Torrent Power, Indraprastha Gas, City Union Bank, Zensar Tech, Deccan Cements Q1 Reviews: HDFC Securities

HDFC Securities Institutional Equities

Torrent Power Ltd. - Torrent Power’s Q1 FY23 adjusted profit after tax grew 101.6% YoY to Rs 5 billion, led by gain from sturdy sale of liquefied natural gas as elevated prices of LNG made its commercial sale more favorable than generating electricity; reduction in transmission and distribution losses, improved volume, and realisation across franchisee distribution segment.

Indraprastha Gas Ltd. - IGL's Q1 FY23 Ebitda was at Rs 6.2 billion, while adjusted profit after tax at Rs 4.2 billion came in above our estimates, owing to better realisation and lower-than-expected raw material cost.

City Union Bank Ltd . - City Union Bank’s Q1 FY23 earnings beat our estimates on the back of higher recoveries from written-off accounts, lack of treasury drag, and lower-than-expected credit costs (1.6% annualised).

Zensar Technologies Ltd. - Zensar has disappointed on the margin front (the ~300 basis points QoQ decline was more than expected), while revenue growth of 3.1% QoQ constant currency was a positive.

Deccan Cements Ltd. - Deccan Cements reported mixed performance in Q1 FY22. While utilisation remain subdued, cost controls drove up unitary Ebitda 40% QoQ to a healthy Rs 798 per million tonne (in a tough environment).

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