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.
Motilal Oswal Report
MRF Ltd.’s Q1 FY23 revenue was a beat, but margin was impacted due to cost pressures (raw material cost pressure and higher other expenses).
Lower other income impacted profit after tax. The industry is taking gradual price increases to dilute the impact of severe cost inflation.
We reduce our FY23 earnings per share estimate of MRF by 5.5% to account for margin pressure and upgrade out FY24 EPS estimate by ~12% to factor in lower commodity costs, in turn improving margin.
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