HUL, ICICI Lombard, Heidelberg Cement Q1, Ambuja Cements Q2 Review: HDFC Securities

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.Hindustan Unilever Ltd. - HUL reported higher-than-expected revenue and volume growth; however, volume growth saw sequential deceleration on three-year compound annual growth rate. Domestic revenue (excluding GlaxoSmithKline Consumer HealthCare Ltd.) was up 9% on a three-year CAGR (8% in Q4), with volume CAGR seeing slight deceleration at 1.7% (6% YoY) versus ~3% CAGR in the previous three quarters.Ambuja Cements Ltd. - Ambuja Cements reported decent performance, led by 15% YoY volume uptick (94% utilisation). In a high-cost environment, it reported a healthy Ebitda margin of Rs 926/million tonne (though 38% down YoY). ICICI Lombard General Insurance Company Ltd. - ICICI Lombard reported an in-line revenue; however, reinvestments in retail health resulted in higher-than-expected opex ratios (30.4%, up 320 bps versus estimate), dragging calculated combined ratios to 105% and adjusted profit after tax to Rs 3.5 billion (8% below estimates). Heidelberg Cement India Ltd. - Heidelberg Cement reported weak results due to continuous volume decline and sharp fuel cost inflation, which pulled profitability down. Reported Ebitda came in below ours and consensus estimates on higher-than estimated costs. Volume declined 6% YoY, while adjusted net sales realisation improved 10% QoQ..Click on the attachment to read the full report:.DISCLAIMERThis 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.

HUL, ICICI Lombard, Heidelberg Cement Q1, Ambuja Cements Q2 Review: HDFC Securities

HUL, ICICI Lombard, Heidelberg Cement Q1, Ambuja Cements Q2 Review: HDFC Securities

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