ADVERTISEMENT

HUL, SBI Life, Ambuja Cements, Mphasis, IndiaMart, IRB Infra & More Q2 Results Review: HDFC Securities

HUL, SBI Life, Ambuja Cement, Mphasis, IndiaMart, IRB Infra, Mastek, Tanla Platform, Zensar Tech, Shriram Transport Karur Vysya Q2

<div class="paragraphs"><p>Multiple screen displaying financial data, charts, stock figures. (Source: freepik)</p></div>
Multiple screen displaying financial data, charts, stock figures. (Source: freepik)

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

Hindustan Unilever Ltd. - HUL reported marginally better revenue growth at 16% (our estimate: 14%), with volume growth of 4% (our estimate: 3%). Three-year revenue and volume compound annual growth rates stand at 10% and 3%. Home care remained the showstopper, with 34% and 15% YoY/three-year CAGR. Beauty and personal care too marginally improved, with 11/7% YoY/three-year CAGR.

SBI Life Insurance Company Ltd. - SBI Life reported an all-time high adjusted value of new business margin at 31.4% (up 634 bps YoY) on the back of a healthy non-participating savings mix at 24% alongside rejigging within NPAR annual premium equivalent mix towards longer-tenor policies, driving adjusted VNB to Rs 12.3 billion (up 23% YoY, up 12% versus estimates).

Ambuja Cements Ltd. - Ambuja Cements reported poor performance, as unitary Ebitda slumped 60/51% YoY/QoQ to Rs 452 per million tonne due to a sharp spike in energy cost (up ~Rs 320/860 per million tonne QoQ/YoY) and high other expenses. At the consolidated level, Ambuja Cements has an ambitious plan to double its capacity to 140 million metric tonne in the next five years.

Mphasis Ltd. - Mphasis posted soft Q2 FY23 performance with direct international revenue impacted by mortgage business decline and client specific furlough.

IndiaMart Intermesh Ltd. - IndiaMart posted an in-line quarter; revenue growth remained strong at up 7.1% QoQ while margins continued to remain under pressure.

IRB Infrastructure Developers Ltd. - IRB reported revenue/Ebitda of Rs 13.4/6.7 billion, ahead of our estimates by 6.2/3.9%. Ebitda margin came in at 49.5%, missing our estimate of 50.6%.

Click on the attachment to read the full report:

HDFC Securities Instittuinal Equities HUL, SBI Life, Ambuja Cements etc. Q2FY23 Results Review.pdf

DISCLAIMER

This report is authored by an external party. BQ Prime does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of BQ Prime.

Users have no license to copy, modify, or distribute the content without permission of the Original Owner.