/33% below our estimates, mainly owing to a 23% fall in revenue and higher-than-expected tax outgo.</li><li>Computer Age Management Services: CAMS clocked in-line core revenues at INR2.5bn (+2.4% QoQ) however, the disappointment stemmed from a sharp rise in other opex (+16% QoQ) due to higher marketing spends and regulatory audits, driving sequentially flat core income/PAT to INR0.91bn/0.74bn</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.

Aether Industries: We retain our BUY rating on Aether Industries, with a target price of INR 1,180, on the back of (1) capacity expansion-led growth, (2) advanced R&amp;D capabilities, (3) technocratic management, (4) market leading position in most of its products, (5) strong product pipeline, and (6) marquee customer baseEBITDA/APAT were 24/33% below our estimates, mainly owing to a 23% fall in revenue and higher-than-expected tax outgo.Computer Age Management Services: CAMS clocked in-line core revenues at INR2.5bn (+2.4% QoQ) however, the disappointment stemmed from a sharp rise in other opex (+16% QoQ) due to higher marketing spends and regulatory audits, driving sequentially flat core income/PAT to INR0.91bn/0.74bnContent 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: Aether Industries, Computer Age Management Services

<ul><li>Our chemical universe is expected to report a muted sequential growth, owing to subdued demand, courtesy the global recessionary headwinds faced by various end-user industries</li><li>Revenue for our coverage universe is likely to improve by ~6/5% YoY/QoQ.</li><li>EBITDA margin could deteriorate by 188bps YoY and remain flattish sequentially at 21%, owing to the elevated raw material cost and lower absorption of fixed cost.</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.

Our chemical universe is expected to report a muted sequential growth, owing to subdued demand, courtesy the global recessionary headwinds faced by various end-user industriesRevenue for our coverage universe is likely to improve by ~6/5% YoY/QoQ.EBITDA margin could deteriorate by 188bps YoY and remain flattish sequentially at 21%, owing to the elevated raw material cost and lower absorption of fixed cost.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

Aether Industries Limited manufactures chemical products. The Company offers intermediates and active ingredients for the pharmaceutical, material science, agrochemical, electronic chemical, and specialty chemical industries. Aether Industries serves customers worldwide.

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Aether Industries (AETHER IN)

HSIE Results Daily: Titan, Astral, Aditya Birla Capital, IRB Infra

Festive purchases resulted in double-digit buyer growth in jewellery, moderation was seen after Nov-23 though Consolidated EBITDAM contracted 55...

HDFC Securities

Chemicals (Q3FY24 Results Preview): Getting Better

Chemical prices have shown a sharp correction in 3QFY24 as against product prices in 3QFY23 while these prices are showing a mixed bag on a...

HDFC Securities

Chemicals (Q2FY24 Results Preview): Lackluster quarter

Inventory rationalisation by global agrochemicals and weak demand for products from the US and Europe led to a correction in the prices of finished...

HDFC Securities

HSIE Results Daily: Aether Industries, Computer Age Management Services

We retain our BUY rating on Aether Industries, with a target price of INR 1,180, on the back of (1) capacity expansion-led growth, (2) advanced R&D...

HDFC Securities

Chemicals: Recovery and stability ahead!

Our chemical universe is expected to report a muted sequential growth, owing to subdued demand, courtesy the global recessionary headwinds faced by...

HDFC Securities

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