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>The aggregate performance of the Q1FY25 earnings season was largely on expected lines, with wide divergences across sectors and companies</li><li>Aggregate revenue/PAT grew by 7%/0% YoY and -2%/-8% QoQ across the HSIE coverage (~229 stocks)</li><li>Overall earnings were adversely skewed by the weak performance of OMCs, hence ex-OMCs, revenue/PAT grew by 9%/13% YoY and -2%/-5% QoQ.</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.

The aggregate performance of the Q1FY25 earnings season was largely on expected lines, with wide divergences across sectors and companiesAggregate revenue/PAT grew by 7%/0% YoY and -2%/-8% QoQ across the HSIE coverage (~229 stocks)Overall earnings were adversely skewed by the weak performance of OMCs, hence ex-OMCs, revenue/PAT grew by 9%/13% YoY and -2%/-5% QoQ.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.

Quarterly Flipbook: Earnings growth moderates, demand pick-up holds the key

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.

Equity Bottom-Up

<ul><li>We interacted with the Pan India dealers of Ashok Leyland, and the overall dealer network is positive on the CV cycle, with the MHCV demand outlook still holding up while the slowdown in the LCV segment persists.</li><li>AL’s growth strategy is to penetrate the traditionally weak North and East regions, grow in the Central region and defend its market leadership in the Southern region.</li><li>AL had a lower market share of ~25% in North and Eastern regions and 30%+ in the Central region against the Southern region where it enjoyed 43% MS in FY23. </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.

We interacted with the Pan India dealers of Ashok Leyland, and the overall dealer network is positive on the CV cycle, with the MHCV demand outlook still holding up while the slowdown in the LCV segment persists.AL’s growth strategy is to penetrate the traditionally weak North and East regions, grow in the Central region and defend its market leadership in the Southern region.AL had a lower market share of ~25% in North and Eastern regions and 30%+ in the Central region against the Southern region where it enjoyed 43% MS in FY23. 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.

Ashok Leyland - Channel Check Suggests MHCV Demand Holding Up

<ul><li>ICICI Bank: ICICI Bank (ICICIBC) clocked a mild beat on the back of steady margins (-4bps QoQ) and better operating efficiency (higher non-core income), partly offset by elevated credit costs</li><li>Loan growth (+15 YoY) was in line, largely driven by SME, business banking and credit card businesses</li><li>ICICIBC witnessed lower recoveries in the corporate and SME portfolios alongside a marginal uptick in retail slippages; however, the bank continued to maintain a healthy PCR (80%)</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.

ICICI Bank: ICICI Bank (ICICIBC) clocked a mild beat on the back of steady margins (-4bps QoQ) and better operating efficiency (higher non-core income), partly offset by elevated credit costsLoan growth (+15 YoY) was in line, largely driven by SME, business banking and credit card businessesICICIBC witnessed lower recoveries in the corporate and SME portfolios alongside a marginal uptick in retail slippages; however, the bank continued to maintain a healthy PCR (80%)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.

HSIE Results Daily: ICICI Bank, Dr Reddy’s Laboratories, Ashok Leyland

<ul><li>The auto sector has outperformed the Nifty Index in Q4, led largely by a sharp rally in some 2W and PV stocks</li><li>We continue to like Maruti Suzuki, and M&amp;M as we expect both of them to continue to outperform the UV segment, which would in turn help improve their performance</li><li>Within 2Ws, we continue to like TVS Motors. We have rolled over the valuation to the year-ended Jun-26.</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.

The auto sector has outperformed the Nifty Index in Q4, led largely by a sharp rally in some 2W and PV stocksWe continue to like Maruti Suzuki, and M&amp;M as we expect both of them to continue to outperform the UV segment, which would in turn help improve their performanceWithin 2Ws, we continue to like TVS Motors. We have rolled over the valuation to the year-ended Jun-26.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.

Autos (Q1FY25 Results Preview): 2W to Drive Growth While PVs Ride Pillion

<ul><li>Jun’24 Wholesale Volumes: The domestic PV sales (Exhibit-2) grew by 5% YoY (down 3% MoM), largely led by strong domestic SUV volumes across Original Equipment Manufacturers (OEMs) , which were partly offset by weakness in entry-level cars.</li><li>The domestic 2W industry (excl HMSI) witnessed volume growth of ~11% YoY (down 3% MoM) led by rural recovery; however exports declined 4% YoY (down 9% MoM) respectively.</li><li>The domestic CV industry sales degrew by ~4% YoY (up 6% MoM) mainly due to lower LCV and MHCV goods carrier volumes being partly set off by high industry volume for buses. </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.

Jun’24 Wholesale Volumes: The domestic PV sales (Exhibit-2) grew by 5% YoY (down 3% MoM), largely led by strong domestic SUV volumes across Original Equipment Manufacturers (OEMs) , which were partly offset by weakness in entry-level cars.The domestic 2W industry (excl HMSI) witnessed volume growth of ~11% YoY (down 3% MoM) led by rural recovery; however exports declined 4% YoY (down 9% MoM) respectively.The domestic CV industry sales degrew by ~4% YoY (up 6% MoM) mainly due to lower LCV and MHCV goods carrier volumes being partly set off by high industry volume for buses. 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.

India

Ashok Leyland Limited manufactures medium and heavy duty commercial vehicles, including buses, tractors, dumpsters, haulage trucks, fire engines, and defense sector vehicles. The Company also manufactures industrial & marine engines, ferrous castings and spare parts for automobiles. Ashok Leyland sells its products in India and abroad.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Ashok Leyland (AL IN)

Quarterly Flipbook: Earnings growth moderates, demand pick-up holds the key

The aggregate performance of the Q1FY25 earnings season was largely on expected lines, with wide divergences across sectors and companies

HDFC Securities

Ashok Leyland - Channel Check Suggests MHCV Demand Holding Up

AL’s growth strategy is to penetrate the traditionally weak North and East regions, grow in the Central region and defend its market leadership in...

Axis Direct

HSIE Results Daily: ICICI Bank, Dr Reddy’s Laboratories, Ashok Leyland

ICICI Bank: ICICI Bank (ICICIBC) clocked a mild beat on the back of steady margins (-4bps QoQ) and better operating efficiency (higher non-core...

HDFC Securities

Autos (Q1FY25 Results Preview): 2W to Drive Growth While PVs Ride Pillion

We continue to like Maruti Suzuki, and M&M as we expect both of them to continue to outperform the UV segment, which would in turn help improve...

HDFC Securities

Auto Monthly Volume - June 2024

The domestic PV sales (Exhibit-2) grew by 5% YoY (down 3% MoM), largely led by strong domestic SUV volumes across Original Equipment Manufacturers...

Axis Direct

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)