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

HG Infra Engineering Ltd / Equity Bottom-Up

<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

<ul><li>HG Infra Engineering Ltd. (HGIEL) reported a mixed set of numbers in Q2FY24. It reported revenue of Rs 869 Cr (up 16% YoY).</li><li>The company posted EBITDA of Rs 138 Cr (up 15% YoY), and APAT of Rs 62 Cr (down 5% YoY).</li><li>It registered EBITDA Margins of 15.9% in Q2FY24 (our estimate: 16%) as against 16.1% 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.

HG Infra Engineering Ltd. (HGIEL) reported a mixed set of numbers in Q2FY24. It reported revenue of Rs 869 Cr (up 16% YoY).The company posted EBITDA of Rs 138 Cr (up 15% YoY), and APAT of Rs 62 Cr (down 5% YoY).It registered EBITDA Margins of 15.9% in Q2FY24 (our estimate: 16%) as against 16.1% 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.

HG Infra Engineering Ltd - Execution To Improve; Eyes On New Order Inflow

<ul><li>Robust financial performance: H G Infra reported revenue of Rs 4,419 Cr (on a standalone basis) in FY23, posting an excellent growth of 22% on a YoY basis.</li><li>The said growth was the result of the company's concerted efforts to accelerate execution through the use of mechanization, automation, and digitization, which improved its productivity as well as the quality of execution. </li><li>Impressive order book: As of 31st Mar’23, the company’s order book stands at Rs 12,595 Cr, with a robust order intake of Rs 8,630 Cr during the year.</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 financial performance: H G Infra reported revenue of Rs 4,419 Cr (on a standalone basis) in FY23, posting an excellent growth of 22% on a YoY basis.The said growth was the result of the company's concerted efforts to accelerate execution through the use of mechanization, automation, and digitization, which improved its productivity as well as the quality of execution. Impressive order book: As of 31st Mar’23, the company’s order book stands at Rs 12,595 Cr, with a robust order intake of Rs 8,630 Cr during the year.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 - Robust Order Book Along with Efficient Execution

Thematic (Sector/Industry)

<ul><li>During the quarter, road infrastructure companies under our coverage reported Revenue/EBITDA/PAT growth of 0%/33%/40% YoY, against our expectation of 6%/0%/10% YoY.</li><li>The performance deviation was primarily due to soft execution and exceptional gains accounted for during the quarter by PNC Infratech and KNR Construction.</li><li>EBITDA margins improved by 570bps QoQ and 270bps YoY, driven by the exceptional gain reported.</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.

During the quarter, road infrastructure companies under our coverage reported Revenue/EBITDA/PAT growth of 0%/33%/40% YoY, against our expectation of 6%/0%/10% YoY.The performance deviation was primarily due to soft execution and exceptional gains accounted for during the quarter by PNC Infratech and KNR Construction.EBITDA margins improved by 570bps QoQ and 270bps YoY, driven by the exceptional gain reported.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.

Top Sector Ideas - Infra-Road : Q1FY25 Review

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.

<ul><li>Cummins: Cummins India Ltd (CIL) reported in-line/below performance vs consensus/our estimates with revenue/EBITDA/APAT missing our estimates by 7/13/12%</li><li>Domestic business grew 12% YoY whilst exports declined 22% on the back of weak overseas demand.</li><li>CPCB 4+ implementation seems to be a game changer as it forces demand to move from commodity players to technology players and opens up service opportunities</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.

Cummins: Cummins India Ltd (CIL) reported in-line/below performance vs consensus/our estimates with revenue/EBITDA/APAT missing our estimates by 7/13/12%Domestic business grew 12% YoY whilst exports declined 22% on the back of weak overseas demand.CPCB 4+ implementation seems to be a game changer as it forces demand to move from commodity players to technology players and opens up service opportunitiesContent 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: Cummins, Lupin, Shree Cement, Gujarat Gas, Aditya Birla Fashion and Retail

India

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)

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

HG Infra Engineering Ltd - Execution To Improve; Eyes On New Order Inflow

HG Infra Engineering Ltd. (HGIEL) reported a mixed set of numbers in Q2FY24. It reported revenue of Rs 869 Cr (up 16% YoY).

Axis Direct

H G Infra Engineering Ltd - Robust Order Book Along with Efficient Execution

Robust financial performance: H G Infra reported revenue of Rs 4,419 Cr (on a standalone basis) in FY23, posting an excellent growth of 22% on a...

Axis Direct

Top Sector Ideas - Infra-Road : Q1FY25 Review

During the quarter, road infrastructure companies under our coverage reported Revenue/EBITDA/PAT growth of 0%/33%/40% YoY, against our expectation...

Axis Direct

HSIE Results Daily: Cummins, Lupin, Shree Cement, Gujarat Gas, Aditya Birla Fashion and Retail

Cummins India Ltd (CIL) reported in-line/below performance vs consensus/our estimates with revenue/EBITDA/APAT missing our estimates by 7/13/12%

HDFC Securities

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