External broker reports(aggregated public sources), CD Equisearch

CD Equisearch

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

<ul><li>The Company reported 4.1% y-o-y growth in revenue in Q4FY24, and rise in operating profit by ~ 18% (y-o-y), to Rs 75.26 crs from Rs 64.01 crs in Q4FY23.</li><li>The revenue of MM Forgings grew by 8.1% in FY24 to Rs 1,527.08 crs from Rs 1412.78 crs in FY23.</li><li>The year saw a higher overseas demand leading to 15% surge in exports as compared to last year.</li></ul><p><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></p>

The Company reported 4.1% y-o-y growth in revenue in Q4FY24, and rise in operating profit by ~ 18% (y-o-y), to Rs 75.26 crs from Rs 64.01 crs in Q4FY23.The revenue of MM Forgings grew by 8.1% in FY24 to Rs 1,527.08 crs from Rs 1412.78 crs in FY23.The year saw a higher overseas demand leading to 15% surge in exports as compared to last year.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.

MM Forgings Ltd. (MMFL) - Company Overview

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Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

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Thematic (Sector/Industry)

<ul>
<li>Government Hikes Windfall Tax on Crude Oil to Rs.6,000 per Tonne from Rs.3,250</li>
<li>Larsen &amp; Turbo Secures Significant Offshore Order worth Rs. 2,500 crores from ONGC</li>
<li>Mahindra &amp; Mahindra Total volume Rise 11% YoY to 69,397 Units in June 2024</li>
</ul>


Government Hikes Windfall Tax on Crude Oil to Rs.6,000 per Tonne from Rs.3,250
Larsen &amp; Turbo Secures Significant Offshore Order worth Rs. 2,500 crores from ONGC
Mahindra &amp; Mahindra Total volume Rise 11% YoY to 69,397 Units in June 2024


#22 India Insight: Increase in Windfall Tax on Crude Oil, L&T Offshore Order, M&M Volume Rise

External broker reports(aggregated public sources), ICICI Securities Ltd

ICICI Securities Limited

ICICI Securities Ltd

ICICI Securities Limited provides investment services. The Company provides corporate and investment banking, securities, wealth management, retail brokerage, initial public offerings, and advisory 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>MM Forging (MMF) is a prominent forging player serving India, Europe and US markets (FY21 geographical mix – domestic 50%, exports 50%).</li>
<li>FY21 segment mix – CV 75%, PV 18%, Others 7%. Total 1.2 lakh MTPA production capacity; FY21 utilisation at ~40%</li>
<li>We value MMF at 17x PE on FY23E basis for a revised target price of Rs 1125 per share (earlier target price | 925)</li>
</ul>
<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>


MM Forging (MMF) is a prominent forging player serving India, Europe and US markets (FY21 geographical mix – domestic 50%, exports 50%).
FY21 segment mix – CV 75%, PV 18%, Others 7%. Total 1.2 lakh MTPA production capacity; FY21 utilisation at ~40%
We value MMF at 17x PE on FY23E basis for a revised target price of Rs 1125 per share (earlier target price | 925)

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.

MM Forgings: CV Cyclical Recovery to Fuel Strong Growth Prospects

<p>Standalone revenue decline was limited to 16.2% QoQ at Rs 239 crore vs. &gt;50% M&amp;HCV; volume decline domestically; largely aided by exports EBITDA margins were down ~170 bps QoQ to 18.1%, tracking negative operating leverage; gross margins rose ~100 bps sequentially Consequent PAT declined ~21% sequentially to Rs 24 crore...</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>

Standalone revenue decline was limited to 16.2% QoQ at Rs 239 crore vs. &gt;50% M&amp;HCV; volume decline domestically; largely aided by exports EBITDA margins were down ~170 bps QoQ to 18.1%, tracking negative operating leverage; gross margins rose ~100 bps sequentially Consequent PAT declined ~21% sequentially to Rs 24 crore...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.

MM Forgings: Strong Growth on the Anvil; CV Cyclical Recovery Play

<p>Prices of key raw materials, steel and aluminium, witnessed a steep increase in the past six months. The company has input cost pass-through arrangements with clients (albeit with a small time lag) and, hence, has been relatively unaffected. Solid offtake prospects domestically and abroad are seen leading to MMF deriving operating leverage benefits as capacity utilisation levels improve.</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>

Prices of key raw materials, steel and aluminium, witnessed a steep increase in the past six months. The company has input cost pass-through arrangements with clients (albeit with a small time lag) and, hence, has been relatively unaffected. Solid offtake prospects domestically and abroad are seen leading to MMF deriving operating leverage benefits as capacity utilisation levels improve.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.

MM Forgings: Excellent Delivery; Broad-Based Positivity Persists

India

M.M.Forgings Limited manufactures steel forgings in raw, and various grades of carbon, alloy, micro alloy, and stainless steel.

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M.M. Forgings (MMFG IN)

MM Forgings Ltd. (MMFL) - Company Overview

CD Equisearch's research report onMM Forgings The Company reported 4.1% y-o-y growth in revenue in Q4FY24, and rise in operating profit by ~ 18%...

CD Equisearch

#22 India Insight: Increase in Windfall Tax on Crude Oil, L&T Offshore Order, M&M Volume Rise

Government increases windfall tax on crude oil, Larsen & Turbo wins Rs. 2,500 crore offshore order from ONGC, Mahindra & Mahindra sees 11% YoY...

Sudarshan Bhandari

MM Forgings: CV Cyclical Recovery to Fuel Strong Growth Prospects

MM Forging (MMF) is a prominent forging player serving India, Europe and US markets (FY21 geographical mix domestic 50%, exports 50%). EBITDA...

ICICI Securities Limited

MM Forgings: Strong Growth on the Anvil; CV Cyclical Recovery Play

Standalone revenue decline was limited to 16.2% QoQ at Rs 239 crore vs >50% M&HCV; volume decline domestically; largely aided by exports EBITDA...

ICICI Securities Limited

MM Forgings: Excellent Delivery; Broad-Based Positivity Persists

Prices of key raw materials, steel and aluminium, witnessed a steep increase in the past six months. The company has input cost pass-through...

ICICI Securities Limited

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MM Forgings Ltd. (MMFL) - Company Overview

CD Equisearch's research report onMM Forgings The Company reported 4.1% y-o-y growth in revenue in Q4FY24, and rise in operating profit by ~ 18%...

CD Equisearch

#22 India Insight: Increase in Windfall Tax on Crude Oil, L&T Offshore Order, M&M Volume Rise

​Government increases windfall tax on crude oil, Larsen & Turbo wins Rs. 2,500 crore offshore order from ONGC, Mahindra & Mahindra sees 11% YoY...

Sudarshan Bhandari

MM Forgings: CV Cyclical Recovery to Fuel Strong Growth Prospects

MM Forging (MMF) is a prominent forging player serving India, Europe and US markets (FY21 geographical mix domestic 50%, exports 50%). EBITDA...

ICICI Securities Limited

MM Forgings: Strong Growth on the Anvil; CV Cyclical Recovery Play

Standalone revenue decline was limited to 16.2% QoQ at Rs 239 crore vs >50% M&HCV; volume decline domestically; largely aided by exports EBITDA...

ICICI Securities Limited

MM Forgings: Excellent Delivery; Broad-Based Positivity Persists

Prices of key raw materials, steel and aluminium, witnessed a steep increase in the past six months. The company has input cost pass-through...

ICICI Securities Limited

Government increases windfall tax on crude oil, Larsen & Turbo wins Rs. 2,500 crore offshore order from ONGC, Mahindra & Mahindra sees 11% YoY...