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Gujarat Gas, Aditya Birla Capital, Star Cement, BSE, J Kumar Infra And More Q1 Reviews: HDFC Securities

Gujarat Gas, Aditya Birla Capital, Star Cement, BSE, J Kumar Infra And More Q1 Reviews: HDFC Securities

<div class="paragraphs"><p>Stock chart, graphs displayed on a monitor. (Source: Unsplash</p></div>
Stock chart, graphs displayed on a monitor. (Source: Unsplash

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

Gujarat Gas Ltd. - Our optimism on Gujarat Gas is premised on margin improvement; portfolio of mature, semi-mature, and new geographical areas; and compelling valuation, given superior return ratios among the city gas distribution players. Q1 FY23 Ebitda/profit after tax at Rs 6.1/3.8 billion came in above our estimate, owing to lower-than-expected costs.

Aditya Birla Capital Ltd. - Aditya Birla Capital’s journey to drive consolidated return ratios closer to franchise potential seems on track, with consistent execution across businesses. The lending businesses have gradually been repositioned towards retail and granular loans, which is reflecting in sustained improvement in franchise earnings.

Star Cement Ltd. - Star Cement reported strong performance in Q1 FY23, with its unitary Ebitda (Rs 1267/million tonne up 4% YoY) topping the industry after two years.

BSE Ltd. - BSE’s revenue decline of 8.7% QoQ and margin impact were more than expected. The drop in transaction revenue was led by a steep decline in special rate revenue. Transaction revenue has a high correlation with market activity and it is volatile.

J. Kumar Infraprojects Ltd. - J Kumar Infra reported a strong quarter, with revenue/Ebitda/adjusted profit after tax at 9.9/1.4/0.6 billion, beating our estimates by 22.7/36.8/80.9%. J Kumar Infra reiterated its FY23 revenue guidance at 12-15% (over FY22 revenue), with Ebitda margin of 14-15%.

Click on the attachment to read the full report:

HDFC Securities Institutional Equities Q1FY23 Result Reviews.pdf

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