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
Maruti Suzuki India Ltd. - Maruti Suzuki Q1 earnings at Rs 10.1 billion were below our estimate of Rs 17 billion due to margin miss due to higher input costs, higher discounts and high staff costs; low other income due to an mark-to-market loss and higher tax rate.
Bajaj Finance Ltd. - Bajaj Finance’s Q1 FY23 earnings surprised positively with strong all-round operating performance. On the back of continued strong client additions, assets under management growth was balanced across segments except auto business-to-business and securities lending.
Tata Motors Ltd. - Tata Motors posted weak performance in Q1, both at JLR and in the India business. While JLR posted down 4.4% Ebit margin due to lower volumes and adverse mix, the combined India business posted an free cash flow loss of Rs 28.9 billion due to adverse working capital.
Bajaj Auto Ltd. - Bajaj Auto’s Q1 earnings were ahead of estimates, led by better-than expected margin, which was driven by improved mix, favorable currency, and price hikes.
Colgate Palmolive India Ltd. - Colgate reported a miss on our net revenue and Ebitda estimates. Net revenue grew by 3% YoY, at a 3% three-year CAGR. Volume declined ~3% YoY, a three-year CAGR of -1% versus Hindustan Unilever Ltd.’s 2%. The deceleration was largely industry led rather than market share loss.
UTI Asset Management Company Ltd. - UTI AMC reported a soft quarter in line with estimates despite improvement in equity yields, as elevated staff costs continue to weigh on core profitability.
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