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>Our honourable Finance Minister Nirmala Sitaraman presented the Interim Budget 2024-25 today.</li><li>Being the “vote of account” budget before the Union Election 2024, the expectations of the budget were naturally low.</li><li>The finance minister delivered along the expected lines with an emphasis on the continuation of higher capital expenditure on top of the medium-term flavour of populism.</li></ul><p><em>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.</em></p>

Our honourable Finance Minister Nirmala Sitaraman presented the Interim Budget 2024-25 today.Being the “vote of account” budget before the Union Election 2024, the expectations of the budget were naturally low.The finance minister delivered along the expected lines with an emphasis on the continuation of higher capital expenditure on top of the medium-term flavour of populism.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>Specialty Chemicals: In Q3FY24, we expect specialty chemical companies under our coverage to give early signs of demand recovery but it is likely to be another subdued quarter.</li><li>This subdued performance would be led by a demand slowdown in key export markets and from an inventory destocking situation coupled with a cyclical slowdown in discretionary spending in certain geographic regions (like Europe).</li><li>Domestic demand remains decent. Demand in textiles and dyes is still bleak, with limited green shoots in discretionary spending such as pigments and polymers as they have started to show signs of improvement. </li></ul><p><em>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.</em></p>

Specialty Chemicals: In Q3FY24, we expect specialty chemical companies under our coverage to give early signs of demand recovery but it is likely to be another subdued quarter.This subdued performance would be led by a demand slowdown in key export markets and from an inventory destocking situation coupled with a cyclical slowdown in discretionary spending in certain geographic regions (like Europe).Domestic demand remains decent. Demand in textiles and dyes is still bleak, with limited green shoots in discretionary spending such as pigments and polymers as they have started to show signs of improvement. 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 - Q3FY24 - Earnings Preview (Agro-Chem SpChem)

External broker reports(aggregated public sources), Motilal Oswal Financial Services Limited

Motilal Oswal

Motilal Oswal Financial Services Limited

Motilal Oswal Financial Services Limited is an Indian diversified financial services firm offering a range of financial products and services. 

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

Coromandel International / Equity Bottom-Up

<div><ul><li>4QFY22 earnings beat our estimates - CRIN reported a better than expected operating performance despite rising input costs, due to backward integration, control on fixed costs, <span style="font-size: var(--content-font-size);">selective price increases, better outsourcing of raw material, mix management of raw material (while maintaining quality), and better capacity utilization.</span></li></ul><div><ul><li>Higher fertilizer margin drives operating performance - <span style="font-size: var(--content-font-size);">CRIN reported an overall revenue of INR42.3b (est. INR40.3b) in 4QFY22, up 44% YoY.</span></li></ul><div><div><div><ul><li>Highlights from the management commentary - <span style="font-size: var(--content-font-size);">Subsidy outstanding as of Mar'22 stood at INR2.94b (v/s INR5.9b in </span><span style="font-size: var(--content-font-size);">Mar'21).</span></li></ul></div></div></div></div></div><p><em>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.</em></p>

4QFY22 earnings beat our estimates - CRIN reported a better than expected operating performance despite rising input costs, due to backward integration, control on fixed costs, selective price increases, better outsourcing of raw material, mix management of raw material (while maintaining quality), and better capacity utilization.Higher fertilizer margin drives operating performance - CRIN reported an overall revenue of INR42.3b (est. INR40.3b) in 4QFY22, up 44% YoY.Highlights from the management commentary - Subsidy outstanding as of Mar'22 stood at INR2.94b (v/s INR5.9b in Mar'21).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.

Coromandel International - Backward Integration and Operating Leverage Drive EBIDTA

External broker reports(aggregated public sources), Nirmal Bang

Nirmal Bang

A Relationship Beyond Broking

Nirmal Bang, one of the leading stock broking companies in India, caters to retail and institutional clients by offering them a range of financial products and services, including equities, derivatives, commodities, currency derivatives, mutual funds, IPOs, insurance, depository services and PMS.

Nirmal Bang is drawn from a diversity of professional backgrounds, and blend of experience, skill and dedication is shared with its clients. Nirmal Bang emphasizes adequate, thorough research local and world-wide developments, balancing these with the astute discovery of intrinsic values, synergies and growth. The aim is simply to help the investors to maximize their returns.

<div><div><div><div><ul><li>Revenue at Rs42.27bn was 14% below NBIE estimate: EBITDA margin at 9% was a beat on our estimate of 4.8% due to higher-than-expected gross margin of 25.7% - a beat of 668bps.</li></ul><div><div><div><div><ul><li>4QFY22 revenue was up 48% YoY: Nutrient segment’s revenue was up 55.8% YoY at Rs36.82bn, a miss of 13.3% compared toth NBIE estimate of Rs42.47bn.</li></ul><div><div><div><div><ul><li>EBITDA margin beats NBIE est. by 418bps, but down 15bps YoY at 9%</li></ul></div></div></div></div></div></div></div></div></div></div></div></div><p><em>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.</em></p>

Revenue at Rs42.27bn was 14% below NBIE estimate: EBITDA margin at 9% was a beat on our estimate of 4.8% due to higher-than-expected gross margin of 25.7% - a beat of 668bps.4QFY22 revenue was up 48% YoY: Nutrient segment’s revenue was up 55.8% YoY at Rs36.82bn, a miss of 13.3% compared toth NBIE estimate of Rs42.47bn.EBITDA margin beats NBIE est. by 418bps, but down 15bps YoY at 9%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.

Coromandel International - Maintain Buy Despite Interim Worries on Input Costs

<ul>
<li>Potential deflation in input costs is margin accretive for Indian CPC stocks.</li>
<li>FY23 fertilizer subsidy may touch Rs1.75-Rs2trn.</li>
<li>IMD forecast for South West Monsoon an added catalyst.</li>
</ul>
<p><em>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.</em></p>


Potential deflation in input costs is margin accretive for Indian CPC stocks.
FY23 fertilizer subsidy may touch Rs1.75-Rs2trn.
IMD forecast for South West Monsoon an added catalyst.

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.

Chemical Sector- Indian Met Forecast Positive for Kharif Prospects Facing with High Input Costs

India

Coromandel International Ltd. manufactures fertilizers and pesticides.  The Company produces both chemical and organic fertilizers, insecticides, fungicides, herbcides, and plant biostimulant.

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Coromandel International (CRIN IN)

Post Budget Analysis and Stock Ideas

The finance minister delivered along the expected lines with an emphasis on the continuation of higher capital expenditure on top of the medium...

Axis Direct

Chemicals - Q3FY24 - Earnings Preview (Agro-Chem SpChem)

Specialty Chemicals: In Q3FY24, we expect specialty chemical companies under our coverage to give early signs of demand recovery but it is likely...

Axis Direct

Coromandel International - Backward Integration and Operating Leverage Drive EBIDTA

CRIN reported a better than expected operating performance despite rising input costs, due to backward integration, control on fixed costs,...

Motilal Oswal

Coromandel International - Maintain Buy Despite Interim Worries on Input Costs

We maintain Buy on Coromandel International (CRIN) based on the revised target price (TP) of Rs1,058 on the back of 10.4%/5.2% increase in FY23E...

Nirmal Bang

Chemical Sector- Indian Met Forecast Positive for Kharif Prospects Facing with High Input Costs

The Indian Agrochemicals sector looks better off compared to the prospects for exports in FY23. This is based on potential divergence in volume...

Nirmal Bang

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