M&M, Ashok Leyland, Oil India, AGS Transact Technologies Q2 Results Review: HDFC Securities

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.Mahindra and Mahindra Ltd. - M&M’s Q2 adjusted profit after tax, at Rs 23.4 billion, came in above our estimate of Rs 19.5 billion, primarily due to higher than-expected other income. Ebit margin for auto and farm equipment segment segments both improved by 40 bps QoQ to 6.1% and 16.4% respectively. M&M has gained market share across its key categories in H1. Ashok Leyland Ltd - Ashok Leyland’s Q2 profit after tax, at Rs 1.91 billion, was in line with our estimate. Margin improved 210 bps QoQ to 6.5% and was driven by price hikes and operating leverage benefits (volume up 14% QoQ). Ashok Leyland has done well so far in H1 and its market share in the medium and heavy commercial vehicle goods segment has improved to 32.3%. However, it has lost 100 bps market share in light commercial vehicle goods.Oil India Ltd. - Q2 FY23 revenue/Ebitda/adjusted profit after tax stood at Rs 58/18/17 billion, above our estimate, owing to lower-than-expected statutory levies and higher other income. Oil and gas production broadly came in line. AGS Transact Technologies Ltd. - AGS Transact reported lower-than-expected revenue and margin performance but new deal wins improve growth visibility for H2. The revenue growth was impacted by the decline in ATM management and banking automation solution revenue, offset by strong growth in digital and other automation services (retail cash machines)..Click on the attachment to read the full report:.DISCLAIMERThis 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.

M&M, Ashok Leyland, Oil India, AGS Transact Technologies Q2 Results Review: HDFC Securities

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M&M, Ashok Leyland, Oil India, AGS Transact Technologies Q2 Results Review: HDFC Securities

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