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. 

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Equity Bottom-Up

<ul><li>The company reported revenue of Rs 337 Cr, marking a notable 21% increase YoY and 8% QoQ, in line with our estimate.</li><li>However, gross margins declined to 26.7%, down by 359 bps compared to the previous quarter.</li><li>Apcotex reported an EBITDA of Rs 32 Cr, representing a 25% increase YoY and a 1% increase QoQ, missing our estimate of Rs 36 Cr. </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 reported revenue of Rs 337 Cr, marking a notable 21% increase YoY and 8% QoQ, in line with our estimate.However, gross margins declined to 26.7%, down by 359 bps compared to the previous quarter.Apcotex reported an EBITDA of Rs 32 Cr, representing a 25% increase YoY and a 1% increase QoQ, missing our estimate of Rs 36 Cr. 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.

Apcotex Industries Ltd - Nitrile Latex Continues to Weigh on Margins; Maintain HOLD

<ul><li>Despite being an import substitute in approximately 45% of its product offering, Apcotex Industries Ltd faces the challenge of remaining price competitive against imports, resulting in lower realizations.</li><li>However, with changing demand-supply dynamics globally, we anticipate the company’s margin profile to rebound to historical levels in the coming quarters.</li><li>This rebound is expected as Nitrile Latex prices normalize and other segments scale up, potentially improving the company's competitive position and profitability.</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.

Despite being an import substitute in approximately 45% of its product offering, Apcotex Industries Ltd faces the challenge of remaining price competitive against imports, resulting in lower realizations.However, with changing demand-supply dynamics globally, we anticipate the company’s margin profile to rebound to historical levels in the coming quarters.This rebound is expected as Nitrile Latex prices normalize and other segments scale up, potentially improving the company's competitive position and profitability.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.

Apcotex Industries Ltd - Realizations Remains Nimble, Volume Growth at Discretion

<ul><li>Apcotex Industries' Q3FY24 performance missed our estimates on all frontsdue to weaker NBR and NL prices and margins.</li><li>Revenue stood at Rs 257 Cr, up 9.8% YoY (down 8% QoQ). Apcotex reported EBITDA of Rs 26 Cr, down 17%/19.5%YoY/QoQ, and the company reported EBITDA Margins of 9.9%, down 320bps YoY (-142bps QoQ).</li><li>This was led by lower gross margins, which werepartly offset by lower other expenses. Gross margins stood at 31.5%, down 112bps in the current quarter. </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.

Apcotex Industries' Q3FY24 performance missed our estimates on all frontsdue to weaker NBR and NL prices and margins.Revenue stood at Rs 257 Cr, up 9.8% YoY (down 8% QoQ). Apcotex reported EBITDA of Rs 26 Cr, down 17%/19.5%YoY/QoQ, and the company reported EBITDA Margins of 9.9%, down 320bps YoY (-142bps QoQ).This was led by lower gross margins, which werepartly offset by lower other expenses. Gross margins stood at 31.5%, down 112bps in the current quarter. 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.

Apcotex Industries - NBR Spoils Show; Hints of Price Recovery Aided by Export Volumes

<ul><li>Apcotex Industries Q2FY24 performance beat our expectations as the company reported slightly better-than-expected margins.</li><li>Falling prices and lower realisations continued to affect the numbers.</li><li>However, volumes have increased. Consolidated Revenue was down 1.4% YoY but up 0.5% QoQ. </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.

Apcotex Industries Q2FY24 performance beat our expectations as the company reported slightly better-than-expected margins.Falling prices and lower realisations continued to affect the numbers.However, volumes have increased. Consolidated Revenue was down 1.4% YoY but up 0.5% QoQ. 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.

Apcotex Industries - Respite in Margins Not Visible

Thematic (Sector/Industry)

<ul><li>Chemicals&amp; Agrochemicals: In Q1FY25, we expect most of the specialty chemical companies under our coverage to show stronger performance compared to Q4FY24.</li><li>However, we remain cautious about growth prospects as a definitive upward trend is yet to be confirmed.</li><li>Particularly in the agrochemical end-user industry, the demand scenario has not shown a clear rebound. </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.

Chemicals&amp; Agrochemicals: In Q1FY25, we expect most of the specialty chemical companies under our coverage to show stronger performance compared to Q4FY24.However, we remain cautious about growth prospects as a definitive upward trend is yet to be confirmed.Particularly in the agrochemical end-user industry, the demand scenario has not shown a clear rebound. 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 and Midcaps Q1FY25 Result Preview

India

Apcotex Industries Limited, manufactures synthetic rubber, lattices, and associated items.  The Company's products include styrene butadiene lattices, nitrile lattices, vinyl pyridine latex, and styrene butadiene rubber.

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Apcotex Industries (APCO IN)

Apcotex Industries Ltd - Nitrile Latex Continues to Weigh on Margins; Maintain HOLD

The company reported revenue of Rs 337 Cr, marking a notable 21% increase YoY and 8% QoQ, in line with our estimate. However, gross margins...

Axis Direct

Apcotex Industries Ltd - Realizations Remains Nimble, Volume Growth at Discretion

This rebound is expected as Nitrile Latex prices normalize and other segments scale up, potentially improving the company's competitive position...

Axis Direct

Apcotex Industries - NBR Spoils Show; Hints of Price Recovery Aided by Export Volumes

Revenue stood at Rs 257 Cr, up 9.8% YoY (down 8% QoQ). Apcotex reported EBITDA of Rs 26 Cr, down 17%/19.5%YoY/QoQ, and the company reported EBITDA...

Axis Direct

Apcotex Industries - Respite in Margins Not Visible

Apcotex Industries Q2FY24performance beat our expectationsas the company reported slightly better-than-expected margins.

Axis Direct

Chemicals and Midcaps Q1FY25 Result Preview

Chemicals& Agrochemicals: In Q1FY25, we expect most of the specialty chemical companies under our coverage to show stronger performance compared to...

Axis Direct

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