External broker reports(aggregated public sources), Prabhudas Lilladhar

Prabhudas Lilladhar

External broker reports(aggregated public sources)

Prabhudas Lilladher is one of India's leading research based financial services organisation.

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

Bajaj Auto Limited manufactures and distributes motorized two-wheeled and three-wheeled scooters, motorcycles and mopeds.

<ul><li>Bajaj Auto standalone revenue grew by 15.7% YoY to Rs119.3bn in Q1FY25, 1.8% higher than PLe, but 2% lower than BBGe.</li><li>ASP increased by 7.9% YoY led by ~760bps improvement in 125cc and higher category motorcycles.</li><li>The better mix offset rise in input cost, aiding increase in EBITDA by 23.6% YoY to Rs24.2bn, which beat PLe/BBGe by 1.2%/3.9%.</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.

Bajaj Auto standalone revenue grew by 15.7% YoY to Rs119.3bn in Q1FY25, 1.8% higher than PLe, but 2% lower than BBGe.ASP increased by 7.9% YoY led by ~760bps improvement in 125cc and higher category motorcycles.The better mix offset rise in input cost, aiding increase in EBITDA by 23.6% YoY to Rs24.2bn, which beat PLe/BBGe by 1.2%/3.9%.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.

Bajaj Auto (BJAUT IN) - Mix Improvement Driving ASP and Margin Profile

LTIMindtree Limited provides information technology services and solutions. The Company offers analytics and information management, enterprise integration, applications management, cloud computing, testing, and consulting services, as well as geographical information and manufacturing execution systems. LTIMindtree serves customers worldwide.

<ul><li>LTIM reported robust revenue growth of 2.6% QoQ CC (USD 2.5% QoQ), ahead of our estimates of 1.9% CC &amp; consensus (1.6% QoQ).</li><li>The growth was broad-based across key verticals and geographies with TMC and NA grew 7.9% and 4.4% QoQ, respectively.</li><li>EBIT margin reported at 15.0% in Q1, up 30 bps (in-line with our est.</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.

LTIM reported robust revenue growth of 2.6% QoQ CC (USD 2.5% QoQ), ahead of our estimates of 1.9% CC &amp; consensus (1.6% QoQ).The growth was broad-based across key verticals and geographies with TMC and NA grew 7.9% and 4.4% QoQ, respectively.EBIT margin reported at 15.0% in Q1, up 30 bps (in-line with our est.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.

LTIMindtree (LTIM IN) - On a Growth Trajectory

Asian Paints Limited manufactures a wide range of decorative paints, varnishes, enamels, and black & synthetic resins. The Company, through its subsidiaries, also manufactures specialty industrial chemicals and vinyl pyridine latex products which are used in the manufacture of rubber tires.

<ul><li>APNT maintained double-digit volume growth guidance for FY25, having overcome major headwinds in Q1, green shoots in rural markets, improved monsoon conditions, increase in infra activities post elections and hopes of positive festive season impact.</li><li>The domestic outlook remains positive across decorative, auto, and industrial segments, while IBD faces uncertainty due to geopolitical issues.</li><li>The Home décor segment is sustaining growth while economy paints are likely to benefit from recently launched Neo Bharat.</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.

APNT maintained double-digit volume growth guidance for FY25, having overcome major headwinds in Q1, green shoots in rural markets, improved monsoon conditions, increase in infra activities post elections and hopes of positive festive season impact.The domestic outlook remains positive across decorative, auto, and industrial segments, while IBD faces uncertainty due to geopolitical issues.The Home décor segment is sustaining growth while economy paints are likely to benefit from recently launched Neo Bharat.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.

Asian Paints (APNT IN) - Market Dynamics yet to Play Out; Reduce

HDFC Asset Management Co Ltd / Equity Bottom-Up

HDFC Asset Management Co. Ltd. operates as an investment management firm. The Company offers portfolio management and advisory services to individuals, institutions, trusts, private funds, charitable organizations, and investment companies. HDFC Asset Management serves customers in India.

HDFC Asset Management Co Ltd (HDFCAMC IN)

<ul><li>HDFC AMC saw a good quarter as revenue was 1.5% higher to PLe owing to better-than-expected yields at 46.2bps (PLe 45.5bps) led by strong growth in equity QAAuM of 11.5% QoQ to Rs4.1trn.</li><li>Core income saw a slight miss as opex escalated QoQ owing to (1) higher staff cost due to employee addition and engagement expenses, and (2) higher other opex led by costs related to the NFO, business, KYC, etc.</li><li>Equity performance within the 1-year/3-year buckets remains best-in-class, which resulted in strong net flows’ market share of 20% in FY24 (vs 8.6% in FY23).</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.

HDFC AMC saw a good quarter as revenue was 1.5% higher to PLe owing to better-than-expected yields at 46.2bps (PLe 45.5bps) led by strong growth in equity QAAuM of 11.5% QoQ to Rs4.1trn.Core income saw a slight miss as opex escalated QoQ owing to (1) higher staff cost due to employee addition and engagement expenses, and (2) higher other opex led by costs related to the NFO, business, KYC, etc.Equity performance within the 1-year/3-year buckets remains best-in-class, which resulted in strong net flows’ market share of 20% in FY24 (vs 8.6% in FY23).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.

HDFC Asset Management Company - Core Earnings Further Upgraded Due to Equity

Tata Consultancy Services, a division of Tata Sons Limited, is a global IT services organization that provides a comprehensive range of IT services to its clients in diverse industries. The Company, caters to finance and banking, insurance, telecommunication, transportation, retail, manufacturing, pharmaceutical, and utility industries.

<ul><li>TCS reported revenue of USD7.5b, up ~2.2% QoQ CC and 1.9% in reported terms, above our estimates of +1.4% QoQ CC &amp; consensus of +1.5% QoQ CC due to continued ramp up of BSNL deal.</li><li>Sequential growth was also observed across most of the verticals &amp; regions with green shoots in BFSI &amp; North America region.</li><li>EBIT margin declined by 130 bps majorly due to the headwinds of wage hikes &amp; higher third-party expenses, which partly got offset by subcon optimization.</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.

TCS reported revenue of USD7.5b, up ~2.2% QoQ CC and 1.9% in reported terms, above our estimates of +1.4% QoQ CC &amp; consensus of +1.5% QoQ CC due to continued ramp up of BSNL deal.Sequential growth was also observed across most of the verticals &amp; regions with green shoots in BFSI &amp; North America region.EBIT margin declined by 130 bps majorly due to the headwinds of wage hikes &amp; higher third-party expenses, which partly got offset by subcon optimization.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.

Tata Consultancy Services - Strong Start to the Year…

Prabhudas Lilladher is one of India's leading research based financial services organisation.  

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.