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

<ul><li>A leading cement manufacturer in the country, JK Cements Ltd is an affiliate of the multi-disciplinary industrial conglomerate JK Organization, which was founded by Lala Kamlapat Singhania.</li><li>The Company has over four decades of experience in cement manufacturing.</li><li>Today, JK Cements has an installed Grey Cement capacity of 20.7 mtpa and White Cement and Wall Putty capacity of 2.8mtpa, making it one of the leading cement manufacturers in the country. </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.

A leading cement manufacturer in the country, JK Cements Ltd is an affiliate of the multi-disciplinary industrial conglomerate JK Organization, which was founded by Lala Kamlapat Singhania.The Company has over four decades of experience in cement manufacturing.Today, JK Cements has an installed Grey Cement capacity of 20.7 mtpa and White Cement and Wall Putty capacity of 2.8mtpa, making it one of the leading cement manufacturers in the country. 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 : JK Cements Ltd - 18th November, 2023

Thematic (Sector/Industry)

<ul><li>The companies under our coverage reported Volume/Revenue/EBITDA/APAT growth of 14%/13%/73%/162% YoY against expectation of 13%/12%/75%/165%. </li><li>EBITDA margins improved by 560bps YoY. EBITDA/tonne for the quarter stood at Rs 852, up 60% YoY . </li><li>Realization/tonne was flattish at Rs 5,552 both YoY/QoQ. Cost/tonne stood at Rs 4,701, down 7% YoY and flattish QoQ.</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.

The companies under our coverage reported Volume/Revenue/EBITDA/APAT growth of 14%/13%/73%/162% YoY against expectation of 13%/12%/75%/165%. EBITDA margins improved by 560bps YoY. EBITDA/tonne for the quarter stood at Rs 852, up 60% YoY . Realization/tonne was flattish at Rs 5,552 both YoY/QoQ. Cost/tonne stood at Rs 4,701, down 7% YoY and flattish QoQ.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.

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>Infoedge: Infoedge reported a decent quarter with better-than-expected revenue, billings, and margin performance in a challenging environment</li><li>The core recruitment segment billing was flat YoY (-4% YoY in Q1) due to the continued slowdown in IT hiring (~60% of recruitment), offset by traction in non-IT sectors like BFSI, travel, auto, construction, etc</li><li>Recruitment billings have witnessed two strong years of &gt;30% YoY growth, which is slowing down in FY24E due to the base effect and lower hiring activity</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.

Infoedge: Infoedge reported a decent quarter with better-than-expected revenue, billings, and margin performance in a challenging environmentThe core recruitment segment billing was flat YoY (-4% YoY in Q1) due to the continued slowdown in IT hiring (~60% of recruitment), offset by traction in non-IT sectors like BFSI, travel, auto, construction, etcRecruitment billings have witnessed two strong years of &gt;30% YoY growth, which is slowing down in FY24E due to the base effect and lower hiring activityContent 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: Infoedge, Hindustan Petroleum Corporation, JK Cement

<ul><li>JKCL reported robust operating performance during the quarter owing to higher volume improvement in realization and lower operating costs.</li><li>Its Volume/Revenue/EBITDA/PAT grew by 22%/24%/53%/58% YoY (above expectation). Interest and depreciation costs were up 72%/29% YoY.</li><li>The company reported a profit of Rs 178 Cr up 58% each YoY/QoQ. The company recorded an EBITDA margin of 17% (expectation of 16.4%) against 13.7% 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.

JKCL reported robust operating performance during the quarter owing to higher volume improvement in realization and lower operating costs.Its Volume/Revenue/EBITDA/PAT grew by 22%/24%/53%/58% YoY (above expectation). Interest and depreciation costs were up 72%/29% YoY.The company reported a profit of Rs 178 Cr up 58% each YoY/QoQ. The company recorded an EBITDA margin of 17% (expectation of 16.4%) against 13.7% 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.

JK Cements Limited - Beat On All Fronts; Prices Trending Higher. Retain BUY

<ul><li>Demand momentum remains robust: We estimate our coverage universe of 15 companies will deliver strong 12% YoY volume growth (four-year CAGR: 9%) in Q2FY24</li><li>On a QoQ basis, we estimate sales volume will reduce 11% on seasonal demand weakness</li><li>Aggregate utilisation should expand ~350bps YoY to 76%, in our view</li><li>We expect industry-leading volume offtake (13% and more) by UltraTech, Birla Corp, JK Cement, Ramco Cements, and Sagar Cement.</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.

Demand momentum remains robust: We estimate our coverage universe of 15 companies will deliver strong 12% YoY volume growth (four-year CAGR: 9%) in Q2FY24On a QoQ basis, we estimate sales volume will reduce 11% on seasonal demand weaknessAggregate utilisation should expand ~350bps YoY to 76%, in our viewWe expect industry-leading volume offtake (13% and more) by UltraTech, Birla Corp, JK Cement, Ramco Cements, and Sagar Cement.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 (Q2FY24 Results Preview): Robust demand for sixth consecutive quarter

India

JK Cement Limited produces and manufactures Portland and White cement products.

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JK Cement Ltd (JKCE IN)

Pick of the Week : JK Cements Ltd - 18th November, 2023

A leading cement manufacturer in the country, JK Cements Ltd is an affiliate of the multi-disciplinary industrial conglomerate JK Organization,...

Axis Direct

Cement Sector: Q2FY24 Review

The companies under our coverage reported Volume/Revenue/EBITDA/APAT growth of 14%/13%/73%/162% YoY against expectation of 13%/12%/75%/165%

Axis Direct

HSIE Results Daily: Infoedge, Hindustan Petroleum Corporation, JK Cement

Infoedge reported a decent quarter with better-than-expected revenue, billings, and margin performance in a challenging environment

HDFC Securities

Cement (Q2FY24 Results Preview): Robust demand for sixth consecutive quarter

Demand momentum remains robust: We estimate our coverage universe of 15 companies will deliver strong 12% YoY volume growth (four-year CAGR: 9%) in...

HDFC Securities

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