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>JKLC reported muted operating performance during the quarter due to the impact of higher costs and lower realization QoQ.</li><li>Its Revenue grew by 15% YoY (below expectations), driven by better demand and better realization YoY.</li><li>Its EBITDA/APAT degrew by 32%/43% impacted by higher cost of power/fuel (up 38% YoY on a tonne basis at Rs1,340), Freight (up 13% on a tonne basis at Rs 1,152) and inventory adjustment impacted margins which came in at 10.9% against 18.4% YoY (Our estimate of 14%).</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.

JKLC reported muted operating performance during the quarter due to the impact of higher costs and lower realization QoQ.Its Revenue grew by 15% YoY (below expectations), driven by better demand and better realization YoY.Its EBITDA/APAT degrew by 32%/43% impacted by higher cost of power/fuel (up 38% YoY on a tonne basis at Rs1,340), Freight (up 13% on a tonne basis at Rs 1,152) and inventory adjustment impacted margins which came in at 10.9% against 18.4% YoY (Our estimate of 14%).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 Lakshmi Cement Limited - Better Sales, Geo Mix, & Cost Optimization To Drive Margins

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.

Thematic (Sector/Industry)

<ul><li>We estimate our coverage universe of 15 companies to deliver strong 9/14% YoY/QoQ volume growth (four-year CAGR: 7%) in Q4FY23</li><li>We expect strong volume offtake by UltraTech Cement, Dalmia Bharat, Nuvoco Vistas, Birla Corp., JK Lakshmi and Star Cement QoQ</li><li>We expect volume decline QoQ by ACC and Ambuja (Himachal plant shutdown)</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 estimate our coverage universe of 15 companies to deliver strong 9/14% YoY/QoQ volume growth (four-year CAGR: 7%) in Q4FY23We expect strong volume offtake by UltraTech Cement, Dalmia Bharat, Nuvoco Vistas, Birla Corp., JK Lakshmi and Star Cement QoQWe expect volume decline QoQ by ACC and Ambuja (Himachal plant shutdown)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 - Strong Demand, Fuel Pressure Easing Out

<ul><li>After witnessing good volume growth in Q3FY23, momentum in cement demand continued in Q4FY23 as well, primarily driven by the government infrastructure and housing push and well-supported by private real estate demand.</li><li>Demand momentum began on a good note in Jan 2023 followed by some softness in Feb’23 and concluded on a higher note despite the higher base of the last year.</li><li>While some softness in demand was witnessed in Mar’23 on account of the Holi festival, the later part of the month witnessed a sharp spike in demand. I</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.

After witnessing good volume growth in Q3FY23, momentum in cement demand continued in Q4FY23 as well, primarily driven by the government infrastructure and housing push and well-supported by private real estate demand.Demand momentum began on a good note in Jan 2023 followed by some softness in Feb’23 and concluded on a higher note despite the higher base of the last year.While some softness in demand was witnessed in Mar’23 on account of the Holi festival, the later part of the month witnessed a sharp spike in demand. IContent 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>The company is working on many levers such as optimizing geo-mix, higher production, sale of blended cement, increasing proportion of trade sales, premium and value-added product, logistic efficiency, and use of more renewable power to increase its EBITDA/tonne to four-digit number in the next 18 to 24 months.</li><li>We expect it to post EBITDA growth of 12% CAGR over FY21-24E on the back of better realization, higher volume, and cost-saving initiatives.</li><li>Softening in fuel prices augurs well for the industry and the company as well and the benefit of lower fuel costs will start flowing in from Q1FY24.</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 company is working on many levers such as optimizing geo-mix, higher production, sale of blended cement, increasing proportion of trade sales, premium and value-added product, logistic efficiency, and use of more renewable power to increase its EBITDA/tonne to four-digit number in the next 18 to 24 months.We expect it to post EBITDA growth of 12% CAGR over FY21-24E on the back of better realization, higher volume, and cost-saving initiatives.Softening in fuel prices augurs well for the industry and the company as well and the benefit of lower fuel costs will start flowing in from Q1FY24.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 Lakshmi Cement Limited - Better Sales Mix &Cost Optimization To Drive Margins

<ul><li>Healthy volumes; mixed pricing trend across regions: We estimate that our coverage universe of 15 companies will deliver 10/8% YoY/QoQ volume growth (three-year CAGR: +6%) in Q3FY23</li><li>We expect average utilisation of ~77% vs 72/74% QoQ/YoY. Cement prices increased ~2% QoQ across India in Q3</li><li>Prices increased ~4-6% QoQ each in the east and south regions, there was 1-2% rise in the west, while the north was flattish and the central region witnessed a ~1% correction 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.

Healthy volumes; mixed pricing trend across regions: We estimate that our coverage universe of 15 companies will deliver 10/8% YoY/QoQ volume growth (three-year CAGR: +6%) in Q3FY23We expect average utilisation of ~77% vs 72/74% QoQ/YoY. Cement prices increased ~2% QoQ across India in Q3Prices increased ~4-6% QoQ each in the east and south regions, there was 1-2% rise in the west, while the north was flattish and the central region witnessed a ~1% correction QoQContent 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 (Q3FY23 Results Preview): Decent volume offtake, recovery in profitability

India

J.K. Lakshmi Cement Ltd. manufactures cement, which it sells under the brand name JK Lakshmi.

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JK Lakshmi Cement (JKLC IN)

JK Lakshmi Cement Limited - Better Sales, Geo Mix, & Cost Optimization To Drive Margins

JKLC reported muted operating performance during the quarter due to the impact of higher costs and lower realization QoQ.

Axis Direct

Cement - Strong Demand, Fuel Pressure Easing Out

We estimate our coverage universe of 15 companies to deliver strong 9/14% YoY/QoQ volume growth (four-year CAGR: 7%) in Q4FY23

HDFC Securities

Cement - Q4FY23 Earnings Preview

Demand momentum began on a good note in Jan 2023 followed by some softness in Feb’23 and concluded on a higher note despite the higher base of the...

Axis Direct

JK Lakshmi Cement Limited - Better Sales Mix &Cost Optimization To Drive Margins

We expect it to post EBITDA growth of 12% CAGR over FY21-24E on the back of better realization, higher volume, and cost-saving initiatives.

Axis Direct

Cement (Q3FY23 Results Preview): Decent volume offtake, recovery in profitability

We estimate that our coverage universe of 15 companies will deliver 10/8% YoY/QoQ volume growth (three-year CAGR: +6%) in Q3FY23

HDFC Securities

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