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HDFC Securities Institutional Equities
Bharat Forge Ltd – Bharat Forge Q2 earnings were lower than expected as standalone Ebitda margin declined 180 basis points QoQ to 24.3% versus our estimate of 26%; overseas subsidiaries posted an Ebitda loss due to weak utilisation at Al forgings plants, both in Europe and U.S.
JK Cement Ltd. – In Q2 FY23, total volume grew 2% QoQ (up 9% YoY) in a seasonally weak quarter. While rising fuel cost dented grey cement margin to ~Rs 500/million tonne (down ~Rs 400 QoQ, in our view), the white and putty Ebitdam rebounded ~3% QoQ to ~23%.
CESC Ltd. – CESC’s consolidated profit after tax in Q2 FY23 declined by 6.2% YoY to Rs 3.2 billion due to lower profit across the Haldia project (under recovery of operation and maintenance and fuel cost) and higher losses across the distribution franchisee segment.
Info Edge India Ltd. – Infoedge posted a good quarter, with both revenue (up 4.8% QoQ) and margin coming ahead of estimates. The growth was led by the core recruitment segment (up 8% QoQ) and 99acres (up 5.1%) while Jeevansathi continued to drag.
V-Mart Retail Ltd. – V-Mart reported 50% growth YoY (in-line). Organic business (ex-Unlimited acquisition) recovered fully from the pandemic blues in Q2 FY23 (Rs 4 billion; three-year compound annual growth rate: 8%; our estimate: 3.8 billion). Note: Unit economics has yet some catching up to do.
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