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

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

Motilal Oswal

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. 

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

Gujarat State Petronet / Equity Bottom-Up

<ul><li>After a strong 1Q, 2Q will likely be a weak quarter for GUJS owing to fading power demand, a one-month shutdown at Morbi, and the full-quarter impact of the tariff cut.</li><li>We build in EBITDA of INR2.4b and transmission volume of 34mmscmd (down 7% QoQ).</li><li>We estimate EBITDA/PAT to decline by 21%/10% QoQ.</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.

After a strong 1Q, 2Q will likely be a weak quarter for GUJS owing to fading power demand, a one-month shutdown at Morbi, and the full-quarter impact of the tariff cut.We build in EBITDA of INR2.4b and transmission volume of 34mmscmd (down 7% QoQ).We estimate EBITDA/PAT to decline by 21%/10% QoQ.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.

Gujarat State Petronet - Merger Key Event to Watch for in FY26

<ul><li>Siemens: Siemens India Ltd (SIL) delivered weak standalone Q3FY24 revenue/EBITDA/APAT of INR 47.6/6.1/5.3bn, missing our estimates by 13.3/22.1/18.9%</li><li>EBITDA margin was 12.8%(+148bps/-207bps YoY/QoQ) vs our estimate of 14.2%</li><li>SIL received new orders worth INR 62.5bn (+18/+17.1% YoY/QoQ), which is strong, considering the slowdown in bid/order process amid election season</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.

Siemens: Siemens India Ltd (SIL) delivered weak standalone Q3FY24 revenue/EBITDA/APAT of INR 47.6/6.1/5.3bn, missing our estimates by 13.3/22.1/18.9%EBITDA margin was 12.8%(+148bps/-207bps YoY/QoQ) vs our estimate of 14.2%SIL received new orders worth INR 62.5bn (+18/+17.1% YoY/QoQ), which is strong, considering the slowdown in bid/order process amid election seasonContent 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: Siemens, Trent, Infoedge, Balkrishna Industries, Astral, Gujarat State Petronet

<ul><li>Larsen &amp; Toubro: Larsen &amp; Toubro (LT) reported an in-line performance, with revenue/EBITDA/APAT at INR 670.8/72.3/43bn, a beat/(miss) of 1.3/(7.4)/(1.2)%</li><li>P&amp;M margins came in weaker than expected which resulted in LT achieving the lower end of FY24 margin guidance of 8.25-8.5% at 8.2%</li><li>LT gave 15/10% revenue/order inflow guidance for FY25 which is better than expected</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.

Larsen &amp; Toubro: Larsen &amp; Toubro (LT) reported an in-line performance, with revenue/EBITDA/APAT at INR 670.8/72.3/43bn, a beat/(miss) of 1.3/(7.4)/(1.2)%P&amp;M margins came in weaker than expected which resulted in LT achieving the lower end of FY24 margin guidance of 8.25-8.5% at 8.2%LT gave 15/10% revenue/order inflow guidance for FY25 which is better than expectedContent 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: Larsen & Toubro, TVS Motor, Hero Motocorp

External broker reports(aggregated public sources), Prabhudas Lilladhar

Prabhudas Lilladhar

Prabhudas Lilladher is one of India's leading research based financial services organisation.

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.

<ul><li>Prabhudas Lilladher's research report onGujarat State Petronet PNGRB, in its tariff order, revised GSPL’s HP Gas Grid tariff to Rs18.1/mmBtu wef from 1st May,2024, a sharp cut of 46.7% against the existing tariff of Rs34/mmBtu.</li><li>GSPL had proposed the tariff to be revised to Rs50.77/mmBtu.</li><li>Out of the current volume of 29mmscmd, ~24-25mmscmd would be through HP Gas Grid and we believe this would result in ~30% cut in EPS forecasts for FY25/26E.</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.

Prabhudas Lilladher's research report onGujarat State Petronet PNGRB, in its tariff order, revised GSPL’s HP Gas Grid tariff to Rs18.1/mmBtu wef from 1st May,2024, a sharp cut of 46.7% against the existing tariff of Rs34/mmBtu.GSPL had proposed the tariff to be revised to Rs50.77/mmBtu.Out of the current volume of 29mmscmd, ~24-25mmscmd would be through HP Gas Grid and we believe this would result in ~30% cut in EPS forecasts for FY25/26E.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.

Gujarat State Petronet (GUJS IN) - Sharp Cut in HP Gas Grid Tariff

India

Gujarat State Petronet Limited owns and operates a natural gas transmission network in India.  The Company serves the State of Gujarat and most of its customers are natural gas end-users.

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Gujarat State Petronet (GUJS IN)

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

Gujarat State Petronet - Merger Key Event to Watch for in FY26

After a strong 1Q, 2Q will likely be a weak quarter for GUJS owing to fading power demand, a one-month shutdown at Morbi, and the full-quarter...

Motilal Oswal

HSIE Results Daily: Siemens, Trent, Infoedge, Balkrishna Industries, Astral, Gujarat State Petronet

Siemens India Ltd (SIL) delivered weak standalone Q3FY24 revenue/EBITDA/APAT of INR 47.6/6.1/5.3bn, missing our estimates by 13.3/22.1/18.9%

HDFC Securities

HSIE Results Daily: Larsen & Toubro, TVS Motor, Hero Motocorp

Larsen & Toubro: Larsen & Toubro (LT) reported an in-line performance, with revenue/EBITDA/APAT at INR 670.8/72.3/43bn, a beat/(miss) of 1.3/(7.4)...

HDFC Securities

Gujarat State Petronet (GUJS IN) - Sharp Cut in HP Gas Grid Tariff

Out of the current volume of 29mmscmd, ~24-25mmscmd would be through HP Gas Grid and we believe this would result in ~30% cut in EPS forecasts for...

Prabhudas Lilladhar

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