External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

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Equity Bottom-Up

<p>Aarti Industries: We maintain our BUY recommendation on Aarti Industries (AIL) with a target price of INR 1,330/share. We expect the company's PAT to grow at a 31% CAGR over FY22-24E. AIL's constant focus on Capex and R&amp;D will enable it to remain competitive and expand its customer base. The toluene segment in India is mainly untapped and catered to through imports; AIL will benefit in the long term by entering this segment. Q2 EBITDA/APAT were 4/2% below our estimates, attributable to significantly higher-than-expected raw material cost, higher-than-expected opex, offset by a 16% rise in revenue, lower-than-expected depreciation, and finance cost.</p>
<div class="content-highlight"><em>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.</em></div>

Aarti Industries: We maintain our BUY recommendation on Aarti Industries (AIL) with a target price of INR 1,330/share. We expect the company's PAT to grow at a 31% CAGR over FY22-24E. AIL's constant focus on Capex and R&amp;D will enable it to remain competitive and expand its customer base. The toluene segment in India is mainly untapped and catered to through imports; AIL will benefit in the long term by entering this segment. Q2 EBITDA/APAT were 4/2% below our estimates, attributable to significantly higher-than-expected raw material cost, higher-than-expected opex, offset by a 16% rise in revenue, lower-than-expected depreciation, and finance cost.
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.

HSIE Results Daily: Aditya Birla Capital, Indian Oil Corporation, BPCL, Cholamandalam, Voltas,...

External broker reports(aggregated public sources), Edelweiss Broking Limited

Edelweiss

<p>Voltas’ (VOLT) performance in Q1FY22 was robust with revenue/EBITDA/PAT rising 38%/103%/50% YoY (ahead of est. by 10%/8%/18%). While the EMPS segment’s performance (67.1% YoY) was below expectations, the UCP segment witnessed betterthan-expected performance (18.7% YoY).</p><div class="content-highlight"><em>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.</em></div>

Voltas’ (VOLT) performance in Q1FY22 was robust with revenue/EBITDA/PAT rising 38%/103%/50% YoY (ahead of est. by 10%/8%/18%). While the EMPS segment’s performance (67.1% YoY) was below expectations, the UCP segment witnessed betterthan-expected performance (18.7% 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.

Voltas: Beat on Estimates; Healthy Performance to Continue

India

Voltas Limited offers engineering solutions for a wide spectrum of industries in areas such as heating, ventilation and air conditioning, refrigeration, electro-mechanical projects, textile machinery, machine tools, mining and construction equipment, materials handling, water management, building management systems, indoor air quality and chemicals.

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Voltas Ltd (VOLT IN)

HSIE Results Daily: Aditya Birla Capital, Indian Oil Corporation, BPCL, Cholamandalam, Voltas,...

Aarti Industries: We maintain our BUY recommendation on Aarti Industries (AIL) with a target price of INR 1,330/share. We expect the company's PAT...

HDFC Securities

Voltas: Beat on Estimates; Healthy Performance to Continue

Voltas’ (VOLT) performance in Q1FY22 was robust with revenue/EBITDA/PAT rising 38%/103%/50% YoY (ahead of est. by 10%/8%/18%).

Edelweiss

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