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>Dalmia Bharat: We maintain our BUY rating on Dalmia Bharat with an unchanged TP of INR 2,560/sh (13x its Sep-25E consolidated EBITDA)</li><li>We continue to like Dalmia for its healthy volume, margin, and comfortable balance sheet outlook</li><li>In Q2FY24, Dalmia reported sub-par volume growth (+7% YoY) on market share loss in the east</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.

Dalmia Bharat: We maintain our BUY rating on Dalmia Bharat with an unchanged TP of INR 2,560/sh (13x its Sep-25E consolidated EBITDA)We continue to like Dalmia for its healthy volume, margin, and comfortable balance sheet outlookIn Q2FY24, Dalmia reported sub-par volume growth (+7% YoY) on market share loss in the eastContent 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: Dalmia Bharat, Karur Vysya Bank

<ul><li>LTIMindtree: LTIMindtree (LTIM) reported largely in-line performance in Q1FY24</li><li>With flat sequential revenue performance in Q1, the ask rate is substantial (&gt;4% CQGR) for LTIM to achieve its ‘aspirational’ double-digit growth for FY24E</li><li>We believe that LTIM will continue to grow at a considerable growth premium to tier-1 IT and the company will take market share from tier-1 IT (5% of India tier-1 IT but ~9% share of incremental growth)</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.

LTIMindtree: LTIMindtree (LTIM) reported largely in-line performance in Q1FY24With flat sequential revenue performance in Q1, the ask rate is substantial (&gt;4% CQGR) for LTIM to achieve its ‘aspirational’ double-digit growth for FY24EWe believe that LTIM will continue to grow at a considerable growth premium to tier-1 IT and the company will take market share from tier-1 IT (5% of India tier-1 IT but ~9% share of incremental growth)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 -  LTIMindtree, Tata Elxsi, Karur Vysya Bank

HSIE Results Daily - LTIMindtree, Tata Elxsi, Karur Vysya Bank

<ul><li>Indraprastha Gas: Our BUY recommendation on Indraprastha Gas (IGL) with a target price of INR 575 is based on (1) strong volume growth at ~12% CAGR over FY23-25E, (2) robust margins with the government allocating gas from the HPHT (high-pressure, high-temperature) fields to the priority sector, and (3) a strong portfolio of new geographical areas (GAs) ensuring volume growth visibility</li><li>Q4FY23 EBITDA stood at INR 4.7bn, up +9% QoQ, well above our estimate however, it declined 7% YoY, owing to higher input gas cost</li><li>APAT stood at INR 3.3bn, (-9% YoY, +19% QoQ), above our estimate</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.

Indraprastha Gas: Our BUY recommendation on Indraprastha Gas (IGL) with a target price of INR 575 is based on (1) strong volume growth at ~12% CAGR over FY23-25E, (2) robust margins with the government allocating gas from the HPHT (high-pressure, high-temperature) fields to the priority sector, and (3) a strong portfolio of new geographical areas (GAs) ensuring volume growth visibilityQ4FY23 EBITDA stood at INR 4.7bn, up +9% QoQ, well above our estimate however, it declined 7% YoY, owing to higher input gas costAPAT stood at INR 3.3bn, (-9% YoY, +19% QoQ), above our estimateContent 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: Indraprastha Gas, Sonata Software, Karur Vysya Bank

<ul><li>Given the RBI's recent pause in the policy rate cycle, we believe that the banking system, although largely resilient to the fallout from global banks, is faced with a combination of demand deceleration (lower growth), higher funding costs (lagged deposit re-pricing) and softer incremental spreads</li><li>As banks and NBFCs navigate the growth-margin trade-off, we argue that the combination of lower growth and lower spreads is not priced into valuations, especially of mid-sized, high-growth franchises</li><li>While we hold our below-consensus growth forecasts, we are now equally conservative on incremental spreads across our coverage universe.</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.

Given the RBI's recent pause in the policy rate cycle, we believe that the banking system, although largely resilient to the fallout from global banks, is faced with a combination of demand deceleration (lower growth), higher funding costs (lagged deposit re-pricing) and softer incremental spreadsAs banks and NBFCs navigate the growth-margin trade-off, we argue that the combination of lower growth and lower spreads is not priced into valuations, especially of mid-sized, high-growth franchisesWhile we hold our below-consensus growth forecasts, we are now equally conservative on incremental spreads across our coverage universe.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.

Leveraged Financials: ‘Pause and Effect’ - interesting trade-offs ahead

India

Karur Vysya Bank Ltd. provides a full range of commercial banking services for retail and institutional customers. The Bank offers mutual funds, insurance, personal loan, fixed deposits, internet banking, gold and silver, lockers, credit cards, and agricultural finance. Karur Vysya Bank serves customers throughout India.

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

Karur Vysya Bank (KVB IN)

HSIE Results Daily: Dalmia Bharat, Karur Vysya Bank

Dalmia Bharat: We maintain our BUY rating on Dalmia Bharat with an unchanged TP of INR 2,560/sh (13x its Sep-25E consolidated EBITDA)

HDFC Securities

HSIE Results Daily - LTIMindtree, Tata Elxsi, Karur Vysya Bank

LTIMindtree (LTIM) reported largely in-line performance in Q1FY24. With flat sequential revenue performance in Q1 the ask rate is substantial (>4%...

HDFC Securities

HSIE Results Daily - LTIMindtree, Tata Elxsi, Karur Vysya Bank

With flat sequential revenue performance in Q1, the ask rate is substantial (>4% CQGR) for LTIM to achieve its ‘aspirational’ double-digit growth...

HDFC Securities

HSIE Results Daily: Indraprastha Gas, Sonata Software, Karur Vysya Bank

Indraprastha Gas: Our BUY recommendation on Indraprastha Gas (IGL) with a target price of INR 575 is based on (1) strong volume growth at ~12% CAGR...

HDFC Securities

Leveraged Financials: ‘Pause and Effect’ - interesting trade-offs ahead

As banks and NBFCs navigate the growth-margin trade-off, we argue that the combination of lower growth and lower spreads is not priced into valuations

HDFC Securities

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)