External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

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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>Nestle India: Nestle reported a beat on revenue while margin was below our expectations</li><li>Domestic revenue growth was at 18%, showcasing an acceleration in its three-year CAGR at 13%</li><li>The growth was led by strong volume and mix across large metros, mega cities, and smaller towns, including rural markets</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.

Nestle India: Nestle reported a beat on revenue while margin was below our expectationsDomestic revenue growth was at 18%, showcasing an acceleration in its three-year CAGR at 13%The growth was led by strong volume and mix across large metros, mega cities, and smaller towns, including rural marketsContent 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: Nestle India, UltraTech Cement

HSIE Results Daily: Nestle India, UltraTech Cement, IndusInd Bank

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

Nippon Life India Asset Management / Equity Bottom-Up

<ul><li>NAM Q2FY23 reported an inline set of operating performance with revenues growing slightly better than AUM on a sequential basis as overall yields improved QoQ.</li><li>Yields improved marginally owing to higher yield realization on Debt and a shift in composition in AUM mix to equity.</li><li>Revenues grew 1.1/4.9% YoY/QoQ to Rs 331 Cr (largely in line with our expectations) vis-a-vis growth in QAAUM at 7.4/2.0% YoY/QoQ. Overall AUM's market share declined slightly in Q2FY23 to 7.3% from 7.4% in Q1FY23.</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.

NAM Q2FY23 reported an inline set of operating performance with revenues growing slightly better than AUM on a sequential basis as overall yields improved QoQ.Yields improved marginally owing to higher yield realization on Debt and a shift in composition in AUM mix to equity.Revenues grew 1.1/4.9% YoY/QoQ to Rs 331 Cr (largely in line with our expectations) vis-a-vis growth in QAAUM at 7.4/2.0% YoY/QoQ. Overall AUM's market share declined slightly in Q2FY23 to 7.3% from 7.4% in Q1FY23.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.

Nippon Life India AMC - Slight Improvement in Yields; Overall an Inline Quarter

<ul><li>AMCs—tepid flows to drag earnings: Active equity schemes witnessed a deceleration in net inflows at INR339bn (Q1FY23: INR598bn), despite an all-time high SIP flow run rate (Q2 average: INR126bn)</li><li>Increased volatility in capital markets, rising concerns on global macros, and higher interest rates appear to have resulted in muted lumpsum flows; however, a sharp recovery in capital markets resulted in a 12% QoQ rise in Active Equity AUM</li><li>Interest rate hikes are likely to keep treasury gains under check</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.

AMCs—tepid flows to drag earnings: Active equity schemes witnessed a deceleration in net inflows at INR339bn (Q1FY23: INR598bn), despite an all-time high SIP flow run rate (Q2 average: INR126bn)Increased volatility in capital markets, rising concerns on global macros, and higher interest rates appear to have resulted in muted lumpsum flows; however, a sharp recovery in capital markets resulted in a 12% QoQ rise in Active Equity AUMInterest rate hikes are likely to keep treasury gains under checkContent 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.

Non-Leveraged Financials - Volatile Markets and Weak Macros Drive Slowdown

<ul><li>The company reported an impressive 23% growth in the total operating income to Rs 1,307 Cr owing to the strong growth in AUM during FY22, which was largely driven by growth in the equity and ETF categories.</li><li>Its operating profits also reported a healthy YOY growth of 42%, aided by the company’s continuous cost rationalization efforts as well as better performance in its topline.</li><li>By keeping costs under control, the company’s operating profit margin improved to 61% in FY22 from 52% in FY21. Consequently, PAT grew by 9% 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 company reported an impressive 23% growth in the total operating income to Rs 1,307 Cr owing to the strong growth in AUM during FY22, which was largely driven by growth in the equity and ETF categories.Its operating profits also reported a healthy YOY growth of 42%, aided by the company’s continuous cost rationalization efforts as well as better performance in its topline.By keeping costs under control, the company’s operating profit margin improved to 61% in FY22 from 52% in FY21. Consequently, PAT grew by 9% 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.

Nippon Life Asset Management Co Ltd - Rising AUM Market Share To Drive Growth

India

Nippon Life India Asset Management Limited operates as an investment management firm. The Company offers portfolio management, financial planning, mutual fund investment, and advisory services to individuals, institutions, trusts, and private funds. Nippon Life India Asset Management serves customers in India.

Nippon Life India Asset Management (NAM IN)

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Nippon Life India Asset Management (NAM IN)

HSIE Results Daily: Nestle India, UltraTech Cement

Nestle India: Nestle reported a beat on revenue while margin was below our expectationsDomestic revenue growth was at 18%, showcasing an...

HDFC Securities

HSIE Results Daily: Nestle India, UltraTech Cement, IndusInd Bank

Nestle India: Nestle reported a beat on revenue while margin was below our expectationsDomestic revenue growth was at 18%, showcasing an...

HDFC Securities

Nippon Life India AMC - Slight Improvement in Yields; Overall an Inline Quarter

NAM Q2FY23 reported an inline set of operating performance with revenues growing slightly better than AUM on a sequential basis as overall yields...

Axis Direct

Non-Leveraged Financials - Volatile Markets and Weak Macros Drive Slowdown

Active equity schemes witnessed a deceleration in net inflows at INR339bn (Q1FY23: INR598bn), despite an all-time high SIP flow run rate (Q2...

HDFC Securities

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