External broker reports(aggregated public sources), Motilal Oswal Financial Services Limited

Motilal Oswal

External broker reports(aggregated public sources)

Motilal Oswal Financial Services Limited

Motilal Oswal Financial Services Limited is an Indian diversified financial services firm offering a range of financial products and services. 

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Equity Bottom-Up

Galaxy Surfactants Ltd / Equity Bottom-Up

<div><ul><li>Inventory gain and improvement in product mix aids margin - <span style="font-size: var(--content-font-size);">GALSURF reported a beat on our 4QFY22 estimates, with EBITDA (INR/kg) at INR25.2 (98% higher than our estimate, +35% YoY) on inventory gains, new contract terms, and improvement in the product mix.</span></li></ul><div><ul><li>Margin rebounds sharply; revenue marginally above our estimate - <span style="font-size: var(--content-font-size);">Revenue stood at INR10.5b (up 34% YoY and 13% QoQ).</span></li></ul><div><ul><li>Valuation and view – maintain Buy - <span style="font-size: var(--content-font-size);">In FY22, realization stood at INR157/kg, with gross margin at INR46.8/kg (+10% YoY) and EBITDA/kg at INR17.1 (down 10% from INR19/kg in FY21).</span></li></ul></div></div></div><p><em>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.</em></p>

Inventory gain and improvement in product mix aids margin - GALSURF reported a beat on our 4QFY22 estimates, with EBITDA (INR/kg) at INR25.2 (98% higher than our estimate, +35% YoY) on inventory gains, new contract terms, and improvement in the product mix.Margin rebounds sharply; revenue marginally above our estimate - Revenue stood at INR10.5b (up 34% YoY and 13% QoQ).Valuation and view – maintain Buy - In FY22, realization stood at INR157/kg, with gross margin at INR46.8/kg (+10% YoY) and EBITDA/kg at INR17.1 (down 10% from INR19/kg in FY21).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.

4QFY22 Results Update  - Galaxy Surfactants

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

<p>Teamlease Services: Teamlease registered strong growth (+5.1% QoQ) for the second consecutive quarter, in line with our estimate. Growth in core staffing (+5.5% QoQ, 91% of revenue) was led by improved hiring activity in e-commerce, essential retail, BFSI and manufacturing verticals. Stressed verticals like hospitality, retail and travel are not showing signs of recovery though. The core associate headcount growth has been robust (+7.5% QoQ, crossed the pre-COVID level), led by NETAP (+17.5%). The recovery which started in 2HFY21 will be impacted in 1QFY22E by the second wave, but clients are showing resilience and ~80% of the associates being hired are for essential services.</p><div class="content-highlight"><em>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.</em></div>

Teamlease Services: Teamlease registered strong growth (+5.1% QoQ) for the second consecutive quarter, in line with our estimate. Growth in core staffing (+5.5% QoQ, 91% of revenue) was led by improved hiring activity in e-commerce, essential retail, BFSI and manufacturing verticals. Stressed verticals like hospitality, retail and travel are not showing signs of recovery though. The core associate headcount growth has been robust (+7.5% QoQ, crossed the pre-COVID level), led by NETAP (+17.5%). The recovery which started in 2HFY21 will be impacted in 1QFY22E by the second wave, but clients are showing resilience and ~80% of the associates being hired are for essential services.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: Max Financial Petronet LNG, Prestige Estates, Galaxy Surfactants, Teamlease S...

India

Galaxy Surfactants Limited manufactures specialty chemicals. The Company produces fatty alcohol sulfates, lauryl alcohol ethoxylates, foam and viscosity boosters, surfactant blends, fatty alcohol ether sulfates, and pearlising agents. Galaxy Surfactants serves the personal, home care, and manufacturing industries worldwide.

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Galaxy Surfactants Ltd (GALSURF IN)

4QFY22 Results Update - Galaxy Surfactants

Inventory gain and improvement in product mix aids margin - GALSURF reported a beat on our 4QFY22 estimates, with EBITDA (INR/kg) at INR25.2

Motilal Oswal

HSIE Results Daily: Max Financial Petronet LNG, Prestige Estates, Galaxy Surfactants, Teamlease S...

Teamlease Services: Teamlease registered strong growth (+5.1% QoQ) for the second consecutive quarter, in line with our estimate. Growth in core...

HDFC Securities

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