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

Motilal Oswal

External broker reports(aggregated public sources)

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

<ul><li>Motilal Oswal's research report onDalmia Bharat Dalmia Bharat (DALBHARA)’s key markets (the South and East regions) witnessed a higher price correction (down 8-9% QoQ) vs. other regions (down 3-7% QoQ) in 4QFY24.</li><li>However, the company is likely to report double-digit volume growth in 4QFY24, supported by healthy demand and market share gains.</li><li>We cut our EBITDA estimates by 4%/8%/8% for FY24/FY25/FY26 due to weak pricing, which was partly offset by higher volume growth and cost reduction initiatives.</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.

Motilal Oswal's research report onDalmia Bharat Dalmia Bharat (DALBHARA)’s key markets (the South and East regions) witnessed a higher price correction (down 8-9% QoQ) vs. other regions (down 3-7% QoQ) in 4QFY24.However, the company is likely to report double-digit volume growth in 4QFY24, supported by healthy demand and market share gains.We cut our EBITDA estimates by 4%/8%/8% for FY24/FY25/FY26 due to weak pricing, which was partly offset by higher volume growth and cost reduction initiatives.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.

Dalmia Bharat - Prices Soft in Key Markets; but Volume Growth Should Be Better

External broker reports(aggregated public sources), Sharekhan

Sharekhan

Sharekhan is India's leading broking house providing services from easy online trading, research to wide array of financial products. 

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>Sharekhan's research report onDalmia Bharat As per our channel checks, trade cement prices in the East corrected by ~12% Q-o-Q in Q4FY2024, led by a sharp correction in March 2024, compared to ~ a 7% Q-o-Q dip in Pan-India trade cement prices.</li><li>Eastern cement demand has been healthy during Jan-Feb 2024 and is expected to result in double-digit volume growth for Dalmia in Q4. EBITDA/tonne impact is to be limited up to Rs. 200/tonne q-o-q.</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.

Sharekhan's research report onDalmia Bharat As per our channel checks, trade cement prices in the East corrected by ~12% Q-o-Q in Q4FY2024, led by a sharp correction in March 2024, compared to ~ a 7% Q-o-Q dip in Pan-India trade cement prices.Eastern cement demand has been healthy during Jan-Feb 2024 and is expected to result in double-digit volume growth for Dalmia in Q4. EBITDA/tonne impact is to be limited up to Rs. 200/tonne q-o-q.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.

Dalmia Bharat Ltd - Regional Cement Price Correction Fairly Factored In; Retain Buy

External broker reports(aggregated public sources), Axis Direct

Axis Direct

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.

<ul><li>DBL reported a good set of numbers during the quarter as its Volume/Revenue/EBITDA/APAT grew by 8%/7%/20%/29 (above expectation), driven by better demand, lower cost and higher realization.</li><li>EBITDA grew by 20% which was above our and consensus expectation by 3% on account of lower power/fuel cost, down 30% on a per tonne basis.</li><li>The company reported a profit of Rs 263 Cr against Rs 204 Cr in Q3FY23. </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.

DBL reported a good set of numbers during the quarter as its Volume/Revenue/EBITDA/APAT grew by 8%/7%/20%/29 (above expectation), driven by better demand, lower cost and higher realization.EBITDA grew by 20% which was above our and consensus expectation by 3% on account of lower power/fuel cost, down 30% on a per tonne basis.The company reported a profit of Rs 263 Cr against Rs 204 Cr in Q3FY23. 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.

Dalmia BharatLtd. - In Line Operating Performance; Volume Growth & Pricing Key Monitorable

<ul><li>DBL reported a good set of numbers during the quarter as its Volume/Revenue/EBITDA/APAT grew by 8%/7%/20%/29 (above expectation), driven by better demand, lower cost and higher realization.</li><li>EBITDA grew by 20% which was above our and consensus expectation by 3% on account of lower power/fuel cost, down 30% on a per tonne basis.</li><li>The company reported a profit of Rs 263 Cr against Rs 204 Cr in Q3FY23.</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.

DBL reported a good set of numbers during the quarter as its Volume/Revenue/EBITDA/APAT grew by 8%/7%/20%/29 (above expectation), driven by better demand, lower cost and higher realization.EBITDA grew by 20% which was above our and consensus expectation by 3% on account of lower power/fuel cost, down 30% on a per tonne basis.The company reported a profit of Rs 263 Cr against Rs 204 Cr in Q3FY23.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.

Dalmia Bharat Limited - In Line Operating Performance; Volume Growth & Pricing Key Monitorable

<ul><li>DBLreporteda mixed set of numbers during the quarterasits Volume/Revenue/APATgrew by 7%/6%/157% (below expectation) driven by better demand and lower cost.</li><li>EBITDA grew by 55% which was above our consensus expectation by 1% and 3% on account of lower cost,primarily power/fuel cost which was lower by 27% on a per tonne basis.</li><li>The company reported a profit of Rs 118 Cr against Rs 46 Cr in Q2FY23.</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.

DBLreporteda mixed set of numbers during the quarterasits Volume/Revenue/APATgrew by 7%/6%/157% (below expectation) driven by better demand and lower cost.EBITDA grew by 55% which was above our consensus expectation by 1% and 3% on account of lower cost,primarily power/fuel cost which was lower by 27% on a per tonne basis.The company reported a profit of Rs 118 Cr against Rs 46 Cr in Q2FY23.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.

Dalmia Bharat Limited - Better Operating Performance

India

Dalmia Bharat Limited holds cement and power businesses. The Company's interests include cement, power and refractory businesses.

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Dalmia Bharat (DALBHARA IN)

Dalmia Bharat - Prices Soft in Key Markets; but Volume Growth Should Be Better

We cut our EBITDA estimates by 4%/8%/8% for FY24/FY25/FY26 due to weak pricing, which was partly offset by higher volume growth and cost reduction...

Motilal Oswal

Dalmia Bharat Ltd - Regional Cement Price Correction Fairly Factored In; Retain Buy

Sharekhan's research report onDalmia Bharat As per our channel checks, trade cement prices in the East corrected by ~12% Q-o-Q in Q4FY2024, led by...

Sharekhan

Dalmia BharatLtd. - In Line Operating Performance; Volume Growth & Pricing Key Monitorable

DBL reported a good set of numbers during the quarter as its Volume/Revenue/EBITDA/APAT grew by 8%/7%/20%/29 (above expectation), driven by better...

Axis Direct

Dalmia Bharat Limited - In Line Operating Performance; Volume Growth & Pricing Key Monitorable

DBL reported a good set of numbers during the quarter as its Volume/Revenue/EBITDA/APAT grew by 8%/7%/20%/29 (above expectation), driven by better...

Axis Direct

Dalmia Bharat Limited - Better Operating Performance

DBLreporteda mixed set of numbers during the quarterasits Volume/Revenue/APATgrew by 7%/6%/157% (below expectation) driven by better demand and...

Axis Direct

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