External broker reports(aggregated public sources), Motilal Oswal Financial Services Limited

Motilal Oswal

Motilal Oswal Financial Services Limited is an Indian diversified financial services firm offering a range of financial products and services. 

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.

External broker reports(aggregated public sources)

Motilal Oswal Financial Services Limited

Motilal Oswal Financial Services Limited is an Indian diversified financial services firm offering a range of financial products and services. 

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

<p>Lower realization/higher costs led to 9%/6% drop in FY23E/FY24E EBITDA, which along with higher debt assumptions resulted in 20%/14% decline in profit estimates, respectively. Though, TRCL's near-term outlook looks challenging due to higher fuel costs (INR570/t increase in 3QFY22 variable cost v/s FY21 average), we expect the company to benefit from commissioning of new capacities. The stock trades at 15.9x/12.9x FY23E/24E EV/EBITDA and USD165/t capacity.</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>

Lower realization/higher costs led to 9%/6% drop in FY23E/FY24E EBITDA, which along with higher debt assumptions resulted in 20%/14% decline in profit estimates, respectively. Though, TRCL's near-term outlook looks challenging due to higher fuel costs (INR570/t increase in 3QFY22 variable cost v/s FY21 average), we expect the company to benefit from commissioning of new capacities. The stock trades at 15.9x/12.9x FY23E/24E EV/EBITDA and USD165/t capacity.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.

Elevated cost and high volume in the East weigh on margins

Ramco Cements

Elevated cost and high volume in the East weigh on margins