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. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<ul><li>Paint industry has likely declined by ~2% in Q2FY25. Considering industry slowdown and steep increase in competitive pressures, we believe Berger reported moderate results with volume growth of 3.6% YoY.</li><li>While EBITDA margin contracted 147bps YoY to 15.6% in Q2FY25, it was within the guided band of 15%-17%.</li><li>Berger has also intensified the investments in urban markets with additional investments in distribution and GTM.</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.

Paint industry has likely declined by ~2% in Q2FY25. Considering industry slowdown and steep increase in competitive pressures, we believe Berger reported moderate results with volume growth of 3.6% YoY.While EBITDA margin contracted 147bps YoY to 15.6% in Q2FY25, it was within the guided band of 15%-17%.Berger has also intensified the investments in urban markets with additional investments in distribution and GTM.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.

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

HDFC securities is the best online trading platform for stocks, IPOs, mutual fund in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Thematic (Sector/Industry)

<ul><li>Consolidated jewellery sales (ex-bullion) grew 27% YoY to INR117.8bn (HSIE: in-line). Gold jewellery demand witnessed a step-up jump post the Jul24 customs duty (CD) cut.</li><li>This gold rush lasted well into mid-September (consol. topline growth stood at 16% YoY at INR 145.3bn; in-line). Margins, however, disappointed.</li><li>Normalising for the INR2.9bn hit due to customs duty reduction, jewellery EBITM (consolidated) contracted 486bps YoY to 8.3% vs HSIE’s 9% (note: normalised standalone jewellery EBITM came at 11.4%). Non-jewellery businesses performed well. </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.

Consolidated jewellery sales (ex-bullion) grew 27% YoY to INR117.8bn (HSIE: in-line). Gold jewellery demand witnessed a step-up jump post the Jul24 customs duty (CD) cut.This gold rush lasted well into mid-September (consol. topline growth stood at 16% YoY at INR 145.3bn; in-line). Margins, however, disappointed.Normalising for the INR2.9bn hit due to customs duty reduction, jewellery EBITM (consolidated) contracted 486bps YoY to 8.3% vs HSIE’s 9% (note: normalised standalone jewellery EBITM came at 11.4%). Non-jewellery businesses performed well. 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: Titan, ABB India, Mankind Pharma, Dr Reddy’s Laboratories

<ul><li>Aurobindo Pharma: EBITDA (+41% YoY) was in line with our/consensus estimates as 10% sales growth (-3% QoQ US, +8% EU, and +53% YoY in growth markets), higher gross margin (+544 bps YoY), was offset by higher staff (+13%) and SG&amp;A (+22% ex-R&amp;D – remediation cost of USD 9 mn and Pen-G plant opex, R&amp;D was -13% YoY)</li><li>ARBP expects (1) steady growth in the US oral solid, led by new launches and volume gain, (2) specialty/injectable to improve QoQ and it targets reach USD 600 mn sales globally in FY25 (~USD 141 mn in Q1FY25), (3) EU sales at Euro 880-900 mn on new launch visibility, (4) EBITDA margin of 21-22% in FY25 (21.4% in Q1) on reduction in remediation spend and Pen-G plant scale-up led leverage, and (5) tax rate at 27-28% in FY25</li><li>Factoring Q1, we have raised our EPS by 3/2% for FY25/26E and revise the TP to INR 1,520 (20x Q1FY27E from 18x)</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.

Aurobindo Pharma: EBITDA (+41% YoY) was in line with our/consensus estimates as 10% sales growth (-3% QoQ US, +8% EU, and +53% YoY in growth markets), higher gross margin (+544 bps YoY), was offset by higher staff (+13%) and SG&amp;A (+22% ex-R&amp;D – remediation cost of USD 9 mn and Pen-G plant opex, R&amp;D was -13% YoY)ARBP expects (1) steady growth in the US oral solid, led by new launches and volume gain, (2) specialty/injectable to improve QoQ and it targets reach USD 600 mn sales globally in FY25 (~USD 141 mn in Q1FY25), (3) EU sales at Euro 880-900 mn on new launch visibility, (4) EBITDA margin of 21-22% in FY25 (21.4% in Q1) on reduction in remediation spend and Pen-G plant scale-up led leverage, and (5) tax rate at 27-28% in FY25Factoring Q1, we have raised our EPS by 3/2% for FY25/26E and revise the TP to INR 1,520 (20x Q1FY27E from 18x)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: Aurobindo Pharma, Berger Paints, Metro Brands

HSIE Results Daily: Aurobindo Pharma, Berger Paints, Metro Brands, Aarti Industries

<ul><li>Our discretionary universe is expected to grow by ~11% YoY in Q1FY25</li><li>However, a few exceptional names drive up the average</li><li>In retail, ex-F&amp;G and value fashion, growth pencilled in is an anaemic 6% as footfalls/demand gets impacted due to (1) the heatwave and (2) fewer wedding days</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 ~11% YoY in Q1FY25However, a few exceptional names drive up the averageIn retail, ex-F&amp;G and value fashion, growth pencilled in is an anaemic 6% as footfalls/demand gets impacted due to (1) the heatwave and (2) fewer wedding daysContent 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: Muted Demand, Value Plays Remain Outliers

India

Berger Paints India Limited manufactures and distributes paints, enamels, varnishes, and synthetic resins. The Company's products are used in home, office, factory, interiors, exteriors, metal, wood, plastic, and others.

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Berger Paints India (BRGR IN)

Berger Paints - Could Have Been Better!

Paint industry has likely declined by ~2% in Q2FY25. Considering industry slowdown and steep increase in competitive pressures, we believe Berger...

ICICI Securities Limited

HSIE Results Daily: Titan, ABB India, Mankind Pharma, Dr Reddy’s Laboratories

Consolidated jewellery sales (ex-bullion) grew 27% YoY to INR117.8bn (HSIE: in-line). Gold jewellery demand witnessed a step-up jump post the Jul24...

HDFC Securities

HSIE Results Daily: Aurobindo Pharma, Berger Paints, Metro Brands

EBITDA (+41% YoY) was in line with our/consensus estimates as 10% sales growth (-3% QoQ US, +8% EU, and +53% YoY in growth markets)

HDFC Securities

HSIE Results Daily: Aurobindo Pharma, Berger Paints, Metro Brands, Aarti Industries

EBITDA (+41% YoY) was in line with our/consensus estimates as 10% sales growth (-3% QoQ US, +8% EU, and +53% YoY in growth markets), higher gross...

HDFC Securities

Consumer Discretionary: Muted Demand, Value Plays Remain Outliers

Our discretionary universe is expected to grow by ~11% YoY in Q1FY25. However, a few exceptional names drive up the average

HDFC Securities

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