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HDFC Securities Institutional Equities
Larsen and Toubro Ltd. – L&T reported a strong performance in Q2 FY23, with Revenue/Ebitda/Profit After Tax beating our estimates by 7/11/21% respectively. Bidding during the quarter was strong; However, allotment was muted with the allotment to tender ratio at 34% (vs. 69% in Q1 FY23).
Tata Power Company Ltd. – In Q2 FY23, Tata Power’s consolidated revenue rose 43% YoY to Rs 140 billion, above our estimate of Rs 132 billion. Strong operational performance in its regulated, stand-alone (including Mundra), specialty coal and renewables businesses were the key fundamentals.
Supreme Industries Ltd. – Total plastic products volume increased 9% year-over-year on healthy volume across pipes and industrial products. Mixed net sales declined 8% QoQ to Rs 187/kilo, due to falling resin prices. For FY23, Supreme Industries has raised its total volume growth guidance to 20% (on better demand) and lowered its Ebitda margin target to 12-12.5% (on inventory losses).
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