External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

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Thematic (Sector/Industry)

<ul><li>The NHAI ordering stayed below the FY23 target, competitive intensity cooling-off, commodities stable: In Q4FY23, the NHAI awarded 74 projects, of which 55 were HAM projects worth INR 455bn and 16 were EPC projects worth INR 215bn</li><li>With this, the NHAI awarded c.3,750 km in FY23 (vs a target of 6,500 km), with 75 HAM projects worth INR 655bn and 31 EPC projects worth INR 361bn</li><li>Competitive intensity cooled off with average L1 costs at a 5.6% premium over the average NHAI costs in Q4FY23</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>

The NHAI ordering stayed below the FY23 target, competitive intensity cooling-off, commodities stable: In Q4FY23, the NHAI awarded 74 projects, of which 55 were HAM projects worth INR 455bn and 16 were EPC projects worth INR 215bnWith this, the NHAI awarded c.3,750 km in FY23 (vs a target of 6,500 km), with 75 HAM projects worth INR 655bn and 31 EPC projects worth INR 361bnCompetitive intensity cooled off with average L1 costs at a 5.6% premium over the average NHAI costs in Q4FY23Content 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.

Industrials - Stable Awards, Pick-Up in Execution

<ul><li>NHAI ordering to pick up in Q4FY23; high competitive intensity continues, commodities stable: In Q3FY23, the NHAI awarded 19 projects, of which nine were HAM projects worth INR 70.3bn and ten were EPC projects worth INR 97.1bn</li><li>With this, the NHAI awarded c.1,381 kms in 9MFY23, with twenty HAM projects worth INR 199.2bn and fifteen EPC projects worth INR 146bn</li><li>Competitive intensity continued to be higher during 9MFY23, with 12 project bids at 13% above the NHAI cost whereas 23 project bids at 17% lower than the NHAI cost</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>

NHAI ordering to pick up in Q4FY23; high competitive intensity continues, commodities stable: In Q3FY23, the NHAI awarded 19 projects, of which nine were HAM projects worth INR 70.3bn and ten were EPC projects worth INR 97.1bnWith this, the NHAI awarded c.1,381 kms in 9MFY23, with twenty HAM projects worth INR 199.2bn and fifteen EPC projects worth INR 146bnCompetitive intensity continued to be higher during 9MFY23, with 12 project bids at 13% above the NHAI cost whereas 23 project bids at 17% lower than the NHAI costContent 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.

Industrials (Q3FY23 Results Preview): All set for a robust Q3FY23

<ul><li>Infoedge: Infoedge posted a good quarter, with both revenue (+4.8% QoQ) and margin coming ahead of estimates</li><li>The growth was led by the core recruitment segment (+8% QoQ) and 99acres (+5.1%) while Jeevansathi continued to drag</li><li>The recruitment billings (earlier boosted by strong IT hiring) are showing signs of softness, offset by better hiring in non-IT sectors like BFSI, travel, infra and hospitality</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>

Infoedge: Infoedge posted a good quarter, with both revenue (+4.8% QoQ) and margin coming ahead of estimatesThe growth was led by the core recruitment segment (+8% QoQ) and 99acres (+5.1%) while Jeevansathi continued to dragThe recruitment billings (earlier boosted by strong IT hiring) are showing signs of softness, offset by better hiring in non-IT sectors like BFSI, travel, infra and hospitalityContent 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: Infoedge, Bharat Forge, JK Cement, Brigade Enterprises

<ul><li>PGCIL: PGCIL’s consolidated asset capitalisation in Q1FY23 declined 76.2% YoY to INR13.5bn, on a high YoY base, while consolidated Capex went up 33.5% YoY to INR14.8bn</li><li>On a standalone basis, capitalisation/Capex came in at INR13.3bn/INR7.6bn</li><li>Q1FY23 revenue increased 6.8% YoY, led by moderate growth in transmission segment (+5.5% YoY) and strong growth in the telecom (+60.1% YoY) and consultancy (+53.2% YoY) segments</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 in Q1FY23 declined 76.2% YoY to INR13.5bn, on a high YoY base, while consolidated Capex went up 33.5% YoY to INR14.8bnOn a standalone basis, capitalisation/Capex came in at INR13.3bn/INR7.6bnQ1FY23 revenue increased 6.8% YoY, led by moderate growth in transmission segment (+5.5% YoY) and strong growth in the telecom (+60.1% YoY) and consultancy (+53.2% YoY) segmentsContent 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, ABB India, Cummins, Bharat Forge

