External broker reports(aggregated public sources), Emkay Global Financial Services Limited

Emkay

Emkay Global Financial Services Ltd. is a leader in the financial services sector, actively creating wealth for our clients for over two decades.

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External broker reports(aggregated public sources)

Emkay Global Financial Services Limited

Emkay Global Financial Services Ltd. is a leader in the financial services sector, actively creating wealth for our clients for over two decades. 

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>APTY delivered a steady Q3, with revenue growth accelerating to 5% YoY, surpassing our estimate (by 3%), and driven by strong replacement demand; offset by flattish exports and weak OEM demand.</li><li>Consolidated EBITDAM expanded marginally by ~10bps QoQ to 13.7% with EBITDA improving 8% QoQ to Rs9.5bn, despite a 15% YoY rise in RM costs, supported by operational efficiencies/improved margins in the European business.</li><li>Management anticipates a gradual margin recovery going into Q4 as RM prices stabilize.</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>

APTY delivered a steady Q3, with revenue growth accelerating to 5% YoY, surpassing our estimate (by 3%), and driven by strong replacement demand; offset by flattish exports and weak OEM demand.Consolidated EBITDAM expanded marginally by ~10bps QoQ to 13.7% with EBITDA improving 8% QoQ to Rs9.5bn, despite a 15% YoY rise in RM costs, supported by operational efficiencies/improved margins in the European business.Management anticipates a gradual margin recovery going into Q4 as RM prices stabilize.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.

Apollo Tyres - Steady Q3; Margin Recovery to Be a Gradual Process