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. 

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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>UNSP’s 1QFY25 print was above our estimates; as mid-single-digit volume growth in the P&amp;A surprised us positively despite elections-related restrictions</li><li>UNSP is targeting low teen revenue growth in the P&amp;A segment in FY25, with a mix of 40/60% skewed towards volume/price respectively</li><li>We believe the low teen revenue growth in the P&amp;A segment might be difficult to come by in FY25, as the last three years have seen very good realisation growth (the P&amp;A segment saw a realisation CAGR of 8% over FY21-24) on the back of price increases given by state governments and increased salience of premium products</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>

UNSP’s 1QFY25 print was above our estimates; as mid-single-digit volume growth in the P&amp;A surprised us positively despite elections-related restrictionsUNSP is targeting low teen revenue growth in the P&amp;A segment in FY25, with a mix of 40/60% skewed towards volume/price respectivelyWe believe the low teen revenue growth in the P&amp;A segment might be difficult to come by in FY25, as the last three years have seen very good realisation growth (the P&amp;A segment saw a realisation CAGR of 8% over FY21-24) on the back of price increases given by state governments and increased salience of premium productsContent 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.

United Spirits (Q1FY25 Results Review): Decent Operating Performance. Maintain ADD