External broker reports(aggregated public sources), Chola Securities

Chola Wealth Direct

External broker reports(aggregated public sources)

Equity Bottom-Up

<p>Background: JK Lakshmi Cements (JKLC) is a north Indian Cement player, established in 1982. JKLC has clinker units in Sirohi, Rajasthan and grinding units in Rajasthan, Gujarat and Haryana. The current clinker capacity is 6.2 MTPA and cement capacity is 11.5 MTPA. JKLC derives sales volume from the northern and western regions. The company has market share of ~6-7% in the northern region and ~9-10% in western regions. JKLC is on the spree of capacity...</p><div class="content-highlight"><em>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.</em></div>

Background: JK Lakshmi Cements (JKLC) is a north Indian Cement player, established in 1982. JKLC has clinker units in Sirohi, Rajasthan and grinding units in Rajasthan, Gujarat and Haryana. The current clinker capacity is 6.2 MTPA and cement capacity is 11.5 MTPA. JKLC derives sales volume from the northern and western regions. The company has market share of ~6-7% in the northern region and ~9-10% in western regions. JKLC is on the spree of capacity...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 Cements: Mixed Set of Earnings; Rich Valuations Amid Rising Cost Pressures

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

Sun Pharmaceutical Industries / Equity Bottom-Up

<p>HSIE Results Daily Sun Pharma: Suns Q1 revenue/EBITDA grew by 28%/55% YoY, led by robust growth across markets and restricted spends driving sharp operating leverage and margin expansion to 28.7% (+495bps YoY, +404bps QoQ). Its specialty business surprised positively despite the generic impact of Absorica (USD148mn, +6% QoQ, +90% YoY). The consistent traction seen in the past three quarters gives us comfort on the companys ability to execute its specialty pipeline and break even by FY23. Further scale-up in the specialty business will improve profit growth visibility and support rerating, in our view.</p><div class="content-highlight"><em>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.</em></div>

HSIE Results Daily Sun Pharma: Suns Q1 revenue/EBITDA grew by 28%/55% YoY, led by robust growth across markets and restricted spends driving sharp operating leverage and margin expansion to 28.7% (+495bps YoY, +404bps QoQ). Its specialty business surprised positively despite the generic impact of Absorica (USD148mn, +6% QoQ, +90% YoY). The consistent traction seen in the past three quarters gives us comfort on the companys ability to execute its specialty pipeline and break even by FY23. Further scale-up in the specialty business will improve profit growth visibility and support rerating, in our view.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.

HSIE Results Daily: Sun Pharma, Shriram Transport Finance, JK Lakshmi Cement

India

India Cements Limited manufactures different varieties of cement and clinker. The Company also manufactures and exports textiles.

Birla Corporation Limited is a manufacturing company that produces and sells cement, automobile trim parts, jute goods, synthetic and cotton yarns, and PVC floor coverings and coated fabrics. The Group also manufactures calcium carbide, ferromanganese, silico manganese, oxygen and iron and steel castings.

Orient Cement Limited manufactures and distributes cement.

Prism Johnson Limited manufactures and sells building materials. The Company offers a wide range of products such as cement, ready-mixed concrete, tiles, bath products, aggregates, sand, sanitary ware, faucets, modular kitchens, marbles, and construction chemicals. Prism Johnson serves customers in India.

Orient Refractories Ltd. fabricates metal products.  The Company manufactures slide gate plates, nozzles and well blocks, tundish nozzles, bottom purging refractories and top purging lances, slag arresting darts, basic spray mass for tundish working lining, and castables.

Heidelbergcement India Ltd. manufactures portland slag cement and portland pozzolana cement.

Mangalam Cement Limited develops, manufactures and distributes portland cement and clinker.

KCP Limited is a diversified company with interests in heavy engineering, sugar, cement, hydel-power, information technology, and biotechnology.

Sagar Cements Ltd. produces and distributes portland cement.  The Company offers slag, super grade, and special sulphate resistance cements.

Sanghi Industries Ltd. manufactures cement.

Siam City Cement Public Company Limited produces and distributes cement under branded names with various type of cement for different applications.  The Company also also produces and distributes ready-mix concrete and aggregates under branded names, as well as branded wood-replacement products.

Henan Tongli Cement Co., Ltd. produces and sells cement.  The Company's products include ordinary Portland cement, Portland slag cement and other cement equipments.

Sichuan Shuangma Cement Co., Ltd. manufactures and markets cement and cement products.  Through its subsidiaries, the Company also generates electric power and trades construction materials.

Shandong Jinjing Science & Technology Stock Co., Ltd. manufactures and markets float glass, coated glass, and ultra-white glass.  The Company's products are used in glass processing and construction industries.

Anhui Fangxing Science & Technology Co., Ltd. manufactures and markets float glass, coated glass, ITO conductive coated glass, glass deeply-processed products, and other advanced materials.

Guangdong Tapai Group Co., Ltd. manufactures and markets cements.

STO SE & Co. KGaA manufactures and sells building materials and products for the commercial and residential construction industry in Europe.  The Company offers a variety of climate and acoustic insulating modular facade and interior wall systems in plaster materials.  Sto also offers painting and recycled glass products for construction and provides consulting services.

Marshalls plc is a holding company.  Through its subsidiaries, the Group manufactures and sells a variety of building materials for the construction, home improvement and garden landscaping sectors.  Their merchandise includes concrete, stone and clay, patio and driveway products, drainage systems, and DIY items.

Nuh Cimento Sanayi AS manufactures and sells cement, clinker, and autoclaved aerated concrete.

Cimentas Izmir Cimento Fabrikalari Turk AS produces cement, cement-related building materials and construction products.  The Company supplies cement domestically and exports to Russia, the Middle East, and Africa.

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 Cements: Mixed Set of Earnings; Rich Valuations Amid Rising Cost Pressures

Background: JK Lakshmi Cements (JKLC) is a north Indian Cement player, established in 1982. JKLC has clinker units in Sirohi, Rajasthan and...

Chola Wealth Direct

HSIE Results Daily: Sun Pharma, Shriram Transport Finance, JK Lakshmi Cement

Sun Pharma: Suns Q1 revenue/EBITDA grew by 28%/55% YoY, led by robust growth across markets and restricted spends driving sharp operating leverage...

HDFC Securities

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