NTPC, IOCL, JSW Energy, Bandhan Bank, SBI Cards, Aditya Birla Sun Life AMC Q2 Results Value: HDFC Securities | Rare Techy
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HDFC Securities Equity
NTPC Ltd. – Generation/unit sales rose 10.4/12.2% to 85.5/80.2 billion units in Q2 FY23, driven by demand directed by strong force. Plant availability factor for coal/gas also improved to 93.7%/92.8% in Q2, versus 85.4/81.6% YoY, driven by better fuel availability.
Indian Oil Corporation Ltd. – Our hope on Indian Oil Corporation Ltd. based on recovery in domestic demand for petroleum products, improvement in refining margins for FY23/24, and gradual improvement in marketing margins over FY23-24 levels versus FY22 levels.
JSW Energy Ltd. – Net generation declined by 1.7% to 6.7 billion due to a weak commercial market and maintenance shutdown at Ratnagiri station. However, the mixed realization increased by 17.8% YoY to Rs 3.8/unit and it fell by 29.9% QoQ.
Bandhan Bank Ltd. – Bankhan’s Q2 FY23 earnings missed our estimates with disappointing performance on asset quality, impairment recognition on the total restructured portfolio (down 19.2% y-o-y), and resulting acceleration in write-downs (17% y-o-y).
SBI Cards and Payment Services Ltd. – SBI Cards’ Q2 FY23 earnings missed estimates due to lower-than-expected margins and higher supply.
Aditya Birla Sun Life AMC Ltd. – Aditya Birla Sun Life AMC reported a modest quarter, with top line growing 2% QoQ (up from 3% on estimates), primarily due to better equity yields; however, increased opex intensity continued to drag on margins.
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