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

<p>NOCIL Ltd Q2FY22 performance was lower than our and street expectations on all fronts. Revenues stood at Rs 375 Cr (our estimate was Rs 378 Cr) and were up 222%/9% YoY/QoQ. The growth was on account of a 17%/5% YoY/QoQ volume growth as well as higher capacity utilization. In Q2FY22, Gross Margins came in at 40.9% (lower than our estimate), registering a significant fall of 756bps/889bps on YoY/QoQ on the back of high-cost inventory, as guided in Q1FY22. EBITDA came in at Rs 50 Cr (our estimate was Rs 83 Cr) while the EBITDA Margins were reported at 13.4%. EBITDA grew by 61% YoY but fell by 32% QoQ.</p><p>Maintain BUY with a revised TP of Rs 300/share (previously Rs 315/share) valuing it at 20x FY24E EPS.</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>

NOCIL Ltd Q2FY22 performance was lower than our and street expectations on all fronts. Revenues stood at Rs 375 Cr (our estimate was Rs 378 Cr) and were up 222%/9% YoY/QoQ. The growth was on account of a 17%/5% YoY/QoQ volume growth as well as higher capacity utilization. In Q2FY22, Gross Margins came in at 40.9% (lower than our estimate), registering a significant fall of 756bps/889bps on YoY/QoQ on the back of high-cost inventory, as guided in Q1FY22. EBITDA came in at Rs 50 Cr (our estimate was Rs 83 Cr) while the EBITDA Margins were reported at 13.4%. EBITDA grew by 61% YoY but fell by 32% QoQ.Maintain BUY with a revised TP of Rs 300/share (previously Rs 315/share) valuing it at 20x FY24E EPS.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.

NOCIL: Strong Demand Outlook; Margins to Be Under Pressure in the near Term

Nocil Ltd

NOCIL: Strong Demand Outlook; Margins to Be Under Pressure in the near Term