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>Q4FY23 earnings season saw an overall in-line performance, with wide divergences across sectors and companies</li><li>Aggregate revenue/PAT grew by 13%/9% YoY across the HSIE coverage (~215 stocks), their two-year CAGR being 19%/15%</li><li>Our coverage universe saw strong YoY revenue growth in auto, lending financials, industrials, IT, cement and power sectors</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>

Q4FY23 earnings season saw an overall in-line performance, with wide divergences across sectors and companiesAggregate revenue/PAT grew by 13%/9% YoY across the HSIE coverage (~215 stocks), their two-year CAGR being 19%/15%Our coverage universe saw strong YoY revenue growth in auto, lending financials, industrials, IT, cement and power sectorsContent 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.

India Equity Strategy: Banks continue to lead the pack; profitability improves for most sectors

India Equity Strategy - Banks Continue to Lead the Pack; Profitability Improves for Most Sectors

External broker reports(aggregated public sources), Axis Direct

Axis Direct

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.

<div><div><div><div><ul><li>May’23 Wholesale Volumes: Domestic 2W dispatches stood strong, PV up YoY (flat MoM) while CV/Tractor sales were mixed: The Domestic 2W industry reported strong growth of ~27% YoY (albeit on a low base), even with some recovery evident on an MoM basis (up 18% MoM).</li><li>2W exports remained weak YoY, but has improved MoM (Bajaj and TVS exports up by 6-7% MoM).</li><li>The domestic PV industry reported a robust 16% YoY growth (flat MoM) despite a few OEMs having reported production constraints (M&amp;M and Maruti pointed towards chip shortages).  </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>

May’23 Wholesale Volumes: Domestic 2W dispatches stood strong, PV up YoY (flat MoM) while CV/Tractor sales were mixed: The Domestic 2W industry reported strong growth of ~27% YoY (albeit on a low base), even with some recovery evident on an MoM basis (up 18% MoM).2W exports remained weak YoY, but has improved MoM (Bajaj and TVS exports up by 6-7% MoM).The domestic PV industry reported a robust 16% YoY growth (flat MoM) despite a few OEMs having reported production constraints (M&amp;M and Maruti pointed towards chip shortages).  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.

Monthly Volume Update - Automotive Industry

<ul><li>Avenue Supermarts: Revenue grew by 20.1% (four-year CAGR: 19.7%)</li><li>Sales density remained lower than the pre-pandemic level (~INR31.1k/sq ft in FY23 vs INR35.6k/sq ft in FY19 in-line)</li><li>Low discretionary purchases keep underlying profitability/unit economics subdued</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>

Avenue Supermarts: Revenue grew by 20.1% (four-year CAGR: 19.7%)Sales density remained lower than the pre-pandemic level (~INR31.1k/sq ft in FY23 vs INR35.6k/sq ft in FY19 in-line)Low discretionary purchases keep underlying profitability/unit economics subduedContent 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: Avenue Supermarts, Tata Motors, DLF

<ul><li>The Domestic PV industry sales grew by ~6% YoY (flat MoM) to fulfill the order backlogs, especially in the SUV segment as the production constraints eased.</li><li>Domestic CV sales stood robust, up 12% YoY and 27% MoM led by strong infra push, higher replacement demand, and advanced buying in anticipation of price hikes post Apr’23 (on OBD Phase II norms).</li><li>Domestic 2W Wholesales grew by ~20% YoY/MoM (exl. HMSI and Bajaj) on the low base of the last year and post the weak Jan- Feb’23 dispatches.</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>

The Domestic PV industry sales grew by ~6% YoY (flat MoM) to fulfill the order backlogs, especially in the SUV segment as the production constraints eased.Domestic CV sales stood robust, up 12% YoY and 27% MoM led by strong infra push, higher replacement demand, and advanced buying in anticipation of price hikes post Apr’23 (on OBD Phase II norms).Domestic 2W Wholesales grew by ~20% YoY/MoM (exl. HMSI and Bajaj) on the low base of the last year and post the weak Jan- Feb’23 dispatches.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.

Automotive Industry - Mar’23 Wholesale Dispatches Continue to Grow YoY

India

Tata Motors Passenger Vehicles Limited provides cars and commercial vehicles. The Company designs, manufactures, and sells fossil fuel and electric cars, as well as heavy, medium, and small commercial vehicles including trucks, tankers, vans, buses, ambulances, and mini-buses. Tata Motors Passenger Vehicles serves customers worldwide.

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Tata Motors Passenger Vehicles (TMPV IN)

India Equity Strategy: Banks continue to lead the pack; profitability improves for most sectors

Our coverage universe saw strong YoY revenue growth in auto, lending financials, industrials, IT, cement and power sectors

HDFC Securities

India Equity Strategy - Banks Continue to Lead the Pack; Profitability Improves for Most Sectors

Q4FY23 earnings season saw an overall in-line performance, with wide divergences across sectors and companies. Aggregate revenue/PAT grew by 13%/9%...

HDFC Securities

Monthly Volume Update - Automotive Industry

The Domestic 2W industry reported strong growth of ~27% YoY (albeit on a low base), even with some recovery evident on an MoM basis (up 18% MoM).

Axis Direct

HSIE Results Daily: Avenue Supermarts, Tata Motors, DLF

Avenue Supermarts: Revenue grew by 20.1% (four-year CAGR: 19.7%) Sales density remained lower than the pre-pandemic level (~INR31.1k/sq ft in FY23...

HDFC Securities

Automotive Industry - Mar’23 Wholesale Dispatches Continue to Grow YoY

The Domestic PV industry sales grew by ~6% YoY (flat MoM) to fulfill the order backlogs, especially in the SUV segment as the production...

Axis Direct

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