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>Q4FY24 earnings season saw an overall healthy performance, with wide divergences across sectors and companies</li><li>Aggregate revenue/PAT grew by 6%/22% YoY and 4%/13% QoQ across the HSIE coverage (~226 stocks)</li><li>Further, the 5-year CAGR for annual revenue/PAT between FY19 to FY24 was 11%/17%</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.

Q4FY24 earnings season saw an overall healthy performance, with wide divergences across sectors and companiesAggregate revenue/PAT grew by 6%/22% YoY and 4%/13% QoQ across the HSIE coverage (~226 stocks)Further, the 5-year CAGR for annual revenue/PAT between FY19 to FY24 was 11%/17%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.

Quarterly Flipbook: Strong End to FY24, a Muted FY25 on the Cards

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. 

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

Endurance Technologies Ltd / Equity Bottom-Up

<ul><li>Strong Order Wins: In FY24, the company won new business orders worth ~Rs 1,199 Cr in India, bringing the total cumulative order book for the last five years to ~Rs 4,086 Cr.</li><li>This includes a cumulative EV order of Rs 714 Cr (including Bajaj).</li><li>In Europe, Endurance has secured €31 Mn orders in FY24, bringing the last 5 years' cumulative order book to €251 Mn. Out of this, €91 Mn (36%) are for EV applications and €120 Mn (48%) for Hybrid Applications. </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.

Strong Order Wins: In FY24, the company won new business orders worth ~Rs 1,199 Cr in India, bringing the total cumulative order book for the last five years to ~Rs 4,086 Cr.This includes a cumulative EV order of Rs 714 Cr (including Bajaj).In Europe, Endurance has secured €31 Mn orders in FY24, bringing the last 5 years' cumulative order book to €251 Mn. Out of this, €91 Mn (36%) are for EV applications and €120 Mn (48%) for Hybrid Applications. 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.

Endurance Technologies Ltd - Q4FY24 Robust EBITDA Margins

<ul><li>The premiumisation trend continues to remain in focus with UVs and premium 2Ws driving the growth</li><li>The entry-level 2W demand, which picked up in the festive season, has failed to sustain in Q4</li><li>It is pertinent to highlight, however, that demand for 125cc and above continued to be strong</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.

The premiumisation trend continues to remain in focus with UVs and premium 2Ws driving the growthThe entry-level 2W demand, which picked up in the festive season, has failed to sustain in Q4It is pertinent to highlight, however, that demand for 125cc and above continued to be strongContent 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.

Autos: Q4 preview - Premiumisation is the way to go

<ul><li>Nestle India: Nestle posted a resilient operating performance with EBITDA growing by 14% (HSIE: +10%) due to a 370bps GM expansion to 58.6% (the highest in the last 20 quarters)</li><li>Domestic revenue grew by 9% YoY (HSIE 12%) on the back of pricing and mix growth (around low to mid-single-digit volume growth)</li><li>Coffee prices remain volatile while healthy milk flush in winter is expected to keep milk prices stable</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.

Nestle India: Nestle posted a resilient operating performance with EBITDA growing by 14% (HSIE: +10%) due to a 370bps GM expansion to 58.6% (the highest in the last 20 quarters)Domestic revenue grew by 9% YoY (HSIE 12%) on the back of pricing and mix growth (around low to mid-single-digit volume growth)Coffee prices remain volatile while healthy milk flush in winter is expected to keep milk prices stableContent 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: Nestle India, Trent, Britannia Industries, Endurance Technologies

<ul><li>Endurance is focused on building long-term capacities to meet industry demand and increasing the utilization of existing facilities.</li><li>We view Endurance favourably as an auto sector investment, primarily due to its strong EV product portfolio, robust order book, and capacity expansion projects, the benefits of which are expected in H2FY25 and beyond.</li><li>We forecast a Revenue/EBITDA/PAT CAGR of 15%/20%/26% over FY23-26E.</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.

Endurance is focused on building long-term capacities to meet industry demand and increasing the utilization of existing facilities.We view Endurance favourably as an auto sector investment, primarily due to its strong EV product portfolio, robust order book, and capacity expansion projects, the benefits of which are expected in H2FY25 and beyond.We forecast a Revenue/EBITDA/PAT CAGR of 15%/20%/26% over FY23-26E.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.

Endurance Technologies Ltd - Q3FY24 EBITDA Miss

India

Endurance Technologies Limited designs, develops, manufactures, and exports auto parts. The Company provides casting, suspension, transmission, and braking products for the automobile industry. Endurance Technologies conducts business worldwide.

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Endurance Technologies Ltd (ENDU IN)

Quarterly Flipbook: Strong End to FY24, a Muted FY25 on the Cards

Q4FY24 earnings season saw an overall healthy performance, with wide divergences across sectors and companies. Aggregate revenue/PAT grew by 6%/22%...

HDFC Securities

Endurance Technologies Ltd - Q4FY24 Robust EBITDA Margins

trong Order Wins: In FY24, the company won new business orders worth ~Rs 1,199 Cr in India, bringing the total cumulative order book for the last...

Axis Direct

Autos: Q4 preview - Premiumisation is the way to go

The premiumisation trend continues to remain in focus with UVs and premium 2Ws driving the growth. The entry-level 2W demand, which picked up in...

HDFC Securities

HSIE Results Daily: Nestle India, Trent, Britannia Industries, Endurance Technologies

Nestle India: Nestle posted a resilient operating performance with EBITDA growing by 14% (HSIE: +10%) due to a 370bps GM expansion to 58.6% (the...

HDFC Securities

Endurance Technologies Ltd - Q3FY24 EBITDA Miss

Endurance is focused on building long-term capacities to meet industry demand and increasing the utilization of existing facilities.

Axis Direct

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