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>PSP Projects Ltd. (PSPPL) Q2FY24 numbers stood above our expectations, thanks to robust project execution by the company.</li><li>It reported revenue of Rs 620 Cr (up 72% YoY), EBITDA of Rs 73 Cr (up 84% YoY), and APAT of Rs 38 Cr (up 79% YoY).</li><li>The company registered EBITDA Margins of 11.7% in Q2FY24 (vs. our estimate of 12.8%) as against 11% in Q2FY23. </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.

PSP Projects Ltd. (PSPPL) Q2FY24 numbers stood above our expectations, thanks to robust project execution by the company.It reported revenue of Rs 620 Cr (up 72% YoY), EBITDA of Rs 73 Cr (up 84% YoY), and APAT of Rs 38 Cr (up 79% YoY).The company registered EBITDA Margins of 11.7% in Q2FY24 (vs. our estimate of 12.8%) as against 11% in Q2FY23. 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.

PSP Projects Ltd - Execution Continues To Improve; Retain BUY

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>Robust revenue growth in FY23: PSP achieved remarkable revenue growth of 11% in FY23, marking the highest-ever revenue for the company since its inception.</li><li>However, it's worth noting that EBITDA and PAT experienced a decline of 11% and 19%, respectively, compared to the previous year.</li><li>This decline can be attributed to the fact that numerous large projects reached the finishing stage in FY22, resulting in high margins during that period. </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.

Robust revenue growth in FY23: PSP achieved remarkable revenue growth of 11% in FY23, marking the highest-ever revenue for the company since its inception.However, it's worth noting that EBITDA and PAT experienced a decline of 11% and 19%, respectively, compared to the previous year.This decline can be attributed to the fact that numerous large projects reached the finishing stage in FY22, resulting in high margins during that period. 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.

PSP Projects Ltd - Robust Order Book; Margins to Improve.

<ul><li>PSP Projects Ltd (PSPPL) Q1FY24 numbers stood above our expectations, thanks to robust project execution by the company.</li><li>It reported revenue of Rs 514 Cr (up 48% YoY), EBITDA of Rs 66 Cr (up 38% YoY), and APAT of Rs 38 Cr (up 30% YoY).</li><li>The company registered EBITDA Margins of 12.9% in Q1FY23 (vs. Our Estimate of 12.5%) as against 13.8% in Q4FY23. se, Gujarat constitutes 79% and UP 21%, out of the current executable projects.</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.

PSP Projects Ltd (PSPPL) Q1FY24 numbers stood above our expectations, thanks to robust project execution by the company.It reported revenue of Rs 514 Cr (up 48% YoY), EBITDA of Rs 66 Cr (up 38% YoY), and APAT of Rs 38 Cr (up 30% YoY).The company registered EBITDA Margins of 12.9% in Q1FY23 (vs. Our Estimate of 12.5%) as against 13.8% in Q4FY23. se, Gujarat constitutes 79% and UP 21%, out of the current executable projects.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.

PSP Projects Ltd - Robust Execution to Continue; Maintain BUY

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>ITC: ITC’s Q4 print was largely in-line with Revenue/EBITDA/APAT growing by 7/19/20% vs the expectation of 8/17/17%</li><li>Cigarette revenue/EBIT growth was at 14% each, with volume growth at c.11.5% (4% four-year CAGR)</li><li>A stable tax environment, normalisation in demand, &amp; deterrent action by agencies on illicit trade continue to support cigarette recovery</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.

ITC: ITC’s Q4 print was largely in-line with Revenue/EBITDA/APAT growing by 7/19/20% vs the expectation of 8/17/17%Cigarette revenue/EBIT growth was at 14% each, with volume growth at c.11.5% (4% four-year CAGR)A stable tax environment, normalisation in demand, &amp; deterrent action by agencies on illicit trade continue to support cigarette recoveryContent 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: ITC, State Bank of India, Berger Paints

India

PSP Projects Limited operates as a construction company. The Company offers industrial, institutional, government, and residential projects construction, as well as allied services including planning, designing, and post-construction activities. PSP Projects serves the private and public sectors in India.

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PSP Projects (PSPPL IN)

PSP Projects Ltd - Execution Continues To Improve; Retain BUY

PSP Projects Ltd. (PSPPL) Q2FY24 numbers stood above our expectations, thanks to robust project execution by the company. It reported revenue of Rs...

Axis Direct

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

PSP Projects Ltd - Robust Order Book; Margins to Improve.

Robust revenue growth in FY23: PSP achieved remarkable revenue growth of 11% in FY23, marking the highest-ever revenue for the company since its...

Axis Direct

PSP Projects Ltd - Robust Execution to Continue; Maintain BUY

PSP Projects Ltd (PSPPL) Q1FY24 numbers stood above our expectations, thanks to robust project execution by the company.

Axis Direct

HSIE Results Daily: ITC, State Bank of India, Berger Paints

ITC: ITC’s Q4 print was largely in-line with Revenue/EBITDA/APAT growing by 7/19/20% vs the expectation of 8/17/17%. Cigarette revenue/EBIT growth...

HDFC Securities

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