LKP Securities Broker Research reports

growth across segments. The GNPA cycle peaked at the end of FY18 (GNPA ratio at 8.8%), now sustainable, prudent and healthy growth with improvement in economic activities. ICICI winning credit card spend market share: It is important to emphasize that the market...

....Digital Initiatives & Partnerships to fuel growth While the regulatory changes by RBI is aimed at mitigating systemic risks and facilitating innovation on the digital front, HDFC Bank aims to be at the forefront with a slew of digital initiatives aimed at delivering industry beating growth through market share gains. The focus on new-age technologies like IOT, Cloud & Artificial Intelligence is to enhance credit risk assessment...

Losses narrow down in Q2, CV and EV demand may provide the required push Ashok Leyland (AL) reported small losses of 832 mn in Q2 v/s 2.8 bn qoq and 1.45 bn yoy as volume growth has been strong in Q2. The realizations were up by 20.3% yoy and flattish qoq on price hikes taken during the quarter sequentially and product mix shifting towards high margin LCVs. The company's market share declined a bit as southern markets were impacted by Covid...

HERO MOTOCORP LIMITED | Auto & Auto Components Healthy Q2, new launches to drive performance hereon Hero (HMCL) reported strong set of numbers in Q2 sequentially on low base, while the yoy drop...

of pandemic. Ad revenues grew by a hefty 17.6% qoq and 20.7% yoy. Post a very subdued Q1 showed a good improvement in its numbers. EBITDA margins stepped up to 20.8% as ad revenues increased and programming costs as a % of sales moved down at 45.7% from 48.8% qoq and 48.4%...

In 2QFY22, Bank of Baroda (BOB) has delivered an expected result on operating and asset quality front. Fresh slippages were marginally higher at 52bn v/s 51bn in 1QFY22. Furthermore, the reduction (up-gradation & recovery) stood 93bnbn v/s 98bn in the previous quarter. It reported...

13.6% yoy as volumes grew by 7% in the same period both yoy and qoq. This growth was also led and higher input costs. Tractor EBIT margins came in at 18.7% which was in the normal range seen in the past years before the aberration seen in FY21. Overall EBITDA margin came in at...

Kotak Mahindra Bank (KMB) reported above par 2QFY22 results with the key pointers being: a) profitability (PAT inclined 24% sequentially) pulled up because of higher other income (up 15% QoQ) and lower provisioning, b) GNPA/NNPA ratio moderation to 3.19%/1.06%, c) revisiting...

growth was at 54.3% yoy. Revenues expanded by 14.8% yoy at 36.6 bn. BEL reported a robust EBITDA performance as it grew by 37.4% yoy on the back of strong execution and improving cost adding 53 bn in H1 FY22. BEL also reported very strong operating cash flows for the year, as cash levels including deposits and bank balances have breached the 77 bn mark from 9 bn seen two...

c.46% yoy on the back of strong recovery in the consumption scenario with gradual opening up. 194 bps on yoy basis. VGIL has been quick in passing on its price increase on selected product categories like wires, cables and kitchen appliances; however, in the seasonal products such as water heaters and fans, there is a price transmission lag. The company is expected to take a price hike in these products in the following quarters to normalize its margin profile. Both the South and Non-South markets delivered a strong yoy growth of c.45% and c.49% respectively. Faster...