External broker reports(aggregated public sources), Nirmal Bang

Nirmal Bang

A Relationship Beyond Broking

Nirmal Bang, one of the leading stock broking companies in India, caters to retail and institutional clients by offering them a range of financial products and services, including equities, derivatives, commodities, currency derivatives, mutual funds, IPOs, insurance, depository services and PMS.

Nirmal Bang is drawn from a diversity of professional backgrounds, and blend of experience, skill and dedication is shared with its clients. Nirmal Bang emphasizes adequate, thorough research local and world-wide developments, balancing these with the astute discovery of intrinsic values, synergies and growth. The aim is simply to help the investors to maximize their returns.

Equity Bottom-Up

<div><div><div><div><ul><li>Healthy Portfolio: ASBL currently has a sizeable order book of Rs155bn.</li></ul><div><div><div><div><ul><li>CGD business: CGD business is Performing well vis-à-vis its competitors; company has already invested Rs1.4bn and has plans to invest total of Rs8.5bn within a span of 3-4 years.</li></ul><div><div><div><div><ul><li>Resilient EPC performance; robust outlook: Company recorded 20% growth in EPC business in FY22 and margins in the range of 11-12%. In terms of pecking order, management has indicated that it would continue to focus on roads and highways, followed by power and railway projects.</li></ul></div></div></div></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>

Healthy Portfolio: ASBL currently has a sizeable order book of Rs155bn.CGD business: CGD business is Performing well vis-à-vis its competitors; company has already invested Rs1.4bn and has plans to invest total of Rs8.5bn within a span of 3-4 years.Resilient EPC performance; robust outlook: Company recorded 20% growth in EPC business in FY22 and margins in the range of 11-12%. In terms of pecking order, management has indicated that it would continue to focus on roads and highways, followed by power and railway projects.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.

Ashoka Buildcon Ltd - EPC Business Outlook Robust; Transitioning to Asset-Light Model

India

Ashoka Buildcon Ltd. is a construction company. The Company builds and operates roads and bridges in India on a build, operate and transfer (BOT) basis. Ashoka also engineers and designs, procures the raw materials and equipment for and constructs roads, bridges, commercial buildings, industrial buildings and institutional buildings, and collects tolls on roads and bridges.

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Ashoka Buildcon (ASBL IN)

Industrials - Stable Awards, Pick-Up in Execution

In Q4FY23, the NHAI awarded 74 projects, of which 55 were HAM projects worth INR 455bn and 16 were EPC projects worth INR 215bn

HDFC Securities

Industrials (Q3FY23 Results Preview): All set for a robust Q3FY23

In Q3FY23, the NHAI awarded 19 projects, of which nine were HAM projects worth INR 70.3bn and ten were EPC projects worth INR 97.1bn

HDFC Securities

HSIE Results Daily: Infoedge, Bharat Forge, JK Cement, Brigade Enterprises

Infoedge: Infoedge posted a good quarter, with both revenue (+4.8% QoQ) and margin coming ahead of estimates. The growth was led by the core...

HDFC Securities

HSIE Results Daily: PGCIL, ABB India, Cummins, Bharat Forge

PGCIL: PGCIL’s consolidated asset capitalisation in Q1FY23 declined 76.2% YoY to INR13.5bn, on a high YoY base, while consolidated Capex went up...

HDFC Securities

Ashoka Buildcon Ltd - EPC Business Outlook Robust; Transitioning to Asset-Light Model

We hosted management of Ashoka Buildcon (ASBL) as a part of our annual conference to get an insight of the construction sector and an overall...

Nirmal Bang

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