External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

HDFC securities is the best online trading platform for stocks, IPOs, mutual fund in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Thematic (Sector/Industry)

<ul><li>State Bank of India: SBIN’s earnings beat our estimates on the back of higher treasury/MTM gains backed by healthy loan growth, largely stable margins and in-line asset quality</li><li>Loan growth (+15% YoY) was strong across segments even as the Xpress credit portfolio continued to decelerate</li><li>Deposit growth (+9% YoY, +4.4% QoQ) was marginally soft as the CASA ratio dropped further to 38.4% (-64 bps QoQ), given that strong CA traction was offset by sluggish growth in SA balances</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

State Bank of India: SBIN’s earnings beat our estimates on the back of higher treasury/MTM gains backed by healthy loan growth, largely stable margins and in-line asset qualityLoan growth (+15% YoY) was strong across segments even as the Xpress credit portfolio continued to decelerateDeposit growth (+9% YoY, +4.4% QoQ) was marginally soft as the CASA ratio dropped further to 38.4% (-64 bps QoQ), given that strong CA traction was offset by sluggish growth in SA balancesContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

HSIE Results Daily: State Bank of India, Tata Motors, Oil India, Ashok Leyland, Gujarat Gas

External broker reports(aggregated public sources), Sharekhan

Sharekhan

Sharekhan is India's leading broking house providing services from easy online trading, research to wide array of financial products. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<ul><li>With sharp gross margin expansion and healthy traction in non-vehicle business ALL beats estimates in Q2FY25.</li><li>This was the seventh consecutive quarter when ALL has maintained its EBITDA margin above 10% mark.</li><li>The management has shared a positive outlook for the CV industry in H2FY25. Outlook We retain a Buy with a revised PT of Rs.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

With sharp gross margin expansion and healthy traction in non-vehicle business ALL beats estimates in Q2FY25.This was the seventh consecutive quarter when ALL has maintained its EBITDA margin above 10% mark.The management has shared a positive outlook for the CV industry in H2FY25. Outlook We retain a Buy with a revised PT of Rs.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Ashok Leyland Ltd - Q2 Beats Hopes, Commitment for Profitable Growth Continue

HSIE Results Daily: State Bank of India, Tata Motors, Oil India, Ashok Leyland

External broker reports(aggregated public sources), Axis Direct

Axis Direct

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank in India. 

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<ul>
<li>CV Industry Outlook: The domestic CV industry growth outlook in long-term appears moderately favorable, backed by i) A strong macroeconomic environment, ii) Healthy fleet utilization levels, iii) Govt capex on infrastructure projects, iv) The vehicle scrappage policy and v) Stable freight demand. </li>
<li>EV Business: The company has a strong order book of 2,000 electric buses which the company expects to deliver in next 15 to 18 months.</li>
<li>The management stated that Switch India will achieve EBITDA breakeven by FY25 end, while Switch UK/Europe may require additional investment due to weaker demand.</li>
</ul>
Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.


CV Industry Outlook: The domestic CV industry growth outlook in long-term appears moderately favorable, backed by i) A strong macroeconomic environment, ii) Healthy fleet utilization levels, iii) Govt capex on infrastructure projects, iv) The vehicle scrappage policy and v) Stable freight demand. 
EV Business: The company has a strong order book of 2,000 electric buses which the company expects to deliver in next 15 to 18 months.
The management stated that Switch India will achieve EBITDA breakeven by FY25 end, while Switch UK/Europe may require additional investment due to weaker demand.

Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Ashok Leyland - Robust Margins. Expect Improvement in CV Industry Volumes in H2FY25

Consumer Analyst / Channel Surveillance Specialist, Trudence Capital Advisors

Pranav Bhavsar

Consumer Analyst / Channel Surveillance Specialist

Trudence Capital Advisors

Trudence Capital Advisors Private Limited is a SEBI-registered Research Analyst, holding SEBI registration number INH000015747. Our firm is dedicated to providing independent and unbiased research on Indian mid to large-cap companies. Trudence Capital is known for its counter-consensus views, with a focus on forensic research and on-ground primary investigations. Our research approach is thorough, involving detailed analysis of accounting practices and governance, alongside extensive channel checks.

