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>The company reported consolidated revenue of Rs 2,221 Cr in FY22, registering a robust growth of 29% YoY. </li><li>This was primarily on account of the new capacity ramp-up of it Siliguri Grinding unit which was commercialized in FY21. </li><li>The company posted an EBITDA of Rs 345 Cr, up 4% YoY. </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.

The company reported consolidated revenue of Rs 2,221 Cr in FY22, registering a robust growth of 29% YoY. This was primarily on account of the new capacity ramp-up of it Siliguri Grinding unit which was commercialized in FY21. The company posted an EBITDA of Rs 345 Cr, up 4% YoY. 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.

Star Cement Ltd - Capacity Expansion to Drive Growth; Outlook Remains Positive

<ul><li>StarCement (SCL)reported robust Volume/Revenuegrowth of 46%/44% (above expectation)YoY in Q2FY23, driven by higher demand in its operating region.</li><li>The company reported EBITDA margins of 11.7% against the expectation of 15%and was impacted by higher RM cost and other expenses during the quarter.</li><li>It reported realization growth of 1% YoY as its operating region of North-East and East India witnessed higher prices during the quarter.</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.

StarCement (SCL)reported robust Volume/Revenuegrowth of 46%/44% (above expectation)YoY in Q2FY23, driven by higher demand in its operating region.The company reported EBITDA margins of 11.7% against the expectation of 15%and was impacted by higher RM cost and other expenses during the quarter.It reported realization growth of 1% YoY as its operating region of North-East and East India witnessed higher prices during the quarter.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.

Star Cement Limited - Encouraging Volume Growth; Outlook Remains Positive

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>Healthy volumes; mixed pricing trend across regions: We estimate our coverage universe of 15 companies to deliver 8% YoY volume growth (three-year CAGR: 8%) in Q2FY23</li><li>We estimate average utilisation of ~71% vs 78/70% QoQ/YoY. In our view, cement prices fell ~3% QoQ on pan-India basis in Q2</li><li>Prices fell 5-6% QoQ each in north and central regions, 3-4% each in east and west regions and ~1-2% in south</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.

Healthy volumes; mixed pricing trend across regions: We estimate our coverage universe of 15 companies to deliver 8% YoY volume growth (three-year CAGR: 8%) in Q2FY23We estimate average utilisation of ~71% vs 78/70% QoQ/YoY. In our view, cement prices fell ~3% QoQ on pan-India basis in Q2Prices fell 5-6% QoQ each in north and central regions, 3-4% each in east and west regions and ~1-2% in southContent 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 (Q2FY23 Results Preview): Healthy offtake; costs to peak out in Q2

<ul><li>Traditionally Q2 is a soft quarter for cement producers from a demand perspective as it nosedives owing to the monsoon season impacting construction activities.</li><li>In Q2FY23, the cement companies witnessed soft demand in Jul’22 and Aug’22 but saw demand reviving strongly in Sep’22, driven by higher retail as well as institutional demand.</li><li>Institutional demand was more robust led by increasing construction activity after the receding monsoon.</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.

Traditionally Q2 is a soft quarter for cement producers from a demand perspective as it nosedives owing to the monsoon season impacting construction activities.In Q2FY23, the cement companies witnessed soft demand in Jul’22 and Aug’22 but saw demand reviving strongly in Sep’22, driven by higher retail as well as institutional demand.Institutional demand was more robust led by increasing construction activity after the receding monsoon.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 Q2fy23 Preview - Recovery on Cards Despite a Weak Quarter

<ul><li>Gujarat Gas: Our BUY recommendation on Gujarat Gas (GGL), with a price target of INR 575, is premised on (1) margin improvement; (2) portfolio of mature, semi-mature, and new geographical areas (GAs); and (3) compelling valuation, given superior return ratios among the city gas distribution players</li><li>Q1FY23 EBITDA/PAT at INR 6.1/3.8bn came in above our estimate, owing to lower-than-expected costs</li><li>Margin beat was driven by lower-than-expected gas cost due to lower offtake of expensive spot LNG gas by industrial/commercial customers, lower employee cost, and depreciation</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.

Gujarat Gas: Our BUY recommendation on Gujarat Gas (GGL), with a price target of INR 575, is premised on (1) margin improvement; (2) portfolio of mature, semi-mature, and new geographical areas (GAs); and (3) compelling valuation, given superior return ratios among the city gas distribution playersQ1FY23 EBITDA/PAT at INR 6.1/3.8bn came in above our estimate, owing to lower-than-expected costsMargin beat was driven by lower-than-expected gas cost due to lower offtake of expensive spot LNG gas by industrial/commercial customers, lower employee cost, and depreciationContent 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: Gujarat Gas, Aditya Birla Capital, Brigade Enterprises

India

Star Cement Limited manufactures construction materials. The Company produces and markets cement and concrete products. Star Cement serves customers in India.

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Star Cement Ltd (STRCEM IN)

Star Cement Ltd - Capacity Expansion to Drive Growth; Outlook Remains Positive

The company reported consolidated revenue of Rs 2,221 Cr in FY22, registering a robust growth of 29% YoY. This was primarily on account of the new...

Axis Direct

Star Cement Limited - Encouraging Volume Growth; Outlook Remains Positive

StarCement (SCL)reported robust Volume/Revenuegrowth of 46%/44% (above expectation)YoY in Q2FY23, driven by higher demand in its operating region.

Axis Direct

Cement (Q2FY23 Results Preview): Healthy offtake; costs to peak out in Q2

Healthy volumes; mixed pricing trend across regions: We estimate our coverage universe of 15 companies to deliver 8% YoY volume growth (three-year...

HDFC Securities

Cement Q2fy23 Preview - Recovery on Cards Despite a Weak Quarter

Traditionally Q2 is a soft quarter for cement producers from a demand perspective as it nosedives owing to the monsoon season impacting...

Axis Direct

HSIE Results Daily: Gujarat Gas, Aditya Birla Capital, Brigade Enterprises

Margin beat was driven by lower-than-expected gas cost due to lower offtake of expensive spot LNG gas by industrial/commercial customers, lower...

HDFC Securities

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