External broker reports(aggregated public sources), HDFC Securities

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External broker reports(aggregated public sources)

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Thematic (Sector/Industry)

<ul><li>Asian Paints: Asian Paints’ top line grew 11.3% YoY (four-year CAGR: 15%), marginally short of expectations (var: -1.6%)</li><li>The decorative business clocked 16/13% volume/value growth (15/12% volume/value growth YoY in Q4FY23)</li><li>The mix in Q4 was led by economy emulsions and waterproofing</li></ul><p><em>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.</em></p>

Asian Paints: Asian Paints’ top line grew 11.3% YoY (four-year CAGR: 15%), marginally short of expectations (var: -1.6%)The decorative business clocked 16/13% volume/value growth (15/12% volume/value growth YoY in Q4FY23)The mix in Q4 was led by economy emulsions and waterproofingContent 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.

HSIE Results Daily: Asian Paints, Godrej Consumers, Eicher Motors

HSIE Results Daily: Asian Paints, Godrej Consumers, Eicher Motors, Aditya Birla Capital

<ul><li>PGCIL: PGCIL’s consolidated asset capitalisation/Capex in Q2FY23 declined 76.6%/32.8% YoY to INR17.9bn/INR17.4bn, on a high YoY base</li><li>In H1FY23, capitalisation/Capex came in at INR31.3bn/INR32.2bn vs INR132.8bn/INR37.0bn YoY</li><li>Q2FY23 revenue increased 7.3% YoY, led by moderate growth in the transmission (+7.4% YoY) and telecom (+7.3% YoY) segments, partially offset by a 25.9% YoY decline in consultancy income</li></ul><p><em>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.</em></p>

PGCIL: PGCIL’s consolidated asset capitalisation/Capex in Q2FY23 declined 76.6%/32.8% YoY to INR17.9bn/INR17.4bn, on a high YoY baseIn H1FY23, capitalisation/Capex came in at INR31.3bn/INR32.2bn vs INR132.8bn/INR37.0bn YoYQ2FY23 revenue increased 7.3% YoY, led by moderate growth in the transmission (+7.4% YoY) and telecom (+7.3% YoY) segments, partially offset by a 25.9% YoY decline in consultancy incomeContent 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.

HSIE Results Daily: PGCIL, Britannia Industries, Cummins, Aditya Birla Capital

<ul><li>Gujarat Gas: Our BUY recommendation on Gujarat Gas (GGL), with a price target of INR 575, is premised on (1) margin improvement; (2) portfolio of mature, semi-mature, and new geographical areas (GAs); and (3) compelling valuation, given superior return ratios among the city gas distribution players</li><li>Q1FY23 EBITDA/PAT at INR 6.1/3.8bn came in above our estimate, owing to lower-than-expected costs</li><li>Margin beat was driven by lower-than-expected gas cost due to lower offtake of expensive spot LNG gas by industrial/commercial customers, lower employee cost, and depreciation</li></ul><p><em>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.</em></p>

Gujarat Gas: Our BUY recommendation on Gujarat Gas (GGL), with a price target of INR 575, is premised on (1) margin improvement; (2) portfolio of mature, semi-mature, and new geographical areas (GAs); and (3) compelling valuation, given superior return ratios among the city gas distribution playersQ1FY23 EBITDA/PAT at INR 6.1/3.8bn came in above our estimate, owing to lower-than-expected costsMargin beat was driven by lower-than-expected gas cost due to lower offtake of expensive spot LNG gas by industrial/commercial customers, lower employee cost, and depreciationContent 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.

HSIE Results Daily: Gujarat Gas, Aditya Birla Capital, Brigade Enterprises

<div><div><div><ul><li>State Bank of India: Despite healthy loan growth (~11% YoY) and stable NIMs (3.1%), State Bank of India’s (SBI) earnings missed estimates, with PAT at INR91bn, impacted by higher credit costs at 1.1% (annualised).</li></ul><div><div><div><ul><li>Bandhan Bank: Bandhan Bank’s Q4FY22 earnings were significantly ahead of our estimates, driven by strong pick-up in advances (+14% YoY), stronger margin (8.7%), and negligible credit costs.</li></ul><div><div><div><ul><li>Aditya Birla Capital: A year since articulating its ambitious FY24 roadmap, ABCL’s journey to drive consolidated return ratios closer to franchise potential seems on track, with consistent execution across businesses.</li></ul></div></div></div></div></div></div></div></div></div><p><em>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.</em></p>

State Bank of India: Despite healthy loan growth (~11% YoY) and stable NIMs (3.1%), State Bank of India’s (SBI) earnings missed estimates, with PAT at INR91bn, impacted by higher credit costs at 1.1% (annualised).Bandhan Bank: Bandhan Bank’s Q4FY22 earnings were significantly ahead of our estimates, driven by strong pick-up in advances (+14% YoY), stronger margin (8.7%), and negligible credit costs.Aditya Birla Capital: A year since articulating its ambitious FY24 roadmap, ABCL’s journey to drive consolidated return ratios closer to franchise potential seems on track, with consistent execution across businesses.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.

HSIE Results Daily: State Bank of India, Bandhan Bank, Aditya Birla Capital, APL Apollo, CESC

India

Aditya Birla Capital Limited (ABCL) provides financial services. The Company offers life and health insurance, private equity, corporate lending, structured finance, asset and wealth management, currency and commodity brokerage, online personal finance management, housing finance, pension funds, and other financial services. ABCL serves customers in India.

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Aditya Birla Capital Ltd (ABCAP IN)

HSIE Results Daily: Asian Paints, Godrej Consumers, Eicher Motors

Asian Paints: Asian Paints’ top line grew 11.3% YoY (four-year CAGR: 15%), marginally short of expectations (var: -1.6%). The decorative business...

HDFC Securities

HSIE Results Daily: Asian Paints, Godrej Consumers, Eicher Motors, Aditya Birla Capital

Asian Paints: Asian Paints’ top line grew 11.3% YoY (four-year CAGR: 15%), marginally short of expectations (var: -1.6%). The decorative business...

HDFC Securities

HSIE Results Daily: PGCIL, Britannia Industries, Cummins, Aditya Birla Capital

PGCIL: PGCIL’s consolidated asset capitalisation/Capex in Q2FY23 declined 76.6%/32.8% YoY to INR17.9bn/INR17.4bn, on a high YoY base

HDFC Securities

HSIE Results Daily: Gujarat Gas, Aditya Birla Capital, Brigade Enterprises

Margin beat was driven by lower-than-expected gas cost due to lower offtake of expensive spot LNG gas by industrial/commercial customers, lower...

HDFC Securities

HSIE Results Daily: State Bank of India, Bandhan Bank, Aditya Birla Capital, APL Apollo, CESC

State Bank of India’s (SBI) earnings missed estimates, with PAT at INR91bn, impacted by higher credit costs at 1.1% (annualised).

HDFC Securities

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