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. 

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Equity Bottom-Up

<ul><li>RITES Ltd.(RITES)reported a decentset of Q2FY23 numbers with revenue of Rs659 Cr (down13% YoY), supported by revenue growth in all segments except exports, EBIDTA of Rs181Cr (down16% YoY, above estimate), and APAT of Rs140Cr (down20%YoY, above estimate).</li><li>The company registered EBITDA Margins of 27.5%in Q2FY23(our estimate: 25.5%) as against 29.6% in Q2FY22.</li><li>There has been anincreasein other income due to increase in exchange variations earnings &amp; dividend from REMC.</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.

RITES Ltd.(RITES)reported a decentset of Q2FY23 numbers with revenue of Rs659 Cr (down13% YoY), supported by revenue growth in all segments except exports, EBIDTA of Rs181Cr (down16% YoY, above estimate), and APAT of Rs140Cr (down20%YoY, above estimate).The company registered EBITDA Margins of 27.5%in Q2FY23(our estimate: 25.5%) as against 29.6% in Q2FY22.There has been anincreasein other income due to increase in exchange variations earnings &amp; dividend from REMC.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.

RITES Ltd. - Result In Line Estimates, Robust Execution On All Fronts; Upgrade to BUY

Thematic (Sector/Industry)

<ul><li>Axis Top Picks basket reported a resilient performance with an astounding return of 143% since its inception, notably beating an 84% return reported by the benchmark NIFTY 50 Index over the same period.</li><li>A few picks that reported encouraging returns amidst prevailing volatility included APL Apollo Tubes (9.6%), Astral (6.7%), CCL Products (4.7%), and HealthCare Global Enterprises (4.4%)</li><li>PoW delivered an excellent cumulative strike rate of 72% in Sep’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.

Axis Top Picks basket reported a resilient performance with an astounding return of 143% since its inception, notably beating an 84% return reported by the benchmark NIFTY 50 Index over the same period.A few picks that reported encouraging returns amidst prevailing volatility included APL Apollo Tubes (9.6%), Astral (6.7%), CCL Products (4.7%), and HealthCare Global Enterprises (4.4%)PoW delivered an excellent cumulative strike rate of 72% in Sep’22.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>For road construction companies under our coverage, we expect revenue growth of 10% YoY, EBITDA to be flattish, and APAT to de-grow by 2% YoY during the quarter.</li><li>Higher costs of a commodity such as steel, cement, aggregates, and diesel are expected to contract companies’ EBITDA margin by 150-200bps YoY.</li><li>In the Road Construction space, Q1and Q2 is normally a soft quarter in terms of project bidding and awarding and awarding activity normally accelerates in Q3 and Q4. </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.

For road construction companies under our coverage, we expect revenue growth of 10% YoY, EBITDA to be flattish, and APAT to de-grow by 2% YoY during the quarter.Higher costs of a commodity such as steel, cement, aggregates, and diesel are expected to contract companies’ EBITDA margin by 150-200bps YoY.In the Road Construction space, Q1and Q2 is normally a soft quarter in terms of project bidding and awarding and awarding activity normally accelerates in Q3 and Q4. 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.

Infra-Road - Robust Order Book, Outlook Positive

<ul><li>RITES Ltd (RITES) performance reached its pre-Covid levels in FY22, recording consolidated revenue of Rs 2,662 Cr and achieving its highest-ever export revenue, including services. The company also reported its highest-ever PAT of Rs 516 Cr, up 19% YoY.</li><li>The company garnered significant client confidence, enabling it to close the year with a robust order book of Rs 4,939 Cr and revenue visibility for the next 2-3 years.</li><li>Backed by the robust performance of the company, the Board of Directors has recommended a final dividend of Rs 3.5/share in addition to three interim dividends.</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.

RITES Ltd (RITES) performance reached its pre-Covid levels in FY22, recording consolidated revenue of Rs 2,662 Cr and achieving its highest-ever export revenue, including services. The company also reported its highest-ever PAT of Rs 516 Cr, up 19% YoY.The company garnered significant client confidence, enabling it to close the year with a robust order book of Rs 4,939 Cr and revenue visibility for the next 2-3 years.Backed by the robust performance of the company, the Board of Directors has recommended a final dividend of Rs 3.5/share in addition to three interim dividends.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.

Rites Ltd - Robust Order Book, Superior Execution to Drive Growth.

<ul><li>RITES Ltd. (RITES) reported a good set of Q4FY22 numbers with revenues of Rs 766 Cr (up 20% YoY), supported by the higher export sales, EBIDTA of Rs 204 Cr (up 10% YoY), and APAT of Rs 141 Cr (down 1% YoY).</li><li>The company registered EBITDA Margins of 26.7% in Q4FY22 (our estimate: 26.8%) as against 29.2% in Q4FY21</li><li>We roll over our estimate to FY24 and retain a BUY rating on the stock, valuing the company at 11.5x FY24E EPS to arrive at a target price of Rs 275/share (Rs 305/share earlier), implying an upside of 10% from the CMP.</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.

RITES Ltd. (RITES) reported a good set of Q4FY22 numbers with revenues of Rs 766 Cr (up 20% YoY), supported by the higher export sales, EBIDTA of Rs 204 Cr (up 10% YoY), and APAT of Rs 141 Cr (down 1% YoY).The company registered EBITDA Margins of 26.7% in Q4FY22 (our estimate: 26.8%) as against 29.2% in Q4FY21We roll over our estimate to FY24 and retain a BUY rating on the stock, valuing the company at 11.5x FY24E EPS to arrive at a target price of Rs 275/share (Rs 305/share earlier), implying an upside of 10% from the CMP.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.

Rites: Robust Order Book & Execution Prowess to Regain Momentum; Retain BUY

India

RITES Limited provides engineering services. The Company offers transport infrastructure consultancy, railway inspection, rolling stock leasing and maintenance, airport construction management, industrial and electrical engineering, and other related services. RITES serves customers worldwide.

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RITES Ltd (RITE IN)

RITES Ltd. - Result In Line Estimates, Robust Execution On All Fronts; Upgrade to BUY

RITES Ltd.(RITES)reported a decentset of Q2FY23 numbers with revenue of Rs659 Cr (down13% YoY), supported by revenue growth in all segments except...

Axis Direct

Axis Research Scorecard Report - Sep 22

Axis Top Picks basket reported a resilient performance with an astounding return of 143% since its inception, notably beating an 84% return...

Axis Direct

Infra-Road - Robust Order Book, Outlook Positive

For road construction companies under our coverage, we expect revenue growth of 10% YoY, EBITDA to be flattish, and APAT to de-grow by 2% YoY...

Axis Direct

Rites Ltd - Robust Order Book, Superior Execution to Drive Growth.

The company garnered significant client confidence, enabling it to close the year with a robust order book of Rs 4,939 Cr and revenue visibility...

Axis Direct

Rites: Robust Order Book & Execution Prowess to Regain Momentum; Retain BUY

We roll over our estimate to FY24 and retain a BUY rating on the stock, valuing the company at 11.5x FY24E EPS to arrive at a target price of Rs...

Axis Direct

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