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 reported revenue of Rs 1,693 Cr (up 8% YoY) and EBITDA of Rs 228 Cr (up 10% YoY). It recorded an APAT of Rs 140 Cr (up 7% YoY).</li><li>The company posted an EBITDA margin of 13.4% in Q2FY24 (vs. our estimate of 13.5%), compared to 13.3% in Q2FY23.</li><li>APAT margin was 8.3% vs. 8.4% in Q2FY23. The company’s share of revenue from EPC/Water Projects/Tolls/Annuity was 68%/21%/11%.</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 reported revenue of Rs 1,693 Cr (up 8% YoY) and EBITDA of Rs 228 Cr (up 10% YoY). It recorded an APAT of Rs 140 Cr (up 7% YoY).The company posted an EBITDA margin of 13.4% in Q2FY24 (vs. our estimate of 13.5%), compared to 13.3% in Q2FY23.APAT margin was 8.3% vs. 8.4% in Q2FY23. The company’s share of revenue from EPC/Water Projects/Tolls/Annuity was 68%/21%/11%.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.

PNC Infratech Ltd - Broadly In-Line Results; New Order Inflow Crucial

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>PNC Infratech (PNC) reported a 23.1% CAGR growth in its top line from FY19 to FY23</li><li>The key takeaways from PNC’s FY23 annual report are: (1) PNC’s OB as of Mar’23 stood at INR 205.3bn (~2.9x FY23 standalone revenue, all-time high), which provides revenue visibility in the medium term</li><li>(2) At the standalone level, the company had gross/net debt of INR 4.5/0.8bn (gross D/E 0.11x) as of Mar’23 vs a net cash position of INR 3.2bn in Mar’22</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.

PNC Infratech (PNC) reported a 23.1% CAGR growth in its top line from FY19 to FY23The key takeaways from PNC’s FY23 annual report are: (1) PNC’s OB as of Mar’23 stood at INR 205.3bn (~2.9x FY23 standalone revenue, all-time high), which provides revenue visibility in the medium term(2) At the standalone level, the company had gross/net debt of INR 4.5/0.8bn (gross D/E 0.11x) as of Mar’23 vs a net cash position of INR 3.2bn in Mar’22Content 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.

PNC Infratech - Asset Monetisation Tailwind. Maintain BUY

<ul><li>Encouraging revenue growth: PNC Infratech recorded revenue from operations of Rs 7,060 Cr in FY23, recording an encouraging growth of 12% YoY. The said growth was led by better execution of projects in FY23.</li><li>Improvement in EBITDA margins: The company’s EBITDA margins in FY23 stood at 13.5% vs. 12.5% in FY22 and the increase was led by its much better control over the costs during the year. PAT increased by 36% to Rs 611Cr in FY23 from Rs 448 Cr in FY22 on account of higher sales, lower depreciation, and finance charges.</li><li>Robust order book: The company’s total order book as of 31stMar’23stands overRs20,500 Cr .During the year ,it received an order inflow of over Rs4,800 Cr comprising 4 HAM projects and 1 EPC project in Q4FY23. Out of the total order book, Roads &amp; Highway contributed~67% while Water Supply &amp; Irrigation contributed the remaining 33%.</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.

Encouraging revenue growth: PNC Infratech recorded revenue from operations of Rs 7,060 Cr in FY23, recording an encouraging growth of 12% YoY. The said growth was led by better execution of projects in FY23.Improvement in EBITDA margins: The company’s EBITDA margins in FY23 stood at 13.5% vs. 12.5% in FY22 and the increase was led by its much better control over the costs during the year. PAT increased by 36% to Rs 611Cr in FY23 from Rs 448 Cr in FY22 on account of higher sales, lower depreciation, and finance charges.Robust order book: The company’s total order book as of 31stMar’23stands overRs20,500 Cr .During the year ,it received an order inflow of over Rs4,800 Cr comprising 4 HAM projects and 1 EPC project in Q4FY23. Out of the total order book, Roads &amp; Highway contributed~67% while Water Supply &amp; Irrigation contributed the remaining 33%.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.

PNC Infratech - Robust Order Book & Segment Diversification to Drive Future Growth

Thematic (Sector/Industry)

<ul><li>Indian Oil Corporation: Our ADD rating on Indian Oil Corporation (IOCL), with a target price of INR 100, is premised on robust refining and marketing margins, partially offset by muted petchem earnings and elevated debt</li><li>IOCL reported EBITDA of INR 213bn (+11x YoY, -4% QoQ), which was broadly in line, while APAT came in at INR 130bn, marginally below estimate</li><li>Earnings were supported by strong performance from the refining segment</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 ADD rating on Indian Oil Corporation (IOCL), with a target price of INR 100, is premised on robust refining and marketing margins, partially offset by muted petchem earnings and elevated debtIOCL reported EBITDA of INR 213bn (+11x YoY, -4% QoQ), which was broadly in line, while APAT came in at INR 130bn, marginally below estimateEarnings were supported by strong performance from the refining segmentContent 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, Godrej Consumers, Ambuja Cement, Gail

HSIE Results Daily: Indian Oil Corporation, Godrej Consumers, Ambuja Cement, Gail, ACC, CDSL

India

PNC Infratech Limited operates as an infrastructure construction, development, and management company. The Company constructs highways, bridges, fly-overs, power transmission lines, and airport runways. PNC Infratech also provides construction services for waste management and industrial area development projects.

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PNC Infratech Ltd (PNCL IN)

PNC Infratech Ltd - Broadly In-Line Results; New Order Inflow Crucial

The company reported revenue of Rs 1,693 Cr (up 8% YoY) and EBITDA of Rs 228 Cr (up 10% YoY). It recorded an APAT of Rs 140 Cr (up 7% YoY).

Axis Direct

PNC Infratech - Asset Monetisation Tailwind. Maintain BUY

The key takeaways from PNC’s FY23 annual report are: (1) PNC’s OB as of Mar’23 stood at INR 205.3bn (~2.9x FY23 standalone revenue, all-time high)

HDFC Securities

PNC Infratech - Robust Order Book & Segment Diversification to Drive Future Growth

PNC Infratech recorded revenue from operations of Rs 7,060 Cr in FY23, recording an encouraging growth of 12% YoY. The said growth was led by...

Axis Direct

HSIE Results Daily: Indian Oil Corporation, Godrej Consumers, Ambuja Cement, Gail

Our ADD rating on Indian Oil Corporation (IOCL), with a target price of INR 100, is premised on robust refining and marketing margins, partially...

HDFC Securities

HSIE Results Daily: Indian Oil Corporation, Godrej Consumers, Ambuja Cement, Gail, ACC, CDSL

IOCL reported EBITDA of INR 213bn (+11x YoY, -4% QoQ), which was broadly in line, while APAT came in at INR 130bn, marginally below estimate

HDFC Securities

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