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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<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>For Steel companies under our coverage, EBITDA/t is expected to increase on a YoY basis, led by higher metal sales volumes YoY and lower coking coal consumption costs, partially offset by lower NSRs (Benchmark Steel HRC prices in the traders market exMumbai have declined by 6% YoY and flat QoQ).</li><li>On a QoQ basis, we expect EBITDA/t growth to moderate or even decline as a decline in coking coal consumption cost is offset by lower NSRs and lower sales volumes over the seasonally strong Q4FY24.</li><li>For Aluminium companies, we expect growth in EBITDA margin to moderate on a QoQ basis.</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.

For Steel companies under our coverage, EBITDA/t is expected to increase on a YoY basis, led by higher metal sales volumes YoY and lower coking coal consumption costs, partially offset by lower NSRs (Benchmark Steel HRC prices in the traders market exMumbai have declined by 6% YoY and flat QoQ).On a QoQ basis, we expect EBITDA/t growth to moderate or even decline as a decline in coking coal consumption cost is offset by lower NSRs and lower sales volumes over the seasonally strong Q4FY24.For Aluminium companies, we expect growth in EBITDA margin to moderate on a QoQ basis.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>Hindalco’s Indian operations delivered robust performance.</li><li>Overall consolidated revenue stood largely inline (flat YoY, up 6% QoQ), while reported EBITDA grew by 24%/14% YoY/QoQ (10% beat vs. our estimates), led by strong upstream Aluminium and copper division.</li><li>NALCO reported a strong set of numbers with EBITDA beating ours and consensus estimates. </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.

Hindalco’s Indian operations delivered robust performance.Overall consolidated revenue stood largely inline (flat YoY, up 6% QoQ), while reported EBITDA grew by 24%/14% YoY/QoQ (10% beat vs. our estimates), led by strong upstream Aluminium and copper division.NALCO reported a strong set of numbers with EBITDA beating ours and consensus estimates. 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 - Metals and Mining Q4FY24

<ul><li>Q4FY24 earnings season was marked by a) Strong domestic macroeconomic environment, b) Robust PMI manufacturing and Services, c) Stronger E-way bill and GST collection, and d) Strong pickup in electricity demand.</li><li>Domestic-facing sectors largely enjoyed the economic recovery backed by these factors and hence, margins may surprise positively.</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.

Q4FY24 earnings season was marked by a) Strong domestic macroeconomic environment, b) Robust PMI manufacturing and Services, c) Stronger E-way bill and GST collection, and d) Strong pickup in electricity demand.Domestic-facing sectors largely enjoyed the economic recovery backed by these factors and hence, margins may surprise positively.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 margin contraction for steel companies within our coverage due to decreased steel price realizations (average HRC benchmark prices down 7% YoY and 5% QoQ in Q4FY24) and increased coking coal consumption costs (largely flat YoY but higher QoQ), despite a QoQ recovery in sales volumes driven by seasonally strong performance in Q4 (although volumes remain largely flat YoY).</li><li>We expect another good quarter for base metal stocks under our coverage.</li><li>Both Hindalco and NALCO are expected to report margin expansion YoY/QoQ on higher shipments, stable LME, and lower coal/power costs.</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 margin contraction for steel companies within our coverage due to decreased steel price realizations (average HRC benchmark prices down 7% YoY and 5% QoQ in Q4FY24) and increased coking coal consumption costs (largely flat YoY but higher QoQ), despite a QoQ recovery in sales volumes driven by seasonally strong performance in Q4 (although volumes remain largely flat YoY).We expect another good quarter for base metal stocks under our coverage.Both Hindalco and NALCO are expected to report margin expansion YoY/QoQ on higher shipments, stable LME, and lower coal/power costs.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

Hindalco Industries Limited is an integrated aluminum manufacturer. The Company mines bauxite and refines it into alumina. The Company's other operations include the smelting of alumina into aluminum, the manufacture of semi-fabricated rolled and extruded products. The Company's products include aluminum ingots, steel rods and rolled flat steel products.

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Hindalco Industries (HNDL IN)

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

Metals - Q1FY25 Earnings Preview

For Steel companies under our coverage, EBITDA/t is expected to increase on a YoY basis, led by higher metal sales volumes YoY and lower coking...

Axis Direct

Top Sector Ideas - Metals and Mining Q4FY24

Overall consolidated revenue stood largely inline (flat YoY, up 6% QoQ), while reported EBITDA grew by 24%/14% YoY/QoQ (10% beat vs. our estimates)

Axis Direct

Q4FY24 Consolidated Earnings Preview

Q4FY24 earnings season was marked by a) Strong domestic macroeconomic environment, b) Robust PMI manufacturing and Services, c) Stronger E-way bill...

Axis Direct

Metals - Q4FY24 Earnings Preview

Both Hindalco and NALCO are expected to report margin expansion YoY/QoQ on higher shipments, stable LME, and lower coal/power costs.

Axis Direct

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