External broker reports(aggregated public sources), HDFC Securities

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External broker reports(aggregated public sources)

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Thematic (Sector/Industry)

<ul><li>PGCIL: PGCIL’s consolidated asset capitalisation/Capex in Q2FY23 declined 76.6%/32.8% YoY to INR17.9bn/INR17.4bn, on a high YoY base</li><li>In H1FY23, capitalisation/Capex came in at INR31.3bn/INR32.2bn vs INR132.8bn/INR37.0bn YoY</li><li>Q2FY23 revenue increased 7.3% YoY, led by moderate growth in the transmission (+7.4% YoY) and telecom (+7.3% YoY) segments, partially offset by a 25.9% YoY decline in consultancy income</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.

PGCIL: PGCIL’s consolidated asset capitalisation/Capex in Q2FY23 declined 76.6%/32.8% YoY to INR17.9bn/INR17.4bn, on a high YoY baseIn H1FY23, capitalisation/Capex came in at INR31.3bn/INR32.2bn vs INR132.8bn/INR37.0bn YoYQ2FY23 revenue increased 7.3% YoY, led by moderate growth in the transmission (+7.4% YoY) and telecom (+7.3% YoY) segments, partially offset by a 25.9% YoY decline in consultancy incomeContent 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, Britannia Industries, Cummins, Aditya Birla Capital

<ul><li>Q2FY23 flat for infrastructure; mixed competitive intensity, commodities stable: In Q2FY23, the NHAI awarded just six projects, of which, two were HAM projects worth INR 30.7bn and four were EPC projects worth INR 41.2bn</li><li>With this, the NHAI awarded c.613 kms in H1FY23, with eleven HAM projects worth INR 128.8bn and five EPC projects worth INR 48.9bn</li><li>H1FY23 witnessed mixed competitive intensity, with eight projects won at 8% below the NHAI cost and eight projects at 10% above 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.

Q2FY23 flat for infrastructure; mixed competitive intensity, commodities stable: In Q2FY23, the NHAI awarded just six projects, of which, two were HAM projects worth INR 30.7bn and four were EPC projects worth INR 41.2bnWith this, the NHAI awarded c.613 kms in H1FY23, with eleven HAM projects worth INR 128.8bn and five EPC projects worth INR 48.9bnH1FY23 witnessed mixed competitive intensity, with eight projects won at 8% below the NHAI cost and eight projects at 10% above 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 (Q2FY23 Results Preview): Headwinds receding

<ul><li>Despite strong ordering momentum, we are seeing emergence of headwinds to the Indian highways program</li><li>Substantial dilution of bid qualification has exposed the sector to low quality, inadequately funded developers taking large order inflow market share</li><li>This has the potential of de-railing the NH program, creation of sub quality infrastructure, time and cost overruns and eventually higher cost to completion and defaults</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.

Despite strong ordering momentum, we are seeing emergence of headwinds to the Indian highways programSubstantial dilution of bid qualification has exposed the sector to low quality, inadequately funded developers taking large order inflow market shareThis has the potential of de-railing the NH program, creation of sub quality infrastructure, time and cost overruns and eventually higher cost to completion and defaultsContent 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>India’s long-awaited Capex cycle finally seems to be gathering momentum, after a hiatus of 10 years</li><li>While there were false starts in the last decade, we believe the recent post-COVID pick-up is looking sustainable and drivers are in place for multi-year growth</li><li>In this report, we have done a detailed bottom-up analysis of (a) 1,700+ government projects that are under implementation (explaining &gt;60% of total government Capex of FY22) and (b) Capex plans of top 400+ private sector companies to better understand the drivers and likely shape of the Capex demand curve</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.

India’s long-awaited Capex cycle finally seems to be gathering momentum, after a hiatus of 10 yearsWhile there were false starts in the last decade, we believe the recent post-COVID pick-up is looking sustainable and drivers are in place for multi-year growthIn this report, we have done a detailed bottom-up analysis of (a) 1,700+ government projects that are under implementation (explaining &gt;60% of total government Capex of FY22) and (b) Capex plans of top 400+ private sector companies to better understand the drivers and likely shape of the Capex demand curveContent 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 Equity Strategy - Capex: On a Sustainable Upswing

<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>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.

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

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: PGCIL, Britannia Industries, Cummins, Aditya Birla Capital

PGCIL: PGCIL’s consolidated asset capitalisation/Capex in Q2FY23 declined 76.6%/32.8% YoY to INR17.9bn/INR17.4bn, on a high YoY base

HDFC Securities

Industrials (Q2FY23 Results Preview): Headwinds receding

In Q2FY23, the NHAI awarded just six projects, of which, two were HAM projects worth INR 30.7bn and four were EPC projects worth INR 41.2bn

HDFC Securities

Infrastructure - Betting on Conservatism

Substantial dilution of bid qualification has exposed the sector to low quality, inadequately funded developers taking large order inflow market share

HDFC Securities

India Equity Strategy - Capex: On a Sustainable Upswing

While there were false starts in the last decade, we believe the recent post-COVID pick-up is looking sustainable and drivers are in place for...

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

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