External broker reports(aggregated public sources), Axis Direct

Axis Direct

External broker reports(aggregated public sources)

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.

Thematic (Sector/Industry)

<ul><li>The domestic CV wholesale volumes registered positive momentum with 11% YoY growth (5% MoM) in Feb’23, which was driven by the growth in the MHCV segment, which in turn, was led by the pick-up in the infrastructure spending.</li><li>The domestic PV wholesale volumes grew 12% YoY (down 4% MoM). We believe demand momentum to continue as OEMs fulfil order backlogs along with new launches in the SUV segment by the OEMs Maruti (Fronx, Jimny), M&amp;M (Thar RWD, XUV400), and Tata Motors (Tiago EV).</li><li>For 2Ws, the domestic sales (excl. HMSI), grew by ~21%YoY (on a low base of Feb’22) while export volumes de-grew across all OEMs (except RE, flat YoY).</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 domestic CV wholesale volumes registered positive momentum with 11% YoY growth (5% MoM) in Feb’23, which was driven by the growth in the MHCV segment, which in turn, was led by the pick-up in the infrastructure spending.The domestic PV wholesale volumes grew 12% YoY (down 4% MoM). We believe demand momentum to continue as OEMs fulfil order backlogs along with new launches in the SUV segment by the OEMs Maruti (Fronx, Jimny), M&amp;M (Thar RWD, XUV400), and Tata Motors (Tiago EV).For 2Ws, the domestic sales (excl. HMSI), grew by ~21%YoY (on a low base of Feb’22) while export volumes de-grew across all OEMs (except RE, flat YoY).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.

Automotive Industry - Robust Domestic Sales; 2W Exports Continue to Remain Weak

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

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.

<ul><li>Q3FY23 earnings season saw an overall in-line performance, with wide divergences across sectors and companies</li><li>Aggregate revenue/PAT grew by 19%/6% YoY across the HSIE coverage universe (~208 stocks), their three-year CAGR being 15%/15%</li><li>Our coverage universe saw strong YoY growth in auto, lending financials, capital goods, staples and power sectors</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.

Q3FY23 earnings season saw an overall in-line performance, with wide divergences across sectors and companiesAggregate revenue/PAT grew by 19%/6% YoY across the HSIE coverage universe (~208 stocks), their three-year CAGR being 15%/15%Our coverage universe saw strong YoY growth in auto, lending financials, capital goods, staples and power sectorsContent 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 Equity Strategy: Commodity pressure easing, margin expansion on the cards

<ul><li>Mahindra &amp; Mahindra: M&amp;M Q3 adjusted PAT at INR 20bn came in above our estimate of INR 18.7bn, primarily due to higher-than-expected other income, even as its operational performance was in line with our estimates</li><li>M&amp;M’s performance highlights for YTDFY23 are: (1) steady market share revival in the UV segment every quarter on the back of its new launches (2) 90bps market share improvement in tractors to 41.4%, without compromising on margins (3) revival in market share in &lt;3.5T segment (4) continued leadership in e-3Ws with 65% market share in Q3</li><li>Also, it is commendable that M&amp;M has already achieved most of the targets it earmarked a couple of years back (including EPS CAGR, improvement in auto margins, RoE at 18%, calibrated asset allocation etc.) and management has indicated that it is now time to raise its targets from here on</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.

Mahindra &amp; Mahindra: M&amp;M Q3 adjusted PAT at INR 20bn came in above our estimate of INR 18.7bn, primarily due to higher-than-expected other income, even as its operational performance was in line with our estimatesM&amp;M’s performance highlights for YTDFY23 are: (1) steady market share revival in the UV segment every quarter on the back of its new launches (2) 90bps market share improvement in tractors to 41.4%, without compromising on margins (3) revival in market share in &lt;3.5T segment (4) continued leadership in e-3Ws with 65% market share in Q3Also, it is commendable that M&amp;M has already achieved most of the targets it earmarked a couple of years back (including EPS CAGR, improvement in auto margins, RoE at 18%, calibrated asset allocation etc.) and management has indicated that it is now time to raise its targets from here onContent 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: Mahindra & Mahindra, Infoedge, City Union Bank, NOCIL

