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>Gujarat Gas: Our ADD recommendation on Gujarat Gas (GGL), with a price target of INR 600/sh, is premised on (1) volume growth of only ~10% CAGR over FY24-26E compared to ~18% volume growth seen over FY19-22 and (2) increased pricing competition from alternate fuel in the industrial/commercial segment</li><li>Q3FY24 EBITDA/PAT at INR 4/2.2bn came in below our estimates, owing to lower-than-expected volumes and per unit EBITDA margin</li><li>Volume stood at 9.16mmscmd (+26% YoY, -2% QoQ). Deepak Nitrite: We maintain SELL on Deepak Nitrite (DNL), with a price target of INR 1,448 (WACC 12%, terminal growth 4%)</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.

Gujarat Gas: Our ADD recommendation on Gujarat Gas (GGL), with a price target of INR 600/sh, is premised on (1) volume growth of only ~10% CAGR over FY24-26E compared to ~18% volume growth seen over FY19-22 and (2) increased pricing competition from alternate fuel in the industrial/commercial segmentQ3FY24 EBITDA/PAT at INR 4/2.2bn came in below our estimates, owing to lower-than-expected volumes and per unit EBITDA marginVolume stood at 9.16mmscmd (+26% YoY, -2% QoQ). Deepak Nitrite: We maintain SELL on Deepak Nitrite (DNL), with a price target of INR 1,448 (WACC 12%, terminal growth 4%)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: Gujarat Gas, Deepak Nitrite, Aditya Birla Fashion and Retail

<ul><li>Revenue for our coverage universe is likely to improve by 4.6% QoQ while it could fall by 5.7% YoY in 3Q.</li><li>Chemical prices have shown a sharp correction in 3QFY24 as against product prices in 3QFY23 while these prices are showing a mixed bag on a sequential basis.</li><li>As per the management of chemical companies, the inventory destocking by agrochemical companies may be coming to an end.</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.

Revenue for our coverage universe is likely to improve by 4.6% QoQ while it could fall by 5.7% YoY in 3Q.Chemical prices have shown a sharp correction in 3QFY24 as against product prices in 3QFY23 while these prices are showing a mixed bag on a sequential basis.As per the management of chemical companies, the inventory destocking by agrochemical companies may be coming to an end.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.

Chemicals (Q3FY24 Results Preview): Getting Better

<ul><li>Revenue for our coverage universe is likely to improve by 6.3% QoQ while it could fall by 6.6% YoY in 2Q</li><li>Inventory rationalisation by global agrochemicals and weak demand for products from the US and Europe led to a correction in the prices of finished products</li><li>EBITDA could fall by 7% YoY while EBITDA margin could remain flattish 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.

Revenue for our coverage universe is likely to improve by 6.3% QoQ while it could fall by 6.6% YoY in 2QInventory rationalisation by global agrochemicals and weak demand for products from the US and Europe led to a correction in the prices of finished productsEBITDA could fall by 7% YoY while EBITDA margin could remain flattish 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.

Chemicals (Q2FY24 Results Preview): Lackluster quarter

<ul><li>Siemens India Ltd (SIL) delivered weak Q1FY24 revenue/EBITDA/APAT of INR 44.7/5.05/4.2bn, missing our estimates by 5/16/23%</li><li>SIL received new orders worth INR 52.9bn (+5.9/-7.1% YoY/QoQ)</li><li>Supported by a healthy mix of orders both from the government and private sector, especially in infrastructure and railways</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.

Siemens India Ltd (SIL) delivered weak Q1FY24 revenue/EBITDA/APAT of INR 44.7/5.05/4.2bn, missing our estimates by 5/16/23%SIL received new orders worth INR 52.9bn (+5.9/-7.1% YoY/QoQ)Supported by a healthy mix of orders both from the government and private sector, especially in infrastructure and railwaysContent 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: Siemens, Deepak Nitrite, Century Plyboards India, Sobha

<ul><li>Siemens: Siemens India Ltd (SIL) delivered weak Q1FY24 revenue/EBITDA/APAT of INR 44.7/5.05/4.2bn, missing our estimates by 5/16/23%</li><li>SIL received new orders worth INR 52.9bn (+5.9/-7.1% YoY/QoQ)</li><li>Supported by a healthy mix of orders both from the government and private sector, especially in infrastructure and railways</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.

Siemens: Siemens India Ltd (SIL) delivered weak Q1FY24 revenue/EBITDA/APAT of INR 44.7/5.05/4.2bn, missing our estimates by 5/16/23%SIL received new orders worth INR 52.9bn (+5.9/-7.1% YoY/QoQ)Supported by a healthy mix of orders both from the government and private sector, especially in infrastructure and railwaysContent 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: Siemens, Deepak Nitrite, Century Plyboards India

India

Deepak Nitrite Limited manufactures chemicals and fertilizers. The Company's products include sodium nitrite/nitrate, nitric acid, ammonium nitrate, and Hydroxylamine Sulphate.  Deepak Nitrite's other two divisions manufacture dyes & dyestuffs and nitro aromatics.

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Deepak Nitrite (DN IN)

HSIE Results Daily: Gujarat Gas, Deepak Nitrite, Aditya Birla Fashion and Retail

Q3FY24 EBITDA/PAT at INR 4/2.2bn came in below our estimates, owing to lower-than-expected volumes and per unit EBITDA margin

HDFC Securities

Chemicals (Q3FY24 Results Preview): Getting Better

Chemical prices have shown a sharp correction in 3QFY24 as against product prices in 3QFY23 while these prices are showing a mixed bag on a...

HDFC Securities

Chemicals (Q2FY24 Results Preview): Lackluster quarter

Inventory rationalisation by global agrochemicals and weak demand for products from the US and Europe led to a correction in the prices of finished...

HDFC Securities

HSIE Results Daily: Siemens, Deepak Nitrite, Century Plyboards India, Sobha

Siemens India Ltd (SIL) delivered weak Q1FY24 revenue/EBITDA/APAT of INR 44.7/5.05/4.2bn, missing our estimates by 5/16/23%

HDFC Securities

HSIE Results Daily: Siemens, Deepak Nitrite, Century Plyboards India

Siemens: Siemens India Ltd (SIL) delivered weak Q1FY24 revenue/EBITDA/APAT of INR 44.7/5.05/4.2bn, missing our estimates by 5/16/23%

HDFC Securities

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