BQ Blue'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 BloombergQuint's subscribers an opportunity to expand their understanding of companies, sectors and the economy.
HDFC Securities Institutional Equities
Titan Company Ltd. - Titan's Q4 FY22 revenue grew 4% YoY to Rs 78 billion. Jewelry (ex-bullion) declined 3% YoY (three-year compound annual growth rate for Q4 FY22: ~17%; in-line) due to Omicron-led demand disruption and gold price volatility. What was more underwhelming was the underlying jewelry profitability at ~10% (down 90 basis points YoY; our estimate: 12%).
Godrej Properties Ltd. - Godrej Properties reported operationally the best-ever quarter, with presales of 4.2 million square feet (1.1%/91% YoY/QoQ) valued at Rs 32.4 billion (up 23%/up 2.1 times YoY/QoQ) with launch of nine new projects/phases in five cities contributing Rs 30 billion to sales. The average realisation was Rs 7,669 per square feet. (up 21.7%/up 10.3% YoY/QoQ).
Mahindra and Mahindra Financial Services Ltd. - Mahindra Finance's Q4 earnings were significantly ahead of our estimates due to lower-than-expected provisions. Asset quality witnessed a sharp turnaround, with stressed pool (gross stage-II plus gross stage-III) at 22% (peak of 35% in Q1) and little need for incremental provisioning on the back of steady collection and recoveries and improving economic activity.
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