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HDFC Securities Institutional Equities
Oil and Natural Gas Corporation Ltd. - ONGC's Q2 FY23 revenue/Ebitda/adjusted profit after tax stood at Rs 383/188/128 billion, above our estimates, owing to lower-than-expected statutory levies, lower employee cost, lower depreciation, depletion, and amortisation cost and higher other income. Crude oil production came broadly in line, while gas production came in marginally above our estimate.
ABB India Ltd.- ABB's revenue/Ebitda/profit after tax came in at Rs 21.2/2.1/1.7 billion, (missing)/beating our estimates by (3.5)/(4.8)/0.6%. The order inflow was robust at Rs 26 billion, taking the order book to an all-time high of Rs 65 billion (up 9% QoQ).
Aarti Industries Ltd. - Aarti Industries' constant focus on capex and research and development will enable it to remain competitive and expand its customer base. The toluene segment in India is mainly untapped and catered to through imports; the company will benefit in the long term by entering this segment.
Repco Home Finance Ltd. - Repco's Q2 FY23 earnings were 7% ahead of our estimates, largely on account of lower provisioning (63 bps). Asset quality continued to improve with only ~20% of the sizeable restructured book (7% of assets under management) slipping into non-performing asset, and healthy collections from the rest of the portfolio.
Radico Khaitan Ltd. - Radico reported a miss on revenue and Ebitda despite a beat in Prestige and Above. Net revenue was up by 7% YoY (three-year CAGR at 10% versus 8% for United Spirits Ltd.), a miss, on account of lower volume for regular portfolio.
Sobha Ltd. - Sobha's reported revenue/Ebitda/profit after tax of Rs 6.7/0.9/0.2 billion (miss)/beat our estimates by 4.3/(16.5)/(32)%. It recorded the highest-ever quarterly presales in value terms at Rs 11.6 billion (up 13/up 2% YoY/QoQ).
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