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>Ahluwalia Contracts India Ltd (ACIL) reported positive set of Q1FY24 numbers.</li><li>The company reported revenue of Rs 764 Cr (up 25% YoY) and EBITDA of Rs 83 Cr (up 36% YoY).</li><li>It posted an APAT of Rs 50 Cr (up 32% YoY). EBITDA Margins stood at 10.8% in Q1FY24 (Our Estimate: 10.9%) as against 9.9% in Q1FY23. </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.

Ahluwalia Contracts India Ltd (ACIL) reported positive set of Q1FY24 numbers.The company reported revenue of Rs 764 Cr (up 25% YoY) and EBITDA of Rs 83 Cr (up 36% YoY).It posted an APAT of Rs 50 Cr (up 32% YoY). EBITDA Margins stood at 10.8% in Q1FY24 (Our Estimate: 10.9%) as against 9.9% in Q1FY23. 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.

Ahluwalia Contracts India Ltd - Robust Order Book to Drive Growth

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 ADD rating on ONGC with a target price of INR 168, based on oil and gas production growth at 5/8% CAGR over FY23-25E, attractive valuations of 3.7x FY24 EPS—an ~31% discount to 5-year average P/E of 5.4x, 0.6x FY24 P/Bv with RoE of ~18% and a dividend yield of ~7%</li><li>However, this is offset by limited earnings potential, owing to the levy of a windfall tax on crude oil prices and a decline in the price of domestically produced APM gas</li><li>Q4FY23 EBITDA was at INR 163bn, coming in below our estimate, owing to higher-than-expected other expenses however, higher exploratory costs and an exceptional item resulted in a quarterly loss of INR 2.5bn</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 ADD rating on ONGC with a target price of INR 168, based on oil and gas production growth at 5/8% CAGR over FY23-25E, attractive valuations of 3.7x FY24 EPS—an ~31% discount to 5-year average P/E of 5.4x, 0.6x FY24 P/Bv with RoE of ~18% and a dividend yield of ~7%However, this is offset by limited earnings potential, owing to the levy of a windfall tax on crude oil prices and a decline in the price of domestically produced APM gasQ4FY23 EBITDA was at INR 163bn, coming in below our estimate, owing to higher-than-expected other expenses however, higher exploratory costs and an exceptional item resulted in a quarterly loss of INR 2.5bnContent 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, Balkrishna Industries, NCC, Sobha, Greenlam Industries

<ul><li>Ahluwalia Contracts India Ltd (ACIL) reported positive set of Q4FY23 numbers.</li><li>The company reported revenue of Rs 863 Cr (up 18% YoY) and EBITDA of Rs 110 Cr (up 73% YoY).</li><li>It posted an APAT of Rs 72 Cr (up 71% 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.

Ahluwalia Contracts India Ltd (ACIL) reported positive set of Q4FY23 numbers.The company reported revenue of Rs 863 Cr (up 18% YoY) and EBITDA of Rs 110 Cr (up 73% YoY).It posted an APAT of Rs 72 Cr (up 71% 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.

Ahluwalia Contracts India Ltd - Robust Order Book & Improved Margins to Drive Growth

<ul><li>The company’s unadjusted order book as of date stands over Rs 9,500 Cr excluding the recently declared L1 in the CSMT Station redevelopment project worth Rs 2,450 Cr.</li><li>The current order book size is the highest in the history of the company. This robust order book gives revenue visibility for the next 3 years.</li><li>Geography-wise, the order break-up is East – 42%, North – 36%, West – 12%, South – 5% and Overseas 5%.</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.

The company’s unadjusted order book as of date stands over Rs 9,500 Cr excluding the recently declared L1 in the CSMT Station redevelopment project worth Rs 2,450 Cr.The current order book size is the highest in the history of the company. This robust order book gives revenue visibility for the next 3 years.Geography-wise, the order break-up is East – 42%, North – 36%, West – 12%, South – 5% and Overseas 5%.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.

Ahluwalia Contracts India Ltd - Order Book At All Time High

<ul><li>The NHAI ordering stayed below the FY23 target, competitive intensity cooling-off, commodities stable: In Q4FY23, the NHAI awarded 74 projects, of which 55 were HAM projects worth INR 455bn and 16 were EPC projects worth INR 215bn</li><li>With this, the NHAI awarded c.3,750 km in FY23 (vs a target of 6,500 km), with 75 HAM projects worth INR 655bn and 31 EPC projects worth INR 361bn</li><li>Competitive intensity cooled off with average L1 costs at a 5.6% premium over the average NHAI costs in Q4FY23</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.

The NHAI ordering stayed below the FY23 target, competitive intensity cooling-off, commodities stable: In Q4FY23, the NHAI awarded 74 projects, of which 55 were HAM projects worth INR 455bn and 16 were EPC projects worth INR 215bnWith this, the NHAI awarded c.3,750 km in FY23 (vs a target of 6,500 km), with 75 HAM projects worth INR 655bn and 31 EPC projects worth INR 361bnCompetitive intensity cooled off with average L1 costs at a 5.6% premium over the average NHAI costs in Q4FY23Content 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.

Industrials - Stable Awards, Pick-Up in Execution

India

Ahluwalia Contracts India Ltd offers construction services and executes turnkey projects for civil construction, electrical, plumbing, and fire-fighting.  The Company also constructs super structures, integrated townships, hospitals, hotels, commercial complexes, manufacturing facilities, and pipelines.

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Ahluwalia Contracts (AHLU IN)

Ahluwalia Contracts India Ltd - Robust Order Book to Drive Growth

Ahluwalia Contracts India Ltd (ACIL) reported positive set of Q1FY24 numbers. The company reported revenue of Rs 764 Cr (up 25% YoY) and EBITDA of...

Axis Direct

HSIE Results Daily: ONGC, Balkrishna Industries, NCC, Sobha, Greenlam Industries

We maintain our ADD rating on ONGC with a target price of INR 168, based on oil and gas production growth at 5/8% CAGR over FY23-25E, attractive...

HDFC Securities

Ahluwalia Contracts India Ltd - Robust Order Book & Improved Margins to Drive Growth

Ahluwalia Contracts India Ltd (ACIL) reported positive set of Q4FY23 numbers. The company reported revenue of Rs 863 Cr (up 18% YoY) and EBITDA of...

Axis Direct

Ahluwalia Contracts India Ltd - Order Book At All Time High

The company’s unadjusted order book as of date stands over Rs 9,500 Cr excluding the recently declared L1 in the CSMT Station redevelopment project...

Axis Direct

Industrials - Stable Awards, Pick-Up in Execution

In Q4FY23, the NHAI awarded 74 projects, of which 55 were HAM projects worth INR 455bn and 16 were EPC projects worth INR 215bn

HDFC Securities

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