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. 

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)

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

Heidelberg Cement India / Equity Bottom-Up

<ul><li>Volume de-growth: The company reported a volume de-growth of 15% YoY, which was below expectations.</li><li>Consequently, the volume growth guidance is revised from 4% to -1%. The company is expected to achieve a volume growth CAGR of 5% over FY23-FY26E.</li><li>Decline in EBITDA margin: As a result of volume de-growth, lower realization YoY, and the impact of negative operating leverage, EBITDA margin declined by 660bps YoY. </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>

Volume de-growth: The company reported a volume de-growth of 15% YoY, which was below expectations.Consequently, the volume growth guidance is revised from 4% to -1%. The company is expected to achieve a volume growth CAGR of 5% over FY23-FY26E.Decline in EBITDA margin: As a result of volume de-growth, lower realization YoY, and the impact of negative operating leverage, EBITDA margin declined by 660bps YoY. 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.

Heidelberg Cement India Limited - Weakest Quarter; Downgrade To SELL