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 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

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.

<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.

<ul><li>Q4FY24 earnings season saw an overall healthy performance, with wide divergences across sectors and companies</li><li>Aggregate revenue/PAT grew by 6%/22% YoY and 4%/13% QoQ across the HSIE coverage (~226 stocks)</li><li>Further, the 5-year CAGR for annual revenue/PAT between FY19 to FY24 was 11%/17%</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.

Q4FY24 earnings season saw an overall healthy performance, with wide divergences across sectors and companiesAggregate revenue/PAT grew by 6%/22% YoY and 4%/13% QoQ across the HSIE coverage (~226 stocks)Further, the 5-year CAGR for annual revenue/PAT between FY19 to FY24 was 11%/17%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: Strong End to FY24, a Muted FY25 on the Cards

<ul><li>May’24 Wholesale Volumes: The domestic PV sales (Exhibit-2) grew by 6%/4%YoY/MoM, largely led by strong domestic SUV volumes across Original Equipment Manufacturers (OEMs) , which were partly offset by weakness in entry-level cars and exports (in Maruti).</li><li>The domestic 2W industry after witnessing strong double digit growth on a low base, witnessed volume growth of ~10% YoY (down 8% MoM) and export volume grew 12% YoY (down 7% MoM) respectively.</li><li>The domestic CV industry sales grew by ~3% YoY (flat MoM), driven by high volumes in the bus segment. </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.

May’24 Wholesale Volumes: The domestic PV sales (Exhibit-2) grew by 6%/4%YoY/MoM, largely led by strong domestic SUV volumes across Original Equipment Manufacturers (OEMs) , which were partly offset by weakness in entry-level cars and exports (in Maruti).The domestic 2W industry after witnessing strong double digit growth on a low base, witnessed volume growth of ~10% YoY (down 8% MoM) and export volume grew 12% YoY (down 7% MoM) respectively.The domestic CV industry sales grew by ~3% YoY (flat MoM), driven by high volumes in the bus segment. 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.

<ul><li>Ashok Leyland: Ashok Leyland’s Q4 PAT at INR 9.7bn and margin at 14.1% were both higher than our estimates</li><li>AL does not foresee any slowdown in the M&amp;HCV segment, based on volumes reported in April and enquiries received in May</li><li>With continued focus on cost saving, efficient sourcing, and better realization, AL aspires to have a mid-teen EBITDA margin in the medium term</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.

Ashok Leyland: Ashok Leyland’s Q4 PAT at INR 9.7bn and margin at 14.1% were both higher than our estimatesAL does not foresee any slowdown in the M&amp;HCV segment, based on volumes reported in April and enquiries received in MayWith continued focus on cost saving, efficient sourcing, and better realization, AL aspires to have a mid-teen EBITDA margin in the medium termContent 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: Ashok Leyland, PNC Infratech

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.

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Ashok Leyland (AL IN)

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

Quarterly Flipbook: Strong End to FY24, a Muted FY25 on the Cards

Q4FY24 earnings season saw an overall healthy performance, with wide divergences across sectors and companies. Aggregate revenue/PAT grew by 6%/22%...

HDFC Securities

Auto Monthly Volume - May 2024

The domestic 2W industry after witnessing strong double digit growth on a low base, witnessed volume growth of ~10% YoY (down 8% MoM) and export...

Axis Direct

HSIE Results Daily: Ashok Leyland, PNC Infratech

With continued focus on cost saving, efficient sourcing, and better realization, AL aspires to have a mid-teen EBITDA margin in the medium term

HDFC Securities

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