![]() ![]() The pace of BO account addition has moderated however, CDSL continues to gain market share (71.9% market share with ~78mn. The annuity revenue stream (~33% of revenue) continues to remain strong (+59% YoY) while KYC revenue remained weak due to lower fetches (-30% YoY). CDSL: CDSL delivered a weak performance, with revenue declining 5.2% QoQ (lower than the estimate), owing to a sharp drop in e-voting revenue (seasonality) while excluding e-voting, revenue was up 1.8% QoQ. We value the stock at 42x on Dec-24E EPS to derive a target price of INR 575. We prefer Marico, given its thrust to drive growth in its core brands, initiatives to drive D2C/foods, and the margin upcycle. We build in ~10% revenue CAGR over FY23-25E and an EBITDA margin of ~20% for FY24-25. EBITDA margin was up by 56bps to 18.5% (in-line), while EBITDA was up 6%. ![]() GM expanded 123/131bps YoY/QoQ to 45% (in-line). International business posted 8% CC YoY (12% three-year CAGR). VAHO volume pressure was attributed to the higher rural mix and weak demand for personal care. Packaged food categories have seen strong growth, which was witnessed for Marico's Saffola franchise too (foods grew 31%). The domestic demand for the mass segment continues to be weak however, premium continues to grow. PCNO revenue/volume were up -6/2% YoY (market share continued to expand) while VAHO value was down by 3%. Domestic volume was supported by the Saffola franchise. Marico: Marico's consolidated revenue was up 3% YoY, domestic revenue/volume were up 2/4% YoY (three-year CAGR at 10/6%). revised guidance of INR 180-190bn) and L1 on INR 35bn, the order book (OB) as of Mar'23 stood at INR 340bn (~2x FY23 revenue). With FY23 order inflow (OI) of INR 223.8bn (vs. However, the standalone margin continues to be at multi-year low levels. KEC International: KEC reported Q4FY23 numbers with a slight recovery in the consolidated margins. We maintain BUY with a revised TP of INR 1,342/sh (earlier INR 1275), as we roll forward to FY25 EPS (target multiple unchanged at 28x). Even in EVs, it seems to be ahead of its listed peers with a strong product pipeline in place for the next 24 months it has signed up with industry experts and JV partners to emerge as a leading player in EVs. With supply challenges now largely over, we expect TVS' outperformance to continue on the back of the ramp-up of its launches, including the new Ronin and Raider. TVS continued to outperform peers even in FY23: (1) it gained a 100bps market share in motorcycles to touch a record-high level of 8.9% (2) in scooters, it is the biggest gainer and its market share is up 220bps to 23.6% (3) even in 2W EVs, TVS has now emerged as the second-largest player and sold 97k units of iQube in FY23. ![]() TVS was able to improve margin QoQ despite the ramp-up of iQube in the quarter and that is commendable. To subscribe to it, you will need a RSS Reader.TVS Motor: TVS Motors' Q4 adjusted PAT at INR 3.64bn came ahead of our estimate of INR 3.3bn, led by the better-than-expected margin. This RSS feeds allow you to stay up to date with the latest SENSEX values on continuous basis. This is an RSS feed from the Bombay Stock Exchange website. Download any online RSS reader of your choice.If you have RSS reader, Please Cut and Paste the URL in your RSS Reader.You can subscribe to this feed by using any of the following options: This RSS feed allows you to stay up to date with the latest Notices updated on the site. It will show you what's new since the last time you checked the feed, without having to visit the website. RSS feed is a XML file that provides summaries, including links to the full versions of the content.It is available through RSS feed reader or through some browsers. RSS stands for Really Simple Syndication.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |