External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

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Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Thematic (Sector/Industry)

<ul><li>State Bank of India: SBIN posted a mixed bag of results with the highest-ever quarterly earnings again, led by lower opex and credit costs</li><li>However, loan growth moderated (+1% QoQ) in addition to a 37bps QoQ decline in domestic NIMs (3.47%) and lower other income</li><li>Gross slippages flared up to 1% annualised, primarily from the retail segment, but were offset by recoveries/w-offs that resulted in a flattish GNPA (2.8%)</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.

State Bank of India: SBIN posted a mixed bag of results with the highest-ever quarterly earnings again, led by lower opex and credit costsHowever, loan growth moderated (+1% QoQ) in addition to a 37bps QoQ decline in domestic NIMs (3.47%) and lower other incomeGross slippages flared up to 1% annualised, primarily from the retail segment, but were offset by recoveries/w-offs that resulted in a flattish GNPA (2.8%)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: State Bank of India, Mahindra & Mahindra, Kansai Nerolac

<ul><li>Asian Paints: Asian Paints’ top line grew 11.3% YoY (four-year CAGR: 15%), marginally short of expectations (var: -1.6%)</li><li>The decorative business clocked 16/13% volume/value growth (15/12% volume/value growth YoY in Q4FY23)</li><li>The mix in Q4 was led by economy emulsions and waterproofing</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.

Asian Paints: Asian Paints’ top line grew 11.3% YoY (four-year CAGR: 15%), marginally short of expectations (var: -1.6%)The decorative business clocked 16/13% volume/value growth (15/12% volume/value growth YoY in Q4FY23)The mix in Q4 was led by economy emulsions and waterproofingContent 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: Asian Paints, Godrej Consumers, Eicher Motors

HSIE Results Daily: Asian Paints, Godrej Consumers, Eicher Motors, Aditya Birla Capital

<ul><li>Trent: Trent reported a stellar Q2 top-line print</li><li>Standalone revenue grew 30% CAGR (three-year) to INR18.14bn</li><li>We suspect while Westside’s growth remains handsome (HSIE: 3-yr CAGR 17%), Zudio’s blitz-scaling continues to be a big needle-mover</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.

Trent: Trent reported a stellar Q2 top-line printStandalone revenue grew 30% CAGR (three-year) to INR18.14bnWe suspect while Westside’s growth remains handsome (HSIE: 3-yr CAGR 17%), Zudio’s blitz-scaling continues to be a big needle-moverContent 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: Trent, NHPC, Astral, Torrent Power, Emami, Fine Organic Industries

External broker reports(aggregated public sources), ICICI Securities Ltd

ICICI Securities Limited

ICICI Securities Ltd

ICICI Securities Limited provides investment services. The Company provides corporate and investment banking, securities, wealth management, retail brokerage, initial public offerings, and advisory services. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

Gujarat State Petronet / Equity Bottom-Up

<ul><li>Demand prospects remain muted in Gujarat across sectors, be it power or CGD.</li><li>As a result, contracted transmission flows have shrunk to &lt;27mmscmd in Q2FY23-TD and are unlikely to see much traction in the near term.</li><li>Lack of traction would be due to: 1) the widening differential between LPG and gas, and 2) weak economics of gas usage for power at current LNG rates.</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.

Demand prospects remain muted in Gujarat across sectors, be it power or CGD.As a result, contracted transmission flows have shrunk to &lt;27mmscmd in Q2FY23-TD and are unlikely to see much traction in the near term.Lack of traction would be due to: 1) the widening differential between LPG and gas, and 2) weak economics of gas usage for power at current LNG rates.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 State Petronet - Weak Demand, but Tariff and Expansion Issues to Be Resolved

India

Gujarat State Petronet Limited owns and operates a natural gas transmission network in India.  The Company serves the State of Gujarat and most of its customers are natural gas end-users.

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Gujarat State Petronet (GUJS IN)

HSIE Results Daily: State Bank of India, Mahindra & Mahindra, Kansai Nerolac

State Bank of India: SBIN posted a mixed bag of results with the highest-ever quarterly earnings again, led by lower opex and credit costs

HDFC Securities

HSIE Results Daily: Asian Paints, Godrej Consumers, Eicher Motors

Asian Paints: Asian Paints’ top line grew 11.3% YoY (four-year CAGR: 15%), marginally short of expectations (var: -1.6%). The decorative business...

HDFC Securities

HSIE Results Daily: Asian Paints, Godrej Consumers, Eicher Motors, Aditya Birla Capital

Asian Paints: Asian Paints’ top line grew 11.3% YoY (four-year CAGR: 15%), marginally short of expectations (var: -1.6%). The decorative business...

HDFC Securities

HSIE Results Daily: Trent, NHPC, Astral, Torrent Power, Emami, Fine Organic Industries

Trent: Trent reported a stellar Q2 top-line print. Standalone revenue grew 30% CAGR (three-year) to INR18.14bn. We suspect while Westside’s growth...

HDFC Securities

Gujarat State Petronet - Weak Demand, but Tariff and Expansion Issues to Be Resolved

As a result, contracted transmission flows have shrunk to <27mmscmd in Q2FY23-TD and are unlikely to see much traction in the near term.

ICICI Securities Limited

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