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>Voltas – a Tata Group company incorporated in 1954 is a leading RAC player in India.</li><li>Furthermore, it also provides mechanical, electrical and plumbing (MEP) services to international as well as domestic clients in areas of infrastructure.</li><li>The company is also a leading provider of end-to-end solutions in textile machinery and mining &amp; construction equipment.</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.

Voltas – a Tata Group company incorporated in 1954 is a leading RAC player in India.Furthermore, it also provides mechanical, electrical and plumbing (MEP) services to international as well as domestic clients in areas of infrastructure.The company is also a leading provider of end-to-end solutions in textile machinery and mining &amp; construction equipment.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 - Demand Recovery Aided By Strong Summer Season

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>Berger Paints: BRGR delivered an in-line top-line (5.6% YoY three-year CAGR: 17% INR27bn) whose three-year CAGR was at par with APNT’s</li><li>Decorative business clocked ~6.6/7.2% volume/value YoY growth (3-year value CAGR: 17.2%)</li><li>Distribution expansion was stepped up (addition of 8k sales points in 9MFY23)</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.

Berger Paints: BRGR delivered an in-line top-line (5.6% YoY three-year CAGR: 17% INR27bn) whose three-year CAGR was at par with APNT’sDecorative business clocked ~6.6/7.2% volume/value YoY growth (3-year value CAGR: 17.2%)Distribution expansion was stepped up (addition of 8k sales points in 9MFY23)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: Berger Paints, Voltas, Aditya Birla Fashion and Retail, Kansai Nerolac

Global Healthcare Analyst

Tina Banerjee

<ul>
<li>In Q2FY23, <a href="https://www.smartkarma.com/entities/thermax-ltd" target="_blank" data-smartkarma-citation="entities:4578:1" rel="noopener">Thermax (TMX IN)</a> recorded strong revenue growth of 41% y/y to Rs20.8bn, driven by strong growth across all the three segments.</li>
<li>The company bore the brunt of high raw material prices as EBIT margins saw a 900 bps decline y/y to 6.9%. However, EBIT margin improved 200 bps over Q1FY23.</li>
<li>The order book of the company grew 46% y/y to Rs94.8bn. Order book is well diversified across sectors. Domestic orders comprised ~84% of the order book.  </li>
</ul>


In Q2FY23, Thermax (TMX IN) recorded strong revenue growth of 41% y/y to Rs20.8bn, driven by strong growth across all the three segments.
The company bore the brunt of high raw material prices as EBIT margins saw a 900 bps decline y/y to 6.9%. However, EBIT margin improved 200 bps over Q1FY23.
The order book of the company grew 46% y/y to Rs94.8bn. Order book is well diversified across sectors. Domestic orders comprised ~84% of the order book.  


Thermax (TMX IN): Strong Order Book Entails Visibility Amid Margin Pressure

Consumer Analyst / Channel Surveillance Specialist, Trudence Capital Advisors

Pranav Bhavsar

Consumer Analyst / Channel Surveillance Specialist

Trudence Capital Advisors

Trudence Capital Advisors Private Limited is a SEBI-registered Research Analyst, holding SEBI registration number INH000015747. Our firm is dedicated to providing independent and unbiased research on Indian mid to large-cap companies. Trudence Capital is known for its counter-consensus views, with a focus on forensic research and on-ground primary investigations. Our research approach is thorough, involving detailed analysis of accounting practices and governance, alongside extensive channel checks.

Independent & Unbiased Research

Johnson Controls-Hitachi Air Conditioning India / Equity Bottom-Up

Johnson Controls-Hitachi Air Conditioning India

<ul>
<li>Our channel interactions continue to suggest, <a href="https://www.smartkarma.com/entities/johnson-controls-hitachi-air-conditioning-india-ltd" target="_blank" data-smartkarma-citation="entities:6172:1" rel="noopener">Johnson Controls-Hitachi Air Conditioning India (JCHAC IN)</a> will not be able to recover market share over the next two years. </li>
<li>More disappointment in line with what we have seen in Q2 remains a strong probability. </li>
<li>Other annual report concerns also warrant attention, best to AVOID in spite of a sharp correction in stock price. </li>
</ul>


Our channel interactions continue to suggest, Johnson Controls-Hitachi Air Conditioning India (JCHAC IN) will not be able to recover market share over the next two years. 
More disappointment in line with what we have seen in Q2 remains a strong probability. 
Other annual report concerns also warrant attention, best to AVOID in spite of a sharp correction in stock price. 


Johnson Hitachi (JCHAC IN) | Losing Its "Cool"

<ul><li>Weak Q2 print, aggregate revenue YoY/three-year CAGR at 6/12%: Our appliances coverage universe is expected to deliver revenue YoY/three-year CAGR (ex-Butterfly acquisition) of 6/12% in Q2FY23 (vs 24/11% in Q2FY22 and 61/9% in Q1FY23)</li><li>The quarter marred by destocking impact, unfavorable base, and extended monsoon saw weak execution</li><li>The premium segment has done well across categories but mass segment has seen slowdown during Q2.</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.

Weak Q2 print, aggregate revenue YoY/three-year CAGR at 6/12%: Our appliances coverage universe is expected to deliver revenue YoY/three-year CAGR (ex-Butterfly acquisition) of 6/12% in Q2FY23 (vs 24/11% in Q2FY22 and 61/9% in Q1FY23)The quarter marred by destocking impact, unfavorable base, and extended monsoon saw weak executionThe premium segment has done well across categories but mass segment has seen slowdown during Q2.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.

Consumer Durables (Q2FY23 Results Preview): Weak Q2 print, expect better H2FY23 delivery

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)

Voltas - Demand Recovery Aided By Strong Summer Season

Voltas – a Tata Group company incorporated in 1954 is a leading RAC player in India. Furthermore, it also provides mechanical, electrical and...

Axis Direct

HSIE Results Daily: Berger Paints, Voltas, Aditya Birla Fashion and Retail, Kansai Nerolac

Berger Paints: BRGR delivered an in-line top-line (5.6% YoY three-year CAGR: 17% INR27bn) whose three-year CAGR was at par with APNT’s

HDFC Securities

Thermax (TMX IN): Strong Order Book Entails Visibility Amid Margin Pressure

In Q2FY23, Thermax reported 41% revenue growth, while the company’s order book jumped 46%. However, inflationary pressures are expected to impact...

Tina Banerjee

Johnson Hitachi (JCHAC IN) | Losing Its "Cool"

In spite of a sharp correction in price, Johnson Hitachi (JCHAC IN) is best an AVOID. Product quality issues and loss in market share imply more...

Pranav Bhavsar

Consumer Durables (Q2FY23 Results Preview): Weak Q2 print, expect better H2FY23 delivery

Our appliances coverage universe is expected to deliver revenue YoY/three-year CAGR (ex-Butterfly acquisition) of 6/12% in Q2FY23 (vs 24/11% in...

HDFC Securities

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