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HDFC Securities Institutional Equities
Kotak Mahindra Bank Ltd. - Kotak Mahindra Bank's Q4 FY22 earnings were significantly ahead of estimates on account of reversal in Covid-19 provisions, robust loan growth (21% YoY), and reflation in net interest margin (4.8%). The bank sustains the growth momentum for the third straight quarter, with loan growth at 21% YoY, largely driven by sustained acceleration across home loans (39% YoY) and significant ramp-up in unsecured retail credit.
Britannia Industries Ltd. - Britannia's Q4 revenue saw a marginal beat, while the Ebitda margin came in line. Revenue grew 13% YoY, a beat on our estimate (10%).
Hero Motocorp Ltd. - Hero MotoCorp's Q4 earnings were broadly in line with our estimate, at Rs 6.3 billion, as higher-than-expected other income offset the slight miss in Ebitda margin.
KEC International Ltd. - KEC International reported a muted quarter, with revenue at Rs 42.8 billion, driven by non-transmission and distribution segments. Ebitda margin, at 5.9%, was affected, mainly by rising raw material prices, higher logistic cost, geopolitical situations, supply chain issues and losses in SAE.
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