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

Motilal Oswal

External broker reports(aggregated public sources)

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

PVR Ltd. operates cinemas.  The Company owns and manages multiplex movie theaters.

<ul><li>After reporting a weak performance in 2QFY23, PVR saw recovery and reported EBITDA of INR1.3b (v/s Est. INR1.1b) in 3QFY23, led by improving occupancies, (albeit below pre-covid levels) and healthy distribution income, driving up PAT to INR252m (v/s INR53m est.).</li><li>Healthy content pipeline, expected merger completion between PVR Ltd and INOX Leisure, and a guidance of 150-200 screen additions annually for the combined entity should support growth.</li><li>However, a mixed bag performance of recent big ticket movies coupled with rising concerns of OTT continue to remain our key monitorables</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 reporting a weak performance in 2QFY23, PVR saw recovery and reported EBITDA of INR1.3b (v/s Est. INR1.1b) in 3QFY23, led by improving occupancies, (albeit below pre-covid levels) and healthy distribution income, driving up PAT to INR252m (v/s INR53m est.).Healthy content pipeline, expected merger completion between PVR Ltd and INOX Leisure, and a guidance of 150-200 screen additions annually for the combined entity should support growth.However, a mixed bag performance of recent big ticket movies coupled with rising concerns of OTT continue to remain our key monitorablesContent 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.

PVR - Occupancies Recover but yet Below Pre Covid Levels

Persistent Systems Limited offers outsourced software product development. The Company offer services that include testing, support, and professional services.

<ul><li>Persistent Systems (PSYS) reported a 3.5% growth in constant currency (CC) terms in 3QFY23.</li><li>In USD terms, revenue grew 3.4% QoQ led by strong growth in IP business (+8.6% QoQ) while growth in services was lower at 3.0% QoQ.</li><li>EBITDA margin was strong and stood at 18.5% (est. 17.9%). Employee addition was modest (+122 QoQ), while attrition moderated 210bp to 21.6%</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.

Persistent Systems (PSYS) reported a 3.5% growth in constant currency (CC) terms in 3QFY23.In USD terms, revenue grew 3.4% QoQ led by strong growth in IP business (+8.6% QoQ) while growth in services was lower at 3.0% QoQ.EBITDA margin was strong and stood at 18.5% (est. 17.9%). Employee addition was modest (+122 QoQ), while attrition moderated 210bp to 21.6%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.

Persistent Systems (PSYS) - Record Bookings to Drive FY24E Growth…

Hindustan Zinc Limited specializes in the exploration, mining and smelting of zinc, lead and other non-ferrous metals.  The Company's products include zinc ore, lead zinc concentrate, zinc metal, lead metal, cadmium metal, silver metal and sulfuric acid.

<ul><li>Hindustan Zinc’s (HZ) revenue at INR79b (down 2% YoY and 6% QoQ) in 3QFY23 was in line with our estimate.</li><li>Revenue was marginally lower YoY, on the back of lower LME prices coupled with lower refined metal volumes.</li><li>EBITDA at INR37b (down 15% YoY and 16% QoQ) was in line with our estimates.</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.

Hindustan Zinc’s (HZ) revenue at INR79b (down 2% YoY and 6% QoQ) in 3QFY23 was in line with our estimate.Revenue was marginally lower YoY, on the back of lower LME prices coupled with lower refined metal volumes.EBITDA at INR37b (down 15% YoY and 16% QoQ) was in line with our estimates.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.

Hindustan Zinc - Revenue in Line; Power and Input Costs Drag PAT

Asian Paints Limited manufactures a wide range of decorative paints, varnishes, enamels, and black & synthetic resins. The Company, through its subsidiaries, also manufactures specialty industrial chemicals and vinyl pyridine latex products which are used in the manufacture of rubber tires.

<ul><li>Asian Paints (APNT) reported flat volume YoY (est. 5% growth) and weakerthan-expected product mix in its 3QFY23 results.</li><li>Consequently, EBITDA/ PBT/PAT missed our estimates by 10-11%.</li><li>Management indicated that after a weak Oct’22, partly caused by high base, demand recovered YoY in Nov’22 before reaching double-digit sales growth in Dec’22.</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.

Asian Paints (APNT) reported flat volume YoY (est. 5% growth) and weakerthan-expected product mix in its 3QFY23 results.Consequently, EBITDA/ PBT/PAT missed our estimates by 10-11%.Management indicated that after a weak Oct’22, partly caused by high base, demand recovered YoY in Nov’22 before reaching double-digit sales growth in Dec’22.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.

Asian Paints (APNT) - Muted Sales Growth Leads to Earning Miss

AU Small Finance Bank Limited / Equity Bottom-Up

AU Small Finance Bank Limited operates as a commercial bank. The Bank offers financial products and services such as savings and current accounts, term deposits, debit cards, insurance, government banking, retail loans, and microfinance lending. AU Small Finance Bank serves customers in India.

AU Small Finance Bank Limited (AUBANK IN)

<ul><li>AUBANK reported 30% YoY growth in net earnings (8% beat), driven by lower provisions.</li><li>However, operating profit came in line with growth in NII, aided by stable margins and healthy loan growth.</li><li>Gross advances/deposits grew strongly at 38% YoY each, however, CASA deposits witnessed pressure, resulting in CASA ratio moderating to 38%.</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.

AUBANK reported 30% YoY growth in net earnings (8% beat), driven by lower provisions.However, operating profit came in line with growth in NII, aided by stable margins and healthy loan growth.Gross advances/deposits grew strongly at 38% YoY each, however, CASA deposits witnessed pressure, resulting in CASA ratio moderating to 38%.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.

AU Small Finance Bank - Steady Operating Performance; Loan Growth Accelerates

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.

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

PVR - Occupancies Recover but yet Below Pre Covid Levels

Healthy content pipeline, expected merger completion between PVR Ltd and INOX Leisure, and a guidance of 150-200 screen additions annually for the...

Motilal Oswal

Persistent Systems (PSYS) - Record Bookings to Drive FY24E Growth…

Persistent Systems (PSYS) reported a 3.5% growth in constant currency (CC) terms in 3QFY23. In USD terms, revenue grew 3.4% QoQ led by strong...

Motilal Oswal

Hindustan Zinc - Revenue in Line; Power and Input Costs Drag PAT

Hindustan Zinc’s (HZ) revenue at INR79b (down 2% YoY and 6% QoQ) in 3QFY23 was in line with our estimate. Revenue was marginally lower YoY

Motilal Oswal

Asian Paints (APNT) - Muted Sales Growth Leads to Earning Miss

Asian Paints (APNT) reported flat volume YoY (est. 5% growth) and weakerthan-expected product mix in its 3QFY23 results.

Motilal Oswal

AU Small Finance Bank - Steady Operating Performance; Loan Growth Accelerates

AUBANK reported 30% YoY growth in net earnings (8% beat), driven by lower provisions. However, operating profit came in line with growth in NII,...

Motilal Oswal