External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

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External broker reports(aggregated public sources)

HDFC securities is the best online trading platform for stocks, IPOs, mutual fund 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>We maintain our ADD stance on Sagar Cements (SGC), with an unchanged TP of INR 215/share (7.5x its Mar-25E consolidated EBITDA)</li><li>In Q1FY24, Sagar delivered weak volumes – a decline of 1/13% YoY/QoQ owing to maintenance shutdown at the Mattampally plant. NSR was flattish QoQ in Q1</li><li>Opex increased 1% QoQ owing to op-lev loss and higher freight cost</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>

We maintain our ADD stance on Sagar Cements (SGC), with an unchanged TP of INR 215/share (7.5x its Mar-25E consolidated EBITDA)In Q1FY24, Sagar delivered weak volumes – a decline of 1/13% YoY/QoQ owing to maintenance shutdown at the Mattampally plant. NSR was flattish QoQ in Q1Opex increased 1% QoQ owing to op-lev loss and higher freight costContent 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.

Sagar Cements (Q1FY24): Weak Volume with Low Margin. Maintain ADD