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.

Equity Bottom-Up

<ul><li>Birla Corporation Limited (BCL) – the flagship company of the M.P. Birla Group is involved in a core business activity of cement manufacturing.</li><li>Its cement division has 11 plants at eight locations. Currently, the company’s total cement manufacturing capacity stands at 20 million tonnes per annum (mtpa) and it is one of the dominant players in the Central India region.</li><li>The company has also established a significant presence in the Jute Goods industry.</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.

Birla Corporation Limited (BCL) – the flagship company of the M.P. Birla Group is involved in a core business activity of cement manufacturing.Its cement division has 11 plants at eight locations. Currently, the company’s total cement manufacturing capacity stands at 20 million tonnes per annum (mtpa) and it is one of the dominant players in the Central India region.The company has also established a significant presence in the Jute Goods industry.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.

Pick of the Week: Birla Corporation Ltd-  29 May 2023

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.

Thematic (Sector/Industry)

<ul><li>Larsen &amp; Toubro: Larsen &amp; Toubro (LT) reported Q4FY23 revenue/EBITDA/APAT at INR 583.4/68.3/39.9bn, in line/(missing) with our estimates by 0.1/(8.4)/(7.5)% respectively</li><li>EBITDA margin: 11.7% (-65/+78bps YoY/QoQ) vs our estimate of 12.8%</li><li>The margin was impacted largely by higher input prices in projects and manufacturing portfolio</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.

Larsen &amp; Toubro: Larsen &amp; Toubro (LT) reported Q4FY23 revenue/EBITDA/APAT at INR 583.4/68.3/39.9bn, in line/(missing) with our estimates by 0.1/(8.4)/(7.5)% respectivelyEBITDA margin: 11.7% (-65/+78bps YoY/QoQ) vs our estimate of 12.8%The margin was impacted largely by higher input prices in projects and manufacturing portfolioContent 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: Larsen & Toubro, SRF, Apollo Tyres, Kansai Nerolac

<ul><li>BCL reported Revenue/Volume growth of 9%/5% YoY (below expectation) but higher on a QoQ basis by 22%/19%, driven by better demand and higher realization YoY/QoQ.</li><li>EBITDA was down 1% YoY (above expectations) but higher by 90% QoQ.</li><li>APAT was down 24% YoY (above expectations) but was higher on a QoQ basis as the company reported a loss of Rs 50 Cr in Q3FY23 owing to higher realization, lower cost QoQ, and operating leverage benefit.</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.

BCL reported Revenue/Volume growth of 9%/5% YoY (below expectation) but higher on a QoQ basis by 22%/19%, driven by better demand and higher realization YoY/QoQ.EBITDA was down 1% YoY (above expectations) but higher by 90% QoQ.APAT was down 24% YoY (above expectations) but was higher on a QoQ basis as the company reported a loss of Rs 50 Cr in Q3FY23 owing to higher realization, lower cost QoQ, and operating leverage benefit.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.

Birla Corporation Limited - Better Operating Performance

<ul><li>We estimate our coverage universe of 15 companies to deliver strong 9/14% YoY/QoQ volume growth (four-year CAGR: 7%) in Q4FY23</li><li>We expect strong volume offtake by UltraTech Cement, Dalmia Bharat, Nuvoco Vistas, Birla Corp., JK Lakshmi and Star Cement QoQ</li><li>We expect volume decline QoQ by ACC and Ambuja (Himachal plant shutdown)</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 estimate our coverage universe of 15 companies to deliver strong 9/14% YoY/QoQ volume growth (four-year CAGR: 7%) in Q4FY23We expect strong volume offtake by UltraTech Cement, Dalmia Bharat, Nuvoco Vistas, Birla Corp., JK Lakshmi and Star Cement QoQWe expect volume decline QoQ by ACC and Ambuja (Himachal plant shutdown)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.

Cement - Strong Demand, Fuel Pressure Easing Out

<ul><li>After witnessing good volume growth in Q3FY23, momentum in cement demand continued in Q4FY23 as well, primarily driven by the government infrastructure and housing push and well-supported by private real estate demand.</li><li>Demand momentum began on a good note in Jan 2023 followed by some softness in Feb’23 and concluded on a higher note despite the higher base of the last year.</li><li>While some softness in demand was witnessed in Mar’23 on account of the Holi festival, the later part of the month witnessed a sharp spike in demand. I</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.

After witnessing good volume growth in Q3FY23, momentum in cement demand continued in Q4FY23 as well, primarily driven by the government infrastructure and housing push and well-supported by private real estate demand.Demand momentum began on a good note in Jan 2023 followed by some softness in Feb’23 and concluded on a higher note despite the higher base of the last year.While some softness in demand was witnessed in Mar’23 on account of the Holi festival, the later part of the month witnessed a sharp spike in demand. IContent 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

Birla Corporation Limited is a manufacturing company that produces and sells cement, automobile trim parts, jute goods, synthetic and cotton yarns, and PVC floor coverings and coated fabrics. The Group also manufactures calcium carbide, ferromanganese, silico manganese, oxygen and iron and steel castings.

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Birla Corp Ltd (BCORP IN)

Pick of the Week: Birla Corporation Ltd- 29 May 2023

Birla Corporation Limited (BCL) – the flagship company of the M.P. Birla Group is involved in a core business activity of cement manufacturing.

Axis Direct

HSIE Results Daily: Larsen & Toubro, SRF, Apollo Tyres, Kansai Nerolac

Larsen & Toubro: Larsen & Toubro (LT) reported Q4FY23 revenue/EBITDA/APAT at INR 583.4/68.3/39.9bn, in line/(missing) with our estimates by 0.1...

HDFC Securities

Birla Corporation Limited - Better Operating Performance

BCL reported Revenue/Volume growth of 9%/5% YoY (below expectation) but higher on a QoQ basis by 22%/19%, driven by better demand and higher...

Axis Direct

Cement - Strong Demand, Fuel Pressure Easing Out

We estimate our coverage universe of 15 companies to deliver strong 9/14% YoY/QoQ volume growth (four-year CAGR: 7%) in Q4FY23

HDFC Securities

Cement - Q4FY23 Earnings Preview

Demand momentum began on a good note in Jan 2023 followed by some softness in Feb’23 and concluded on a higher note despite the higher base of the...

Axis Direct

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