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
Dabur India Ltd. - Dabur's Q1 revenue growth and Ebitda margin were in line. Revenue grew 8% YoY, with three-year compound annual growth rate at 7%. Domestic revenue/volume grew 10/5% YoY, with three-year CAGR at 12/8% versus Hindustan Unilever Ltd. 9/2%, Nestle India Ltd. 11/7%. Dabur is sustaining its volume outperformance among its peers.
Britannia Industries Ltd. - Britannia's Q1 revenue growth was broadly in line, but Ebitda margin was a miss. Revenue grew 9% YoY (10% our estimate), driven by pricing actions. Three-year revenue CAGR was at 11% versus Nestle's 11%. Volume contracted by 2% YoY (our estimate up 1%), while the underlying volume trajectory is largely sustaining.
Godrej Consumer Products Ltd. - Godrej Consumer's revenue growth and Ebitda margin were broadly in line. Consolidated revenue grew 8% YoY, domestic/international clocked 12/3% YoY growth, with 12/7% three-year CAGR.
GAIL India Ltd. - Our optimism on GAIL is based on expansion in gas transmission volume over FY22-24E to 126 million metric standard cubic meter per day on the back of increase in domestic gas production, increase in demand of regasified liquefied natural gas, and completion of major pipelines in eastern and southern India.
Gujarat State Petronet Ltd. - Our optimism on Gujarat State Petronet is premised on muted transmission volume over FY22-24E due to high spot LNG price environment, driven by geopolitical issues, low global inventories, and pick-up in demand post reopening of economies and limited upside triggers in the near term.
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