External broker reports(aggregated public sources), HDFC Securities

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External broker reports(aggregated public sources)

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<ul><li>Shree Cement: We maintain our REDUCE rating on Shree Cement, with a revised SOTP target price of INR 24,000/share, owing to its expensive valuation</li><li>Cement volume grew 10% YoY in Q2FY24 and its unit EBITDA expanded INR 25/MT QoQ to INR 1024/MT</li><li>Margin expanded INR 340/MT on a sharp fall in fuel costs (INR 0.8/mnCal and green power consumption share increased to 59% vs 51% YoY).</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.

Shree Cement: We maintain our REDUCE rating on Shree Cement, with a revised SOTP target price of INR 24,000/share, owing to its expensive valuationCement volume grew 10% YoY in Q2FY24 and its unit EBITDA expanded INR 25/MT QoQ to INR 1024/MTMargin expanded INR 340/MT on a sharp fall in fuel costs (INR 0.8/mnCal and green power consumption share increased to 59% vs 51% YoY).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: Shree Cement, Cummins, Prestige Estates, Apollo Tyres, Alkyl Amines

<ul><li>NHAI has delivered a very successful highway program, following the advent of Bharatmala (BM-1)</li><li>The huge scaling up of the NH program in terms of getting the model right, awarding, executing, financing, creating a highly competitive vendor ecosystem, and monetizing assets is no mean task and involves significant execution complexities that could have only been handled by the N’HAI’ Way</li><li>We have done an in-depth analysis of the NHAI financial model and believe that concerns about debt may get tackled from FY31 onwards as NHAI is capable of meeting its debt commitments on its own and solely relying on budgetary support for additional NH capex</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.

NHAI has delivered a very successful highway program, following the advent of Bharatmala (BM-1)The huge scaling up of the NH program in terms of getting the model right, awarding, executing, financing, creating a highly competitive vendor ecosystem, and monetizing assets is no mean task and involves significant execution complexities that could have only been handled by the N’HAI’ WayWe have done an in-depth analysis of the NHAI financial model and believe that concerns about debt may get tackled from FY31 onwards as NHAI is capable of meeting its debt commitments on its own and solely relying on budgetary support for additional NH capexContent 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.

<ul><li>NHAI’s H1FY24 awarding activity is muted, expect a pick-up in Q3FY24: With minimal awarding activity in Q2FY24 and just four projects in Q1FY24, the overall H1FY24 awarding activity remained muted</li><li>New NHAI project DPRs are currently under finalisation, which has caused a delay in ordering</li><li>We expect FY24 to be a truncated year for ordering with ~INR 500bn worth of project awards (vs average INR 1.2trn for the previous year)</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.

NHAI’s H1FY24 awarding activity is muted, expect a pick-up in Q3FY24: With minimal awarding activity in Q2FY24 and just four projects in Q1FY24, the overall H1FY24 awarding activity remained mutedNew NHAI project DPRs are currently under finalisation, which has caused a delay in orderingWe expect FY24 to be a truncated year for ordering with ~INR 500bn worth of project awards (vs average INR 1.2trn for the previous year)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.

Industrials (Q2FY24 Results Preview): Lacking triggers

<ul><li>Cummins: Cummins India Ltd (CIL) recorded the highest-ever revenue of INR 22b (+31%/+15% YoY/QoQ, in line with our estimate)</li><li>This was driven mainly by strong pre-buy for CPCB 2 gensets</li><li>The deadline for the sale of these gensets has been extended until Jul’24 (an extension of six months)</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.

Cummins: Cummins India Ltd (CIL) recorded the highest-ever revenue of INR 22b (+31%/+15% YoY/QoQ, in line with our estimate)This was driven mainly by strong pre-buy for CPCB 2 gensetsThe deadline for the sale of these gensets has been extended until Jul’24 (an extension of six months)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: Cummins, Devyani International, Radico Khaitan

<ul><li>FY24 started off with a muted quarter in terms of road project awarding amidst high competitive intensity: In Q1FY24, the NHAI awarded just four projects (vs ten projects in Q1FY23), of which two were HAM projects worth INR 20.6bn (vs nine projects worth INR 98.1bn in Q1FY23) and two were EPC projects worth INR 19.4bn (vs one project worth INR 7.7bn in Q1FY23)</li><li>The total project stretch stood at ~104 km (vs ~367 km in Q1FY23)</li><li>All the projects were bid at a discount over the NHAI cost</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.

FY24 started off with a muted quarter in terms of road project awarding amidst high competitive intensity: In Q1FY24, the NHAI awarded just four projects (vs ten projects in Q1FY23), of which two were HAM projects worth INR 20.6bn (vs nine projects worth INR 98.1bn in Q1FY23) and two were EPC projects worth INR 19.4bn (vs one project worth INR 7.7bn in Q1FY23)The total project stretch stood at ~104 km (vs ~367 km in Q1FY23)All the projects were bid at a discount over 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.

India

Cummins India Limited manufactures internal combustion engines, including diesel, reciprocating piston, gas turbine and gasoline engines. The Company also manufactures generating sets and public transport-type passenger motor vehicles, including luxury coaches and air-field buses.  In addition, Cummins India Ltd. operates a computerized and fully-equipped research and development facility.

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Cummins India (KKC IN)

HSIE Results Daily: Shree Cement, Cummins, Prestige Estates, Apollo Tyres, Alkyl Amines

Shree Cement: We maintain our REDUCE rating on Shree Cement, with a revised SOTP target price of INR 24,000/share, owing to its expensive valuation

HDFC Securities

Industrials: N’HAI’ Way

We have done an in-depth analysis of the NHAI financial model and believe that concerns about debt may get tackled from FY31 onwards

HDFC Securities

Industrials (Q2FY24 Results Preview): Lacking triggers

With minimal awarding activity in Q2FY24 and just four projects in Q1FY24, the overall H1FY24 awarding activity remained muted

HDFC Securities

HSIE Results Daily: Cummins, Devyani International, Radico Khaitan

Cummins: Cummins India Ltd (CIL) recorded the highest-ever revenue of INR 22b (+31%/+15% YoY/QoQ, in line with our estimate)

HDFC Securities

Industrials: Muted start for the year

FY24 started off with a muted quarter in terms of road project awarding amidst high competitive intensity: In Q1FY24, the NHAI awarded just four...

HDFC Securities

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