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 Report
Eicher Motors Ltd. - Royal Enfield posted lower-than-expected margin in Q2 (down 60 basis points QoQ), led by an adverse mix. RE targets to launch multiple new products over the next 18-24 months, which would provide an upgrade option to its existing customers. The recently-launched Hunter has been very well-accepted by customers and it seems to be attracting newer customers to RE, including women bikers.
Star Health and Allied Insurance Company Ltd. - Star Health printed a soft net earned premium growth at 16% YoY (down 3% versus estimate), primarily on the back of unwinding of the high claims-ratio group business.
Petronet LNG Ltd. - Q2 reported Ebitda was at Rs 12 billion (down 10% YoY, up 10% QoQ), while profit after tax came in at Rs 7 billion (down 10% YoY, up 6% QoQ), above our estimates, due to lower-than-expected other expenses. Volumes came below estimates at 192 trillion British thermal unit (down 20% YoY).
Gujarat Gas Ltd. - Q2 FY23 Ebitda/profit after tax at Rs 6.4/4 billion came in marginally above our estimate, owing to higher-than expected gross spread. Volume declined sharply by 33% YoY, 22% QoQ, owing to the shutdown of ceramic units at Morbi in August 2022.
Prestige Estates Projects Ltd. - Prestige Estates registered presales of Rs 35 billion (up 66%/up 17% YoY/QoQ). With this, H1 FY23 presales come to Rs 65 billion, the highest-ever H1 sales.
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