External broker reports(aggregated public sources), Axis Direct

Axis Direct

External broker reports(aggregated public sources)

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.

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<ul><li>Healthy AUM growth: The NBFCs under our coverage reported healthy AUM growth led by strong demand across segments.</li><li>Owing to seasonal weakness, disbursements for most financiers (ex-Vehicle financiers) moderated on a QoQ basis.</li><li>Management commentary on growth momentum sustaining is reassuring.</li></ul><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>

Healthy AUM growth: The NBFCs under our coverage reported healthy AUM growth led by strong demand across segments.Owing to seasonal weakness, disbursements for most financiers (ex-Vehicle financiers) moderated on a QoQ basis.Management commentary on growth momentum sustaining is reassuring.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.

Top Sector Ideas - Banking, Financial Services and Insurance (BFSI)

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

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.

<ul><li>Mahindra &amp; Mahindra: M&amp;M Q4 adjusted PAT at INR 19.3bn came in above our estimate of INR 16.2bn due to higher-than-expected revenue and lower tax rate, even as its operational performance was in line with our estimates</li><li>M&amp;M’s performance highlights for FY23 are: (1) No1 in SUVs revenue market share at 19.1% (+370bps YoY) (2) market leader in LCVs (&lt;3.5T) with 520bps improvement to 45.5% (3) FES market share up 120bps YoY to 41.2% (4) market leader in EV 3Ws with 67.6% share</li><li>Also, it is commendable that M&amp;M has already achieved most of the targets it earmarked a couple of years back, including improvement in auto margins, EPS CAGR, RoE at 18% (stands at 19.9% for FY23), calibrated asset allocation, etc</li></ul><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>

Mahindra &amp; Mahindra: M&amp;M Q4 adjusted PAT at INR 19.3bn came in above our estimate of INR 16.2bn due to higher-than-expected revenue and lower tax rate, even as its operational performance was in line with our estimatesM&amp;M’s performance highlights for FY23 are: (1) No1 in SUVs revenue market share at 19.1% (+370bps YoY) (2) market leader in LCVs (&lt;3.5T) with 520bps improvement to 45.5% (3) FES market share up 120bps YoY to 41.2% (4) market leader in EV 3Ws with 67.6% shareAlso, it is commendable that M&amp;M has already achieved most of the targets it earmarked a couple of years back, including improvement in auto margins, EPS CAGR, RoE at 18% (stands at 19.9% for FY23), calibrated asset allocation, etcContent 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: Mahindra & Mahindra, Infoedge, Sundaram Finance

<div><div><div><div><ul><li>We expect the banks under our coverage to mirror the strong systemic credit growth, thereby delivering a robust ~17% YoY credit growth in Q4FY23.</li><li>On a segmental basis at a systemic level, consumer durables/personal loans/credit card outstanding have shown a robust growth of 39/21/30% YoY respectively.</li><li>Banks that have so far reported their provisional numbers for the quarter have witnessed a pick-up deposit growth, led by TD growth outpacing CASA deposit growth. </li></ul></div></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>

We expect the banks under our coverage to mirror the strong systemic credit growth, thereby delivering a robust ~17% YoY credit growth in Q4FY23.On a segmental basis at a systemic level, consumer durables/personal loans/credit card outstanding have shown a robust growth of 39/21/30% YoY respectively.Banks that have so far reported their provisional numbers for the quarter have witnessed a pick-up deposit growth, led by TD growth outpacing CASA deposit growth. 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.

Bfsi Q4fy23 Result Preview – yet Another Strong Quarter!

<ul><li>Dalmia Bharat: We maintain our BUY rating on Dalmia Bharat (DALBHARA), with an unchanged TP of INR 2,440/sh (13x its Mar-25E consolidated EBITDA)</li><li>We continue to like DALBHARA for its robust volume and margin outlook</li><li>Dalmia reported strong volume growth (+12/9% YoY/QoQ) and healthy unit EBITDA recovery (+INR 300/365/MT YoY/QoQ) to solid INR 1,021 per MT, driven by both realisation firm-up and cost reduction</li></ul><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>

Dalmia Bharat: We maintain our BUY rating on Dalmia Bharat (DALBHARA), with an unchanged TP of INR 2,440/sh (13x its Mar-25E consolidated EBITDA)We continue to like DALBHARA for its robust volume and margin outlookDalmia reported strong volume growth (+12/9% YoY/QoQ) and healthy unit EBITDA recovery (+INR 300/365/MT YoY/QoQ) to solid INR 1,021 per MT, driven by both realisation firm-up and cost reductionContent 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: Dalmia Bharat, Sundaram Finance, Apollo Tyres

<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><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>

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

India

Sundaram Finance Limited is a prominent Indian non-banking financial company (NBFC) primarily engaged in asset financing, offering a diversified suite of financial services including vehicle finance, equipment finance, and other specialized lending products. It also provides consumer loans, wealth management, commercial finance, investment banking, and private equity through its subsidiaries. The company is headquartered in Chennai, Tamil Nadu, India, and was founded in 1954.

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Sundaram Finance (SUF IN)

Top Sector Ideas - Banking, Financial Services and Insurance (BFSI)

The NBFCs under our coverage reported healthy AUM growth led by strong demand across segments .Owing to seasonal weakness, disbursements for most...

Axis Direct

HSIE Results Daily: Mahindra & Mahindra, Infoedge, Sundaram Finance

M&M Q4 adjusted PAT at INR 19.3bn came in above our estimate of INR 16.2bn due to higher-than-expected revenue and lower tax rate

HDFC Securities

Bfsi Q4fy23 Result Preview – yet Another Strong Quarter!

We expect the banks under our coverage to mirror the strong systemic credit growth, thereby delivering a robust ~17% YoY credit growth in Q4FY23.

Axis Direct

HSIE Results Daily: Dalmia Bharat, Sundaram Finance, Apollo Tyres

Dalmia Bharat: We maintain our BUY rating on Dalmia Bharat (DALBHARA), with an unchanged TP of INR 2,440/sh (13x its Mar-25E consolidated EBITDA)

HDFC Securities

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

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