External broker reports(aggregated public sources), ICICI Securities Ltd

ICICI Securities Limited

External broker reports(aggregated public sources)

ICICI Securities Ltd

ICICI Securities Limited provides investment services. The Company provides corporate and investment banking, securities, wealth management, retail brokerage, initial public offerings, and advisory services. 

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Equity Bottom-Up

JSW Energy Limited generates power by using Corex gas and coal. The Company, through its subsidiary, also operates lignite thermal power plant in Rajasthan and has a capacity to produce 3,140 megawatts of electricity. JSW is also present in the power trading and transmission businesses.

<ul><li>JSWE has increased its RE portfolio to 10.5GW – an increase of 2.2GW QoQ.</li><li>In addition, it has an understanding to enter into PPA for additional 4.6GW with group companies. It also has storage tie up for 3.4GWh.</li><li>We estimate EBITDA of INR 82bn of locked-in portfolio (10.5GW+ storage). </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

JSWE has increased its RE portfolio to 10.5GW – an increase of 2.2GW QoQ.In addition, it has an understanding to enter into PPA for additional 4.6GW with group companies. It also has storage tie up for 3.4GWh.We estimate EBITDA of INR 82bn of locked-in portfolio (10.5GW+ storage). Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

JSW Energy - Strong Accretion in Renewables Portfolio

Hatsun Agro Products Limited manufactures skimmed milk powder, skimmed milk powd er blends, instant skimmed milk powder, whole milk powder, and full cream milk p owder.

<ul><li>Hatsun reported strong Q1FY25 numbers led by volume-driven revenue growth and a 14-quarter high EBITDA margin.</li><li>We reckon the deflationary trend in milk procurement prices persisting Q1FY25 and is likely the chief driver of gross/EBITDA margin expansion.</li><li>We also believe there is likely strong revenue growth in ice cream sales YoY.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Hatsun reported strong Q1FY25 numbers led by volume-driven revenue growth and a 14-quarter high EBITDA margin.We reckon the deflationary trend in milk procurement prices persisting Q1FY25 and is likely the chief driver of gross/EBITDA margin expansion.We also believe there is likely strong revenue growth in ice cream sales YoY.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Hatsun Agro Products - Strong Margin Expansion Led by Lower Milk Procurement Prices

Lupin Limited manufactures bulk actives and formulations. The principal bulk actives manufactured by it include Rifampicin, Pyrazinamide, Ethambutol (anti-TB), Cephalosporins (anti-infectives) and cardiovasculars. The company also possesses competencies in phytomedicines, in which medicines are made out of plant and herbal resources supported by the discipline of modern medicine.

<ul>
<li>Lupin’s recent success in US (sales grew ~34% YoY in FY24) is driven by its better regulatory track record and traction in inhalation portfolio.</li>
<li>Share of inhalation products has risen from 25% of US sales in FY22 (USD 185mn) to 40% in FY24 (USD 326mn) post the launch of gSpiriva.</li>
<li>In India, growth had been subdued due to the discontinuation of in-licensed brands (contribution down from 15% in FY23 to 11% in Q4FY24).</li>
</ul>
Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.


Lupin’s recent success in US (sales grew ~34% YoY in FY24) is driven by its better regulatory track record and traction in inhalation portfolio.
Share of inhalation products has risen from 25% of US sales in FY22 (USD 185mn) to 40% in FY24 (USD 326mn) post the launch of gSpiriva.
In India, growth had been subdued due to the discontinuation of in-licensed brands (contribution down from 15% in FY23 to 11% in Q4FY24).

Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Lupin - Launches Critical for Sustenance of Turnaround

Solar Industries India / Equity Bottom-Up

Solar Industries India Limited manufactures and supplies explosives and explosives accessories. The company's products include bulk, cartridge, detonators, detonating cords Pentaerythritol Tetranitrate ("PETN"), and cast boosters.

<ul><li>Solar Industries (SOIL) has developed three new explosives: 1) SEBEX-2 with lethality of 2.01x of TNT. 2) SITBEX-1, a solid thermobaric polymer-bonded explosive. 3) SIMEX-4, a new insensitive explosive formulation.</li><li>These new explosives exhibit higher performance and lethality compared to the existing ones.</li><li>As per media reports (Link), the Indian Navy has successfully completed certification tests for all the three explosives.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Solar Industries (SOIL) has developed three new explosives: 1) SEBEX-2 with lethality of 2.01x of TNT. 2) SITBEX-1, a solid thermobaric polymer-bonded explosive. 3) SIMEX-4, a new insensitive explosive formulation.These new explosives exhibit higher performance and lethality compared to the existing ones.As per media reports (Link), the Indian Navy has successfully completed certification tests for all the three explosives.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Solar Industries - More Arrows in Its Quiver

Star Health and Allied Insurance Company Limited operates as insurance company. The Company offers health, travel, and accidental insurance policies. Star Health and Allied Insurance serves customers in India.

<ul><li>ICICI Securitie's research report on Star Health and Allied Insurance We attended Star Health’s (Star) ‘Investor and Analyst Day’ on 27 Jun’24 in Chennai.</li><li>Star is building well on its vantage in the retail segment via a well-concerted strategy encompassing distribution, product innovation, superior claims processing and enhanced underwriting.</li><li>It envisions doubling premiums over the next four years; thus, enabling PAT of INR 25bn under IFRS by FY28. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

ICICI Securitie's research report on Star Health and Allied Insurance We attended Star Health’s (Star) ‘Investor and Analyst Day’ on 27 Jun’24 in Chennai.Star is building well on its vantage in the retail segment via a well-concerted strategy encompassing distribution, product innovation, superior claims processing and enhanced underwriting.It envisions doubling premiums over the next four years; thus, enabling PAT of INR 25bn under IFRS by FY28. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Star Health and Allied Insurance - General Insurance