BQ Prime'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 BQ Prime's subscribers an opportunity to expand their understanding of companies, sectors and the economy.
HDFC Securities Institutional Equities
Bharat Petroleum Corporation Ltd. - Our optimism on BPCL is premised on recovery in domestic demand for petroleum products, improvement in refining margins over the coming 18 months, and gradual improvement in marketing margins for FY23-24 vis-a-vis FY22 levels.
NHPC Ltd. - NHPC's revenue increased 12.2% YoY to Rs 15.1 billion in Q4 FY22, led by 9.3% YoY rise in generation. Plant load factor for Q4 FY22 was 76.7%, versus 74.33% YoY. Secondary energy sales and incentives decreased 15.2%/55.4% YoY, whereas deviation charges increased 59% YoY.
Ashoka Buildcon Ltd. - Ashoka Buildcon reported revenue/ Ebitda/ adjusted profit after tax of Rs 15.6/1.6/1.8 billion, an Ebitda miss on our estimate. Ebitda margin is expected to remain in 11-12% range in FY23, led by softening raw material prices and high proportion of variable priced orders (~90% of the order book).
Kolte Patil Developers Ltd. - Kolte Patil Developers reported its Q4 FY22 presales of 0.8 million square feet (down 8.2%/down 9.3% YoY/QoQ), valued at Rs 5 billion (down 2%/down 10.7% YoY/QoQ), with average realisation of Rs 6,418 per square feet (up 7.2%/down 1.1% YoY/QoQ).
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