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>Our discretionary universe is expected to grow by ~13.1% YoY in Q4FY24 (ex-jewellery: ~12%)</li><li>Q4 is likely to be the last quarter contending with a high base</li><li>Wedding season hasn’t been as upbeat as expected</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.

Our discretionary universe is expected to grow by ~13.1% YoY in Q4FY24 (ex-jewellery: ~12%)Q4 is likely to be the last quarter contending with a high baseWedding season hasn’t been as upbeat as expectedContent 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.

Consumer Discretionary  - Soft Quarter, Green Shoots Visible in Value Fashion

Consumer Discretionary - Soft Quarter, Green Shoots Visible in Value Fashion

<ul><li>Asian Paints: APNT’s revenue grew 5.4% in Q3 to INR 91.0bn (HSIE: INR 91.9bn)</li><li>Decorative clocked 12/5.5% volume/value growth and industrial business grew ~11% YoY in Q3FY24</li><li>Luxury and economy products supported growth in the deco segment</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.

Asian Paints: APNT’s revenue grew 5.4% in Q3 to INR 91.0bn (HSIE: INR 91.9bn)Decorative clocked 12/5.5% volume/value growth and industrial business grew ~11% YoY in Q3FY24Luxury and economy products supported growth in the deco segmentContent 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, LTIMindtree

<ul><li>We recently interacted with numerous store managers and companies to assess the festive performance and demand in discretionary categories</li><li>Despite a promising start to the festive season, most categories (excluding jewellery and travel) seem to have hit the snooze button</li><li>Several factors contribute to this, including (1) the normalisation of ticket sizes and purchase frequencies, (2) weak footfalls (on a per sq foot basis), and (3) a trend towards downtrading</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 recently interacted with numerous store managers and companies to assess the festive performance and demand in discretionary categoriesDespite a promising start to the festive season, most categories (excluding jewellery and travel) seem to have hit the snooze buttonSeveral factors contribute to this, including (1) the normalisation of ticket sizes and purchase frequencies, (2) weak footfalls (on a per sq foot basis), and (3) a trend towards downtradingContent 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.

Festive temperature check: Festive mood sombre

<ul><li>Asian Paints: APNT’s revenue growth flat-lined in Q2 (YoY) at INR 84.8bn, 4.4% below our expectation (HSIE: INR88.7bn)</li><li>Decorative business clocked 6/1.1% volume/value growth in Q2FY24. The mix was economy range-heavy</li><li>Urban markets (high-single-digit growth) continued to outpace rural centres</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.

Asian Paints: APNT’s revenue growth flat-lined in Q2 (YoY) at INR 84.8bn, 4.4% below our expectation (HSIE: INR88.7bn)Decorative business clocked 6/1.1% volume/value growth in Q2FY24. The mix was economy range-heavyUrban markets (high-single-digit growth) continued to outpace rural centresContent 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, Shriram Finance, Colgate Palmolive, Westlife Foodworld, Symphony

India

Asian Paints Limited manufactures a wide range of decorative paints, varnishes, enamels, and black & synthetic resins. The Company, through its subsidiaries, also manufactures specialty industrial chemicals and vinyl pyridine latex products which are used in the manufacture of rubber tires.

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Asian Paints (APNT IN)

Consumer Discretionary - Soft Quarter, Green Shoots Visible in Value Fashion

Our discretionary universe is expected to grow by ~13.1% YoY in Q4FY24 (ex-jewellery: ~12%). Q4 is likely to be the last quarter contending with a...

HDFC Securities

Consumer Discretionary - Soft Quarter, Green Shoots Visible in Value Fashion

Our discretionary universe is expected to grow by ~13.1% YoY in Q4FY24 (ex-jewellery: ~12%). Q4 is likely to be the last quarter contending with a...

HDFC Securities

HSIE Results Daily: Asian Paints, LTIMindtree

Asian Paints: APNT’s revenue grew 5.4% in Q3 to INR 91.0bn (HSIE: INR 91.9bn). Decorative clocked 12/5.5% volume/value growth and industrial...

HDFC Securities

Festive temperature check: Festive mood sombre

We recently interacted with numerous store managers and companies to assess the festive performance and demand in discretionary categories

HDFC Securities

HSIE Results Daily: Asian Paints, Shriram Finance, Colgate Palmolive, Westlife Foodworld, Symphony

Decorative business clocked 6/1.1% volume/value growth in Q2FY24. The mix was economy range-heavy. Urban markets (high-single-digit growth)...

HDFC Securities

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