Mutual Funds Commodities Research Tax Planning IPO Our Team Contact Us  
Google
Web www.equitybulls.com
Research

| More

Q3FY21 Result Preview - Auto and auto ancillary - ICICI Direct

Posted On: 2021-01-10 07:15:58 (Time Zone: Arizona, USA)


A healthy festive period and elements of pent-up demand, channel restocking led the auto industry to remain firmly on the recovery path in Q3FY21. PV, motorcycle and tractor segments continued to be buoyant, with a pick-up in truck and scooter sales a welcome development. While topline performance is consequently expected to be strong across our coverage universe, margins are seen contracting sequentially on the back of a sharp rise in key raw materials like metals, rubber & other crude derivatives. We expect I-direct coverage universe (Ex-Tata Motors) to report topline growth of 15.9% with EBITDA margins at 11.8% (down 150 bps QoQ) and PAT growth of 17.8% YoY. Including Tata Motors, coverage universe topline growth is seen 8% YoY to Rs. 1.65 lakh crore with corresponding margins at 11.6% (down 140 bps QoQ) and PAT de-growth of 10.7% YoY to Rs. 6,679 crore. OEM pack is seen leading the recovery.

Ancillaries - delivery to be more stock specific

In ancillaries, companies with high exposure to replacement channel (tyre & battery makers) are thought to have outperformed on the topline front. Companies with global exposure (Bharat Forge, Motherson Sumi) are expected to deliver relatively muted performance. Minda Industries and Balkrishna Industries are seen having done well courtesy a pick-up in demand from base industries (domestic 2-W, 4-W & global agri respectively), accompanied by comparatively healthy margin prints. Total topline and bottomline growth for the auto ancillary pack is expected at 10.1% YoY & 10.6% YoY, respectively, amid ~140 decline in margin profile.

For details, click on the link below: https://www.icicidirect.com/mailimages/IDirect_AutoAncillary_Q3FY21.pdf


Source: Equity Bulls

Click here to send ur comments or to feedback@equitybulls.com


Disclaimer:The article above is a gist / extract of the original report prepared by the research firm / brokerage firm. This article is not to be considered as an offer to sell or a solicitation to buy any securities. This article is meant for general information only. www.equitybulls.com, its employees or owners or the research firms, its employees or owners won't be responsible for any liability that may arise from information, errors or omissions in these articles. www.equitybulls.com or its employees or owners / the research firms or its employees or clients or owners may from time to time hold positions in securities referred in this article. For detailed research reports, please contact the concerned research firm directly.





Other Headlines:

Union Budget 2021-22 - Preview Report - YES SECURITIES

Alembic Pharma (Q3 FY21) - 'First signs of sartans weakness' - YES Securities

CSB Bank Q3 Earnings Call - Key Takeaways - YES Securities

ICICI Lombard - Q3FY21 Result Report - YES Securities

Gateway Distriparks - Q3FY21 - Multiple triggers at play - ICICI Securities

Prince Pipes and Fittings - Improving governance; rerating inevitable - ICICI Securities

CEAT - Margins resilient due to healthy replacement mix - ICICI Securities

Hatsun Agro Products - Commencement of three plants and lower tax rate to boost return ratios in FY22 and beyond - ICICI Securities

Alembic Pharmaceuticals - India recovers, US sees pressure - ICICI Securities

Q3FY21 Result update - MindTree Ltd - ICICI Direct

Q3FY21 Company update - Shoppers Stop - ICICI Direct

IPO - Indigo Paints Ltd - ICICI Direct

Larsen & Toubro Infotech Ltd - Q3FY21 First Cut - ICICI Direct

Tata Communications - Q3FY21 First Cut - ICICI Direct

Maintain ADD on Mindtree - Into another operating orbit - HDFC Securities

NBFCs Q3FY21 Results Preview - Micro headwinds > Macro tailwinds - HDFC Securities

Mindtree - Margin beat and raise cycle seems to be over! - ICICI Securities

Shoppers Stop - Focusing on omni-channel growth - ICICI Securities

Piramal Enterprises - Strategic synergies, optional value to follow DHFL's buyout - ICICI Securities

Motherson Sumi Systems - Focus remains on growth and cost efficiency - ICICI Securities

Metropolis Healthcare - Acquires Hitech Diagnostics in South India - ICICI Securities

Nifty PE shifting orbits - ICICI Direct

Rallis India Ltd - Q3FY21 First Cut - ICICI Direct

Q3FY21 Company update - GTPL Hathway - ICICI Direct

Q3FY21 Result update - HDFC Bank - ICICI Direct

Q3FY21 Result Update - PVR Ltd - ICICI Direct

Q3FY21 Result update - HCL Technologies - ICICI Direct

Maintain BUY on HCL Technologies - Mode-2, 3 driven momentum - HDFC Securities

HDFC Bank Q3FY21 Results - Concall Highlights and Views of YES SECURITIES

HDFC Bank Q3 FY21 - 'Stellar Show' - Retain BUY and raise 12m PT to Rs1870 - YES Securities

IPO Review - Indian Railway Finance Corporation (IRFC) - ICICI Direct

HCL Technologies - Q3FY21 First Cut - ICICI Direct

Logistics Sector Update - Indian Railways - getting aggressive - HDFC Securities

Indigo Paints - IPO view - YES SECURITIES

Infosys - Near-term margins will likely come under pressure - ICICI Securities

CESC - 7% dividend yield + higher ESG rating - ICICI Securities

South Indian Bank - Unveils vision 2024; targets RoA / RoE of 1% / 13% by 2024 - ICICI Securities

Maintain BUY on Infosys - Growth certainty on explosive deal wins - HDFC Securities

Maintain ADD on Wipro - Growth acceleration - HDFC Securities

Consumer Durables - Q3FY21 Results Preview - HDFC Securities

Q3FY21 Company Update - Filatex India - ICICI Direct

Q3FY21 Result Update - Wipro Ltd - ICICI Direct

Q3FY21 Result Update - CESC - ICICI Direct

Monthly Inflation - December 2020 - ICICI Direct

Q3FY21 Result Update - Infosys - ICICI Direct

Banks Q3FY21 Results Preview - Scope for optimism beyond a tepid 3Q - HDFC Securities

Consumer Discretionary Companies - Q3FY21 Results Preview Report - HDFC Securities

Pharma Sector Update - Ample catalysts to sustain luster - HDFC Securities

Suman Chowdhury, Chief Analytical Officer, Acuité Ratings & Research on IIP data

Infosys - Q3FY21 First Cut - ICICI Direct



Website Created & Maintained by : Chennai Scripts
West Mambalam, Chennai - 600 033,
Tamil Nadu, India

disclaimer copyright © 2005 - 2020