Surya Roshni Q2 Results Review - Profitability Weaker Than Expected; Downgrade To 'Hold': IDBI Capital

BQ Prime’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BQ Prime’s subscribers an opportunity to expand their understanding of companies, sectors and the economy..IDBI Capital Report.Surya Roshni Ltd.’s Q2 FY24 Ebitda was weaker than expected. Steel pipes segment Ebitda/tonne remained flat YoY, although it recovered 16.3% QoQ to Rs 5,104 led by strong growth in value added products (mainly API pipes). It continued to maintain robust order book of Rs 7.5 billion from oil and gas sector and export. Lighting and consumer durables segment sales were flat YoY to Rs 3,770 million; nevertheless, segment Ebitda increased 9.3% YoY to Rs 350 million. Lastly, its net debt fell by Rs 1.9 billion in Q2 FY24; Surya Roshni aims to become net debt free by H1 FY25. We lower our FY24 Ebitda estimate by 16% given weaker than expected Q2 FY24 Ebitda and broadly maintain our FY25 forecasts. Our SOTP-based target price stands at Rs 530. Given the rise in share price, we downgrade the stock to 'Hold' rating..Click on the attachment to read the full report:.KEC International Q2 Review - Robust Execution But An Elevated Debt Level Poses Concerns: Axis Securities.DISCLAIMERThis report is authored by an external party. BQ Prime does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of BQ Prime..Users have no license to copy, modify, or distribute the content without permission of the Original Owner.

Surya Roshni Q2 Results Review - Profitability Weaker Than Expected; Downgrade To 'Hold': IDBI Capital

Lighting and consumer durables margins improve

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