External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

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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.

Equity Bottom-Up

<ul><li>Havells’ Q4 revenue aligned with our estimate while it positively surprised operationally with EBITDAM expanding by 80bps to 11.7% (HSIE: 9.8%)</li><li>While the B2B portfolio continues to sustain its momentum, the B2C portfolio witnessed early signs of a revival led by a positive start to the summer season and benefits from the real estate uptick</li><li>Lloyd reported a positive EBIT margin (+2.8% vs -1.8% YoY), led by cost savings and business efficiency measures</li></ul><p><em>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.</em></p>

Havells’ Q4 revenue aligned with our estimate while it positively surprised operationally with EBITDAM expanding by 80bps to 11.7% (HSIE: 9.8%)While the B2B portfolio continues to sustain its momentum, the B2C portfolio witnessed early signs of a revival led by a positive start to the summer season and benefits from the real estate uptickLloyd reported a positive EBIT margin (+2.8% vs -1.8% YoY), led by cost savings and business efficiency measuresContent 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.

Havells India (Q4FY24): Margins on the Mend. Maintain ADD