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.
HDFC Securities Institutional Equities
Hindustan Unilever Ltd. - HUL reported marginally better revenue growth at 16% (our estimate: 14%), with volume growth of 4% (our estimate: 3%). Three-year revenue and volume compound annual growth rates stand at 10% and 3%. Home care remained the showstopper, with 34% and 15% YoY/three-year CAGR. Beauty and personal care too marginally improved, with 11/7% YoY/three-year CAGR.
SBI Life Insurance Company Ltd. - SBI Life reported an all-time high adjusted of new business margin at 31.4% (up 634 bps YoY) on the back of a healthy non-participating savings mix at 24% alongside rejigging within NPAR annual premium equivalent mix towards longer-tenor policies, driving adjusted VNB to Rs 12.3 billion (up 23% YoY, up 12% versus estimates).
Ambuja Cements Ltd. - Ambuja Cements reported poor performance, as unitary Ebitda slumped 60/51% YoY/QoQ to Rs 452 per million tonne due to a sharp spike in energy cost (up ~Rs 320/860 per million tonne QoQ/YoY) and high other expenses. At the consolidated level, Ambuja Cements has an ambitious plan to double its capacity to 140 million metric tonne in the next five years.
Mphasis Ltd. - Mphasis posted soft Q2 FY23 performance with direct international revenue impacted by mortgage business decline and client specific furlough.
IndiaMart Intermesh Ltd. - IndiaMart posted an in-line quarter; revenue growth remained strong at up 7.1% QoQ while margins continued to remain under pressure.
IRB Infrastructure Developers Ltd. - IRB reported revenue/Ebitda of Rs 13.4/6.7 billion, ahead of our estimates by 6.2/3.9%. Ebitda margin came in at 49.5%, missing our estimate of 50.6%.
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