BQ Blue's special research section collates quality and in-depth equity and economy research reports from across India's top brokerages. These reports offer BloombergQuint's subscribers an opportunity to expand their understanding of companies, sectors and the economy.
HDFC Securities Report
Within our coverage universe, we expect operations to have normalised from September 2020.
Labour is back/exceeded pre-Covid-19 levels, which augurs well for execution.
Some of the cost rationalisation measures would continue even post lifting of lockdown restrictions and shall help improve Ebitda margins.
FYTD21 ordering has been robust, and momentum is expected to continue for H2 FY21E.
Working capital is expected to improve over the next two quarters as goods and services tax impasse gets resolved between the Central and State Governments.
High-frequency data is pointing towards economic recovery, which shall alleviate concern on the government fiscal situation.
States are also gearing up to take new infrastructure projects.
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