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

Heidelberg Cement India / Equity Bottom-Up

<ul><li>Heidelberg Cement reported a mixed set of numbers while Volume/Revenue were higher than our expectations.</li><li>The company’s EBITDA/PAT/Margins were below our expectations on account of lower realization and higher other expenses costs during the quarter.</li><li>Its Volume/Revenue/EBITDA/PAT grew by 16%/12%/46%/410% YoY. </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>

Heidelberg Cement reported a mixed set of numbers while Volume/Revenue were higher than our expectations.The company’s EBITDA/PAT/Margins were below our expectations on account of lower realization and higher other expenses costs during the quarter.Its Volume/Revenue/EBITDA/PAT grew by 16%/12%/46%/410% YoY. 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.

Heidelberg Cement India Limited - EBITDA Miss On Lower Realization; Maintain HOLD

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>Demand momentum remains robust: We estimate our coverage universe of 15 companies will deliver strong 12% YoY volume growth (four-year CAGR: 9%) in Q2FY24</li><li>On a QoQ basis, we estimate sales volume will reduce 11% on seasonal demand weakness</li><li>Aggregate utilisation should expand ~350bps YoY to 76%, in our view</li><li>We expect industry-leading volume offtake (13% and more) by UltraTech, Birla Corp, JK Cement, Ramco Cements, and Sagar Cement.</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>

Demand momentum remains robust: We estimate our coverage universe of 15 companies will deliver strong 12% YoY volume growth (four-year CAGR: 9%) in Q2FY24On a QoQ basis, we estimate sales volume will reduce 11% on seasonal demand weaknessAggregate utilisation should expand ~350bps YoY to 76%, in our viewWe expect industry-leading volume offtake (13% and more) by UltraTech, Birla Corp, JK Cement, Ramco Cements, and Sagar Cement.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 (Q2FY24 Results Preview): Robust demand for sixth consecutive quarter

<ul><li>Cement demand momentum continued in Q2FY24: Following robust volume growth in Q1FY24, cement demand momentum continued in Q2FY24, although Q2 is typically impacted by seasonal fluctuations due to the monsoon.</li><li>Demand momentum was primarily driven by government-led infrastructure and housing development, as well as encouraging real estate demand.</li><li>Demand momentum had slowed in Jul'23 due to monsoon rains, but strengthened in Aug’23 and continued in Sep’23, albeit with some moderation due to monsoon rains.</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>

Cement demand momentum continued in Q2FY24: Following robust volume growth in Q1FY24, cement demand momentum continued in Q2FY24, although Q2 is typically impacted by seasonal fluctuations due to the monsoon.Demand momentum was primarily driven by government-led infrastructure and housing development, as well as encouraging real estate demand.Demand momentum had slowed in Jul'23 due to monsoon rains, but strengthened in Aug’23 and continued in Sep’23, albeit with some moderation due to monsoon rains.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>Hindustan Unilever: HUL’s revenue growth of 6% YoY was below our expectations (HSIE: 9%), as inventory de-stocking by trade (1-3 days) in anticipation of price cuts led to a 3% volume growth (2% four-year CAGR, HSIE 6%)</li><li>Home care &amp; BPC saw mid-single-digit volume growth while F&amp;R volumes were flat</li><li>Benefits of GM expansion (+255bps YoY) were largely offset by (1) higher A&amp;P spends (2) capability building (restructuring in HFD portfolio) and (3) an increase in royalty rate which limited EBITDAM expansion to 55bps</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>

Hindustan Unilever: HUL’s revenue growth of 6% YoY was below our expectations (HSIE: 9%), as inventory de-stocking by trade (1-3 days) in anticipation of price cuts led to a 3% volume growth (2% four-year CAGR, HSIE 6%)Home care &amp; BPC saw mid-single-digit volume growth while F&amp;R volumes were flatBenefits of GM expansion (+255bps YoY) were largely offset by (1) higher A&amp;P spends (2) capability building (restructuring in HFD portfolio) and (3) an increase in royalty rate which limited EBITDAM expansion to 55bpsContent 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: Hindustan Unilever, Infosys

<div><div><div><div><ul><li><p>Heidelberg Cement’s operating performance stood in line with our estimates and was supported by volume growth and lower costs during the quarter.</p></li><li><p>Its Volume/Revenue/APAT grew by 8%/1%/1% YoY while EBITDA de-grew by 2%.YoY (marginally below our expectations).</p></li><li><p>The company reported an EBITDA margin of 15.6% (vs. the expectation of 16%) as overall cost/tonne reduced by 6% to Rs 4,179 YoY.</p></li></ul></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>

Heidelberg Cement’s operating performance stood in line with our estimates and was supported by volume growth and lower costs during the quarter.Its Volume/Revenue/APAT grew by 8%/1%/1% YoY while EBITDA de-grew by 2%.YoY (marginally below our expectations).The company reported an EBITDA margin of 15.6% (vs. the expectation of 16%) as overall cost/tonne reduced by 6% to Rs 4,179 YoY.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.

Heidelberg Cement India Limited - Inline Performance; Maintain HOLD

India

Heidelbergcement India Ltd. manufactures portland slag cement and portland pozzolana cement.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Heidelberg Cement India (HEIM IN)

Heidelberg Cement India Limited - EBITDA Miss On Lower Realization; Maintain HOLD

The company’s EBITDA/PAT/Margins were below our expectations on account of lower realization and higher other expenses costs during the quarter.

Axis Direct

Cement (Q2FY24 Results Preview): Robust demand for sixth consecutive quarter

Demand momentum remains robust: We estimate our coverage universe of 15 companies will deliver strong 12% YoY volume growth (four-year CAGR: 9%) in...

HDFC Securities

Cement - Q2FY24 Earnings Preview

Following robust volume growth in Q1FY24, cement demand momentum continued in Q2FY24, although Q2 is typically impacted by seasonal fluctuations...

Axis Direct

HSIE Results Daily: Hindustan Unilever, Infosys

HUL’s revenue growth of 6% YoY was below our expectations (HSIE: 9%), as inventory de-stocking by trade (1-3 days) in anticipation of price cuts...

HDFC Securities

Heidelberg Cement India Limited - Inline Performance; Maintain HOLD

Heidelberg Cement’s operating performance stood in line with our estimates and was supported by volume growth and lower costs during the quarter.

Axis Direct

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)