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>Automotive Axles posted weaker than expected Revenue/EBITDA/PAT than our estimates. Revenue at ~Rs 541 Cr, down17%/7% YoY/QoQ, (6% Miss) vs MHCV industry production volume which grew by 9%/3% YoY/QoQ (as per SIAM Dec’24 data).</li><li>EBITDA at Rs 58Cr was down 26%/12% YoY/QoQ (10% Miss) on account of higher personnel costs and other expenses as a percentage to sales, partly offset by higher gross margins. EBITDA margins stood at 10.7% vs. 11.3% in Q2FY23 (11.9% in Q3FY24, our estimate was 11.2%).</li><li>PAT stood at Rs 39 Cr, down 23%/13% YoY/QoQ(8% Miss), largely following the EBITDA; partly offset by higher nonoperating income.</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>

Automotive Axles posted weaker than expected Revenue/EBITDA/PAT than our estimates. Revenue at ~Rs 541 Cr, down17%/7% YoY/QoQ, (6% Miss) vs MHCV industry production volume which grew by 9%/3% YoY/QoQ (as per SIAM Dec’24 data).EBITDA at Rs 58Cr was down 26%/12% YoY/QoQ (10% Miss) on account of higher personnel costs and other expenses as a percentage to sales, partly offset by higher gross margins. EBITDA margins stood at 10.7% vs. 11.3% in Q2FY23 (11.9% in Q3FY24, our estimate was 11.2%).PAT stood at Rs 39 Cr, down 23%/13% YoY/QoQ(8% Miss), largely following the EBITDA; partly offset by higher nonoperating income.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.

Automotive Axles - Q3FY24: OVERALL MISS; OUTLOOK LIKELY TO BE MUTED