External broker reports(aggregated public sources), HDFC Securities

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External broker reports(aggregated public sources)

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Equity Bottom-Up

<ul><li>Aether Industries (Aether) has experienced sectoral environmental challenges in the fiscal year 2023-24</li><li>The broader operating environment presented hurdles, including volatile macroeconomic conditions, ongoing geopolitical tensions, slowdowns due to inventory de-stocking, and margin pressures from aggressive competition from Chinese manufacturers</li><li>Additionally, last year the company was fraught with the unfortunate fire incident at the company’s primary manufacturing facility</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.

Aether Industries (Aether) has experienced sectoral environmental challenges in the fiscal year 2023-24The broader operating environment presented hurdles, including volatile macroeconomic conditions, ongoing geopolitical tensions, slowdowns due to inventory de-stocking, and margin pressures from aggressive competition from Chinese manufacturersAdditionally, last year the company was fraught with the unfortunate fire incident at the company’s primary manufacturing facilityContent 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.

Aether Industries: Expansion and Diversification. Maintain BUY

<ul><li>Aether Industries (Aether) has commissioned site 4 to execute the strategic supply agreement with Baker Hughes</li><li>It has received the revocation of the closure order from the Gujarat Pollution Control Board (GPCB) for site 2</li><li>The expansion project at sites 3+ and 3++ is on track and will be commissioned by FY25-end</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.

Aether Industries (Aether) has commissioned site 4 to execute the strategic supply agreement with Baker HughesIt has received the revocation of the closure order from the Gujarat Pollution Control Board (GPCB) for site 2The expansion project at sites 3+ and 3++ is on track and will be commissioned by FY25-endContent 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.

Thematic (Sector/Industry)

<ul><li>Oil India: Our ADD recommendation on Oil India with a target price of INR 680 is premised on oil production growth at 9% CAGR and gas production growth at 26% CAGR over FY24-26E</li><li>Q4FY24 EBITDA stood at INR 23bn (-1% YoY, +11% QoQ), and PAT at INR 20bn (+14% YoY, +28% QoQ) came in above our estimate, driven by higher-than-expected realisations and higher other income</li><li>Oil and gas production stood at 1.65mmtoe (+5% YoY, -1% QoQ), below our estimates. </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.

Oil India: Our ADD recommendation on Oil India with a target price of INR 680 is premised on oil production growth at 9% CAGR and gas production growth at 26% CAGR over FY24-26EQ4FY24 EBITDA stood at INR 23bn (-1% YoY, +11% QoQ), and PAT at INR 20bn (+14% YoY, +28% QoQ) came in above our estimate, driven by higher-than-expected realisations and higher other incomeOil and gas production stood at 1.65mmtoe (+5% YoY, -1% QoQ), below our estimates. 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: Oil India, Astral, Eris Lifesciences, Aether Industries

<ul><li>Revenue for our coverage universe is likely to improve by 8% QoQ while it could fall by 3.8% YoY in 4Q</li><li>Prices of the chemical are showing a mixed bag on a sequential basis</li><li>As per management, the domestic inventory destocking is over while global inventory destocking will continue for the next two quarters.</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.

Revenue for our coverage universe is likely to improve by 8% QoQ while it could fall by 3.8% YoY in 4QPrices of the chemical are showing a mixed bag on a sequential basisAs per management, the domestic inventory destocking is over while global inventory destocking will continue for the next two quarters.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.

Chemicals (Q4FY24 Results Preview): On a recovery path

<ul><li>We had the opportunity to interact with Mr Manish Shah, Managing Director of OC Specialities Pvt Ltd</li><li>The company operates in two primary businesses: Contract Development and Manufacturing Organisation (CDMO) and distribution</li><li>Within the CDMO segment, the company offers end-to-end coordination ranging from early-stage development to commercial production</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.

We had the opportunity to interact with Mr Manish Shah, Managing Director of OC Specialities Pvt LtdThe company operates in two primary businesses: Contract Development and Manufacturing Organisation (CDMO) and distributionWithin the CDMO segment, the company offers end-to-end coordination ranging from early-stage development to commercial productionContent 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.

Chemicals: Opportunities galore for Indian CDMO players

India

Aether Industries Limited manufactures chemical products. The Company offers intermediates and active ingredients for the pharmaceutical, material science, agrochemical, electronic chemical, and specialty chemical industries. Aether Industries serves customers worldwide.

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Aether Industries (AETHER IN)

Aether Industries: Expansion and Diversification. Maintain BUY

The broader operating environment presented hurdles, including volatile macroeconomic conditions, ongoing geopolitical tensions, slowdowns due to...

HDFC Securities

Aether Industries - Projects on Track

The product being developed for these global players will help achieve decarbonisation and sustainability targets. These collaborations are...

HDFC Securities

HSIE Results Daily: Oil India, Astral, Eris Lifesciences, Aether Industries

Our ADD recommendation on Oil India with a target price of INR 680 is premised on oil production growth at 9% CAGR and gas production growth at 26%...

HDFC Securities

Chemicals (Q4FY24 Results Preview): On a recovery path

Revenue for our coverage universe is likely to improve by 8% QoQ while it could fall by 3.8% YoY in 4Q. Prices of the chemical are showing a mixed...

HDFC Securities

Chemicals: Opportunities galore for Indian CDMO players

We had the opportunity to interact with Mr Manish Shah, Managing Director of OC Specialities Pvt Ltd. The company operates in two primary businesses

HDFC Securities

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