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.

Thematic (Sector/Industry)

<ul><li>We expect road construction companies under our coverage to report Revenue/EBITDA/APAT growth of 13%/9%/9% YoY as growth in the last year was impacted by excessive monsoon rainfall.</li><li>The expected growth can be attributed to better execution by Infra companies, which in turn, supported higher profitability during the quarter.</li><li>H1 is traditionally a slow period for project execution for infra companies and it tends to improve in H2. </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 expect road construction companies under our coverage to report Revenue/EBITDA/APAT growth of 13%/9%/9% YoY as growth in the last year was impacted by excessive monsoon rainfall.The expected growth can be attributed to better execution by Infra companies, which in turn, supported higher profitability during the quarter.H1 is traditionally a slow period for project execution for infra companies and it tends to improve in H2. 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.

<ul><li>During the quarter, companies under our coverage reported Revenue/APAT growth of 3%/7%.</li><li>EBITDA growth was flattish against our expectation of 4%/1%/5% YoY backed by better execution.</li><li>On a sequential basis, EBITDA margins improved marginally by 20bps while it remained flattish on YoY basis. Overall performance remained satisfactory during the quarter</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.

During the quarter, companies under our coverage reported Revenue/APAT growth of 3%/7%.EBITDA growth was flattish against our expectation of 4%/1%/5% YoY backed by better execution.On a sequential basis, EBITDA margins improved marginally by 20bps while it remained flattish on YoY basis. Overall performance remained satisfactory during the quarterContent 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>JK Cement: We maintain our REDUCE rating on JK Cement (JKCE), with an unchanged TP of INR 2,755 (11x Mar-25E consolidated EBITDA)</li><li>In Q1FY24, JKCE reported strong 29% YoY grey cement volume growth on a healthy ramp of its Panna capacity (75% utilization)</li><li>Fuel cost cooled off by INR 150/MT QoQ in Q1, thus driving grey unit EBITDA recovery by INR 130/MT QoQ in Q1</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 Cement: We maintain our REDUCE rating on JK Cement (JKCE), with an unchanged TP of INR 2,755 (11x Mar-25E consolidated EBITDA)In Q1FY24, JKCE reported strong 29% YoY grey cement volume growth on a healthy ramp of its Panna capacity (75% utilization)Fuel cost cooled off by INR 150/MT QoQ in Q1, thus driving grey unit EBITDA recovery by INR 130/MT QoQ in Q1Content 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: JK Cement, Vinati Organics, KNR Constructions, Ahluwalia Contracts

Equity Bottom-Up

<ul><li>KNR Constructions Ltd. (KNRCL) reported revenue of Rs 930 Cr (up 4% YoY), EBITDA of Rs 173 Cr (up 5% YoY), and APAT of Rs 110 Cr (up 9% YoY).</li><li>It registered an EBITDA Margin of 18.6% in Q1FY24 (our estimate: 18.5%) against 18.5% in Q1FY23.</li><li>The Union Budget 2023-24 has increased Road sector Capex outlay by more than 33%, thereby providing larger opportunities for companies such as KNRCL. </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.

KNR Constructions Ltd. (KNRCL) reported revenue of Rs 930 Cr (up 4% YoY), EBITDA of Rs 173 Cr (up 5% YoY), and APAT of Rs 110 Cr (up 9% YoY).It registered an EBITDA Margin of 18.6% in Q1FY24 (our estimate: 18.5%) against 18.5% in Q1FY23.The Union Budget 2023-24 has increased Road sector Capex outlay by more than 33%, thereby providing larger opportunities for companies such as KNRCL. 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.

KNR Constructions Ltd - Slower Order Wins & Irrigation Project Execution A Concern

<ul><li>We expect road construction companies under our coverage to report Revenue/EBITDA/APAT growth of 4%/1%/5% YoY.</li><li>The said growth was led by better execution which supported higher profitability during the quarter.</li><li>All companies, except GR infra, are expected to post revenue growth in the range of 9-10%.</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 expect road construction companies under our coverage to report Revenue/EBITDA/APAT growth of 4%/1%/5% YoY.The said growth was led by better execution which supported higher profitability during the quarter.All companies, except GR infra, are expected to post revenue growth in the range of 9-10%.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.

India

KNR Constructions Limited operates an infrastructure project development company. The Company provides engineering procurement and construction services across various sectors, such as roads, bridges, flyovers, highways, and water infrastructure management.

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KNR Constructions (KNRC IN)

Infra-Road Q2FY24 Earnings Preview

We expect road construction companies under our coverage to report Revenue/EBITDA/APAT growth of 13%/9%/9% YoY as growth in the last year was...

Axis Direct

Infra-Road: Q1FY24 Review

During the quarter, companies under our coverage reported Revenue/APAT growth of 3%/7%. EBITDA growth was flattish against our expectation of 4%/1%...

Axis Direct

HSIE Results Daily: JK Cement, Vinati Organics, KNR Constructions, Ahluwalia Contracts

We maintain our REDUCE rating on JK Cement (JKCE), with an unchanged TP of INR 2,755 (11x Mar-25E consolidated EBITDA). In Q1FY24, JKCE reported...

HDFC Securities

KNR Constructions Ltd - Slower Order Wins & Irrigation Project Execution A Concern

KNR Constructions Ltd. (KNRCL) reported revenue of Rs 930 Cr (up 4% YoY), EBITDA of Rs 173 Cr (up 5% YoY), and APAT of Rs 110 Cr (up 9% YoY).

Axis Direct

INFRA-ROAD Q1FY24 - Earnings Preview

Our preferred picks in the sector: PNC Infratech, HG Infra; KNR Construction. We expect road construction companies under our coverage to report...

Axis Direct

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