Marico, TVS Motor, SRF, City Union Bank, JK Lakshmi Cement And More Q2 Results Review: HDFC Securities

HDFC Securities Institutional Equities

Marico Ltd. - Marico posted an in-line performance on both revenue and Ebitda margin. Consolidated revenue was up 3% YoY while domestic revenue/volume were up 1/3% YoY (three-year revenue/volume compound annual growth rates at 11/7% versus Hindustan Unilever Ltd.’s 10/3%).

TVS Motor Company Ltd. - TVS’ Q2 profit after tax, at Rs 4.1 billion, was ahead of our estimate of Rs 3.9 billion due to better-than-expected revenue growth even as margins were in line.

SRF Ltd. - Our optimism on SRF is premised on continued healthy performance from speciality chemicals business; strong balance sheet; and deployment of capex for highgrowth speciality chemicals business over the next three-four years to tap opportunities emerging from the agrochemical and pharma industries.

City Union Bank Ltd. - Despite a lower other income, City Union Bank’s Q2 FY23 earnings beat our estimates on the back of lower-than-expected credit costs (1.1% annualised).

JK Lakshmi Cement Ltd. - We remain positive JK Lakshmi Cement for its focus on increasing trade sales and blended cement share/alternative fuels and raw material usage and optimising lead distance.

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