External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

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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.

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<ul><li>Demand momentum remains robust: We estimate our coverage universe of 15 companies will deliver strong 12% YoY volume growth (four-year CAGR: 9%) in Q2FY24</li><li>On a QoQ basis, we estimate sales volume will reduce 11% on seasonal demand weakness</li><li>Aggregate utilisation should expand ~350bps YoY to 76%, in our view</li><li>We expect industry-leading volume offtake (13% and more) by UltraTech, Birla Corp, JK Cement, Ramco Cements, and Sagar Cement.</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 momentum remains robust: We estimate our coverage universe of 15 companies will deliver strong 12% YoY volume growth (four-year CAGR: 9%) in Q2FY24On a QoQ basis, we estimate sales volume will reduce 11% on seasonal demand weaknessAggregate utilisation should expand ~350bps YoY to 76%, in our viewWe expect industry-leading volume offtake (13% and more) by UltraTech, Birla Corp, JK Cement, Ramco Cements, and Sagar Cement.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 (Q2FY24 Results Preview): Robust demand for sixth consecutive quarter

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>Cement demand momentum continued in Q2FY24: Following robust volume growth in Q1FY24, cement demand momentum continued in Q2FY24, although Q2 is typically impacted by seasonal fluctuations due to the monsoon.</li><li>Demand momentum was primarily driven by government-led infrastructure and housing development, as well as encouraging real estate demand.</li><li>Demand momentum had slowed in Jul'23 due to monsoon rains, but strengthened in Aug’23 and continued in Sep’23, albeit with some moderation due to monsoon rains.</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.

Cement demand momentum continued in Q2FY24: Following robust volume growth in Q1FY24, cement demand momentum continued in Q2FY24, although Q2 is typically impacted by seasonal fluctuations due to the monsoon.Demand momentum was primarily driven by government-led infrastructure and housing development, as well as encouraging real estate demand.Demand momentum had slowed in Jul'23 due to monsoon rains, but strengthened in Aug’23 and continued in Sep’23, albeit with some moderation due to monsoon rains.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.

Equity Bottom-Up

<ul><li>In FY23, the company recorded a net revenue of Rs 63,240 Cr.</li><li>Most notably, it also achieved the distinctive milestone of producing, dispatching, and selling 100 million tons, which was supported by the company’s effective capacity utilisation rate of 84% for the year.</li><li>The company reported an EBITDA of Rs10,620 Cr in FY23, which stood 8% lower than the previous year’s EBITDA. </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.

In FY23, the company recorded a net revenue of Rs 63,240 Cr.Most notably, it also achieved the distinctive milestone of producing, dispatching, and selling 100 million tons, which was supported by the company’s effective capacity utilisation rate of 84% for the year.The company reported an EBITDA of Rs10,620 Cr in FY23, which stood 8% lower than the previous year’s EBITDA. 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.

UltraTech Cement Ltd - Well-Positioned to Capitalize on Demand Tailwinds

<ul><li>The companies under our coverage reported Volume/Revenue/EBITDA/APAT growth of 19%/16%/10%/15% YoY against expectation of 13%/11%/17%/15%.</li><li>EBITDA margins contracted by 80bps YoY but improved by 50bps QoQ.</li><li>EBITDA/tonne for the quarter stood at Rs 858, down 7% YoY but up 2% sequentially.</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 companies under our coverage reported Volume/Revenue/EBITDA/APAT growth of 19%/16%/10%/15% YoY against expectation of 13%/11%/17%/15%.EBITDA margins contracted by 80bps YoY but improved by 50bps QoQ.EBITDA/tonne for the quarter stood at Rs 858, down 7% YoY but up 2% sequentially.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>UTCL reporteda mixed set of numbers during the quarter as its Volume/ Revenue grew by 20% and 17% respectively, (In line with expectations) driven by better demand YoY while EBITDA was below our and consensus estimates by 15% and 5% respectively, on the back of higher variable cost.</li><li>The company reported a profit of Rs 1,688 Cr against Rs 1,584 Cr in Q1FY23 (below expectation)</li><li>It recorded an EBITDA margin of 17.2% (vs. our estimates of 20%)against 20.4% 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.

UTCL reporteda mixed set of numbers during the quarter as its Volume/ Revenue grew by 20% and 17% respectively, (In line with expectations) driven by better demand YoY while EBITDA was below our and consensus estimates by 15% and 5% respectively, on the back of higher variable cost.The company reported a profit of Rs 1,688 Cr against Rs 1,584 Cr in Q1FY23 (below expectation)It recorded an EBITDA margin of 17.2% (vs. our estimates of 20%)against 20.4% 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.

UltraTech Cement Limited - Well Aligned To Capture Demand Tailwind

India

Ultra Tech Cement Ltd. produces a wide range of cement products. This Company represents the cement operations of Larsen & Toubro which were spun-off into a separate entity in which Grasim Industries holds a majority interest.

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Ultratech Cement (UTCEM IN)

Cement (Q2FY24 Results Preview): Robust demand for sixth consecutive quarter

Demand momentum remains robust: We estimate our coverage universe of 15 companies will deliver strong 12% YoY volume growth (four-year CAGR: 9%) in...

HDFC Securities

Cement - Q2FY24 Earnings Preview

Following robust volume growth in Q1FY24, cement demand momentum continued in Q2FY24, although Q2 is typically impacted by seasonal fluctuations...

Axis Direct

UltraTech Cement Ltd - Well-Positioned to Capitalize on Demand Tailwinds

Most notably, it also achieved the distinctive milestone of producing, dispatching, and selling 100 million tons, which was supported by the...

Axis Direct

Cement Sector: Q1FY24 Review

The companies under our coverage reported Volume/Revenue/EBITDA/APAT growth of 19%/16%/10%/15% YoY against expectation of 13%/11%/17%/15%.

Axis Direct

UltraTech Cement Limited - Well Aligned To Capture Demand Tailwind

UTCL reporteda mixed set of numbers during the quarter as its Volume/ Revenue grew by 20% and 17% respectively, (In line with expectations) driven...

Axis Direct

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