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
ITC Ltd. - ITC delivered a beat on revenue growth with superior growth across all segments. Revenue was up 32% YoY with cigarettes/fast moving consumer goods/hotels/agri/paper growing 14/9/101/100/39% YoY. Cigarette revenue growth was at 14% (volume growth at 13% YoY), a beat on our expectation (our estimate: 8%).
Titan Company Ltd. - Titan's Q3 FY22 consolidated revenue grew 32% YoY to Rs 100.3 billion. Jewelry (ex-bullion) grew 38.6% (two-year compound annual growth rate for Q3/nine months-FY22: 27/~17%). Strong festive and wedding season were key underpinnings for the performance.
GAIL India Ltd. - Our optimism for GAIL is based on 10% CAGR expansion in gas transmission volume over FY22-24E to 136 million metric standard cubic meters 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.
Emami Ltd. - Emami posted a slight miss on revenue growth and beat in Ebitda margin. Revenue was up 4% YoY (our estimate: 6%) with two-year CAGR at 9% while Ebitda remained flat YoY (our estimate: down 2%).
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