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
Sun Pharmaceutical Industries Ltd. - Sun Pharma's Q3 revenue/Ebitda came in line with our estimates, led by growth across businesses. Its global specialty business grew 17% QoQ to $183 million on the back of decent ramp-up in Ilumya, Cequa, Levulan, and Absorica.
Hindustan Petroleum Corporation Ltd. - Our optimism for HPCL is premised on 1. recovery in domestic demand for petroleum products in FY22/23, 2. improvement in refining margins over the coming 18 months, and 3. sustainability of auto fuel gross margin over Rs 4.5/litre.
Oberoi Realty Ltd. - Oberoi Realty registered the highest ever quarterly presales of 1.04 million square feet (2.4 times/2.0 times QoQ/YoY) for a booking value of Rs 19.6 billion (2.4 times/2.0 times QoQ/YoY) due to strong demand across all projects.
Ajanta Pharma Ltd. - While Ajanta Pharma's Q3 revenue/Ebitda came in ~3% below our estimates, primarily due to weak performance in the U.S. and Asia markets, profit after tax came ~10% ahead of our estimates, buoyed by lower-than-expected taxes. Ebitda margin, at 28.6%, was broadly in line.
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