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Asian Paints, L&T, Tanla Platforms, Ujjivan SFB, Aether And More Q1 Reviews: HDFC Securities

Asian Paints, L&T, Tanla Platforms, Ujjivan SFB, Aether And More Q1 Reviews: HDFC Securities

<div class="paragraphs"><p>A stock trader monitors financial data and charts from multiple monitors. (Source: freepik)</p></div>
A stock trader monitors financial data and charts from multiple monitors. (Source: freepik)

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

Asian Paints Ltd. - Asian Paints continues to deliver robust sales growth, at 54% YoY (three year compound annual growth rate: 19%; 7% above estimates). Decorative business clocked 37/59% volume/value growth YoY in Q1 FY23 (FY19-22 volume/value CAGR: 20/0% respectively).

Larsen and Toubro Ltd. - L&T reported in-line performance in Q1 FY23, with revenue/Ebitda/profit after tax beating our estimates marginally by 1/2.4/1.1% respectively. Execution improved for infra, heavy engineering and ITTS business during the quarter.

Tanla Platforms Ltd. - Tanla reported a weak quarter, revenue was down due to seasonality and margin dropped due to client-specific issues and higher competition. The enterprise business gross margin slipped 640 bps to 16.4% due to a pricing cut in one large client, currency impact and higher technology investments.

Ujjivan Small Finance Bank Ltd. - Ujjivan SFB’s earnings surprised positively with strong loan growth and near-zero credit costs. On the back of a healthy provision coverage ratio at ~98%, net non-performing asset sharply reduced to 0.1% (Q4 FY22: 0.6%), supported by healthy recoveries and upgrades.

Aether Industries Ltd. - Our optimism on Aether is premised on the back of capacity expansion-led growth, advanced R&D capabilities, technocratic management, market leading position in most of its products, strong product pipeline, and marquee customer base.

Click on the attachment to read the full report:

HDFC Securities Institutional Equities Q1FY23 Result Reviews.pdf

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