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HDFC Securities Institutional Equities
Siemens India Ltd. - Siemens India delivered Q3 FY22 revenue / Ebitda / profit after tax of Rs 39/3.8/3 billion, beating/(missing) our estimate by 15/(10)/(3)%. The effect of the supply chain disruption and high inflation was visible with gross margin contracting 100/15 basis points YoY/QoQ. Higher-than-expected other expenses (219/344 bps expansion YoY/QoQ) led to an Ebitda margin miss (9.7%, sequential contraction of 270 bps, versus estimate of 12.3%).
Godrej Properties Ltd. - Godrej Properties reported the best-ever first quarter presales of 2.8 million square feet (up 3.6 times/down 33%, YoY/QoQ) valued at Rs 25 billion (up five times/down 22% YoY/QoQ), with launch of three new projects across Mumbai Metropolitan Region and Nagpur contributing Rs 10 billion to sales. Godrej Properties' Managing Director and Chief Executive Officer Mr. Mohit Malhotra has resigned to pursue entrepreneurial opportunities and Mr. Gaurav Pandey, CEO North, is being appointed as new group CEO.
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