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
Mahindra and Mahindra Ltd. - M&M Q1 profit after tax, at Rs 14.7 billion, was below our estimate of Rs 16.5 billion due to lower-than-expected margin in the farm equipment segment. FES margin remained under pressure due to the inability to pass on rising costs and an adverse mix impact. We remain optimistic about M&M’s aggressive future roadmap for its core auto and FES segments.
Petronet LNG Ltd. - Petronet LNG's Q1 reported Ebitda was at Rs 11 billion (up 1% YoY, down 9% QoQ), broadly in line, while profit after tax came at Rs 7 billion (up 10% YoY, down 7% QoQ), ahead of our estimates, due to higher-than-expected other income. Volumes remained muted at 208 trillion British thermal units (down 0.5% YoY).
Dalmia Bharat Ltd. - Dalmia Bharat put up a decent show in Q1 FY23, amid soaring fuel prices and sub-par cost pass-through. Consolidated revenue jumped 27% YoY on similar volume uptick. However, Ebitda/adjusted profit after tax fell 18/30% YoY on surge in fuel prices and flattish realisation YoY.
JMC Projects India Ltd. - JMC Projects reported revenue/Ebitda/adjusted profit after tax of Rs 16.2/1.4/0.5 billion, beat at all levels (18/17/42% beat). The Ebida margin was muted at 8.4%, affected by commodity prices and supply chain issues. The revenue for the road build-own-operate-transfer assets increased to Rs 5.7 million per day (up 18% QoQ), owing to increase in traffic.
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