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>APL Apollo tubes delivered a good set of results.</li><li>Despite a higher share of general products (46% vs. 44% QoQ), EBITDA/t improved to Rs 4,970/t (up 3%/10% YoY/QoQ) a 2% beat vs. consensus.</li><li>The beat was driven by 1) Higher EBITDA/t of general products (up 14% QoQ) as primary steel demand for structural tubes improves and channel destocking stops as the HRC prices stabilize</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.

APL Apollo tubes delivered a good set of results.Despite a higher share of general products (46% vs. 44% QoQ), EBITDA/t improved to Rs 4,970/t (up 3%/10% YoY/QoQ) a 2% beat vs. consensus.The beat was driven by 1) Higher EBITDA/t of general products (up 14% QoQ) as primary steel demand for structural tubes improves and channel destocking stops as the HRC prices stabilizeContent 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.

APL Apollo Tubes - Structural Growth Story Continues; Maintain BUY

Thematic (Sector/Industry)

<ul><li>Tata Steel reported its provisional sales volumes for Q4FY23.</li><li>Its Indian operations sales stood at 5.15MT, up marginally by 0.5% YoY and a robust 9% QoQ.</li><li>Tata Steel Europe’s sales volume declined to 2.13 MT, down 11% YoY, but recovered by 7% QoQ, indicating an improving demand environment.</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.

Tata Steel reported its provisional sales volumes for Q4FY23.Its Indian operations sales stood at 5.15MT, up marginally by 0.5% YoY and a robust 9% QoQ.Tata Steel Europe’s sales volume declined to 2.13 MT, down 11% YoY, but recovered by 7% QoQ, indicating an improving demand environment.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.

<ul><li>We are glad to announce that we released a new report – Top Dividend Yield Stocks during the month.</li><li>This monthly report contains the top 15 dividend-yield companies from PSUs, Large Cap, Mid Cap, and Small Cap space each.</li><li>Axis Top Picks: Our Axis Top Picks basket reported an impressive performance with a return of 149 % since its inception, notably beating the 87% returns reported by the benchmark NIFTY 50 Index over the same period.</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.

We are glad to announce that we released a new report – Top Dividend Yield Stocks during the month.This monthly report contains the top 15 dividend-yield companies from PSUs, Large Cap, Mid Cap, and Small Cap space each.Axis Top Picks: Our Axis Top Picks basket reported an impressive performance with a return of 149 % since its inception, notably beating the 87% returns reported by the benchmark NIFTY 50 Index over the same period.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.

<ul><li>Of the total 1.5MT Raipur plant capacity, 1MT capacity is now on stream and currently operating at 30% utilisation.</li><li>In Q3FY23, EBITDA/t at Raipur stood at ~Rs 3,000/t with 25% utilisation.</li><li>As the utilisation level inches up further, the margin spreads will increase further beyond Rs 5,000/t.</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.

Of the total 1.5MT Raipur plant capacity, 1MT capacity is now on stream and currently operating at 30% utilisation.In Q3FY23, EBITDA/t at Raipur stood at ~Rs 3,000/t with 25% utilisation.As the utilisation level inches up further, the margin spreads will increase further beyond Rs 5,000/t.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.

APL Apollo Tubes - EBITDA/Tonne Recovers in Q3; Outlook Positive

<ul><li>We expect Tata steel to report revenue de-growth on both YoY/QoQ basis, led by a drop in HRC prices at India and Europe (ex-Mumbai prices down 25%/5% YoY/QoQ).</li><li>Tata Steel’s consolidated EBITDA is expected to fall by 66%/10% YoY/QoQ led by lower sales realisations and higher energy costs in Europe.</li><li>SAIL’s revenue is expected to increase by 2% YoY on the lower base of the last year’s sales volume, partly offset by fall in sales realisations 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.

We expect Tata steel to report revenue de-growth on both YoY/QoQ basis, led by a drop in HRC prices at India and Europe (ex-Mumbai prices down 25%/5% YoY/QoQ).Tata Steel’s consolidated EBITDA is expected to fall by 66%/10% YoY/QoQ led by lower sales realisations and higher energy costs in Europe.SAIL’s revenue is expected to increase by 2% YoY on the lower base of the last year’s sales volume, partly offset by fall in sales realisations 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.

Metals and Mining  - Q3FY23 Earnings Preview

India

APL Apollo Tubes Ltd. manufactures and exports galvanized steel tubes, galvanized steel pipes, and welded black pipes and tubes.

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Apl Apollo Tubes (APAT IN)

APL Apollo Tubes - Structural Growth Story Continues; Maintain BUY

Despite a higher share of general products (46% vs. 44% QoQ), EBITDA/t improved to Rs 4,970/t (up 3%/10% YoY/QoQ) a 2% beat vs. consensus.

Axis Direct

Metals - Q4FY23 Earnings Preview

Tata Steel Europe’s sales volume declined to 2.13 MT, down 11% YoY, but recovered by 7% QoQ, indicating an improving demand environment.

Axis Direct

Axis Research Scorecard Report - Feb 23

We are glad to announce that we released a new report – Top Dividend Yield Stocks during the month. This monthly report contains the top 15...

Axis Direct

APL Apollo Tubes - EBITDA/Tonne Recovers in Q3; Outlook Positive

Of the total 1.5MT Raipur plant capacity, 1MT capacity is now on stream and currently operating at 30% utilisation. In Q3FY23, EBITDA/t at Raipur...

Axis Direct

Metals and Mining - Q3FY23 Earnings Preview

We expect Tata steel to report revenue de-growth on both YoY/QoQ basis, led by a drop in HRC prices at India and Europe (ex-Mumbai prices down 25%...

Axis Direct

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