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Equity Bottom-Up

Galaxy Surfactants Ltd / Equity Bottom-Up

<ul><li>Galaxy Surfactants’ (GSL) volume growth momentum has the potential to accelerate, accompanied by margin expansion</li><li>Global home and personal care leaders have increased the volume growth outlook for 2024 after strong volumes in Q1</li><li>Demand for premium specialty care products is expected to rebound as demand in Europe and North America rebounds with the easing of inflation and the end of inventory destocking</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.

Galaxy Surfactants’ (GSL) volume growth momentum has the potential to accelerate, accompanied by margin expansionGlobal home and personal care leaders have increased the volume growth outlook for 2024 after strong volumes in Q1Demand for premium specialty care products is expected to rebound as demand in Europe and North America rebounds with the easing of inflation and the end of inventory destockingContent 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.

Galaxy Surfactant: Growth and Quality. Maintain BUY

Thematic (Sector/Industry)

<ul><li>Alkem Laboratories: EBITDA (+1% YoY) below consensus estimates due to 1% YoY sales decline (+6% YoY India, -7% QoQ in the US), which was offset by higher gross margin (+330 bps YoY) and cost controls (staff/SG&amp;A +10%/+1%YoY)</li><li>ALKEM guidance (1) lowered overall revenue growth to mid-single digit in FY25 vs ~10% earlier</li><li>(2) India business to see growth at par with the IPM growth of 8-9% in FY25 as it expects strong growth H2FY25 (~6% YoY in H1)</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.

Alkem Laboratories: EBITDA (+1% YoY) below consensus estimates due to 1% YoY sales decline (+6% YoY India, -7% QoQ in the US), which was offset by higher gross margin (+330 bps YoY) and cost controls (staff/SG&amp;A +10%/+1%YoY)ALKEM guidance (1) lowered overall revenue growth to mid-single digit in FY25 vs ~10% earlier(2) India business to see growth at par with the IPM growth of 8-9% in FY25 as it expects strong growth H2FY25 (~6% YoY in H1)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: Alkem Laboratories, Galaxy Surfactants, KNR Constructions

<ul><li>Revenue for our coverage universe is likely to improve by 8% QoQ while it could fall by 3.8% YoY in 4Q</li><li>Prices of the chemical are showing a mixed bag on a sequential basis</li><li>As per management, the domestic inventory destocking is over while global inventory destocking will continue for the next two quarters.</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 8% QoQ while it could fall by 3.8% YoY in 4QPrices of the chemical are showing a mixed bag on a sequential basisAs per management, the domestic inventory destocking is over while global inventory destocking will continue for the next two quarters.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 (Q4FY24 Results Preview): On a recovery path

<ul><li>We had the opportunity to interact with Mr Manish Shah, Managing Director of OC Specialities Pvt Ltd</li><li>The company operates in two primary businesses: Contract Development and Manufacturing Organisation (CDMO) and distribution</li><li>Within the CDMO segment, the company offers end-to-end coordination ranging from early-stage development to commercial production</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.

We had the opportunity to interact with Mr Manish Shah, Managing Director of OC Specialities Pvt LtdThe company operates in two primary businesses: Contract Development and Manufacturing Organisation (CDMO) and distributionWithin the CDMO segment, the company offers end-to-end coordination ranging from early-stage development to commercial productionContent 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: Opportunities galore for Indian CDMO players

<ul><li>Siemens: Siemens India Ltd (SIL) delivered muted standalone Q1FY24 revenue/EBITDA/APAT of INR 44.4/5.2/4.6bn, missing our estimates by 5.9/5.5/1.8%</li><li>EBITDA margin was 11.8%(-327bps/+6bps YoY/QoQ) vs our estimate of 11.7%</li><li>SIL received new orders worth INR 59.7bn (+9.6/+32.7% YoY/QoQ), which are the highest-ever base business orders the company has won</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 muted standalone Q1FY24 revenue/EBITDA/APAT of INR 44.4/5.2/4.6bn, missing our estimates by 5.9/5.5/1.8%EBITDA margin was 11.8%(-327bps/+6bps YoY/QoQ) vs our estimate of 11.7%SIL received new orders worth INR 59.7bn (+9.6/+32.7% YoY/QoQ), which are the highest-ever base business orders the company has wonContent 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, Eicher Motors, Infoedge, Phoenix Mills

India

Galaxy Surfactants Limited manufactures specialty chemicals. The Company produces fatty alcohol sulfates, lauryl alcohol ethoxylates, foam and viscosity boosters, surfactant blends, fatty alcohol ether sulfates, and pearlising agents. Galaxy Surfactants serves the personal, home care, and manufacturing industries worldwide.

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Galaxy Surfactants Ltd (GALSURF IN)

Galaxy Surfactant: Growth and Quality. Maintain BUY

Demand for premium specialty care products is expected to rebound as demand in Europe and North America rebounds with the easing of inflation and...

HDFC Securities

HSIE Results Daily: Alkem Laboratories, Galaxy Surfactants, KNR Constructions

Alkem Laboratories: EBITDA (+1% YoY) below consensus estimates due to 1% YoY sales decline (+6% YoY India, -7% QoQ in the US), which was offset by...

HDFC Securities

Chemicals (Q4FY24 Results Preview): On a recovery path

Revenue for our coverage universe is likely to improve by 8% QoQ while it could fall by 3.8% YoY in 4Q. Prices of the chemical are showing a mixed...

HDFC Securities

Chemicals: Opportunities galore for Indian CDMO players

We had the opportunity to interact with Mr Manish Shah, Managing Director of OC Specialities Pvt Ltd. The company operates in two primary businesses

HDFC Securities

HSIE Results Daily: Siemens, Eicher Motors, Infoedge, Phoenix Mills

Siemens: Siemens India Ltd (SIL) delivered muted standalone Q1FY24 revenue/EBITDA/APAT of INR 44.4/5.2/4.6bn, missing our estimates by 5.9/5.5/1.8%

HDFC Securities

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