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
Cholamandalam Investment and Finance Company Ltd. - Chola's Q2 FY23 net interest income/pre-provision operating profit were ~4% below our estimates, largely on the back of 35bps net interest margin compression, driven by rising cost of funds.
LIC Housing Finance Ltd. - LIC Housing Finance reported a disappointing performance, with profit and loss outcomes significantly below our/consensus estimates. NIMs dropped sharply QoQ to 1.8% (Q1 FY23: 2.54%) due to a sharp rise in funding costs and the impact of converting select prime home loans from fixed-rate to floating-rate loans.
Voltas Ltd. - Voltas reported a decent Q2 FY23 performance in the context of several industry challenges in Q2. Revenue saw a slight beat while high commodity cost impacted margin.
Kajaria Ceramics Ltd. - We continue to like Kajaria Ceramics for its strong brand positioning, which is continuing its market share gain. The company delivered weak results in Q2 FY23, impacted by weak offtake and gas price-led margin pressure.
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