External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

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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

Kalpataru Power Transmission / Equity Bottom-Up

<ul><li>Key takeaways from KPTL’s FY24 AR are as follows: (1) geographically a well-diversified order book and robust bid pipeline, (2) strong balance sheet with robust order pipeline to aid margin improvement, (3) exploring new business avenues to diversify its portfolio further, and (4) the increase in net debt was mainly due to higher working capital requirements which will come down in coming quarters as the Saudi Aramco deal is less WC intensive</li><li>On the monetisation of BOOT assets, KPIL is looking for prospective buyers and is in the advanced stages of a non-binding offer for VEPL by Q1FY25</li><li>Moreover, it has guided NWC days as of FY25 to be below 100 and a capex of INR 5bn for FY25</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.

Key takeaways from KPTL’s FY24 AR are as follows: (1) geographically a well-diversified order book and robust bid pipeline, (2) strong balance sheet with robust order pipeline to aid margin improvement, (3) exploring new business avenues to diversify its portfolio further, and (4) the increase in net debt was mainly due to higher working capital requirements which will come down in coming quarters as the Saudi Aramco deal is less WC intensiveOn the monetisation of BOOT assets, KPIL is looking for prospective buyers and is in the advanced stages of a non-binding offer for VEPL by Q1FY25Moreover, it has guided NWC days as of FY25 to be below 100 and a capex of INR 5bn for FY25Content 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.

Kalpataru Projects: Growth Triggers Intact. Maintain Buy

External broker reports(aggregated public sources), Motilal Oswal Financial Services Limited

Motilal Oswal

Motilal Oswal Financial Services Limited

Motilal Oswal Financial Services Limited is an Indian diversified financial services firm offering a range of financial products and services. 

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>Motilal Oswal's research report on Kalpataru Projects KPIL, in its annual report, emphasized its strategy to strengthen its presence in existing geographies by tapping into large and complex EPC projects, diversify into newer geographies and foray into newer businesses such as data centers, airports, tunneling, urban mobility, hydrocarbons, etc.</li><li>The company continues to be a key beneficiary of the domestic and global upswing in upgradation and expansion of the T&amp;D network, driven by increasing urbanization, electrification, and the shift toward cleaner sources of energy.</li><li>Outlook KPIL is currently trading at 21.5x/15.7x FY25E/FY26E EPS.</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.

Motilal Oswal's research report on Kalpataru Projects KPIL, in its annual report, emphasized its strategy to strengthen its presence in existing geographies by tapping into large and complex EPC projects, diversify into newer geographies and foray into newer businesses such as data centers, airports, tunneling, urban mobility, hydrocarbons, etc.The company continues to be a key beneficiary of the domestic and global upswing in upgradation and expansion of the T&amp;D network, driven by increasing urbanization, electrification, and the shift toward cleaner sources of energy.Outlook KPIL is currently trading at 21.5x/15.7x FY25E/FY26E EPS.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.

Kalpataru Projects - Pipeline Remains Strong Across Segments

Thematic (Sector/Industry)

<ul><li>Indian Oil Corporation: Our REDUCE rating on Indian Oil Corporation (IOCL), with a target price of INR 163, is premised on margin pressure due to increasing petchem supplies/capacity, moderation in refining margins, and lower auto-fuel marketing margins</li><li>IOCL’s Q1FY25 reported EBITDA at INR 86bn (-61% YoY, -17% QoQ) and APAT at INR 26bn (-81% YoY, -45% QoQ) came in below our estimates</li><li>Earnings were impacted by weak performance from lower refining &amp; marketing margins and absorption of under-recovery on LPG</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.

Indian Oil Corporation: Our REDUCE rating on Indian Oil Corporation (IOCL), with a target price of INR 163, is premised on margin pressure due to increasing petchem supplies/capacity, moderation in refining margins, and lower auto-fuel marketing marginsIOCL’s Q1FY25 reported EBITDA at INR 86bn (-61% YoY, -17% QoQ) and APAT at INR 26bn (-81% YoY, -45% QoQ) came in below our estimatesEarnings were impacted by weak performance from lower refining &amp; marketing margins and absorption of under-recovery on LPGContent 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: Indian Oil Corporation, Dixon Technologies, Kalpataru Projects International

<ul><li>Budget a big signalling event, though we expect investment continuity: In the interim FY25 union budget, allocation towards capex saw an increase of 7% YoY, with Roads, Railways, Defence and Water as key beneficiaries</li><li>As the final FY25 union budget gets tabled in Jul-24, we expect continued investment in these segments</li><li>Whilst questions have emerged on cut in capex with the expectation of some allocation moving towards social infra, we believe that allocation may remain similar or marginally increase to high single-digit YoY growth</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.

Budget a big signalling event, though we expect investment continuity: In the interim FY25 union budget, allocation towards capex saw an increase of 7% YoY, with Roads, Railways, Defence and Water as key beneficiariesAs the final FY25 union budget gets tabled in Jul-24, we expect continued investment in these segmentsWhilst questions have emerged on cut in capex with the expectation of some allocation moving towards social infra, we believe that allocation may remain similar or marginally increase to high single-digit YoY growthContent 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.

Industrials (Q1FY25 Results Preview): All eyes on the budget

<ul><li>State Bank of India: SBIN reported its best-ever quarterly profits on the back of strong fee income traction, healthy loan growth, and stable NIMs</li><li>Strong loan growth (15.8%YOY) came in across asset classes with corporate book also gaining traction</li><li>Deposit growth (~11% YoY) lagged loan growth with CASA% (39.5%) being stable on the back of seasonal pick-up in current accounts</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.

State Bank of India: SBIN reported its best-ever quarterly profits on the back of strong fee income traction, healthy loan growth, and stable NIMsStrong loan growth (15.8%YOY) came in across asset classes with corporate book also gaining tractionDeposit growth (~11% YoY) lagged loan growth with CASA% (39.5%) being stable on the back of seasonal pick-up in current accountsContent 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: State Bank of India, Asian Paints, SRF, Kalpataru Projects International

India

Kalpataru Power Transmission Limited manufactures transmission line towers for power distribution which are sold to The Power Grid Corporation of India and State Electricity Boards. The Company also exports its products to various countries and it also develops real estate.

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Kalpataru Power Transmission (KPP IN)

Kalpataru Projects: Growth Triggers Intact. Maintain Buy

On the monetisation of BOOT assets, KPIL is looking for prospective buyers and is in the advanced stages of a non-binding offer for VEPL by Q1FY25

HDFC Securities

Kalpataru Projects - Pipeline Remains Strong Across Segments

The company continues to be a key beneficiary of the domestic and global upswing in upgradation and expansion of the T&D network, driven by...

Motilal Oswal

HSIE Results Daily: Indian Oil Corporation, Dixon Technologies, Kalpataru Projects International

Our REDUCE rating on Indian Oil Corporation (IOCL), with a target price of INR 163, is premised on margin pressure due to increasing petchem...

HDFC Securities

Industrials (Q1FY25 Results Preview): All eyes on the budget

In the interim FY25 union budget, allocation towards capex saw an increase of 7% YoY, with Roads, Railways, Defence and Water as key beneficiaries

HDFC Securities

HSIE Results Daily: State Bank of India, Asian Paints, SRF, Kalpataru Projects International

State Bank of India: SBIN reported its best-ever quarterly profits on the back of strong fee income traction, healthy loan growth, and stable NIMs

HDFC Securities

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