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. 

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Equity Bottom-Up

HG Infra Engineering Ltd / Equity Bottom-Up

<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>Q1FY25 earnings season was marked by a) Robust PMI manufacturing and Services, b) Stronger E-way bill and GST collection, d) Heat waves and electricity demand, and e) Election campaigns and rallies. Domestic-facing sectors largely enjoyed the economic recovery backed by these factors and hence, margins may surprise positively.</li><li>On the other hand, export-oriented themes are likely to showcase relatively weaker performance.</li><li>Most of the domestic high-frequency indicators have trended higher during the quarter which is likely to translate into good demand momentum for the domestic corporate segment. </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.

Q1FY25 earnings season was marked by a) Robust PMI manufacturing and Services, b) Stronger E-way bill and GST collection, d) Heat waves and electricity demand, and e) Election campaigns and rallies. Domestic-facing sectors largely enjoyed the economic recovery backed by these factors and hence, margins may surprise positively.On the other hand, export-oriented themes are likely to showcase relatively weaker performance.Most of the domestic high-frequency indicators have trended higher during the quarter which is likely to translate into good demand momentum for the domestic corporate segment. 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>We anticipate road construction companies under our coverage to report revenue, and APAT growth of 6% and 10%, while EBITDA is expected to be flattish YoY.</li><li>The project execution during the quarter moderated on the back of an election, shortage of labour, and extreme heat conditions.</li><li>We estimate EBITDA margins to be 14.5%, compared to 15.5% YoY. APAT is expected to be higher on account of exceptional gains during the quarter.</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 anticipate road construction companies under our coverage to report revenue, and APAT growth of 6% and 10%, while EBITDA is expected to be flattish YoY.The project execution during the quarter moderated on the back of an election, shortage of labour, and extreme heat conditions.We estimate EBITDA margins to be 14.5%, compared to 15.5% YoY. APAT is expected to be higher on account of exceptional gains during the quarter.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>We anticipate road construction companies under our coverage to report revenue, EBITDA, and APAT growth of 11%, 8%, and 8% respectively YoY.</li><li>This expected growth can be attributed to improved execution by infrastructure companies, which consequently supported higher profitability during the quarter.</li><li>We estimate EBITDA margins to be 15%, compared to 14.5% QoQ and 15.5% 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.

We anticipate road construction companies under our coverage to report revenue, EBITDA, and APAT growth of 11%, 8%, and 8% respectively YoY.This expected growth can be attributed to improved execution by infrastructure companies, which consequently supported higher profitability during the quarter.We estimate EBITDA margins to be 15%, compared to 14.5% QoQ and 15.5% 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.

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 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

Q1FY25 - Consolidated Earnings Preview

Based on our and consensus estimates, we forecast Nifty to deliver Revenue/EBITDA/PAT growth of 7.8%/3%/1.2% respectively for the quarter.

Axis Direct

Road Infra- Q1FY25 Result Preview

We estimate EBITDA margins to be 14.5%, compared to 15.5% YoY. APAT is expected to be higher on account of exceptional gains during the quarter.

Axis Direct

Infra-Road Q4FY24 Earnings Preview

We anticipate road construction companies under our coverage to report revenue, EBITDA, and APAT growth of 11%, 8%, and 8% respectively YoY.

Axis Direct

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