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>The companies under our coverage reported Revenue/EBITDA/PAT growth of 16%/49%/56% YoY against expectations of 17%/41%/50%.</li><li>This was driven by higher ASPs, sales volumes, and operating leverage. On a QoQ basis, the aggregate Revenue/EBITDA/PAT growth stood at 11%/27%/20%, against expectations of 12%/21%/15%.</li><li>The QoQ growth was led by Ashok Leyland, Maruti, and TVS motors by clocking double-digit revenue and EBITDA growth.</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 companies under our coverage reported Revenue/EBITDA/PAT growth of 16%/49%/56% YoY against expectations of 17%/41%/50%.This was driven by higher ASPs, sales volumes, and operating leverage. On a QoQ basis, the aggregate Revenue/EBITDA/PAT growth stood at 11%/27%/20%, against expectations of 12%/21%/15%.The QoQ growth was led by Ashok Leyland, Maruti, and TVS motors by clocking double-digit revenue and EBITDA growth.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.

Top Sector Ideas - Auto and Auto Ancillaries - Q2FY24 Review

Equity Bottom-Up

<ul><li>Ashok Leyland’s Q2FY24 numbers stood slightly below ours and consensus estimates.</li><li>Revenue grew by 17%/18% YoY/QoQ, a 2.4% miss vs. our estimate on account of lower ASP.</li><li>ASPs declined by 2.4% QoQ, despite MHCV's share in total sales staying almost flat QoQ at 64%. </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’s Q2FY24 numbers stood slightly below ours and consensus estimates.Revenue grew by 17%/18% YoY/QoQ, a 2.4% miss vs. our estimate on account of lower ASP.ASPs declined by 2.4% QoQ, despite MHCV's share in total sales staying almost flat QoQ at 64%. 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  - Decent Q2FY24; Multiple Levers to Grow EBITDA Margins

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>Mahindra &amp; Mahindra: M&amp;M Q2FY24 PAT at INR 34.5bn was ahead of our estimate of INR 26.9bn due to higher than expected other income even as the operating performance was in line with our estimates</li><li>While auto segment margins were ahead of our estimates, tractor margins lagged behind estimates due to new launch costs</li><li>On the back of strong demand for its models, M&amp;M has gained 110bps share in UVs to 18.1% in H1FY24</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.

Mahindra &amp; Mahindra: M&amp;M Q2FY24 PAT at INR 34.5bn was ahead of our estimate of INR 26.9bn due to higher than expected other income even as the operating performance was in line with our estimatesWhile auto segment margins were ahead of our estimates, tractor margins lagged behind estimates due to new launch costsOn the back of strong demand for its models, M&amp;M has gained 110bps share in UVs to 18.1% in H1FY24Content 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: Mahindra & Mahindra, Ashok Leyland, Vinati Organics, NCC, Repco Home Finance

<ul><li>We are proud to share that our Axis Top Picks basket delivered impressive returns of 25% in the last one year, beating the benchmark Nifty 50 index (6% return over the same period) by a wide margin.</li><li>The basket, however, declined by 2.5% in Oct’23 on account of the volatile equity market.</li><li>Nonetheless, it still managed to beat the benchmark Nifty 50 as it de-grew more at 2.8% on an MoM basis. </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 proud to share that our Axis Top Picks basket delivered impressive returns of 25% in the last one year, beating the benchmark Nifty 50 index (6% return over the same period) by a wide margin.The basket, however, declined by 2.5% in Oct’23 on account of the volatile equity market.Nonetheless, it still managed to beat the benchmark Nifty 50 as it de-grew more at 2.8% on an MoM basis. 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.

Axis Top Picks - ‘Growth at a Reasonable Price’ – an Overarching Theme - Nov 2023

<ul><li>Given that the festive season this time has been pushed by a month into November, Q2 volume growth appears lower YoY.</li><li>In PVs, while UV demand has held up extremely well, car demand has further decelerated, driving a rich mix for most OEMs.</li><li>CV demand momentum continues to be healthy in Q2. </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.

Given that the festive season this time has been pushed by a month into November, Q2 volume growth appears lower YoY.In PVs, while UV demand has held up extremely well, car demand has further decelerated, driving a rich mix for most OEMs.CV demand momentum continues to be healthy in Q2. 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.

Autos (Q2FY24 Results Preview) - 4Ws to See Margin Boost QoQ

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)

Top Sector Ideas - Auto and Auto Ancillaries - Q2FY24 Review

The companies under our coverage reported Revenue/EBITDA/PAT growth of 16%/49%/56% YoY against expectations of 17%/41%/50%.

Axis Direct

Ashok Leyland - Decent Q2FY24; Multiple Levers to Grow EBITDA Margins

Ashok Leyland’s Q2FY24 numbers stood slightly below ours and consensus estimates. Revenue grew by 17%/18% YoY/QoQ, a 2.4% miss vs. our estimate on...

Axis Direct

HSIE Results Daily: Mahindra & Mahindra, Ashok Leyland, Vinati Organics, NCC, Repco Home Finance

M&M Q2FY24 PAT at INR 34.5bn was ahead of our estimate of INR 26.9bn due to higher than expected other income even as the operating performance was...

HDFC Securities

Axis Top Picks - ‘Growth at a Reasonable Price’ – an Overarching Theme - Nov 2023

We are proud to share that our Axis Top Picks basket delivered impressive returns of 25% in the last one year, beating the benchmark Nifty 50 index

Axis Direct

Autos (Q2FY24 Results Preview) - 4Ws to See Margin Boost QoQ

In PVs, while UV demand has held up extremely well, car demand has further decelerated, driving a rich mix for most OEMs. CV demand momentum...

HDFC Securities

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