Aether Industries, Greenpanel Industries, CAMS Q4 Results Review: HDFC Securities
CAMS clocked in-line core revenues at Rs 2.5 billion, however, the disappointment stemmed from a sharp rise in other opex.
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
Aether Industries - Margins on the rise
We remain positive on Aether Industries Ltd. on the back of-
capacity expansion-led growth,
advanced research and development capabilities,
technocratic management,
market leading position in most of its products,
strong product pipeline, and
marquee customer base.
Ebitda/adjusted profit after tax were 24/33% below our estimates, mainly owing to a 23% fall in revenue and higher-than-expected tax outgo.
CAMS - Quest for green shoots continues
Computer Age Management Services Ltd. clocked in-line core revenues at Rs 2.5 billion (up 2.4% QoQ); however, the disappointment stemmed from a sharp rise in other opex (up 16% QoQ) due to higher marketing spends and regulatory audits, driving sequentially flat core income/profit after tax to Rs 0.91 billion/0.74 billion. Continued market leadership in the duopoly Registrar and Transfer agents market, sizeable entry barriers, and high switching costs position CAMS favorably; however, we are wary of SEBI’s ongoing discussion on further TER cuts that could potentially derail RTAs’ medium-term earnings.
Greenpanel Industries - Surge in low-value exports and weak ply dent margin
We like Greenpanel Industries Ltd. for its leadership positioning in the medium density fibre segment, its large retail presence (85% in FY23), superior margin, and working capital profile.
The surge in low realisation MDF export volume (+89% YoY) drove up the total volume by 10% YoY. Higher exports, rising timber prices and increased brand spending pulled down the MDF Ebitda margin by ~400/1300 bps QoQ/YoY to 22%.
Click on the attachment to read the full report:
Indian Bank Q4 Results Review - High Prudential Provisions Dent Profitability: Dolat Capital
DISCLAIMER
This report is authored by an external party. BQ Prime does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of BQ Prime.
Users have no license to copy, modify, or distribute the content without permission of the Original Owner.