BQ Blue’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 BloombergQuint’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.
HDFC Securities Institutional Equities
Axis Bank Ltd. - Axis Bank delivered a mixed bag with earnings marginally ahead of estimates, driven by lower credit cost. However, pre-provision operating profit was impacted by moderation in loan growth/ margins and higher opex. Net slippages were muted even as the restructured pool and sub investment grade portfolio improved sequentially.
SBI Life Insurance Company Ltd. - SBI Life’s total annual premium equivalent was in line with our estimates; however, growth in the protection segment surprised positively despite limited access to physical medicals in the first half of Q4.
Bajaj Auto Ltd. - Bajaj Auto’s Q4 FY22 earnings were ahead of estimates, led by 140 basis points margin improvement QoQ to 16.9%, despite a 17% QoQ volume decline. The margin beat was led by improved mix in favour of higher margin segments and favourable currency.
Ambuja Cements Ltd. - Ambuja Cements reported profit beat in Q1 CY22 on strong fixed cost controls and benefitting from its low-cost fuel inventory. Unitary Ebitda rebound ~33% QoQ to Rs 1,055/million tonne.
Trent Ltd. - Trent reported strong Q4 print. Standalone revenue grew 53% YoY to Rs 11.85 billion. FY19-22 revenue compound annual growth rate stood at 15%. Store addition (125 stores) has picked up meaningfully, ensuring a healthy same store sales growth runway in near-to medium term.
Persistent Systems Ltd. - Persistent Systems continued its industry-best growth momentum with more than 9% compound quarterly growth rate over the past four quarters, with ~8% organic CQGR (6.8% in Q4). The company’s strong organic growth offset the impact of contract restructuring within the intellectual property segment in Q4.
Mahindra Lifespaces Developers Ltd. - Mahindra Lifespaces ended FY22 with strong presales of 1.3 million square feet (up 20% YoY), d at Rs 10.3 billion (up 48% YoY, Rs 2.5 billion estimate). The integrated cities and industrial clusters segment also saw strong performance, with 110 acres leased (up two times YoY) for Rs 3 billion(up 2.3 times YoY).
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