External broker reports(aggregated public sources), Motilal Oswal Financial Services Limited

Motilal Oswal

External broker reports(aggregated public sources)

Motilal Oswal Financial Services Limited

Motilal Oswal Financial Services Limited is an Indian diversified financial services firm offering a range of financial products and 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.

Equity Bottom-Up

<ul><li>TRCL’s 2QFY25 earnings beat our estimates, aided by lower-than-estimated opex/t (6% below our estimate).</li><li>EBITDA declined ~22% YoY to INR3.1b (~26% beat) and EBITDA/t declined 20% YoY to INR695 (est. INR584).</li><li>The company is focusing on non-core asset monetization and has monetized non-core assets worth INR3.8b as of Oct’24 out of the targeted value of INR10b by Jun’25. </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.

TRCL’s 2QFY25 earnings beat our estimates, aided by lower-than-estimated opex/t (6% below our estimate).EBITDA declined ~22% YoY to INR3.1b (~26% beat) and EBITDA/t declined 20% YoY to INR695 (est. INR584).The company is focusing on non-core asset monetization and has monetized non-core assets worth INR3.8b as of Oct’24 out of the targeted value of INR10b by Jun’25. 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 Ramco Cements - Lower Opex/T Drives Earnings Beat

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>Shree Cement: We maintain our ADD rating on Shree Cement, with an unchanged SOTP target price of INR 26,700/share</li><li>During Q2FY25, Shree volume declined 7% YoY as it focused on trade sales while non-trade demand was weak</li><li>Cement NSR fell only 0.4% QoQ, lower vs peers owing to rise in trade sakes QoQ</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.

Shree Cement: We maintain our ADD rating on Shree Cement, with an unchanged SOTP target price of INR 26,700/shareDuring Q2FY25, Shree volume declined 7% YoY as it focused on trade sales while non-trade demand was weakCement NSR fell only 0.4% QoQ, lower vs peers owing to rise in trade sakes QoQContent 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: Shree Cement, Aurobindo Pharma, Gujarat State Petronet

<ul><li>Demand fails to pick up in Q2FY25: The slowdown in construction activities during Q1FY25 (general elections, heat waves) continued in Q2FY25 due to demand sluggishness (elections impact and heavy rains all around)</li><li>At the industry level, we estimate demand contracted by 2% YoY in Q2FY25, as against ~4% YoY growth in Q1FY25</li><li>We estimate the aggregate volumes of our coverage universe will decline 1% YoY in Q2, implying a 14% QoQ volume decline</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.

Demand fails to pick up in Q2FY25: The slowdown in construction activities during Q1FY25 (general elections, heat waves) continued in Q2FY25 due to demand sluggishness (elections impact and heavy rains all around)At the industry level, we estimate demand contracted by 2% YoY in Q2FY25, as against ~4% YoY growth in Q1FY25We estimate the aggregate volumes of our coverage universe will decline 1% YoY in Q2, implying a 14% QoQ volume declineContent 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.

Cement (Q2FY25 Results Preview): Demand Contracts and Pricing Slip Further in Q2

<ul><li>Demand growth slows in Q1FY25: The slowdown in construction activities during the general elections in April and May has adversely impacted cement sales in these months</li><li>The scorching heat further dented demand during Q1FY25 and the industry demand growth is expected to slow down to low single digit YoY</li><li>We estimate the aggregate volumes of our coverage universe will deliver 5% YoY volume growth, implying 8% QoQ volume decline.</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.

Demand growth slows in Q1FY25: The slowdown in construction activities during the general elections in April and May has adversely impacted cement sales in these monthsThe scorching heat further dented demand during Q1FY25 and the industry demand growth is expected to slow down to low single digit YoYWe estimate the aggregate volumes of our coverage universe will deliver 5% YoY volume growth, implying 8% QoQ volume decline.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.

Cement (Q1FY25 Results Preview): Weak Pricing Continues to Offset Cost Gains

<ul><li>Hero Motocorp: Hero MotoCorp’s Q3 margin, at 14%, was down 10bps QoQ despite the 3% QoQ volume growth and improved mix, due to higher promotional spending</li><li>The recovery in the entry segment continues to be impacted by erratic monsoons</li><li>More importantly, despite the launch of new variants in the 125cc motorcycle segment, it has seen a decline in market share, dropping by 330bps to 20.2% in H1</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.

Hero Motocorp: Hero MotoCorp’s Q3 margin, at 14%, was down 10bps QoQ despite the 3% QoQ volume growth and improved mix, due to higher promotional spendingThe recovery in the entry segment continues to be impacted by erratic monsoonsMore importantly, despite the launch of new variants in the 125cc motorcycle segment, it has seen a decline in market share, dropping by 330bps to 20.2% in H1Content 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: Hero Motocorp, Bandhan Bank, Aarti Industries

India

The Ramco Cements Limited manufactures cement, ready mix concrete and dry mix products.  The Company also exports  cement and owns and operates a private sector wind mill power generating farm.

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Ramco Cements (TRCL IN)

The Ramco Cements - Lower Opex/T Drives Earnings Beat

TRCL’s 2QFY25 earnings beat our estimates, aided by lower-than-estimated opex/t (6% below our estimate). EBITDA declined ~22% YoY to INR3.1b (~26%...

Motilal Oswal

HSIE Results Daily: Shree Cement, Aurobindo Pharma, Gujarat State Petronet

During Q2FY25, Shree volume declined 7% YoY as it focused on trade sales while non-trade demand was weak. Cement NSR fell only 0.4% QoQ, lower vs...

HDFC Securities

Cement (Q2FY25 Results Preview): Demand Contracts and Pricing Slip Further in Q2

Demand fails to pick up in Q2FY25: The slowdown in construction activities during Q1FY25 (general elections, heat waves) continued in Q2FY25 due to...

HDFC Securities

Cement (Q1FY25 Results Preview): Weak Pricing Continues to Offset Cost Gains

Demand growth slows in Q1FY25: The slowdown in construction activities during the general elections in April and May has adversely impacted cement...

HDFC Securities

HSIE Results Daily: Hero Motocorp, Bandhan Bank, Aarti Industries

Hero Motocorp: Hero MotoCorp’s Q3 margin, at 14%, was down 10bps QoQ despite the 3% QoQ volume growth and improved mix, due to higher promotional...

HDFC Securities

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