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’s reported Revenue/ EBITDA/ APAT de-growth of 12%/59%/88%during the quarter on account of volume de-growth of 19% YoY and higher input costs.</li><li>The company reported a volume of 1million tonnes per annum (mntpa) against 1.23 mntpa YoY.</li><li>The company performance was below our as well as street expectations on all fronts.</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.

Heidelberg Cement’s reported Revenue/ EBITDA/ APAT de-growth of 12%/59%/88%during the quarter on account of volume de-growth of 19% YoY and higher input costs.The company reported a volume of 1million tonnes per annum (mntpa) against 1.23 mntpa YoY.The company performance was below our as well as street expectations on all fronts.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 - Volume Growth Still Lagging; Downgrade to 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>Healthy volumes; mixed pricing trend across regions: We estimate our coverage universe of 15 companies to deliver 8% YoY volume growth (three-year CAGR: 8%) in Q2FY23</li><li>We estimate average utilisation of ~71% vs 78/70% QoQ/YoY. In our view, cement prices fell ~3% QoQ on pan-India basis in Q2</li><li>Prices fell 5-6% QoQ each in north and central regions, 3-4% each in east and west regions and ~1-2% in south</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.

Healthy volumes; mixed pricing trend across regions: We estimate our coverage universe of 15 companies to deliver 8% YoY volume growth (three-year CAGR: 8%) in Q2FY23We estimate average utilisation of ~71% vs 78/70% QoQ/YoY. In our view, cement prices fell ~3% QoQ on pan-India basis in Q2Prices fell 5-6% QoQ each in north and central regions, 3-4% each in east and west regions and ~1-2% in southContent 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 (Q2FY23 Results Preview): Healthy offtake; costs to peak out in Q2

<ul><li>Traditionally Q2 is a soft quarter for cement producers from a demand perspective as it nosedives owing to the monsoon season impacting construction activities.</li><li>In Q2FY23, the cement companies witnessed soft demand in Jul’22 and Aug’22 but saw demand reviving strongly in Sep’22, driven by higher retail as well as institutional demand.</li><li>Institutional demand was more robust led by increasing construction activity after the receding monsoon.</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.

Traditionally Q2 is a soft quarter for cement producers from a demand perspective as it nosedives owing to the monsoon season impacting construction activities.In Q2FY23, the cement companies witnessed soft demand in Jul’22 and Aug’22 but saw demand reviving strongly in Sep’22, driven by higher retail as well as institutional demand.Institutional demand was more robust led by increasing construction activity after the receding monsoon.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 Q2fy23 Preview - Recovery on Cards Despite a Weak Quarter

<ul><li>Robust revenue growth: The company recorded revenue of Rs 2,297 Cr in FY22, registering an encouraging growth of 8.5% YoY.</li><li>However, it reported a lower EBITDA/tonne of Rs 910 against Rs 1,129 in FY21 due to higher energy costs during the year, which was up 24% on a tonne basis YoY.</li><li>Improving leverage ratios led by a reduction in gross debt: The company reduced its gross long-term debt to Rs 175 Cr in FY22 from Rs 295 Cr in FY21 by repaying debenture worth Rs 120 Cr.</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.

Robust revenue growth: The company recorded revenue of Rs 2,297 Cr in FY22, registering an encouraging growth of 8.5% YoY.However, it reported a lower EBITDA/tonne of Rs 910 against Rs 1,129 in FY21 due to higher energy costs during the year, which was up 24% on a tonne basis YoY.Improving leverage ratios led by a reduction in gross debt: The company reduced its gross long-term debt to Rs 175 Cr in FY22 from Rs 295 Cr in FY21 by repaying debenture worth Rs 120 Cr.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 Ltd - Resilient Performance Amidst Challenges.

<ul><li>Hindustan Unilever: HUL reported higher-than-expected revenue and volume growth; however, volume growth saw sequential deceleration on three-year CAGR</li><li>Domestic revenue (ex-GSK) was up 9% on a three-year CAGR (8% in Q4), with volume CAGR seeing slight deceleration at 1.7% (6% YoY) vs ~3% CAGR in the previous three quarters</li><li>The volume growth was broad-based despite the industry declining 6% YoY</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.

Hindustan Unilever: HUL reported higher-than-expected revenue and volume growth; however, volume growth saw sequential deceleration on three-year CAGRDomestic revenue (ex-GSK) was up 9% on a three-year CAGR (8% in Q4), with volume CAGR seeing slight deceleration at 1.7% (6% YoY) vs ~3% CAGR in the previous three quartersThe volume growth was broad-based despite the industry declining 6% YoYContent 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, Ambuja Cement, ICICI Lombard, Heidelberg Cement

India

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

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Heidelberg Cement India (HEIM IN)

Heidelberg Cement India Limited - Volume Growth Still Lagging; Downgrade to HOLD

Heidelberg Cement’s reported Revenue/ EBITDA/ APAT de-growth of 12%/59%/88%during the quarter on account of volume de-growth of 19% YoY and higher...

Axis Direct

Cement (Q2FY23 Results Preview): Healthy offtake; costs to peak out in Q2

Healthy volumes; mixed pricing trend across regions: We estimate our coverage universe of 15 companies to deliver 8% YoY volume growth (three-year...

HDFC Securities

Cement Q2fy23 Preview - Recovery on Cards Despite a Weak Quarter

Traditionally Q2 is a soft quarter for cement producers from a demand perspective as it nosedives owing to the monsoon season impacting...

Axis Direct

Heidelberg Cement India Ltd - Resilient Performance Amidst Challenges.

Robust revenue growth: The company recorded revenue of Rs 2,297 Cr in FY22, registering an encouraging growth of 8.5% YoY.

Axis Direct

HSIE Results Daily: Hindustan Unilever, Ambuja Cement, ICICI Lombard, Heidelberg Cement

Hindustan Unilever: HUL reported higher-than-expected revenue and volume growth; however, volume growth saw sequential deceleration on three-year CAGR

HDFC Securities

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