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>Novelis delivered a good set of numbers with a surprise recovery in the Adj EBITDA/t beating our estimate.</li><li>Adj EBITDA/t recovered QoQ to $519/t, up 1%/8% YoY/QoQ (6% beat), led by higher operating leverage on improving shipments as the core can segment destocking is largely over along with improving recycling volumes.</li><li>Revenue stood flat QoQ and stood in line with our estimate at $4,107 Mn (de-grew 14% YoY over the high base of the last year on higher shipments before the onset of Can destocking and higher LME aluminium prices).</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>

Novelis delivered a good set of numbers with a surprise recovery in the Adj EBITDA/t beating our estimate.Adj EBITDA/t recovered QoQ to $519/t, up 1%/8% YoY/QoQ (6% beat), led by higher operating leverage on improving shipments as the core can segment destocking is largely over along with improving recycling volumes.Revenue stood flat QoQ and stood in line with our estimate at $4,107 Mn (de-grew 14% YoY over the high base of the last year on higher shipments before the onset of Can destocking and higher LME aluminium prices).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.

Hindalco Industries Ltd - Adj. EBITDA/T Beat at Novelis Surprises Positively