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>Continued volume growth in Lead and Aluminium: The company noted that recent regulatory changes have improved scrap availability, contributing to an overall volume growth of 8% during the quarter.</li><li>However, the reported volume growth was partially impacted as some output from the overseas subsidiary was utilized for manufacturing further refined products internally (in India).</li><li>The management reiterated its three-year volume growth expectations at a CAGR of 25%, which remains unchanged, and the company is expected to achieve a similar growth range in FY25.</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.

Continued volume growth in Lead and Aluminium: The company noted that recent regulatory changes have improved scrap availability, contributing to an overall volume growth of 8% during the quarter.However, the reported volume growth was partially impacted as some output from the overseas subsidiary was utilized for manufacturing further refined products internally (in India).The management reiterated its three-year volume growth expectations at a CAGR of 25%, which remains unchanged, and the company is expected to achieve a similar growth range in FY25.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.

Gravita India Ltd. - Volume and Margin Growth Continue; Maintain BUY

Thematic (Sector/Industry)

<ul><li>Chemicals &amp; Agrochemicals: Recent exports trends and pricing data indicates that most specialty chemical companies may continue to experience pricing pressures while there may be some signs of recovery in certain pockets.</li><li>We expect most of the companies to post volume lead revenue growth, while the margin expansion is expected to be limited due to competitive pricing.</li><li>Furthermore, with the logistical challenges persisting during the quarter, the export volumes and freight costs remained impacted. </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.

Chemicals &amp; Agrochemicals: Recent exports trends and pricing data indicates that most specialty chemical companies may continue to experience pricing pressures while there may be some signs of recovery in certain pockets.We expect most of the companies to post volume lead revenue growth, while the margin expansion is expected to be limited due to competitive pricing.Furthermore, with the logistical challenges persisting during the quarter, the export volumes and freight costs remained impacted. 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.

Q3FY25 Earnings Preview - Chemicals, Capital Goods and Midcaps

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.

<ul><li>Gravita India Ltd (Gravita), one of the largest recycling companies in India, is well positioned to benefit from strong industry tailwinds and healthy traction within the sector.</li><li>Its Lead recycling vertical, which accounted for ~88% of revenue in FY24, is expected to achieve significant growth in the domestic market due to favorable regulatory changes.</li><li>Additionally, the expansion of its geographical reach and product portfolio will be key drivers of its international business.</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.

Gravita India Ltd (Gravita), one of the largest recycling companies in India, is well positioned to benefit from strong industry tailwinds and healthy traction within the sector.Its Lead recycling vertical, which accounted for ~88% of revenue in FY24, is expected to achieve significant growth in the domestic market due to favorable regulatory changes.Additionally, the expansion of its geographical reach and product portfolio will be key drivers of its international business.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.

Gravita (India) - Turning Trash into Triumph, Globally

<ul><li>We are initiating coverage on Gravita India Ltd. (Gravita) with a BUY recommendation and a target price of Rs 3,000/share, implying an upside of 20% from the CMP.</li><li>Established in 1992, Gravita India Ltd is a leading recycling company and one of the largest lead producers in India.</li><li>The company's business is organized across four specialized verticals: Lead Recycling (flagship), Aluminum Recycling, Plastic Recycling and Turnkey Projects. </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 initiating coverage on Gravita India Ltd. (Gravita) with a BUY recommendation and a target price of Rs 3,000/share, implying an upside of 20% from the CMP.Established in 1992, Gravita India Ltd is a leading recycling company and one of the largest lead producers in India.The company's business is organized across four specialized verticals: Lead Recycling (flagship), Aluminum Recycling, Plastic Recycling and Turnkey Projects. 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.

Gravita India Ltd. - Capitalizing on the Recycling Revolution

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

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Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

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Forensic Accounting

<ul>
<li>
<a href="https://www.smartkarma.com/entities/gravita-india-ltd" target="_blank" data-smartkarma-citation="entities:17385:1" rel="noopener">Gravita India (GRAV IN)</a> faced a Qualified Audit Opinion over share sale proceeds' reporting by its Employee Welfare Trust.</li>
<li>The dispute centers on whether to record these proceeds in the P&amp;L or Balance Sheet, impacting transparency and financial metrics.</li>
<li>This dispute reduced the PBT by 7.54% and EPS  by 8.66% decrease in Q4 FY24.</li>
</ul>



Gravita India (GRAV IN) faced a Qualified Audit Opinion over share sale proceeds' reporting by its Employee Welfare Trust.
The dispute centers on whether to record these proceeds in the P&amp;L or Balance Sheet, impacting transparency and financial metrics.
This dispute reduced the PBT by 7.54% and EPS  by 8.66% decrease in Q4 FY24.


A Closer Look at Gravita India's Qualified Audit Opinion

India

Gravita India Limited manufactures lead metal and other lead products by the recycling and smelting process. The Company produces lead ingots, lead alloys, and lead oxides.

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Gravita India (GRAV IN)

Gravita India Ltd. - Volume and Margin Growth Continue; Maintain BUY

The company noted that recent regulatory changes have improved scrap availability, contributing to an overall volume growth of 8% during the quarter.

Axis Direct

Q3FY25 Earnings Preview - Chemicals, Capital Goods and Midcaps

Recent exports trends and pricing data indicates that most specialty chemical companies may continue to experience pricing pressures while there...

Axis Direct

Gravita (India) - Turning Trash into Triumph, Globally

Gravita India Ltd (Gravita), one of the largest recycling companies in India, is well positioned to benefit from strong industry tailwinds and...

Motilal Oswal

Gravita India Ltd. - Capitalizing on the Recycling Revolution

We are initiating coverage on Gravita India Ltd. (Gravita) with a BUY recommendation and a target price of Rs 3,000/share, implying an upside of...

Axis Direct

A Closer Look at Gravita India's Qualified Audit Opinion

A Qualified Opinion on Gravita India due to disagreement on representation of proceeds from the sale of shares by the Employee Trust as expenses in...

Nimish Maheshwari

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