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
JK Cement Ltd. - In Q4 FY22, JK Cement's grey cement volume picked up QoQ, white/putty volume declined. Overall margin contracted in both the segments on rising energy costs. White profitability is additionally hit and continues to slide at a faster pace on increased competition (from paint companies). Consolidated revenue rose 10% YoY on higher grey net sales realisation.
The Ramco Cements Ltd. - We continue to like Ramco Cements for its strong retail presence in the south and growth oriented strategy.
Nuvoco Vistas Corporation Ltd. - We continue to like Nuvoco Vistas for its leadership presence in the east, large retail focus, and various margin initiatives. The company is also working to reduce leverage on its books (March 2022 net debt/Ebitda at 3.5 times, versus 4.7 times YoY).
Heidelberg Cement India Ltd. - In the absence of any major planned expansion for the next three years, we expect subdued volume growth and loss in market share, as other players expand in Heidelberg Cement’s core markets.
Karur Vysya Bank Ltd. - Karur Vysya Bank reported a significant beat on our estimates, led by better net interest margins and lower credit cost (1.1% annualised). Asset quality improved, with gross non-performing asset at ~6%, led by negative net slippages, while the restructured pool remained largely steady at ~2.8% of loans.
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