Investment Shastra
Weekly Result Updates 05.05.23

Q4FY23 Result Updates – 5 May 2023

Dear Readers,

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HUL’s revenue growth of 11% YoY, with volumes growing by 4%. Home care continued to outperform with revenue/EBIT growth of 19/13%. BPC clocked revenue/EBIT growth of 10/10% YoY and F&R grew by 3/-5% YoY. In addition to the sustained increasing premium mix in its portfolio, 75%+ of its business continues to gain market share. Further, on the negative side there is no signs of rural recovery as FMCG rural market volume continues to decline in Q4FY23. As per management, there will be likely a gradual recovery in volume growth

Muted results on account of steep inflation in input price and rural demand Slowdown.

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Kotak Mahindra Bank

Kotak Mahindra Bank Advances grew by 17.9% YoY to 3.2 lahks Cr, and deposits grew by 16.5% YoY to 3.6 lahks Cr, with a CASA ratio at 52.8%. Net Interest Income (NII) rose by 35% YoY and 8% QoQ to 6102 Cr. Net Interest Margin (NIM) for Q4FY23 was at 5.75% against 4.78% in Q4FY22.GNPA and NNPA stood at 1.78% and 0.37%. PAT grew 26.3% YoY, 25.2% QoQ to 3495 Cr.

Good results on account of loan book growth and NIM expansion.

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KEC International

KEC International reported revenue growth of 29% in Q4FY23 to 5,525, driven by healthy growth in both T&D and non-T&D businesses. EBITDA margins for Q4 improved from 4.4% to 5.1% compared to the previous quarter.  For Year FY23

Revenue grew by 26% to 17,282 with the EBITDA margin declined from 6.6% to 4.8%.

At par result with improvement in margin compared to previous quarter.

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Dabur India

Dabur India ended Q4 of 2022-23 with a Consolidated Revenue growth of 6.4% at Rs 2,678 Cr, up from Rs 2,518 Cr in the same quarter a year ago. Dabur ended the full-year 2022-23 with a Consolidated Revenue of Rs 11,530 Cr, up 5.9% from Rs 10,889 Cr in 2021-22. Net Profit for the full year stood at Rs 1,707.1 Cr. Operating profit for full year declined from 20.7% for FY22 to 18.8% for FY23. Declined was on account of an increase in material cost.

Muted Result near term concern around inflationary pressure.

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Ambuja Cement Limited (ACL)

ACL reported volume/Revenue growth of 8%/8% YoY. The quarter’s volume stood at 8.1 Mn tonnes per annum (Mntpa), up 8% YoY and 5% QoQ. The company recorded an EBITDA margin of 18.5% (expectation of 19.4%) against 20.1% YoY. ACL’s EBITDA/tonne stood at Rs 973, down 8% YoY but higher by 20% QoQ.

Results on good, driven by cost synergies and improvement in EBITDA per tonne.

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ACC reported revenue growth of 10.9% YoY and 5.6% QoQ to INR 47,908 Mn. The volume for the quarter stood at 8.5 Mn tonnes per annum (Mntpa), up 10% YoY and up 10% QoQ. EBITDA improved on a QoQ basis by 23.6%, declined on a YoY basis by -26.2% at INR 4,684 Mn. ACC’s blended EBITDA/tonne stood at Rs 551, down 33% YoY but up 12% QoQ. PAT fell 40.6% on a YoY basis and while improved by 108% on QoQ INR 2,355 Mn.

Good results on account of margin efficiency and volume growth.

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HDFC Ltd reported Assets under management (AUM)  growth of 10% YoY to 7.2 lakh Cr in FY23. Revenue from operations increased by 35.6% YoY to Rs 16,679.43 Cr. Net interest income (NII) for the quarter rose 16% YoY to Rs 5,321 Cr, and Net interest margin (NIM) at 3.6%. Grossnon-performing asset ratio at 1.49%, individual Gross Non-performing Loans (NPL) at 0.75%.PAT for Q4FY23 at Rs 4,425.50 Cr growth of 20% YoY.

Good Results driven by AUM and interest income growth.

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Motilal Oswal Financial Services Ltd

Motilal Oswal Financial Services Ltd revenue grew by 5% YoY to 11.35 Bn in Q4FY23. The AUM of Asset Management segment declined by 7.4% YoY, while the AUM of the Wealth Management segment grew by 51% YoY in Q4 FY23. Retail Futures & Options (F&O) Average daily turnover (ADTO) witnessed an impressive growth of 162% YoY, F&O market share of 3.9%. The Home Finance segment reported disbursements of  3.6 Bn, 80% YoY growth in Q4 FY23.  PAT at 2.33 Bn in Q4FY23, rose 2% QoQ.

Mixed results with positives on Wealth management and broking front, offsetting outflows from the asset management segment.

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