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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Thematic (Sector/Industry)

<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

Equity Bottom-Up

<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

We expect the company to deliver Revenues/EBITDA/APAT growth of 26%/23%/21% CAGR respectively over FY21-23E.RITES Ltd (RITES) maintained an EBITDA margin at 27% despite headwinds caused by Covid19 induced lockdowns in FY21.<div class="content-highlight">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.</div>

We expect the company to deliver Revenues/EBITDA/APAT growth of 26%/23%/21% CAGR respectively over FY21-23E.RITES Ltd (RITES) maintained an EBITDA margin at 27% despite headwinds caused by Covid19 induced lockdowns in FY21.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 To Drive Future Growth

External broker reports(aggregated public sources), IDBI Capital

IDBI Capital

Guidance on segmental revenue: For FY22E, RITE expects export revenue of Rs9bn which will be scattered over the next three quarters. Consultancy segment is growing and RITE expected revenue increase of 10% pa over the next 3-4 years. QA has reached Pre Covid level in Q2FY22. Turnkey segment revenue could decline in FY22E...<div class="content-highlight">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.</div>

Guidance on segmental revenue: For FY22E, RITE expects export revenue of Rs9bn which will be scattered over the next three quarters. Consultancy segment is growing and RITE expected revenue increase of 10% pa over the next 3-4 years. QA has reached Pre Covid level in Q2FY22. Turnkey segment revenue could decline in FY22E...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

Quess Corp Limited operates as an integrated business services provider. The Company offers IT staffing, industrial asset and facility management, skill development, and general recruitment services. Quess serves customers worldwide.

Ion Exchange (India) Ltd manufactures and distributes water treatment equipment and products, which are used for a variety of treatment and conservation applications.  The Group's products include water treatment chemicals, exchange resins, ultra filtration and nano-filtration membranes. Ion also supplies bottled water, eco-friendly horticulture and total water management services.

SIS Ltd provides private security services. The Company offers security solutions including planning and deployment of security and armed guards, firemen, dog handlers, consulting, and investigation works. SIS serves customers in India, New Zealand, and Australia.

Kokuyo Camlin Limited manufactures stationery products and art materials. The Company's products include fountain pen and writing inks, gum, paste, adhesives, wooden pencils, artist colors, markers and mathematical instrument sets.

Eco Recycling Ltd. recycles electrical and electronic waste.  The Company refurbishes equipment for resale; and disassembles components and recovers precious metals, glass, plastic, iron and steel, aluminum, copper and other materials; and disposes of hazardous substances.

Shipping Corporation of India Limited owns, operates and manages a fleet of bulk carriers, international container service, liquid/dry bulk service, tankers, passenger vessels and offshore supply vessels. The Company's fleet transports primarily crude oil.

BEML Limited produces and sells earthmoving equipment, including railway rolling stock, heavy duty vehicles, wheel loaders, trailers, excavators and heavy recovery vehicles.

V-Guard Industries Limited produces and manufacturers stabilizers, pumps, cables, fans, and electrical and solar water heaters.

Kirloskar Brothers Limited manufactures agricultural implements, power-driven pumps, sugarcane crushers, sluice valves, concrete mixers, ploughs, turbines, iron and steel castings and machine tools. The Group provides its customers with Finite Element Modelling and Computational Fluid Dynamics packages for Hydraulic analysis.  Kirloskar also supplies several turnkey Mini-Hydel power projects.

Repro India Ltd. offers commercial printing services.  The Company offers design, sourcing, procurement, printing and production, warehousing, and assembly services.

MEITEC CORPORATION provides high-end engineering outsourcing services targeting the R&D sector in various industries such as automobile, telecommunication, semiconductors, consumer electronics, and industrial machinery.

TechnoPro Holdings, Inc. offers services and solutions in mechanical and electronic design, IT and software development, and wide range of technological fields through outsourcing. The Company also has presence in biological, chemical and construction management businesses.

BlueFocus Communication Group Co., Ltd. provides public relation services and brand management services for corporations.  The Company's services include brand promotion, product promotion, hazard management, function management, digital media sales, and social responsibilities services.

Bluefocus Communication Group Co, Ltd. (300058 CH)

Huron Consulting Group Inc. is an independent provider of financial and operational consulting services. The company provides services to a wide variety of both financially sound and distressed organizations, including Fortune 500 companies, medium-sized and large businesses, leading academic institutions, healthcare organizations and the law firms.

Applus Services, S.A. provides certification services. The Company offers consultancy, engineering, inspection, non-destructive testing, technical assistance, and type approval.

Hays Plc provides specialist recruitment and human resource services for clients and candidates requiring permanent and temporary, professional and technical staff.

PageGroup PLC operates as a recruitment consultancy. The Company provides permanent, contract, and temporary recruitment services for executives, qualified professionals, and clerical professionals across a broad range of industries. PageGroup offers its services worldwide.

GlobalData plc provides research and consulting solutions for the healthcare, ICT and consumer industries. The Company offers insight and expertise to medical and pharmaceutical markets.

CRA International Inc. is an economic and business consulting firm that serves a broad range of clients.  The Company provides legal and regulatory consulting and business consulting to clients such as law firms, corporations, government agencies, utilities, and national and international trade associations.

OUTSOURCING Inc. provides outsourcing services for manufacturing companies. The Company mainly provides services for industries such as food, electric equipment, transport machine, chemical, and metal.  Outsourcing also provides worker dispatching service.

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)

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

RITES: Robust Order Book To Drive Future Growth

We expect the company to deliver Revenues/EBITDA/APAT growth of 26%/23%/21% CAGR respectively over FY21-23E. RITES Ltd (RITES) maintained an EBITDA...

Axis Direct

RITES: Execution to Pick Up

Guidance on segmental revenue: For FY22E, RITE expects export revenue of Rs9bn which will be scattered over the next three quarters. Consultancy...

IDBI Capital

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