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
Maruti Suzuki India Ltd. - In Q4, Maruti Suzuki’s margin improved 250 basis points QoQ to 9.5%, led by 14% volume growth and lower discounts QoQ at Rs 11,130/unit, down from Rs 15,200/unit in Q3. On account of improved margin and lower tax rate, profit after tax grew 58% YoY to Rs 18.4 billion – ahead of our estimate of Rs 15 billion.
Wipro Ltd. - Wipro delivered in-line Q4 performance but Q1 FY23E growth guidance and Q4 large deal bookings were sub-par. Q4 revenue was at the mid-point of the guided band of 2-4% QoQ while Q1 FY23E revenue growth guidance stands at 1-3% QoQ constant currency and FY23E growth outlook is in ‘double digits’.
Shriram Transport Finance Company Ltd. - Shriram Transport Finance’s Q4 FY22 earnings were ~19% higher than our estimates, mainly on account of strong reflation in asset yield driving higher net interest margin (7%).
IndiaMart InterMesh Ltd. - IndiaMart posted in-line revenue growth of up 7.1% QoQ but margins took a severe hit (down 1,347 bps QoQ to 28.4%) due to investments in sales capacity (up 42.6% YoY).
Mphasis Ltd. - Mphasis posted in-line Q4, led by continued momentum in its direct international business. Mphasis’s FY22 revenue growth of 21% CC was driven by 32% organic growth in the direct business segment.
Supreme Industries Ltd. - In Q4 FY22, Supreme Industries’ consolidated revenue rose up 23% YoY to Rs 25.6 billion on strong piping demand rebound. However, gross margin contraction pulled down Ebitda/adjusted profit after tax by 23/28% YoY to Rs 3.91/3.24 billion respectively.
Sonata Software Ltd. - Sonata Software, reported an in-line growth in the IT services segment and strong DPS business. The Microsoft portfolio is driving growth, the company remains optimistic about the opportunity (digital services plus dynamics 365) and it can deliver more than 20% YoY growth consistently.
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