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>Shree Cement (SRCM)’s 2QFY25 EBITDA was in line as lower-than-estimated realization/t was offset by lower-than-estimated opex/t.</li><li>EBITDA declined ~32% YoY to INR5.9m (in line), and EBITDA/t declined 27% YoY to INR780 (est. INR815).</li><li>OPM contracted 3pp YoY to 16%. PAT declined 81% YoY to INR931m (vs. est. of INR738m, due to lower tax provisioning).</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 (SRCM)’s 2QFY25 EBITDA was in line as lower-than-estimated realization/t was offset by lower-than-estimated opex/t.EBITDA declined ~32% YoY to INR5.9m (in line), and EBITDA/t declined 27% YoY to INR780 (est. INR815).OPM contracted 3pp YoY to 16%. PAT declined 81% YoY to INR931m (vs. est. of INR738m, due to lower tax provisioning).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 - In-Line EBITDA; Strategic Hurdles Loom in the near Term

External broker reports(aggregated public sources), Axis Direct

Axis Direct

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.

<ul><li>Capacity expansion progressing well: The work on the capacity expansion program already announced by the company is running as per the schedule.</li><li>We believe these are positive moves and will allow the company to catch up with its larger peers and strengthen its footprint.</li><li>We estimate Shree Cement to post volume growth of 10% CAGR over FY23-FY26E.</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.

Capacity expansion progressing well: The work on the capacity expansion program already announced by the company is running as per the schedule.We believe these are positive moves and will allow the company to catch up with its larger peers and strengthen its footprint.We estimate Shree Cement to post volume growth of 10% CAGR over FY23-FY26E.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 Limited - Results Below Expectations; Retain HOLD

<ul><li>Capacity expansion progressing well: During the quarter, the company reported volume growth of 8% at 9.64 mtpa and was better than other larger peers in the industry.</li><li>The company recently commissioned its Guntur plant in Andhra Pradesh with 1.5 mtpa Clinker and 3 mtpa grinding capacity.</li><li>The work on the capacity expansion program already announced by the company is running as per the schedule. </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.

Capacity expansion progressing well: During the quarter, the company reported volume growth of 8% at 9.64 mtpa and was better than other larger peers in the industry.The company recently commissioned its Guntur plant in Andhra Pradesh with 1.5 mtpa Clinker and 3 mtpa grinding capacity.The work on the capacity expansion program already announced by the company is running as per the schedule. 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 Limited - Soft Cement Prices & Higher Cost Hurt Profitabilty

<ul><li>Capacity expansion progressing well: The company recently commissioned its Guntur plant in Andhra Pradesh with 1.5 mtpa Clinker and 3 mtpa grinding capacity.</li><li>The work on the capacity expansion program already announced by the company is running as per the schedule.</li><li>We believe these are positive moves and will allow the company to catch up with its larger peers and strengthen its footprint. </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.

Capacity expansion progressing well: The company recently commissioned its Guntur plant in Andhra Pradesh with 1.5 mtpa Clinker and 3 mtpa grinding capacity.The work on the capacity expansion program already announced by the company is running as per the schedule.We believe these are positive moves and will allow the company to catch up with its larger peers and strengthen its footprint. 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 Limited - Strong Operating Performance Delivered

<ul><li>SCL reported robust set of numbers with Volume/Revenue/EBITDA/APAT growth of 11%/20%/74%/165%YoY(above expectations), driven by better demand in its operating regions, and higher realization led by higher merchant power sales.</li><li>The company reported a profit of Rs 734 Cr against Rs 277 Cr in Q3FY23. The company recorded an EBITDA margin of 25.2% (expectation of 21.3%)against 17.4% YoY,led by higher realization, lower power/fuel and freight costs.</li><li>The quarter’s volume stood at 8.89Mn tonnes per annum (mntpa), up 11% YoY.SCL’s EBITDA/tonne stood at Rs 1,388, up 57%/31% YoY/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.

SCL reported robust set of numbers with Volume/Revenue/EBITDA/APAT growth of 11%/20%/74%/165%YoY(above expectations), driven by better demand in its operating regions, and higher realization led by higher merchant power sales.The company reported a profit of Rs 734 Cr against Rs 277 Cr in Q3FY23. The company recorded an EBITDA margin of 25.2% (expectation of 21.3%)against 17.4% YoY,led by higher realization, lower power/fuel and freight costs.The quarter’s volume stood at 8.89Mn tonnes per annum (mntpa), up 11% YoY.SCL’s EBITDA/tonne stood at Rs 1,388, up 57%/31% YoY/QoQ.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 Limited - Strong Operating Performance

India

Shree Cement Ltd. manufactures cement and cement products. The Company sells its products primarily in Northern India under its own brand names.

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Shree Cement (SRCM IN)

Shree Cement - In-Line EBITDA; Strategic Hurdles Loom in the near Term

Shree Cement (SRCM)’s 2QFY25 EBITDA was in line as lower-than-estimated realization/t was offset by lower-than-estimated opex/t.

Motilal Oswal

Shree Cement Limited - Results Below Expectations; Retain HOLD

Capacity expansion progressing well: The work on the capacity expansion program already announced by the company is running as per the schedule.

Axis Direct

Shree Cement Limited - Soft Cement Prices & Higher Cost Hurt Profitabilty

Capacity expansion progressing well: During the quarter, the company reported volume growth of 8% at 9.64 mtpa and was better than other larger...

Axis Direct

Shree Cement Limited - Strong Operating Performance Delivered

Capacity expansion progressing well: The company recently commissioned its Guntur plant in Andhra Pradesh with 1.5 mtpa Clinker and 3 mtpa grinding...

Axis Direct

Shree Cement Limited - Strong Operating Performance

The quarter’s volume stood at 8.89Mn tonnes per annum (mntpa), up 11% YoY.SCL’s EBITDA/tonne stood at Rs 1,388, up 57%/31% YoY/QoQ.

Axis Direct

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