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>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

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.

Thematic (Sector/Industry)

<ul><li>Aurobindo Pharma: EBITDA (+41% YoY) was in line with our/consensus estimates as 10% sales growth (-3% QoQ US, +8% EU, and +53% YoY in growth markets), higher gross margin (+544 bps YoY), was offset by higher staff (+13%) and SG&amp;A (+22% ex-R&amp;D – remediation cost of USD 9 mn and Pen-G plant opex, R&amp;D was -13% YoY)</li><li>ARBP expects (1) steady growth in the US oral solid, led by new launches and volume gain, (2) specialty/injectable to improve QoQ and it targets reach USD 600 mn sales globally in FY25 (~USD 141 mn in Q1FY25), (3) EU sales at Euro 880-900 mn on new launch visibility, (4) EBITDA margin of 21-22% in FY25 (21.4% in Q1) on reduction in remediation spend and Pen-G plant scale-up led leverage, and (5) tax rate at 27-28% in FY25</li><li>Factoring Q1, we have raised our EPS by 3/2% for FY25/26E and revise the TP to INR 1,520 (20x Q1FY27E from 18x)</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.

Aurobindo Pharma: EBITDA (+41% YoY) was in line with our/consensus estimates as 10% sales growth (-3% QoQ US, +8% EU, and +53% YoY in growth markets), higher gross margin (+544 bps YoY), was offset by higher staff (+13%) and SG&amp;A (+22% ex-R&amp;D – remediation cost of USD 9 mn and Pen-G plant opex, R&amp;D was -13% YoY)ARBP expects (1) steady growth in the US oral solid, led by new launches and volume gain, (2) specialty/injectable to improve QoQ and it targets reach USD 600 mn sales globally in FY25 (~USD 141 mn in Q1FY25), (3) EU sales at Euro 880-900 mn on new launch visibility, (4) EBITDA margin of 21-22% in FY25 (21.4% in Q1) on reduction in remediation spend and Pen-G plant scale-up led leverage, and (5) tax rate at 27-28% in FY25Factoring Q1, we have raised our EPS by 3/2% for FY25/26E and revise the TP to INR 1,520 (20x Q1FY27E from 18x)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.

HSIE Results Daily: Aurobindo Pharma, Berger Paints, Metro Brands

HSIE Results Daily: Aurobindo Pharma, Berger Paints, Metro Brands, Aarti Industries

<ul><li>We anticipate road construction companies under our coverage to report revenue, and APAT growth of 6% and 10%, while EBITDA is expected to be flattish YoY.</li><li>The project execution during the quarter moderated on the back of an election, shortage of labour, and extreme heat conditions.</li><li>We estimate EBITDA margins to be 14.5%, compared to 15.5% YoY. APAT is expected to be higher on account of exceptional gains 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.

We anticipate road construction companies under our coverage to report revenue, and APAT growth of 6% and 10%, while EBITDA is expected to be flattish YoY.The project execution during the quarter moderated on the back of an election, shortage of labour, and extreme heat conditions.We estimate EBITDA margins to be 14.5%, compared to 15.5% YoY. APAT is expected to be higher on account of exceptional gains during the quarter.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, road infrastructure companies under our coverage reported revenue/ EBITDA/PAT growth of 14%/40%/223% YoY against our expectation of 11%/8%/8% YoY, primarily owing to better execution and exceptional gain accounted during the quarter by GR Infra, PNC Infratech, and KNR Construction.</li><li>EBITDA margins improved by 410bps/310bps QoQ/YoY. Overall performance remained above expectations during the quarter.</li><li>In the Road sector, performance of most of the companies were in line or above our expectations.</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, road infrastructure companies under our coverage reported revenue/ EBITDA/PAT growth of 14%/40%/223% YoY against our expectation of 11%/8%/8% YoY, primarily owing to better execution and exceptional gain accounted during the quarter by GR Infra, PNC Infratech, and KNR Construction.EBITDA margins improved by 410bps/310bps QoQ/YoY. Overall performance remained above expectations during the quarter.In the Road sector, performance of most of the companies were in line or above our expectations.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

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 - 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: Aurobindo Pharma, Berger Paints, Metro Brands

EBITDA (+41% YoY) was in line with our/consensus estimates as 10% sales growth (-3% QoQ US, +8% EU, and +53% YoY in growth markets)

HDFC Securities

HSIE Results Daily: Aurobindo Pharma, Berger Paints, Metro Brands, Aarti Industries

EBITDA (+41% YoY) was in line with our/consensus estimates as 10% sales growth (-3% QoQ US, +8% EU, and +53% YoY in growth markets), higher gross...

HDFC Securities

Road Infra- Q1FY25 Result Preview

We estimate EBITDA margins to be 14.5%, compared to 15.5% YoY. APAT is expected to be higher on account of exceptional gains during the quarter.

Axis Direct

Top Sector Ideas - Infra Road Q4FY24

During the quarter, road infrastructure companies under our coverage reported revenue/ EBITDA/PAT growth of 14%/40%/223% YoY against our...

Axis Direct

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