External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

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.

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<ul><li>FY24 started off with a muted quarter in terms of road project awarding amidst high competitive intensity: In Q1FY24, the NHAI awarded just four projects (vs ten projects in Q1FY23), of which two were HAM projects worth INR 20.6bn (vs nine projects worth INR 98.1bn in Q1FY23) and two were EPC projects worth INR 19.4bn (vs one project worth INR 7.7bn in Q1FY23)</li><li>The total project stretch stood at ~104 km (vs ~367 km in Q1FY23)</li><li>All the projects were bid at a discount over the NHAI cost</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.

FY24 started off with a muted quarter in terms of road project awarding amidst high competitive intensity: In Q1FY24, the NHAI awarded just four projects (vs ten projects in Q1FY23), of which two were HAM projects worth INR 20.6bn (vs nine projects worth INR 98.1bn in Q1FY23) and two were EPC projects worth INR 19.4bn (vs one project worth INR 7.7bn in Q1FY23)The total project stretch stood at ~104 km (vs ~367 km in Q1FY23)All the projects were bid at a discount over the NHAI costContent 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.

Equity Bottom-Up

<ul><li>We attended the KEC International (KEC) Annual Investor Conference for FY23 held on 16 June 2023 in Mumbai</li><li>We noted the following key takeaways from the call: (1) KEC has guided for an order inflow (OI) of INR 250bn for FY24, of which FYTD24 OI stands at INR 25.9bn (~10.3% of FY24 guidance) (2) with completion of largely all legacy (loss-making EPC) projects by H1FY24, the SAE projects are expected to achieve a positive PBT margin from H2FY24 (3) it guided for FY24 revenue of INR 200bn+ with EBITDA margins of 6/8% in H1/H2FY24</li><li>This shall result in an FY24 EBITDA margin of ~7% (4) it guided FY24 debt to be at similar levels i.e ~INR 50bn, as of Mar’23</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 attended the KEC International (KEC) Annual Investor Conference for FY23 held on 16 June 2023 in MumbaiWe noted the following key takeaways from the call: (1) KEC has guided for an order inflow (OI) of INR 250bn for FY24, of which FYTD24 OI stands at INR 25.9bn (~10.3% of FY24 guidance) (2) with completion of largely all legacy (loss-making EPC) projects by H1FY24, the SAE projects are expected to achieve a positive PBT margin from H2FY24 (3) it guided for FY24 revenue of INR 200bn+ with EBITDA margins of 6/8% in H1/H2FY24This shall result in an FY24 EBITDA margin of ~7% (4) it guided FY24 debt to be at similar levels i.e ~INR 50bn, as of Mar’23Content 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.

KEC International: Looking at Better Margins for FY24. Maintain REDUCE

<ul><li>Dabur: Dabur delivered consolidated revenue/domestic volume growth of 6/1% YoY vs the expectation of 7/1%</li><li>The domestic business grew by 4.7% while the international business posted a 1% growth (10% cc growth)</li><li>While primary sales were impacted by trade destocking, secondary sales grew in double digits</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.

Dabur: Dabur delivered consolidated revenue/domestic volume growth of 6/1% YoY vs the expectation of 7/1%The domestic business grew by 4.7% while the international business posted a 1% growth (10% cc growth)While primary sales were impacted by trade destocking, secondary sales grew in double digitsContent 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: Dabur, Tata Power, Cholamandalam Investment and Finance Company

External broker reports(aggregated public sources), Axis Direct

Axis Direct

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.

<ul><li>KEC International (KEC Int.) reported a positive set of numbers in Q4FY23 with revenues at Rs5,525Cr (up 29%YoY), EBITDA of Rs 283 Cr (down 13% YoY) and PAT of Rs72 Cr (down 36% YoY).</li><li>The company’s EBITDA stood at5.1% in Q4FY23 vs.4.6% in Q3FY23and 5.9% in Q4FY22.</li><li>While its EBITDA margins have shown a sequential improvement, they have been impacted by adverse commodity prices, issues in Brazil, and certain legacy projects.</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.

KEC International (KEC Int.) reported a positive set of numbers in Q4FY23 with revenues at Rs5,525Cr (up 29%YoY), EBITDA of Rs 283 Cr (down 13% YoY) and PAT of Rs72 Cr (down 36% YoY).The company’s EBITDA stood at5.1% in Q4FY23 vs.4.6% in Q3FY23and 5.9% in Q4FY22.While its EBITDA margins have shown a sequential improvement, they have been impacted by adverse commodity prices, issues in Brazil, and certain legacy projects.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.

KEC International - Superior Execution Drives Growth; Margin Recovery Onthe Cards

India

KEC International Limited is a power transmission company which is involved in the design, manufacture, supply and construction of turnkey projects of power transmission lines. The company also installs fiber optical cable and provides services for Satellite/GPRS surveys.

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KEC International (KECI IN)

Industrials: Muted start for the year

FY24 started off with a muted quarter in terms of road project awarding amidst high competitive intensity: In Q1FY24, the NHAI awarded just four...

HDFC Securities

KEC International: Looking at Better Margins for FY24. Maintain REDUCE

KEC has guided for an order inflow (OI) of INR 250bn for FY24, of which FYTD24 OI stands at INR 25.9bn (~10.3% of FY24 guidance)

HDFC Securities

HSIE Results Daily: Dabur, Tata Power, Cholamandalam Investment and Finance Company

Dabur: Dabur delivered consolidated revenue/domestic volume growth of 6/1% YoY vs the expectation of 7/1%. The domestic business grew by 4.7%

HDFC Securities

HSIE Results Daily: Dabur, Tata Power

Dabur: Dabur delivered consolidated revenue/domestic volume growth of 6/1% YoY vs the expectation of 7/1%The domestic business grew by 4.7%

HDFC Securities

KEC International - Superior Execution Drives Growth; Margin Recovery Onthe Cards

KEC International (KEC Int.) reported a positive set of numbers in Q4FY23 with revenues at Rs5,525Cr (up 29%YoY), EBITDA of Rs 283 Cr (down 13%...

Axis Direct

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