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>Berger Paints: BRGR delivered an in-line top-line (5.6% YoY three-year CAGR: 17% INR27bn) whose three-year CAGR was at par with APNT’s</li><li>Decorative business clocked ~6.6/7.2% volume/value YoY growth (3-year value CAGR: 17.2%)</li><li>Distribution expansion was stepped up (addition of 8k sales points in 9MFY23)</li></ul><p><em>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.</em></p>

Berger Paints: BRGR delivered an in-line top-line (5.6% YoY three-year CAGR: 17% INR27bn) whose three-year CAGR was at par with APNT’sDecorative business clocked ~6.6/7.2% volume/value YoY growth (3-year value CAGR: 17.2%)Distribution expansion was stepped up (addition of 8k sales points in 9MFY23)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: Berger Paints, Voltas, Aditya Birla Fashion and Retail, Kansai Nerolac

<ul><li>NHAI ordering to pick up in Q4FY23; high competitive intensity continues, commodities stable: In Q3FY23, the NHAI awarded 19 projects, of which nine were HAM projects worth INR 70.3bn and ten were EPC projects worth INR 97.1bn</li><li>With this, the NHAI awarded c.1,381 kms in 9MFY23, with twenty HAM projects worth INR 199.2bn and fifteen EPC projects worth INR 146bn</li><li>Competitive intensity continued to be higher during 9MFY23, with 12 project bids at 13% above the NHAI cost whereas 23 project bids at 17% lower than the NHAI cost</li></ul><p><em>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.</em></p>

NHAI ordering to pick up in Q4FY23; high competitive intensity continues, commodities stable: In Q3FY23, the NHAI awarded 19 projects, of which nine were HAM projects worth INR 70.3bn and ten were EPC projects worth INR 97.1bnWith this, the NHAI awarded c.1,381 kms in 9MFY23, with twenty HAM projects worth INR 199.2bn and fifteen EPC projects worth INR 146bnCompetitive intensity continued to be higher during 9MFY23, with 12 project bids at 13% above the NHAI cost whereas 23 project bids at 17% lower than 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 (Q3FY23 Results Preview): All set for a robust Q3FY23

<ul><li>Infoedge: Infoedge posted a good quarter, with both revenue (+4.8% QoQ) and margin coming ahead of estimates</li><li>The growth was led by the core recruitment segment (+8% QoQ) and 99acres (+5.1%) while Jeevansathi continued to drag</li><li>The recruitment billings (earlier boosted by strong IT hiring) are showing signs of softness, offset by better hiring in non-IT sectors like BFSI, travel, infra and hospitality</li></ul><p><em>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.</em></p>

Infoedge: Infoedge posted a good quarter, with both revenue (+4.8% QoQ) and margin coming ahead of estimatesThe growth was led by the core recruitment segment (+8% QoQ) and 99acres (+5.1%) while Jeevansathi continued to dragThe recruitment billings (earlier boosted by strong IT hiring) are showing signs of softness, offset by better hiring in non-IT sectors like BFSI, travel, infra and hospitalityContent 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: Infoedge, Bharat Forge, JK Cement, Brigade Enterprises

<ul><li>Infoedge: Infoedge posted a strong quarter, with both revenue (+11.4% QoQ) and margin coming ahead of estimate</li><li>The growth was led by the core recruitment segment (+12.4% QoQ) while Shiksha/99acres posted ~29/8% QoQ growth</li><li>The growth in recruitment (Naukri) for the last 4-5 quarters was powered by strong hiring in the IT sector; this quarter, it was led by the non-IT sectors (BFSI, travel, infra, and hospitality)</li></ul><p><em>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.</em></p>

Infoedge: Infoedge posted a strong quarter, with both revenue (+11.4% QoQ) and margin coming ahead of estimateThe growth was led by the core recruitment segment (+12.4% QoQ) while Shiksha/99acres posted ~29/8% QoQ growthThe growth in recruitment (Naukri) for the last 4-5 quarters was powered by strong hiring in the IT sector; this quarter, it was led by the non-IT sectors (BFSI, travel, infra, and hospitality)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: Infoedge, Hero Motocorp, Astral, Bata India

External broker reports(aggregated public sources), Nirmal Bang

Nirmal Bang

A Relationship Beyond Broking

Nirmal Bang, one of the leading stock broking companies in India, caters to retail and institutional clients by offering them a range of financial products and services, including equities, derivatives, commodities, currency derivatives, mutual funds, IPOs, insurance, depository services and PMS.

Nirmal Bang is drawn from a diversity of professional backgrounds, and blend of experience, skill and dedication is shared with its clients. Nirmal Bang emphasizes adequate, thorough research local and world-wide developments, balancing these with the astute discovery of intrinsic values, synergies and growth. The aim is simply to help the investors to maximize their returns.

Equity Bottom-Up

<div><div><div><div><ul><li>Operational performance and guidance: For FY22, DBL reported revenue of Rs90bn, down 2.2% YoY.</li></ul><div><div><div><div><ul><li>Asset monetization: The management had signed a term sheet for the sale of 10 HAM assets to Shrem InVIT.</li></ul><div><div><div><div><ul><li>Order book: The current orderbook stands at Rs255bn, with 45% contribution from Roads, 17% from Irrigation, 22.5% from Mining, 9% from Tunnel, 5% from Special Bridges and the balance from Airport &amp; Metros.</li></ul></div></div></div></div></div></div></div></div></div></div></div></div><p><em>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.</em></p>

Operational performance and guidance: For FY22, DBL reported revenue of Rs90bn, down 2.2% YoY.Asset monetization: The management had signed a term sheet for the sale of 10 HAM assets to Shrem InVIT.Order book: The current orderbook stands at Rs255bn, with 45% contribution from Roads, 17% from Irrigation, 22.5% from Mining, 9% from Tunnel, 5% from Special Bridges and the balance from Airport &amp; Metros.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.

Dilip Buildcon Ltd - Fixed Cost Projects Affect Margins

India

Dilip Buildcon Limited operates in engineering, procurement, and construction business. The Company focuses on development, operation, and maintenance of roads, bridges, culverts, tunnels, high capacity transport corridors, and subways, as well as building works, pump stations, civil structures, and ware housing structures.

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Dilip Buildcon Ltd (DBL IN)

HSIE Results Daily: Berger Paints, Voltas, Aditya Birla Fashion and Retail, Kansai Nerolac

Berger Paints: BRGR delivered an in-line top-line (5.6% YoY three-year CAGR: 17% INR27bn) whose three-year CAGR was at par with APNT’s

HDFC Securities

Industrials (Q3FY23 Results Preview): All set for a robust Q3FY23

In Q3FY23, the NHAI awarded 19 projects, of which nine were HAM projects worth INR 70.3bn and ten were EPC projects worth INR 97.1bn

HDFC Securities

HSIE Results Daily: Infoedge, Bharat Forge, JK Cement, Brigade Enterprises

Infoedge: Infoedge posted a good quarter, with both revenue (+4.8% QoQ) and margin coming ahead of estimates. The growth was led by the core...

HDFC Securities

HSIE Results Daily: Infoedge, Hero Motocorp, Astral, Bata India

Infoedge: Infoedge posted a strong quarter, with both revenue (+11.4% QoQ) and margin coming ahead of estimate. The growth was led by the core...

HDFC Securities

Dilip Buildcon Ltd - Fixed Cost Projects Affect Margins

We are withdrawing our estimates and rating on Dilip Buildcon (DBL) and keeping the stock ‘Under Review’ for the time being.

Nirmal Bang

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