Bharat Forge, JK Cement, CESC, Info Edge, Dilip Buildcon, V-Mart And More Q2 Review: HDFC Securities

Ashoka Buildcon, TCNS Clothing, Aether Industries, Brigade Enterprises Q2 Results Review

<div class="paragraphs"><p>(Source: created by,</p></div>
(Source: created by,

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

Bharat Forge Ltd - Bharat Forge Q2 earnings were lower than expected as standalone Ebitda margin declined 180 basis points QoQ to 24.3% versus our estimate of 26%; overseas subsidiaries posted an Ebitda loss due to weak utilisation at Al forgings plants, both in Europe and U.S.

JK Cement Ltd. - In Q2 FY23, total volume grew 2% QoQ (up 9% YoY) in a seasonally weak quarter. While rising fuel cost dented grey cement margin to ~Rs 500/million tonne (down ~Rs 400 QoQ, in our view), the white and putty Ebitdam rebounded ~3% QoQ to ~23%.

CESC Ltd. - CESC’s consolidated profit after tax in Q2 FY23 declined by 6.2% YoY to Rs 3.2 billion due to lower profit across the Haldia project (under recovery of operation and maintenance and fuel cost) and higher losses across the distribution franchisee segment.

Info Edge India Ltd. - Infoedge posted a good quarter, with both revenue (up 4.8% QoQ) and margin coming ahead of estimates. The growth was led by the core recruitment segment (up 8% QoQ) and 99acres (up 5.1%) while Jeevansathi continued to drag.

V-Mart Retail Ltd. - V-Mart reported 50% growth YoY (in-line). Organic business (ex-Unlimited acquisition) recovered fully from the pandemic blues in Q2 FY23 (Rs 4 billion; three-year compound annual growth rate: 8%; our estimate: 3.8 billion). Note: Unit economics has yet some catching up to do.

Click on the attachment to read the full report:

HDFC Securities Institutional Equities Q2FY23 Results Review.pdf


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.