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
Larsen and Toubro Ltd. - L&T reported strong performance in Q2 FY23, with revenue/Ebitda/profit after tax beating our estimates by 7/11/21% respectively. Tendering during the quarter was strong; however, awarding was muted with the award to tender ratio at 34% (versus 69% in Q1 FY23).
Tata Power Company Ltd. - In Q2 FY23, Tata Power's consolidated revenue increased 43% YoY to Rs 140 billion, above our estimate of Rs 132 billion. Strong operational performance across its regulated, standalone (including Mundra), coal special purpose vehicle and renewable business were the key underpinnings.
Supreme Industries Ltd. - Total plastic product volumes grew 9% YoY on healthy volume across pipes and industrial products. Blended net sales realisation declined 8% QoQ to Rs 187/kilogram, owing to falling resin prices. For FY23, Supreme Industries has increased its overall volume growth guidance to 20% (on better demand) and lowered its Ebitda margin target to 12-12.5% (on inventory losses).
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