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. 

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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>APL Apollo Tubes (APAT) results missed ours and the street's expectations on the margins front.</li><li>EBITDA/t at Rs 3,850/t (down 26%/16% YoY/QoQ) missed ours and streets estimate of ~Rs 4,400/t, due to 1) weaker sales mix (Rs 300/t impact) - commoditized sales contributing 45% of overall volumes vs 35-40% historically 2) Raipur (ABPL) currently breaking even as plant is still ramping up (Rs 100/t impact) and 3) Aggressive sales push to retain market share (Rs 337/t impact):</li><li>Company offered discounts to push sales as distributors were in de-stocking mode.</li></ul><p><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></p>

APL Apollo Tubes (APAT) results missed ours and the street's expectations on the margins front.EBITDA/t at Rs 3,850/t (down 26%/16% YoY/QoQ) missed ours and streets estimate of ~Rs 4,400/t, due to 1) weaker sales mix (Rs 300/t impact) - commoditized sales contributing 45% of overall volumes vs 35-40% historically 2) Raipur (ABPL) currently breaking even as plant is still ramping up (Rs 100/t impact) and 3) Aggressive sales push to retain market share (Rs 337/t impact):Company offered discounts to push sales as distributors were in de-stocking mode.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.

APL Apollo Tubes - Destocking Dents EBITDA/T, Growth Levers Still Intact; Maintain BUY

Apl Apollo Tubes

APL Apollo Tubes - Destocking Dents EBITDA/T, Growth Levers Still Intact; Maintain BUY