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.

Thematic (Sector/Industry)

<ul><li>May’24 Wholesale Volumes: The domestic PV sales (Exhibit-2) grew by 6%/4%YoY/MoM, largely led by strong domestic SUV volumes across Original Equipment Manufacturers (OEMs) , which were partly offset by weakness in entry-level cars and exports (in Maruti).</li><li>The domestic 2W industry after witnessing strong double digit growth on a low base, witnessed volume growth of ~10% YoY (down 8% MoM) and export volume grew 12% YoY (down 7% MoM) respectively.</li><li>The domestic CV industry sales grew by ~3% YoY (flat MoM), driven by high volumes in the bus segment. </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.

May’24 Wholesale Volumes: The domestic PV sales (Exhibit-2) grew by 6%/4%YoY/MoM, largely led by strong domestic SUV volumes across Original Equipment Manufacturers (OEMs) , which were partly offset by weakness in entry-level cars and exports (in Maruti).The domestic 2W industry after witnessing strong double digit growth on a low base, witnessed volume growth of ~10% YoY (down 8% MoM) and export volume grew 12% YoY (down 7% MoM) respectively.The domestic CV industry sales grew by ~3% YoY (flat MoM), driven by high volumes in the bus segment. 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.

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.

<ul><li>Ashok Leyland: Ashok Leyland’s Q4 PAT at INR 9.7bn and margin at 14.1% were both higher than our estimates</li><li>AL does not foresee any slowdown in the M&amp;HCV segment, based on volumes reported in April and enquiries received in May</li><li>With continued focus on cost saving, efficient sourcing, and better realization, AL aspires to have a mid-teen EBITDA margin in the medium term</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.

Ashok Leyland: Ashok Leyland’s Q4 PAT at INR 9.7bn and margin at 14.1% were both higher than our estimatesAL does not foresee any slowdown in the M&amp;HCV segment, based on volumes reported in April and enquiries received in MayWith continued focus on cost saving, efficient sourcing, and better realization, AL aspires to have a mid-teen EBITDA margin in the medium termContent 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: Ashok Leyland, PNC Infratech

<ul><li>Apr’24 Wholesale Volumes: The domestic PV sales (Exhibit-2) grew by low single-digits YoY, largely led by strong SUV volumes across OEMs, which were partly offset by continued weakness in entry-level cars (in Maruti).</li><li>The 2W industry reported strong domestic volume growth of ~31%/19% YoY/MoM and export volume growth of 24% YoY (flat MoM) respectively.</li><li>The domestic CV industry sales grew by ~14% YoY (down 26% MoM). The 3W domestic wholesales for Bajaj grew by 3% while TVS/M&amp;M de-grew by 21%/1% YoY respectively.</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.

Apr’24 Wholesale Volumes: The domestic PV sales (Exhibit-2) grew by low single-digits YoY, largely led by strong SUV volumes across OEMs, which were partly offset by continued weakness in entry-level cars (in Maruti).The 2W industry reported strong domestic volume growth of ~31%/19% YoY/MoM and export volume growth of 24% YoY (flat MoM) respectively.The domestic CV industry sales grew by ~14% YoY (down 26% MoM). The 3W domestic wholesales for Bajaj grew by 3% while TVS/M&amp;M de-grew by 21%/1% YoY respectively.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>The premiumisation trend continues to remain in focus with UVs and premium 2Ws driving the growth</li><li>The entry-level 2W demand, which picked up in the festive season, has failed to sustain in Q4</li><li>It is pertinent to highlight, however, that demand for 125cc and above continued to be strong</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 premiumisation trend continues to remain in focus with UVs and premium 2Ws driving the growthThe entry-level 2W demand, which picked up in the festive season, has failed to sustain in Q4It is pertinent to highlight, however, that demand for 125cc and above continued to be strongContent 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.

Autos: Q4 preview - Premiumisation is the way to go

<ul><li>Auto OEMs: We expect Revenue/EBITDA/PAT for our OEM coverage universe to grow by ~15%/35%/36% YoY along with ~218bps improvement in EBITDA margin.</li><li>The growth will be driven by i) Double-digit volume growth in 2Ws and ii) high single-digit growth for PVs, partially offset by Single/Mid-teen YoY decline in the CV and tractor volumes respectively.</li><li>The YoY EBITDA margin expansion will be led by a richer product mix, RM softening and price hikes taken over the last one year.</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.

Auto OEMs: We expect Revenue/EBITDA/PAT for our OEM coverage universe to grow by ~15%/35%/36% YoY along with ~218bps improvement in EBITDA margin.The growth will be driven by i) Double-digit volume growth in 2Ws and ii) high single-digit growth for PVs, partially offset by Single/Mid-teen YoY decline in the CV and tractor volumes respectively.The YoY EBITDA margin expansion will be led by a richer product mix, RM softening and price hikes taken over the last one year.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

Ashok Leyland Limited manufactures medium and heavy duty commercial vehicles, including buses, tractors, dumpsters, haulage trucks, fire engines, and defense sector vehicles. The Company also manufactures industrial & marine engines, ferrous castings and spare parts for automobiles. Ashok Leyland sells its products in India and abroad.

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Ashok Leyland (AL IN)

Auto Monthly Volume - May 2024

The domestic 2W industry after witnessing strong double digit growth on a low base, witnessed volume growth of ~10% YoY (down 8% MoM) and export...

Axis Direct

HSIE Results Daily: Ashok Leyland, PNC Infratech

With continued focus on cost saving, efficient sourcing, and better realization, AL aspires to have a mid-teen EBITDA margin in the medium term

HDFC Securities

Auto Monthly Volume April 2024

The 2W industry reported strong domestic volume growth of ~31%/19% YoY/MoM and export volume growth of 24% YoY (flat MoM) respectively.

Axis Direct

Autos: Q4 preview - Premiumisation is the way to go

The premiumisation trend continues to remain in focus with UVs and premium 2Ws driving the growth. The entry-level 2W demand, which picked up in...

HDFC Securities

Auto - Q4FY24 - Earnings Preview

Auto OEMs: We expect Revenue/EBITDA/PAT for our OEM coverage universe to grow by ~15%/35%/36% YoY along with ~218bps improvement in EBITDA margin.

Axis Direct

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