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>The company’s capacity expansion at its Chitapur plant in Karnataka (3 mtpa Clinker and 3 mtpa Grinding unit) is awaiting environmental clearance, with work expected to start by Q3FY25.</li><li>The plant is anticipated to be commissioned in the next 15- 18 months.</li><li>Additionally, the expansion at the Devapur plant is delayed due to pending forest clearance from the relevant authorities.</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 company’s capacity expansion at its Chitapur plant in Karnataka (3 mtpa Clinker and 3 mtpa Grinding unit) is awaiting environmental clearance, with work expected to start by Q3FY25.The plant is anticipated to be commissioned in the next 15- 18 months.Additionally, the expansion at the Devapur plant is delayed due to pending forest clearance from the relevant authorities.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.

Orient Cement Limited - Capacity Expansion Delayed; Downgrade To SELL

<ul>
<li>OCL reported numbers that were above consensus estimates but below our estimates. Its Revenue/EBITDA/PAT grew by 1%/6%/1% YoY (below expectations).</li>
<li>The company reported flattish growth in Volume YoY but up 24% QoQ at 1.73 mtpa .It reported a PAT of Rs 68 Cr against Rs 67 Cr last year.</li>
<li>The company recorded an EBITDA margin of 16.7% (vs. expectations of 17.4%) against 15.9% YoY. </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.


OCL reported numbers that were above consensus estimates but below our estimates. Its Revenue/EBITDA/PAT grew by 1%/6%/1% YoY (below expectations).
The company reported flattish growth in Volume YoY but up 24% QoQ at 1.73 mtpa .It reported a PAT of Rs 68 Cr against Rs 67 Cr last year.
The company recorded an EBITDA margin of 16.7% (vs. expectations of 17.4%) against 15.9% YoY. 

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.

Orient Cement - Volume Growth Flattish; Retain HOLD

<ul>
<li>OCL reported numbers that were below our and consensus estimates.</li>
<li>Its Revenue/EBITDA/PAT grew by 3%/28%/64% YoY (below expectations).</li>
<li>The company reported de-growth in Volume by 3%/2% YoY/QoQ at 1.39 mtpa and was impacted by a shortage of labour, State elections, and unseasonal rain.</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.


OCL reported numbers that were below our and consensus estimates.
Its Revenue/EBITDA/PAT grew by 3%/28%/64% YoY (below expectations).
The company reported de-growth in Volume by 3%/2% YoY/QoQ at 1.39 mtpa and was impacted by a shortage of labour, State elections, and unseasonal rain.

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.

Orient Cement Limited - Result Below Expectations; Retain HOLD

<ul><li>OCL reported Revenue/Volume/EBITDA growth of 15%/17%/166%YoY (above expectations) and PAT of Rs 25 Cr against loss of Rs 9 Cr last year on the back of lower operating cost and higher realization YoY.</li><li>The company recorded an EBITDA Margin of 12% (above expectations) against 5.3 %YoY.</li><li>Thequarter’svolume stood at 1.43 million tonnes per annum (mntpa), up 15% YoY. </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.

OCL reported Revenue/Volume/EBITDA growth of 15%/17%/166%YoY (above expectations) and PAT of Rs 25 Cr against loss of Rs 9 Cr last year on the back of lower operating cost and higher realization YoY.The company recorded an EBITDA Margin of 12% (above expectations) against 5.3 %YoY.Thequarter’svolume stood at 1.43 million tonnes per annum (mntpa), up 15% YoY. 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.

Orient Cement Limited - Better Than Expected Performance

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

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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.

Thematic (Sector/Industry)

<ul><li>ONGC: We maintain our REDUCE rating on ONGC, with a target price of INR 286, given: (1) limited upside potential for ONGC’s crude price realisation in the current environment with a levy of windfall tax, (2) gas price realisation too unlikely to change significantly, as APM gas price is frozen until March 2025 and 95% of ONGC’s gas sales fall under APM and (3) slower ramp-up in oil &amp; gas production</li><li>In Q1FY25, reported EBITDA stood at INR 186bn (-4% YoY, +7% QoQ), coming in above our estimate owing to lower-than-expected statutory levies</li><li>PAT at INR 89bn (-11% YoY, -9% QoQ) was below our estimate, mainly driven by higher-than-expected depreciation and depletion costs</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.

ONGC: We maintain our REDUCE rating on ONGC, with a target price of INR 286, given: (1) limited upside potential for ONGC’s crude price realisation in the current environment with a levy of windfall tax, (2) gas price realisation too unlikely to change significantly, as APM gas price is frozen until March 2025 and 95% of ONGC’s gas sales fall under APM and (3) slower ramp-up in oil &amp; gas productionIn Q1FY25, reported EBITDA stood at INR 186bn (-4% YoY, +7% QoQ), coming in above our estimate owing to lower-than-expected statutory leviesPAT at INR 89bn (-11% YoY, -9% QoQ) was below our estimate, mainly driven by higher-than-expected depreciation and depletion costsContent 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: ONGC, TVS Motor, NCC, Bajaj Electricals, Symphony

India

Orient Cement Limited manufactures and distributes cement.

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Orient Cement (ORCMNT IN)

Orient Cement Limited - Capacity Expansion Delayed; Downgrade To SELL

The company’s capacity expansion at its Chitapur plant in Karnataka (3 mtpa Clinker and 3 mtpa Grinding unit) is awaiting environmental clearance,...

Axis Direct

Orient Cement - Volume Growth Flattish; Retain HOLD

OCL reported numbers that were above consensus estimates but below our estimates. Its Revenue/EBITDA/PAT grew by 1%/6%/1% YoY (below expectations).

Axis Direct

Orient Cement Limited - Result Below Expectations; Retain HOLD

OCL reported numbers that were below our and consensus estimates. Its Revenue/EBITDA/PAT grew by 3%/28%/64% YoY (below expectations).

Axis Direct

Orient Cement Limited - Better Than Expected Performance

OCL reported Revenue/Volume/EBITDA growth of 15%/17%/166%YoY (above expectations) and PAT of Rs 25 Cr against loss of Rs 9 Cr last year on the back...

Axis Direct

HSIE Results Daily: ONGC, TVS Motor, NCC, Bajaj Electricals, Symphony

We maintain our REDUCE rating on ONGC, with a target price of INR 286, given: (1) limited upside potential for ONGC’s crude price realisation in...

HDFC Securities

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