Latest broker research reports from ICICI Securities Limited buy, sell, hold, neutral recommendations along with
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Consumer sector overvaluation in May’23 is at 27% (per I-Sec Consumer Momentum Indicator (ICMI)) versus 22% in Dec’22. Though Staples' demand environment continues to be (relatively) muted, there have been sequential improvement in demand (especially in rural) over the quarters in FY23.
HealthCare Global Enterprises’ (HCG) Q4FY23 performance was in line with expectations. Traction was driven by mature centres though incremental revenue in new centres is not improving profitability in a meaningful way.
Mahindra & Mahindra’s (M&M) Q4FY23 EBITDA margin at 12.4% (-60bps QoQ) was ~30bps lower than consensus as FES segment margin remained flat QoQ other than lower FES segment revenue mix QoQ. Automotive segment revenue increased 11% QoQ to Rs164bn, and FES revenue fell 11% QoQ to Rs55bn.
ZF CV Control Systems India’s (ZFI) Q4FY23 EBITDA margin at 14.7% was up 104bps QoQ, and was purely driven by operating leverage as raw material prices did not benefit GM QoQ. Revenue increased 12% QoQ driven by CV OEM volume growth led by seasonality and pre-buying, other than expansion in after-market business.
Prince Pipes and Fittings (PRINCPIP) has reported Q4FY23 revenue decline of 15.2% YoY with pipe volumes declining 2.1% YoY (4-year CAGR of 2.8%) and realisation down 13.3% YoY as PVC prices corrected. EBITDA/kg improved 110.5% QoQ to Rs33.5/kg (+7.9% YoY) due to inventory gains and improved product mix.
This is NOT a template-based results review report (of aggregate performance, charts et al). This is a portfolio manager summary of the under-appreciated, yet very important takeaways from the 4QFY23 results season. We decipher management comments and add the layer of our views.
We hosted the senior management of ICICI Lombard General Insurance Company (ICICIGI) at our Singapore conference. Company was represented by Gopal Balachandran, CFO, and Anckur Kanwar, deputy CFO and Head Reinsurance.
We hosted One97 Communications (Paytm) at our Singapore conference represented by Mr. Madhur Deora, ED, president & group CFO. The positive cycle of customer growth, retention and cross-sell playing out for the company is encouraging.
We hosted the senior management of InterGlobe Aviation (IndiGo) at our Singapore conference. Company was represented by Gaurav Negi (CFO), Kailash Rana (Head, Investor relations) and Richa Chhabra (Associate Director – investor relations).
