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
Shree Cement Ltd. - Shree Cement delivered strong margin despite both demand and cost headwinds. The company's Q3 FY22 standalone volume/Ebitda/adjusted profit after tax fell 9/24/21% YoY on account of weak demand, supply disruption from the Chhattisgarh plant, and elevated power costs.
Siemens India Ltd. - Siemens delivered Q1 FY22 revenue of Rs 32.4 billion (beat of 4.4%), impacted marginally by Covid-19 and disruption in supply chain caused by global semi-conductor shortage. Ebitda/adjusted profit after tax missed the estimate by 11.3/10.9% respectively, on account of higher commodity prices and lower forex gains.
Alkem Laboratories Ltd. - Alkem Labs' Q3 revenue/Ebitda beat our estimates by 2%/18%, led by good growth in India and international markets. It expects to outperform the Indian pharma market in the medium term.
Birla Corporation Ltd. - Poor demand and pricing mainly in the east along with rising fuel prices led to a consolidated decline of 6/2/39/64% YoY in volume/revenue/Ebitda/adjusted profit after tax for Birla Corp. Demand picked up in Q4, also aiding cost pass thorough capabilities.
Lupin Ltd. - Lupin's Q3 revenue/Ebitda missed our estimates by 1%/22%, primarily due to pressure on gross margin and higher research and development spends. Adjusted Ebitda margin dipped to 12.7%, the lowest in the past seven quarters.
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