External broker reports(aggregated public sources), Emkay Global Financial Services Limited

Emkay

External broker reports(aggregated public sources)

Emkay Global Financial Services Limited

Emkay Global Financial Services Ltd. is a leader in the financial services sector, actively creating wealth for our clients for over two decades. 

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

HG Infra Engineering Ltd / Equity Bottom-Up

<ul><li>HGIEL‘s makeover from a small subcontractor into a diversified infra play offers best-in-class operating &amp; financial metrics and has supported swift, stress-free growth.</li><li>HGIEL‘s mainstay (roads) saw order slow-down in FY24 in the run up to the elections and due to restrictions on MoRTH-NHAI (cost overrun in Bharatmala, NHAI issues, aggressive past).</li><li>But the GoI‘s new Vision India@2047 plan in a post-election cycle is expected to revive awarding (mgmt.</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.

HGIEL‘s makeover from a small subcontractor into a diversified infra play offers best-in-class operating &amp; financial metrics and has supported swift, stress-free growth.HGIEL‘s mainstay (roads) saw order slow-down in FY24 in the run up to the elections and due to restrictions on MoRTH-NHAI (cost overrun in Bharatmala, NHAI issues, aggressive past).But the GoI‘s new Vision India@2047 plan in a post-election cycle is expected to revive awarding (mgmt.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.

HG Infra Engineering - Solid Infra Play in a Post-Election Upcycle

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>Healthy order book: As of 31st Mar’24, the company's total order book stood at Rs 12,400 Cr, equivalent to 2.4 times the FY24 revenue.</li><li>Road EPC projects accounted for 38% of the total order book, while 40% originated from HAM road projects, 22% from Railway projects, and the remaining 10% from other projects.</li><li>A significant portion, 83%, of these projects are attributed to the Government of India, with the remaining 17% coming from the Private sector</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 order book: As of 31st Mar’24, the company's total order book stood at Rs 12,400 Cr, equivalent to 2.4 times the FY24 revenue.Road EPC projects accounted for 38% of the total order book, while 40% originated from HAM road projects, 22% from Railway projects, and the remaining 10% from other projects.A significant portion, 83%, of these projects are attributed to the Government of India, with the remaining 17% coming from the Private sectorContent 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.

HG Infra Engineering Ltd - Robust Order Book & Strategic Diversification to Drive Growth

<ul><li>H.G. Infra Engineering Limited (HGIEL), established in 2003, is an infrastructure company headquartered in Jaipur, Rajasthan.</li><li>The company specializes in construction, development, design, and management of various infrastructure projects.</li><li>Over the past 18 years, HGIEL has undergone a significant transformation, evolving from a sub-contractor to a prominent road developer. </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.

H.G. Infra Engineering Limited (HGIEL), established in 2003, is an infrastructure company headquartered in Jaipur, Rajasthan.The company specializes in construction, development, design, and management of various infrastructure projects.Over the past 18 years, HGIEL has undergone a significant transformation, evolving from a sub-contractor to a prominent road developer. 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.

Pick of the Week - H G Infra Engineering Ltd - 26 FEB 2024

<ul><li>HG Infra Engineering Ltd.(HGIEL) reported a positive set of numbers in Q3FY24. It reported revenue of Rs 1346 Cr (up 19% YoY).</li><li>The company posted EBITDA of Rs 214 Cr (up 13% YoY), and APAT of Rs 206 Cr (up 84% YoY).</li><li>It registered EBITDA Margins of 15.9% in Q3FY24 (our estimate: 15.9%) as against 16.7% 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.

HG Infra Engineering Ltd.(HGIEL) reported a positive set of numbers in Q3FY24. It reported revenue of Rs 1346 Cr (up 19% YoY).The company posted EBITDA of Rs 214 Cr (up 13% YoY), and APAT of Rs 206 Cr (up 84% YoY).It registered EBITDA Margins of 15.9% in Q3FY24 (our estimate: 15.9%) as against 16.7% 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.

H G Infra Engineering Ltd - Inline Operating Performance; Eyes On New Order Inflow

<ul><li>Robust order book: The company’s order book stands healthy at Rs 10,678 Cr (as of 30th Sept’23), comprising 51% from the EPC road projects and the balance 49% from the HAM road projects.</li><li>Segment diversification: In the Union Budget 2023-24 Capex outlay was increased by 25% for the Road sector, 27% for Jal Jeevan Mission (JJM) and 49% for railways thereby creating significantly larger opportunities for companies like HG infra.</li><li>Healthy monetization of HAM asset: The HAM asset monetization at 1.5x of invested equity in four SPVs augurs well for the company.</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 order book: The company’s order book stands healthy at Rs 10,678 Cr (as of 30th Sept’23), comprising 51% from the EPC road projects and the balance 49% from the HAM road projects.Segment diversification: In the Union Budget 2023-24 Capex outlay was increased by 25% for the Road sector, 27% for Jal Jeevan Mission (JJM) and 49% for railways thereby creating significantly larger opportunities for companies like HG infra.Healthy monetization of HAM asset: The HAM asset monetization at 1.5x of invested equity in four SPVs augurs well for the company.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.

Pick of the Week: H G Infra Engineering Ltd

India

Ahluwalia Contracts India Ltd offers construction services and executes turnkey projects for civil construction, electrical, plumbing, and fire-fighting.  The Company also constructs super structures, integrated townships, hospitals, hotels, commercial complexes, manufacturing facilities, and pipelines.

