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><span style="font-size: var(--content-font-size);">D2C is here to stay; omni-channel the way forward: There are about 600 to 800 digital first companies in India.</span></li></ul><div><div><div><div><ul><li>Near-term challenges to test D2C brands’ business models: Overall, the consumption environment in India is under pressure, given high inflation.</li></ul><div><div><div><ul><li>Traditional companies adopting digital: While D2C companies start to become sizable, many traditional companies are adopting the digital way.</li></ul></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>

D2C is here to stay; omni-channel the way forward: There are about 600 to 800 digital first companies in India.Near-term challenges to test D2C brands’ business models: Overall, the consumption environment in India is under pressure, given high inflation.Traditional companies adopting digital: While D2C companies start to become sizable, many traditional companies are adopting the digital way.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.

FMCG - D2C Is Here to Stay; Omni-Channel the Way Forward

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>4QFY22 headline performance: Emami’s 4QFY22 consolidated revenue grew by 5.4% YoY to Rs7.7bn (vs our est. Rs7.7bn).</li></ul><div><div><div><div><ul><li>FY22 performance: Revenue, EBITDA, PBT and APAT (before Amortization) grew by 10.8%, 7.7%, 12.2% and 49.2% YoY, respectively.</li></ul><div><div><div><div><ul><li>Other highlights: (1) LUP’s contribute 23-24% to the overall portfolio. (2) The company added additional 8,000 rural towns in FY22 through Project Khoj, taking the total to 40,000 towns.</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>

4QFY22 headline performance: Emami’s 4QFY22 consolidated revenue grew by 5.4% YoY to Rs7.7bn (vs our est. Rs7.7bn).FY22 performance: Revenue, EBITDA, PBT and APAT (before Amortization) grew by 10.8%, 7.7%, 12.2% and 49.2% YoY, respectively.Other highlights: (1) LUP’s contribute 23-24% to the overall portfolio. (2) The company added additional 8,000 rural towns in FY22 through Project Khoj, taking the total to 40,000 towns.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.

Emami Ltd - Subdued Operating Performance; Undemanding Valuation

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<li>Tech Mahindra: With in-line revenue growth of +5.3% QoQ CC (organic ~2.2%), healthy net new deal wins (FY22 +48% YoY) lending growth visibility, and valuation reverting to its historical average, we maintain ADD on Tech Mahindra (TECHM).</li>
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<li>Eicher Motors: Royal Enfield posted better-than-expected margin in Q4 (up 310bps QoQ), led by improved volumes and better mix.</li>
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<li>Emami: Emami posted a slight beat on revenue and in-line EBITDA growth.</li>
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<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>





Tech Mahindra: With in-line revenue growth of +5.3% QoQ CC (organic ~2.2%), healthy net new deal wins (FY22 +48% YoY) lending growth visibility, and valuation reverting to its historical average, we maintain ADD on Tech Mahindra (TECHM).





Eicher Motors: Royal Enfield posted better-than-expected margin in Q4 (up 310bps QoQ), led by improved volumes and better mix.





Emami: Emami posted a slight beat on revenue and in-line EBITDA growth.










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: Tech Mahindra, Eicher Motors, Emami, CreditAccess Grameen, Brigade Enterprises

<ul><li>Aggregate revenue/EBITDA to grow by 8/9%: Our FMCG coverage universe is expected to deliver growth of 8/9% YoY in revenue/EBITDA in Q4FY22 (vs 24/22% in Q4FY21 and 16/12% in Q3FY22)</li><li>Inflationary pressure continued to disrupt demand in both urban and rural India; however, rural volume growth was weaker than urban</li><li>Volume growth has been decelerating even on 2/3 year CAGR (demand pressure, grammage reduction); however, downtrading was not witnessed</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>

Aggregate revenue/EBITDA to grow by 8/9%: Our FMCG coverage universe is expected to deliver growth of 8/9% YoY in revenue/EBITDA in Q4FY22 (vs 24/22% in Q4FY21 and 16/12% in Q3FY22)Inflationary pressure continued to disrupt demand in both urban and rural India; however, rural volume growth was weaker than urbanVolume growth has been decelerating even on 2/3 year CAGR (demand pressure, grammage reduction); however, downtrading was not witnessedContent 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.

FMCG & Alco Bev: Rural Demand Struggles; Margin Pressures Continue

<p>GAIL (India): Our BUY recommendation on GAIL with a price target of INR 210 is based on 9% CAGR expansion in gas transmission volume over FY22-24E to 136mmscmd on the back of (1) increase in domestic gas production, (2) increase in demand of RLNG, and (3) completion of major pipelines in eastern and southern India. Q2FY22 EBITDA/APAT were 34/47% above our estimates, owing to a 7% higher revenue, lower-than-expected raw material cost, higher-than-expected other income, and lower-than-expected tax outgo.</p>
<div class="content-highlight"><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></div>

GAIL (India): Our BUY recommendation on GAIL with a price target of INR 210 is based on 9% CAGR expansion in gas transmission volume over FY22-24E to 136mmscmd on the back of (1) increase in domestic gas production, (2) increase in demand of RLNG, and (3) completion of major pipelines in eastern and southern India. Q2FY22 EBITDA/APAT were 34/47% above our estimates, owing to a 7% higher revenue, lower-than-expected raw material cost, higher-than-expected other income, and lower-than-expected tax outgo.
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: NTPC, DLF, InterGlobe Aviation, Tata Power, GAIL (India), JSW Energy, Bandhan...

India

Emami Limited develops and distributes personal, beauty, and healthcare products in India and other countries.  The Company manufactures herbal and Ayurvedic products, including antiseptic cream, prickly heat powder, pain balm, and cool oil.

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Emami Ltd (HMN IN)

FMCG - D2C Is Here to Stay; Omni-Channel the Way Forward

In continuation to our D2C thematic–Changing Landscape Not Fully Factored In– we recently hosted multiple founders and experts in the D2C space.

HDFC Securities

Emami Ltd - Subdued Operating Performance; Undemanding Valuation

Emami Ltd’s (Emami) 4QFY22 topline growth was subdued but in-line with expectation while margins surprised us negatively due to higher-than...

Nirmal Bang

HSIE Results Daily: Tech Mahindra, Eicher Motors, Emami, CreditAccess Grameen, Brigade Enterprises

Tech Mahindra: With in-line revenue growth of +5.3% QoQ CC (organic ~2.2%), healthy net new deal wins (FY22 +48% YoY) lending growth visibility

HDFC Securities

FMCG & Alco Bev: Rural Demand Struggles; Margin Pressures Continue

Aggregate revenue/EBITDA to grow by 8/9%: Our FMCG coverage universe is expected to deliver growth of 8/9% YoY in revenue/EBITDA in Q4FY22...

HDFC Securities

HSIE Results Daily: NTPC, DLF, InterGlobe Aviation, Tata Power, GAIL (India), JSW Energy, Bandhan...

GAIL (India): Our BUY recommendation on GAIL with a price target of INR 210 is based on 9% CAGR expansion in gas transmission volume over FY22-24E...

HDFC Securities

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