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
ITD Cementation India Ltd. - ITD Cementation reported Q1 FY23 revenue /Ebitda/adjusted profit after tax at Rs 11/0.9/0.3 billion, missing our estimates on all fronts by 8/16/24.4%. FY23 revenue guidance remained unchanged at 25% YoY growth for FY23, with margin in high single digit, and as commodity inflation is expected to cool off in the coming quarters, margin is expected to move into lower double digits in FY24. With an order inflow of Rs 60.8 billion in Q1 FY23, the order book, as of June 2022, stood at Rs 206.4 billion, which is a lifetime high for the company.
Repco Home Finance Ltd. - Repco’s Q1 FY23 earnings surprised positively after a slew of disappointing performances over the past few quarters. Gross stage-III/net stage-III improved QoQ to 6.4%/4.2% (Q4 FY22: 7%/4.9%), as aligned to the Reserve Bank of India’s revised asset classification norms. Loan book grew sequentially by 1% as disbursals witnessed healthy traction and the management is upbeat about delivering 10-11% loan growth in FY23.
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