KNR Constructions Limited operates an infrastructure project development company. The Company provides engineering procurement and construction services across various sectors, such as roads, bridges, flyovers, highways, and water infrastructure management.

Praj Industries Limited is an engineering firm that provides solutions for distillery and brewery wastewater treatment and utilization. The Company's fermentation systems include technology packages for multiple feedstock including cane molasses, cane juice and filtrate, starch based raw material like corn, sorghum, wheat, tapioca and tropical sugarbeet.

Power Mech Projects Limited operates as an integrated power infrastructure services company. The Company provides comprehensive erection, testing and commissioning of boilers, turbines and generators, civil works and operation, and maintenance services. Power Mech Projects serves customers  worldwide.

Hindustan Construction Limited undertakes large engineering and construction projects in India and abroad.  The Company's projects include bridges, tunnels, gas pipelines and power stations.

Man Infraconstruction Limited is a construction company. The Company's services include port infrastructure, residential, industrial, and commercial construction services.

ITD Cementation India Limited operates a construction company.  The Group's projects include marine works, road works and bridges, civil works for industrial projects, foundations and specialist engineering works.

Engineers India Limited is a design and engineering company in the field of petroleum refineries, petrochemicals, oil and gas processing, offshore structures and platforms, fertilizers, metallurgy and power. EIL provides services such as design, engineering, procurement, construction management, commissioning assistance and project management.

Dilip Buildcon Limited operates in engineering, procurement, and construction business. The Company focuses on development, operation, and maintenance of roads, bridges, culverts, tunnels, high capacity transport corridors, and subways, as well as building works, pump stations, civil structures, and ware housing structures.

Sterling And Wilson Solar Limited provides diversified services. The Company engages in diesel generations, mechanical, electrical, and plumbing (MEP), hybrid and energy storage, swcogen, transmission and distribution, and data centers services. Sterling And Wilson Solar serves customers worldwide.

Sunway Construction Group Berhad provided construction and engineering services. The Company offers its services throughout Malaysia.

Ruentex Engineering & Construction Co. is mainly engaged in construction operations, civil engineering contracting, equipment installation and project planning and consulting business. The company also manufactures and sells building materials.

Ruentex Engineering & Const. Co (2597 TT)

Norinco International Cooperation Ltd. undertakes heavy construction projects including electric power plants, roads and bridges, and railways in Africa and the Middle East area.  The Company also constructs exhibition centers and hospitals in China.  Norinco produces and sells aluminum windows and doors as well.

MIRAIT Holdings Corporation is a telecommunication engineering company. The Company offers various engineering services in information and communication fields through its subsidiaries. MIRAIT Holdings develops information systems and provides system maintenance services as well.

JSTI Group provides traffic engineering consulting and contracting services in China.

Taikisha Ltd. designs, constructs, and maintains air-conditioning systems for commercial, institutional, and industrial buildings.  Taikisha also develops and installs paint finishing equipment for cars, trains, and air planes. In Addition, the Company develops and builds clean room systems for semiconductor and pharmaceutical companies.

Nishimatsu Construction Co., Ltd. is a general contractor operating nationwide and overseas.  The Company constructs dams, roads, airports, and railroads for large-scale civil engineering projects.  Nishimatsu also builds residential, commercial, institutional, and industrial buildings.  In addition, the Company operates real estate businesses.

Hazama Ando Corp is established through the reorganization of Hazama. The Company performs civil engineering works such as dam, highway, and underground power line projects.  Hazama also constructs commercial, institutional, and industrial buildings including skyscrapers, museums, theaters, and convention centers.

Daewoo Engineering & Construction Co., Ltd. is a general engineering constructor.  The Company's projects include architectural works, such as commercial buildings, public facilities, schools, hospitals, and civil works, such as highways, ports, tunnels, railways, and dams.  Daewoo Engineering & Construction also constructs power plants, and residential buildings.

Daewoo Engineering & Construction (047040 KS)

CHUDENKO CORPORATION constructs electrical facilities for power distribution lines, air-conditioning, and indoor electrical wiring.  The Company also constructs sewage facilities, disaster prevention systems, and communication infrastructure such as optical fiber network.  Chudenko, through its subsidiary, sells electrical equipment.

H.G. Infra Engineering Limited (HGIEL) provides infrastructure construction services. The Company offers highways, roads, bridges, runways, and civil construction, as well as land development, water pipelines, and rehabilitation and upgradation services. HGIEL serves customers in India.

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HG Infra Engineering Ltd (HGINFRA IN)

HG Infra Engineering - Solid Infra Play in a Post-Election Upcycle

HGIEL‘s makeover from a small subcontractor into a diversified infra play offers best-in-class operating & financial metrics and has supported...

Emkay

HG Infra Engineering Ltd - Robust Order Book & Strategic Diversification to Drive Growth

Healthy order book: As of 31st Mar’24, the company's total order book stood at Rs 12,400 Cr, equivalent to 2.4 times the FY24 revenue.

Axis Direct

Pick of the Week - H G Infra Engineering Ltd - 26 FEB 2024

Over the past 18 years, HGIEL has undergone a significant transformation, evolving from a sub-contractor to a prominent road developer.

Axis Direct

H G Infra Engineering Ltd - Inline Operating Performance; Eyes On New Order Inflow

The profits are higher due to an exceptional item worth Rs 107 Cr as a loan given on account of sale of equity stake in 3 HAM assets.

Axis Direct

Pick of the Week: H G Infra Engineering Ltd

HGIEL is a Rajasthan based infrastructure company engaged in construction, development, designing, and management of infrastructure projects.

Axis Direct

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