BQ Prime’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BQ Prime’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.
HDFC Securities Institutional Equities
Phoenix Mills Ltd. – Phoenix Mills reported strong revenue/Ebitda/adjusted profit after tax at Rs 4.9/2.4/1.05 billion, beat at all levels. Retail consumption for the year was Rs 46.8 billion (excluding Palassio) and was 1.7 times FY21 and 70% of FY20/FY19 level. Consumption has bounced back and, in April 2022, it was 129% of pre- Covid-19 level.
HG Infra Engineering Ltd. – HG Infra’s revenue/Ebitda/adjusted profit after tax came in at Rs 10.3/1.6/0.9 billion, a beat of 0.9%/0.9%/-1.9%. HG Infra has guided for revenue of Rs 50/60 billion and Ebitda margin of 15.5-16% for FY23/24. With order inflow of Rs 43.3 billion, the order book stood at Rs 79.7 billion (the highest-ever) at March 2022 end.
Deccan Cements Ltd. – The company reported weak performance in Q4 FY22 as both volumes and margin contracted YoY on lower sales and rising cost inflation. It reported 13/35/15% YoY revenue/ Ebitda/adjusted profit after tax decline. Deccan Cement’s two million metric tonne capacity expansion is slightly delayed (we expect it to be operational in FY25) due to delay in environmental clearances.
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