India Equity Strategy: Commodity pressure easing, margin expansion on the cards
Aggregate revenue/PAT grew by 19%/6% YoY across the HSIE coverage universe (~208 stocks), their three-year CAGR being 15%/15%
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Hero Motocorp - Inline Q3; Sustenance of Market Share to Remain Critical
Hero’s 2W domestic market share declined to 31.2% in Q3FY23 (Q3FY22 was at 34.3%) as its Motorcycle market share fell to 43.3% in Q3FY23 from 47%...
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Automotive Industry - CVs, PVs Outperform
The domestic CV wholesale volumes registered positive momentum with 9% YoY growth in Jan’23, which was driven by the pick-up in infrastructure...
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Autos (Q3FY23 Results Preview): CVs could outperform in Q3
In Q3, while 2W demand failed to pick up even in the festive season, PV, tractor and CV demand remained healthySupply chain constraints for major...
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Auto Q3FY23 Preview - Margin Recovery Likely in Q3
We expect Revenue/EBITDA/PAT of Auto OEMs to grow at 17%/39%/45% YoY in Q3FY23. However, we expect Auto OEMs to post de-growth of 6%/1.5%/2.3% on a...
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