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>Tata Elxsi: Tata Elxsi (TELX) delivered an in-line quarter both on revenue and margin</li><li>While the growth print was resilient despite the Q3 seasonality/furlough impact, the growth deceleration has been steep in TELX’s EPD business (from 35%/24% growth in FY22/23 to 9% YoY in 9MFY24)</li><li>TELX has lost market share in the transportation vertical (39% of revenue) to peers on account of a lower mix of OEM customers vs Tier-1s, increased captive intensity by Tier-1s and delays in program ramp-up</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.

Tata Elxsi: Tata Elxsi (TELX) delivered an in-line quarter both on revenue and marginWhile the growth print was resilient despite the Q3 seasonality/furlough impact, the growth deceleration has been steep in TELX’s EPD business (from 35%/24% growth in FY22/23 to 9% YoY in 9MFY24)TELX has lost market share in the transportation vertical (39% of revenue) to peers on account of a lower mix of OEM customers vs Tier-1s, increased captive intensity by Tier-1s and delays in program ramp-upContent 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: Tata Elxsi, Oberoi Realty, JK Cement, Route Mobile, Can Fin Homes

<ul><li>Exchanges: MCX revenue is expected to increase by 12% QoQ, led by growth in options revenue (+30% QoQ)</li><li>The higher payout to erstwhile tech vendors will impact profitability for Q2 and Q3 of FY24E</li><li>MCX will post an EBITDA/PAT loss in Q2. Post the tech transition the focus is on stabilising the new system and getting the volume back to normal level</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.

Exchanges: MCX revenue is expected to increase by 12% QoQ, led by growth in options revenue (+30% QoQ)The higher payout to erstwhile tech vendors will impact profitability for Q2 and Q3 of FY24EMCX will post an EBITDA/PAT loss in Q2. Post the tech transition the focus is on stabilising the new system and getting the volume back to normal levelContent 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.

Exchanges, Staffing and Internet (Q2FY24E Results Preview): On growth path

<ul><li>Indian Oil Corporation: Our ADD rating on Indian Oil Corporation (IOCL), with a target price of INR 102, is premised on robust refining and marketing margins, offset by muted petchem earnings and elevated debt</li><li>IOCL reported EBITDA at INR 222bn (+13x YoY, +44% QoQ), while APAT came in at INR 138bn, above our estimate</li><li>The beat was largely driven by the better-than-expected performance from the marketing 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.

Indian Oil Corporation: Our ADD rating on Indian Oil Corporation (IOCL), with a target price of INR 102, is premised on robust refining and marketing margins, offset by muted petchem earnings and elevated debtIOCL reported EBITDA at INR 222bn (+13x YoY, +44% QoQ), while APAT came in at INR 138bn, above our estimateThe beat was largely driven by the better-than-expected performance from the marketing segmentContent 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: Indian Oil Corporation, SBI Cards and Payment Services

<ul><li>Exchanges: MCX revenue is expected to increase by 10.7% QoQ led by growth in options revenue (+23% QoQ)</li><li>Higher payout to tech vendor will impact EBITDA margin for FY24E (Q1FY24E margin will expand sequentially due to higher options revenue)</li><li>The tech transition remains the key overhang, MCX has been conducting mock trading sessions but the transition timeline has been extended to Q3FY24E</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.

Exchanges: MCX revenue is expected to increase by 10.7% QoQ led by growth in options revenue (+23% QoQ)Higher payout to tech vendor will impact EBITDA margin for FY24E (Q1FY24E margin will expand sequentially due to higher options revenue)The tech transition remains the key overhang, MCX has been conducting mock trading sessions but the transition timeline has been extended to Q3FY24EContent 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.

Exchanges, Staffing and Internet: The road to recovery

<ul><li>Bandhan Bank: Bandhan Bank’s Q4FY23 earnings were a strong beat, led by improvement in NIMs (+80bps QoQ) and lower credit costs (3% annualised)</li><li>Elevated slippages (~5% annualised), mainly from the EEB portfolio, were offset by accelerated write-offs, resulting in 228bps QoQ improvement in GNPA to ~4.9%</li><li>Deposit growth (+6% QoQ) surprised positively with a sharp jump in CASA ratio to 39% (+300bps QoQ) supporting margin reflation</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.

Bandhan Bank: Bandhan Bank’s Q4FY23 earnings were a strong beat, led by improvement in NIMs (+80bps QoQ) and lower credit costs (3% annualised)Elevated slippages (~5% annualised), mainly from the EEB portfolio, were offset by accelerated write-offs, resulting in 228bps QoQ improvement in GNPA to ~4.9%Deposit growth (+6% QoQ) surprised positively with a sharp jump in CASA ratio to 39% (+300bps QoQ) supporting margin reflationContent 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: Bandhan Bank, Route Mobile

India

Route Mobile Limited provides mobile communication solutions. The Company offers text messaging, voice calling, number lookups, firewall, email, and other related services. Route Mobile serves customers worldwide.

Route Mobile (ROUTE IN)

HSIE Results Daily: Tata Elxsi, Oberoi Realty, JK Cement, Route Mobile, Can Fin Homes

While the growth print was resilient despite the Q3 seasonality/furlough impact, the growth deceleration has been steep in TELX’s EPD business...

HDFC Securities

Exchanges, Staffing and Internet (Q2FY24E Results Preview): On growth path

MCX will post an EBITDA/PAT loss in Q2. Post the tech transition the focus is on stabilising the new system and getting the volume back to normal...

HDFC Securities

HSIE Results Daily: Indian Oil Corporation, SBI Cards and Payment Services

ur ADD rating on Indian Oil Corporation (IOCL), with a target price of INR 102, is premised on robust refining and marketing margins, offset by...

HDFC Securities

Exchanges, Staffing and Internet: The road to recovery

Higher payout to tech vendor will impact EBITDA margin for FY24E (Q1FY24E margin will expand sequentially due to higher options revenue)

HDFC Securities

HSIE Results Daily: Bandhan Bank, Route Mobile

Bandhan Bank: Bandhan Bank’s Q4FY23 earnings were a strong beat, led by improvement in NIMs (+80bps QoQ) and lower credit costs (3% annualised)

HDFC Securities