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>Siemens: Siemens India Ltd (SIL) delivered robust Q1FY23 revenue/EBITDA/APAT of INR 36.5/5.5/4.4bn, beating our estimate by 0/32/43%</li><li>The EBITDA margin expanded both annually and sequentially by 482bps and 422bps resp</li><li>This expansion was on account of lower commodity inflation/better mix (+135bps YoY gross margin), improving supply chain and operating leverage advantage</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.

Siemens: Siemens India Ltd (SIL) delivered robust Q1FY23 revenue/EBITDA/APAT of INR 36.5/5.5/4.4bn, beating our estimate by 0/32/43%The EBITDA margin expanded both annually and sequentially by 482bps and 422bps respThis expansion was on account of lower commodity inflation/better mix (+135bps YoY gross margin), improving supply chain and operating leverage advantageContent 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: Siemens, Eicher Motors, Bharat Forge, Torrent Power

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>The company’s order book remains robust at Rs 8,113 Cr having a break up as Hospital 29% (Rs 2,353 Cr), Commercial 7% (Rs 568 Cr), Institutional 40% (Rs 3,245 Cr), Residential 12% (Rs 973 Cr), Infrastructure 12% (Rs 973 Cr), and Hotel 1% (Rs 80 Cr) which gives revenue visibility for the next 2-3 years.</li><li>We expect the company to grow its revenue at a CAGR of 14% over FY22-FY25E.</li><li>Total order inflow to date in FY23 stood at Rs 4,018 Cr and the company is L1 in projects worth Rs 663 Cr which are expected to be awarded soon.</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 order book remains robust at Rs 8,113 Cr having a break up as Hospital 29% (Rs 2,353 Cr), Commercial 7% (Rs 568 Cr), Institutional 40% (Rs 3,245 Cr), Residential 12% (Rs 973 Cr), Infrastructure 12% (Rs 973 Cr), and Hotel 1% (Rs 80 Cr) which gives revenue visibility for the next 2-3 years.We expect the company to grow its revenue at a CAGR of 14% over FY22-FY25E.Total order inflow to date in FY23 stood at Rs 4,018 Cr and the company is L1 in projects worth Rs 663 Cr which are expected to be awarded soon.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; Maintain BUY

<ul><li>NHAI ordering to pick up in Q4FY23; high competitive intensity continues, commodities stable: In Q3FY23, the NHAI awarded 19 projects, of which nine were HAM projects worth INR 70.3bn and ten were EPC projects worth INR 97.1bn</li><li>With this, the NHAI awarded c.1,381 kms in 9MFY23, with twenty HAM projects worth INR 199.2bn and fifteen EPC projects worth INR 146bn</li><li>Competitive intensity continued to be higher during 9MFY23, with 12 project bids at 13% above the NHAI cost whereas 23 project bids at 17% lower than the NHAI 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.

NHAI ordering to pick up in Q4FY23; high competitive intensity continues, commodities stable: In Q3FY23, the NHAI awarded 19 projects, of which nine were HAM projects worth INR 70.3bn and ten were EPC projects worth INR 97.1bnWith this, the NHAI awarded c.1,381 kms in 9MFY23, with twenty HAM projects worth INR 199.2bn and fifteen EPC projects worth INR 146bnCompetitive intensity continued to be higher during 9MFY23, with 12 project bids at 13% above the NHAI cost whereas 23 project bids at 17% lower than the NHAI costContent 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 (Q3FY23 Results Preview): All set for a robust Q3FY23

<ul><li>For road construction companies under our coverage universe, we expect Revenue/EBITDA/APAT growth of 14%/19%/27% YoY as better execution and softening in commodity prices support higher profitability during the quarter.</li><li>H2 (the second half of the year) is normally a strong period in terms of project execution along with bidding &amp; awarding activity accelerating and gaining pace during the period.</li><li>During Q3FY23, project awarding by the NHAI gained momentum and it awarded 1550 km of the project in Oct-Nov’22 against 810 km in H1FY23.</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.

For road construction companies under our coverage universe, we expect Revenue/EBITDA/APAT growth of 14%/19%/27% YoY as better execution and softening in commodity prices support higher profitability during the quarter.H2 (the second half of the year) is normally a strong period in terms of project execution along with bidding &amp; awarding activity accelerating and gaining pace during the period.During Q3FY23, project awarding by the NHAI gained momentum and it awarded 1550 km of the project in Oct-Nov’22 against 810 km in H1FY23.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.

Infra-Road - Q2fy23 Result Preview: Execution Drives Growth

<ul><li>Ahluwalia Contracts India Ltd (ACIL) reported mixed set of Q2FY23 numbers.</li><li>The company reported revenue of Rs 623 Cr (down 11% YoY) and EBITDA of Rs 62Cr (down 2% YoY).</li><li>It posted an APAT of Rs39Cr (up 9% 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 mixed set of Q2FY23 numbers.The company reported revenue of Rs 623 Cr (down 11% YoY) and EBITDA of Rs 62Cr (down 2% YoY).It posted an APAT of Rs39Cr (up 9% 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 Contract India Ltd - Soft Quarter; Robust Order Book to Drive Growth

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)

HSIE Results Daily: Siemens, Eicher Motors, Bharat Forge, Torrent Power

Siemens: Siemens India Ltd (SIL) delivered robust Q1FY23 revenue/EBITDA/APAT of INR 36.5/5.5/4.4bn, beating our estimate by 0/32/43%

HDFC Securities

Ahluwalia Contracts India Ltd - Robust Order Book To Drive Growth; Maintain BUY

Total order inflow to date in FY23 stood at Rs 4,018 Cr and the company is L1 in projects worth Rs 663 Cr which are expected to be awarded soon.

Axis Direct

Industrials (Q3FY23 Results Preview): All set for a robust Q3FY23

In Q3FY23, the NHAI awarded 19 projects, of which nine were HAM projects worth INR 70.3bn and ten were EPC projects worth INR 97.1bn

HDFC Securities

Infra-Road - Q2fy23 Result Preview: Execution Drives Growth

H2 (the second half of the year) is normally a strong period in terms of project execution along with bidding & awarding activity accelerating and...

Axis Direct

Ahluwalia Contract India Ltd - Soft Quarter; Robust Order Book to Drive Growth

Ahluwalia Contracts India Ltd (ACIL) reported mixed set of Q2FY23 numbers. The company reported revenue of Rs 623 Cr (down 11% YoY) and EBITDA of...

Axis Direct

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