L&T, Tata Power, Supreme Industries Q2 Results Review: HDFC Securities| Roadsleeper.com

L&T, Tata Power, Supreme Industries Q2 Results Review: HDFC Securities| Roadsleeper.com

BQ Prime’s special research section compiles quality and in-depth equity and financial reports from India’s top brokerages, asset managers and research firms. These reports provide BQ Prime subscribers with an opportunity to expand their understanding of companies, sectors and the economy.

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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