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
Dalmia Bharat Ltd. - We continue to like Dalmia Bharat for its robust volume and margin outlook along with balance sheet prudence. Dalmia reported healthy volume growth (up 13% YoY). However, the margin contracted on the back of continued cost inflation and sub-par cost passthrough.
Mahindra and Mahindra Financial Services Ltd. - Mahindra Finance's adjusted earnings were ~11% ahead of our estimates due to the impressive turnaround in asset quality. The stressed pool (gross stage-II plus gross stage-III) reduced further to 16.4% (Q1 FY22 peak level: 34.8%), led by relentless collection and recovery efforts and improving economic activity.
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