Independent & Unbiased Research

<ul>
<li>We continue our earnings coverage highlighting key earnings and what catches our attention in the conference calls.</li>
<li>Names in this auto-focused edition include <a href="https://www.smartkarma.com/entities/mahindra-mahindra-ltd" target="_blank" data-smartkarma-citation="entities:16441:1" rel="noopener">Mahindra &amp; Mahindra (MM IN)</a>, <a href="https://www.smartkarma.com/entities/maruti-suzuki-india-ltd" target="_blank" data-smartkarma-citation="entities:733:1" rel="noopener">Maruti Suzuki India (MSIL IN)</a>, <a href="https://www.smartkarma.com/entities/ola-electric-mobility-pvt-ltd" target="_blank" data-smartkarma-citation="entities:40618:1" rel="noopener">Ola Electric (OLAELEC IN)</a>, <a href="https://www.smartkarma.com/entities/tata-motors-ltd" target="_blank" data-smartkarma-citation="entities:216:1" rel="noopener">Tata Motors Ltd (TTMT IN)</a> .</li>
<li>Bearish names include <a href="https://www.smartkarma.com/entities/tata-motors-ltd" target="_blank" data-smartkarma-citation="entities:216:1" rel="noopener">Tata Motors Ltd (TTMT IN)</a> , <a href="https://www.smartkarma.com/entities/escorts-kubota-ltd" target="_blank" data-smartkarma-citation="entities:6773:1" rel="noopener">Escorts Kubota Limited (ESCORTS IN)</a> and <a href="https://www.smartkarma.com/entities/ola-electric-mobility-pvt-ltd" target="_blank" data-smartkarma-citation="entities:40618:1" rel="noopener">Ola Electric (OLAELEC IN)</a> as a potential name to be bullish on.</li>
</ul>


We continue our earnings coverage highlighting key earnings and what catches our attention in the conference calls.
Names in this auto-focused edition include Mahindra &amp; Mahindra (MM IN), Maruti Suzuki India (MSIL IN), Ola Electric (OLAELEC IN), Tata Motors Ltd (TTMT IN) .
Bearish names include Tata Motors Ltd (TTMT IN) , Escorts Kubota Limited (ESCORTS IN) and Ola Electric (OLAELEC IN) as a potential name to be bullish on.


Namaste India 🙏 | Earnings Edition - Autos

India

Ashok Leyland Limited manufactures medium and heavy duty commercial vehicles, including buses, tractors, dumpsters, haulage trucks, fire engines, and defense sector vehicles. The Company also manufactures industrial & marine engines, ferrous castings and spare parts for automobiles. Ashok Leyland sells its products in India and abroad.

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Ashok Leyland (AL IN)

HSIE Results Daily: State Bank of India, Tata Motors, Oil India, Ashok Leyland, Gujarat Gas

SBIN’s earnings beat our estimates on the back of higher treasury/MTM gains backed by healthy loan growth, largely stable margins and in-line asset...

HDFC Securities

Ashok Leyland Ltd - Q2 Beats Hopes, Commitment for Profitable Growth Continue

With sharp gross margin expansion and healthy traction in non-vehicle business ALL beats estimates in Q2FY25. This was the seventh consecutive...

Sharekhan

HSIE Results Daily: State Bank of India, Tata Motors, Oil India, Ashok Leyland

State Bank of India: SBIN’s earnings beat our estimates on the back of higher treasury/MTM gains backed by healthy loan growth, largely stable...

HDFC Securities

Ashok Leyland - Robust Margins. Expect Improvement in CV Industry Volumes in H2FY25

The domestic CV industry growth outlook in long-term appears moderately favorable, backed by i) A strong macroeconomic environment, ii) Healthy...

Axis Direct

Namaste India 🙏 | Earnings Edition - Autos

We highlight key earnings and call takeaways from companies like Mahindra & Mahindra, Maruti Suzuki India, Ola Electric, and Tata Motors.

Pranav Bhavsar

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