External broker reports(aggregated public sources), Motilal Oswal Financial Services Limited

Motilal Oswal

Motilal Oswal Financial Services Limited is an Indian diversified financial services firm offering a range of financial products and services. 

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.

External broker reports(aggregated public sources)

Motilal Oswal Financial Services Limited

Motilal Oswal Financial Services Limited is an Indian diversified financial services firm offering a range of financial products and services. 

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

<p>DN reported a mixed bag result, with EBITDA 10% higher than our estimate at INR3.9b, while EBITDA margin was lower at 23% (est. 26.7%) the lowest since 4QFY19. Phenolics continue to act as a drag on performance of other segments, as the EBIT margin in Fine and Specialty Chemicals dip for the fourth consecutive quarter and the same for Basic Chemicals normalize. EBIT mix continues to remain largely the same for the last three quarters, with contribution from Phenolics at 63% (up from an average of 51% in FY21).</p><div class="content-highlight"><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></div>

DN reported a mixed bag result, with EBITDA 10% higher than our estimate at INR3.9b, while EBITDA margin was lower at 23% (est. 26.7%) the lowest since 4QFY19. Phenolics continue to act as a drag on performance of other segments, as the EBIT margin in Fine and Specialty Chemicals dip for the fourth consecutive quarter and the same for Basic Chemicals normalize. EBIT mix continues to remain largely the same for the last three quarters, with contribution from Phenolics at 63% (up from an average of 51% in FY21).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.

Margin normalization at the cost of near term earnings growth

Deepak Nitrite

Margin normalization at the cost of near term earnings growth