External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

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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.

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<ul><li>Godrej Consumers: GCPL’s consolidated revenue grew 7% YoY, with domestic/international clocking 8/6% YoY growth (9/8% three-year CAGR)</li><li>The Indian business continued to be led mainly by a high share of price hike (13% YoY), with domestic volume contracting by 5% YoY (three-year CAGR at 1% vs HUL’s 3%), impacted by HI</li><li>Personal care sustained 18% growth (price hike-led), while home care was up 2%, with a delayed monsoon-led weak season (expect a recovery in Q3)</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.

Godrej Consumers: GCPL’s consolidated revenue grew 7% YoY, with domestic/international clocking 8/6% YoY growth (9/8% three-year CAGR)The Indian business continued to be led mainly by a high share of price hike (13% YoY), with domestic volume contracting by 5% YoY (three-year CAGR at 1% vs HUL’s 3%), impacted by HIPersonal care sustained 18% growth (price hike-led), while home care was up 2%, with a delayed monsoon-led weak season (expect a recovery in Q3)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.

HSIE Results Daily: Godrej Consumers, Bharat Petroleum Corporation, Jubilant FoodWorks

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>Endurance Technologies Ltd. (ENDU) consolidated revenue grew by 25%/12% YoY/QoQ to Rs 2,361 Cr in Q2FY23 (beat estimates marginally by 1.6%), led by 27% YoY revenue growth in Indian business and 26% YoY increase in topline in European business (in Euro terms).</li><li>Consolidated EBITDA grew 4.5%/13.3% YoY/QoQ at Rs 272 Cr (10% below estimates), with EBITDA margins coming down to 11.5% (152bps below estimates), down 227bps YoY but marginally up 16bps QoQ.</li><li>This decline was due to a lag in passing on raw material costs to OEMs, and a steep increase in metals and energy prices, mainly in European Business.</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 Technologies Ltd. (ENDU) consolidated revenue grew by 25%/12% YoY/QoQ to Rs 2,361 Cr in Q2FY23 (beat estimates marginally by 1.6%), led by 27% YoY revenue growth in Indian business and 26% YoY increase in topline in European business (in Euro terms).Consolidated EBITDA grew 4.5%/13.3% YoY/QoQ at Rs 272 Cr (10% below estimates), with EBITDA margins coming down to 11.5% (152bps below estimates), down 227bps YoY but marginally up 16bps QoQ.This decline was due to a lag in passing on raw material costs to OEMs, and a steep increase in metals and energy prices, mainly in European Business.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 - Cautiously Optimistic on New Order Wins

<ul><li>In Q2, retail demand has remained healthy in PVs, steady in CVs and lacklustre in 2Ws</li><li>However, all the segments have seen QoQ growth in volumes as all OEMs prepare for a pick-up in demand during the festive season</li><li>Overall, wholesales have been better in PVs&gt;2Ws&gt;CVs in Q2</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.

In Q2, retail demand has remained healthy in PVs, steady in CVs and lacklustre in 2WsHowever, all the segments have seen QoQ growth in volumes as all OEMs prepare for a pick-up in demand during the festive seasonOverall, wholesales have been better in PVs&gt;2Ws&gt;CVs in Q2Content 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 (Q2FY23 Results Preview): Margins likely to bottom out

<ul><li>While Endurance is fundamentally a strong company, its performance is likely to remain impacted in the coming years on the back of multiple macro headwinds, which include: (1) slowdown in demand for 2W OEMs, both in domestic and exports; (2) demand concerns emerging in PV segment in Europe on the back of recessionary trends in the region (Europe auto growth outlook reduced to -4% for 2022 from flat earlier); (3) rapid EV transition in Europe, which could emerge as a risk.</li><li>Further, the sharp rise in energy costs in Europe is likely to more than offset the benefit from reducing input costs, at least in the near term.</li><li>Our earnings estimates are about 20% below consensus as we believe consensus is yet to factor in the full impact of multiple challenges that it faces.</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.

While Endurance is fundamentally a strong company, its performance is likely to remain impacted in the coming years on the back of multiple macro headwinds, which include: (1) slowdown in demand for 2W OEMs, both in domestic and exports; (2) demand concerns emerging in PV segment in Europe on the back of recessionary trends in the region (Europe auto growth outlook reduced to -4% for 2022 from flat earlier); (3) rapid EV transition in Europe, which could emerge as a risk.Further, the sharp rise in energy costs in Europe is likely to more than offset the benefit from reducing input costs, at least in the near term.Our earnings estimates are about 20% below consensus as we believe consensus is yet to factor in the full impact of multiple challenges that it faces.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 - Enduring Multiple Macro Headwinds. REDUCE

<ul><li>In Q2FY23, wholesale volumes across PV/CV/2W (other than tractors) segments stood robust QoQ, led by inventory channel filling ahead of the festive demand.</li><li>The domestic wholesale volumes for SUVs in Passenger Vehicles (PV) (Maruti) and Premium motorcycles in 2W (Eicher) exhibited strong traction.</li><li>This was on account of the improvement in the supply-chain bottlenecks as well as due to shifting consumer preferences towards premium, feature-leaden, and technologically advanced product categories from the low-end segment.</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.

In Q2FY23, wholesale volumes across PV/CV/2W (other than tractors) segments stood robust QoQ, led by inventory channel filling ahead of the festive demand.The domestic wholesale volumes for SUVs in Passenger Vehicles (PV) (Maruti) and Premium motorcycles in 2W (Eicher) exhibited strong traction.This was on account of the improvement in the supply-chain bottlenecks as well as due to shifting consumer preferences towards premium, feature-leaden, and technologically advanced product categories from the low-end segment.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.

Auto Q2fy23preview - Volume Growth & Operating Leverage to Drive Ebitda Growth

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)

HSIE Results Daily: Godrej Consumers, Bharat Petroleum Corporation, Jubilant FoodWorks

Godrej Consumers: GCPL’s consolidated revenue grew 7% YoY, with domestic/international clocking 8/6% YoY growth (9/8% three-year CAGR)

HDFC Securities

Endurance Technologies Ltd - Cautiously Optimistic on New Order Wins

Endurance Technologies Ltd. (ENDU) consolidated revenue grew by 25%/12% YoY/QoQ to Rs 2,361 Cr in Q2FY23 (beat estimates marginally by 1.6%)

Axis Direct

Autos (Q2FY23 Results Preview): Margins likely to bottom out

However, all the segments have seen QoQ growth in volumes as all OEMs prepare for a pick-up in demand during the festive season

HDFC Securities

Endurance Technologies - Enduring Multiple Macro Headwinds. REDUCE

Our earnings estimates are about 20% below consensus as we believe consensus is yet to factor in the full impact of multiple challenges that it faces.

HDFC Securities

Auto Q2fy23preview - Volume Growth & Operating Leverage to Drive Ebitda Growth

In Q2FY23, wholesale volumes across PV/CV/2W (other than tractors) segments stood robust QoQ, led by inventory channel filling ahead of the festive...

Axis Direct

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