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HDFC Securities Institutional Equities
State Bank of India - SBI reported a strong all-around performance, leading to earnings well above our estimates. Balance sheet growth gained further traction across segments, with an impressive loan growth of up 21% YoY.
Titan Company Ltd. - Titan delivered broadly an in-line operational performance. Q2 FY23 revenue grew 22% YoY to Rs 91.6 billion (our estimate: 90 billion). Jewelry segment grew 21.7% (three-year compound annual growth rate: 30%) in Q2 FY23 as both number of buyers and ticket sizes aided growth. Non-jewelry segment has recovered from the pandemic blues too, with better-than-expected profitability.
GAIL India Ltd. - Our optimism on GAIL is based on expansion in gas transmission volume over FY22-24E to 123 million metric standard cubic meter per day on the back of an increase in domestic gas production and completion of major pipelines in eastern and southern India.
Aditya Birla Fashion and Retail Ltd. - Aditya Birla Fashion's Q2 FY23 print disappointed. Q2 revenue grew to Rs 30.74 billion (three-year CAGR: 10%; our esitmate: Rs 31.1 billion). Both flagships' top line performances were largely in line.
Hindustan Petroleum Corporation Ltd. - HPCL's Q2 FY23 Ebitda loss stood at Rs 15 billion, below our estimated loss, owing to lower crude throughput, weak marketing segment performance, and higher inventory loss. Reported gross refining margin stood at $8.4/barrel of oil (our estimate: $9.2/bbl).
Relaxo Footwears Ltd. - Relaxo disappointed on its Q2 FY23 print. The double whammy of inflation-led pressure on consumer demand and production costs continued.
DCB Bank Ltd. - DCB Bank's earnings were in line with our estimates, on the back of strong loan growth (up 17% YoY) and lower credit costs (40 bps - annualised), partially offset by elevated opex intensity.
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