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 robust operating performance during the quarter positively impacted on the back of higher demand and improved realization.</li><li>Its revenue grew by 12% YoY(above expectations), driven by demand and better realization YoY.</li><li>The company’s EBITDA/APAT grew by 29%/32% owing to lowercosts and better realization.</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 robust operating performance during the quarter positively impacted on the back of higher demand and improved realization.Its revenue grew by 12% YoY(above expectations), driven by demand and better realization YoY.The company’s EBITDA/APAT grew by 29%/32% owing to lowercosts and better realization.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 - Robust Operating Performance; Retain BUY

<ul><li>JK Lakshmi Cement (JKLC) is a dominant player in the cement industry in its key markets of North and West India and derives 75% of its revenue from these two regions.</li><li>It has a sizeable market presence in Eastern India as well.</li><li>The total cement capacity of the company on a consolidated basis stands at 13.9 million tonne per annum (mtpa).</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.

JK Lakshmi Cement (JKLC) is a dominant player in the cement industry in its key markets of North and West India and derives 75% of its revenue from these two regions.It has a sizeable market presence in Eastern India as well.The total cement capacity of the company on a consolidated basis stands at 13.9 million tonne per annum (mtpa).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 Lakshmi Cement Ltd - 09 October 2023

<ul><li>JKLC reported mixed operating performance during the quarter due to the impact of higher costs and lower realization QoQ.</li><li>Its revenue grew by 5% YoY (in line with expectations), driven by demand and better realization YoY.</li><li>The company’s EBITDA/APAT degrew by 23%/26% impacted by higher costs primarily led by the increase in the purchase of stock in trade and consequently impacted margins which came in at 10.3% against 14% YoY (Our estimate of 12.7%). </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 mixed operating performance during the quarter due to the impact of higher costs and lower realization QoQ.Its revenue grew by 5% YoY (in line with expectations), driven by demand and better realization YoY.The company’s EBITDA/APAT degrew by 23%/26% impacted by higher costs primarily led by the increase in the purchase of stock in trade and consequently impacted margins which came in at 10.3% against 14% YoY (Our estimate of 12.7%). 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 - Geo Mix & Cost Optimization To Drive Margins

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>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

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 Cement Limited - Robust Operating Performance; Retain BUY

JKLC reported robust operating performance during the quarter positively impacted on the back of higher demand and improved realization.

Axis Direct

Pick of the Week - JK Lakshmi Cement Ltd - 09 October 2023

JK Lakshmi Cement (JKLC) is a dominant player in the cement industry in its key markets of North and West India and derives 75% of its revenue from...

Axis Direct

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

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

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

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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