<ul><li>The domestic CV wholesale volumes registered positive momentum with 9% YoY growth in Jan’23, which was driven by the pick-up in infrastructure spending and replacement demand by fleet operators.</li><li>Tractors demand continues to surprise positively with 29% YoY growth, primarily led by positive agri-sentiments.</li><li>The domestic PV wholesale volumes grew 21% YoY and 30% MoM; we believe demand momentum to continue, especially for the SUV segment where multiple new launches from OEMs such as Maruti (Fronx, Jimny), M&amp;M (Thar RWD, XUV400), and Tata Motors (Tiago EV), is expected in the next few months.</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 domestic CV wholesale volumes registered positive momentum with 9% YoY growth in Jan’23, which was driven by the pick-up in infrastructure spending and replacement demand by fleet operators.Tractors demand continues to surprise positively with 29% YoY growth, primarily led by positive agri-sentiments.The domestic PV wholesale volumes grew 21% YoY and 30% MoM; we believe demand momentum to continue, especially for the SUV segment where multiple new launches from OEMs such as Maruti (Fronx, Jimny), M&amp;M (Thar RWD, XUV400), and Tata Motors (Tiago EV), is expected in the next few months.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.

Automotive Industry - CVs, PVs Outperform

<ul><li>The domestic CV wholesales registered positive sales momentum as it posted growth of 21%/18% YoY/MoM in Dec’22, driven by the pick-up in infrastructure spending and replacement demand by fleet operators.</li><li>Tractors demand continues to surprise positively with 28% YoY growth, primarily led by positive agri-sentiments.</li><li>The domestic PV wholesale volumes grew 8% YoY but declined 15% MoM on maintenance shutdown by most OEMs, non availability of semi-conductors for some models, and lower demand for entry-level segment vehicles.</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 domestic CV wholesales registered positive sales momentum as it posted growth of 21%/18% YoY/MoM in Dec’22, driven by the pick-up in infrastructure spending and replacement demand by fleet operators.Tractors demand continues to surprise positively with 28% YoY growth, primarily led by positive agri-sentiments.The domestic PV wholesale volumes grew 8% YoY but declined 15% MoM on maintenance shutdown by most OEMs, non availability of semi-conductors for some models, and lower demand for entry-level segment vehicles.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.

Automotive Industry - Robust CVs & Tractor Demand

India

Mahindra & Mahindra Ltd. manufactures automobiles, farm equipment and automotive components. The Company's automobile products include light, medium and heavy commercial vehicles, jeep type vehicles and passenger cars. Mahindra & Mahindra also manufactures agricultural tractors, agricultural implements, internal combustion engines, industrial petrol engines, spare parts and machine tools.

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Mahindra & Mahindra (MM IN)

Automotive Industry - Robust Domestic Sales; 2W Exports Continue to Remain Weak

The domestic CV wholesale volumes registered positive momentum with 11% YoY growth (5% MoM) in Feb’23, which was driven by the growth in the MHCV...

Axis Direct

India Equity Strategy: Commodity pressure easing, margin expansion on the cards

Aggregate revenue/PAT grew by 19%/6% YoY across the HSIE coverage universe (~208 stocks), their three-year CAGR being 15%/15%

HDFC Securities

HSIE Results Daily: Mahindra & Mahindra, Infoedge, City Union Bank, NOCIL

M&M Q3 adjusted PAT at INR 20bn came in above our estimate of INR 18.7bn, primarily due to higher-than-expected other income, even as its...

HDFC Securities

Automotive Industry - CVs, PVs Outperform

The domestic CV wholesale volumes registered positive momentum with 9% YoY growth in Jan’23, which was driven by the pick-up in infrastructure...

Axis Direct

Automotive Industry - Robust CVs & Tractor Demand

The domestic CV wholesales registered positive sales momentum as it posted growth of 21%/18% YoY/MoM in Dec’22, driven by the pick-up in...

Axis Direct

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