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.

Thematic (Sector/Industry)

India Financials / Thematic (Sector/Industry)

<ul><li>Tata Motors: JLR Q2 margins declined 140bps QoQ to 14.9% due to adverse mix, higher VME + FME and this was despite higher capitalization rate</li><li>India PV and CV margins improved over 100bps QoQ, largely due to improved volumes and soft input costs</li><li>While FY24 is an operationally strong year for JLR, we expect it to face multiple headwinds from FY25, which include: 1) demand uncertainty in key regions, 2) normalization of mix, 3) rise in VME + FME as it moves from “demand pull” to “sales push mode”, 4) need to raise capex at a time when margins may not be supportive</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>

Tata Motors: JLR Q2 margins declined 140bps QoQ to 14.9% due to adverse mix, higher VME + FME and this was despite higher capitalization rateIndia PV and CV margins improved over 100bps QoQ, largely due to improved volumes and soft input costsWhile FY24 is an operationally strong year for JLR, we expect it to face multiple headwinds from FY25, which include: 1) demand uncertainty in key regions, 2) normalization of mix, 3) rise in VME + FME as it moves from “demand pull” to “sales push mode”, 4) need to raise capex at a time when margins may not be supportiveContent 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: Tata Motors, Britannia Industries, Dabur, Hero Motocorp