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<ul><li>FY24 started off with a muted quarter in terms of road project awarding amidst high competitive intensity: In Q1FY24, the NHAI awarded just four projects (vs ten projects in Q1FY23), of which two were HAM projects worth INR 20.6bn (vs nine projects worth INR 98.1bn in Q1FY23) and two were EPC projects worth INR 19.4bn (vs one project worth INR 7.7bn in Q1FY23)</li><li>The total project stretch stood at ~104 km (vs ~367 km in Q1FY23)</li><li>All the projects were bid at a discount over the NHAI cost</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.

FY24 started off with a muted quarter in terms of road project awarding amidst high competitive intensity: In Q1FY24, the NHAI awarded just four projects (vs ten projects in Q1FY23), of which two were HAM projects worth INR 20.6bn (vs nine projects worth INR 98.1bn in Q1FY23) and two were EPC projects worth INR 19.4bn (vs one project worth INR 7.7bn in Q1FY23)The total project stretch stood at ~104 km (vs ~367 km in Q1FY23)All the projects were bid at a discount over 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.

<ul><li>Ashok Leyland: Ashok Leyland’s Q4 PAT, at INR 6.9bn, was ahead of our estimate, led by higher-than-expected ASP and a 50-bps margin beat to 11%</li><li>The margin beat was largely driven by a higher-than-expected gross margin</li><li>While AL has done well in FY23 in the MHCV goods segment (+550bps market share to 32.3%), its market share has declined sharply in the MHCV passenger segment to 28% for FY23 (-410bps), where it has traditionally been a market leader (slipped to the third position)</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.

Ashok Leyland: Ashok Leyland’s Q4 PAT, at INR 6.9bn, was ahead of our estimate, led by higher-than-expected ASP and a 50-bps margin beat to 11%The margin beat was largely driven by a higher-than-expected gross marginWhile AL has done well in FY23 in the MHCV goods segment (+550bps market share to 32.3%), its market share has declined sharply in the MHCV passenger segment to 28% for FY23 (-410bps), where it has traditionally been a market leader (slipped to the third position)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: Ashok Leyland, Fsn E-Commerce Ventures (Nykaa)

<ul><li>The NHAI ordering stayed below the FY23 target, competitive intensity cooling-off, commodities stable: In Q4FY23, the NHAI awarded 74 projects, of which 55 were HAM projects worth INR 455bn and 16 were EPC projects worth INR 215bn</li><li>With this, the NHAI awarded c.3,750 km in FY23 (vs a target of 6,500 km), with 75 HAM projects worth INR 655bn and 31 EPC projects worth INR 361bn</li><li>Competitive intensity cooled off with average L1 costs at a 5.6% premium over the average NHAI costs in Q4FY23</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.

The NHAI ordering stayed below the FY23 target, competitive intensity cooling-off, commodities stable: In Q4FY23, the NHAI awarded 74 projects, of which 55 were HAM projects worth INR 455bn and 16 were EPC projects worth INR 215bnWith this, the NHAI awarded c.3,750 km in FY23 (vs a target of 6,500 km), with 75 HAM projects worth INR 655bn and 31 EPC projects worth INR 361bnCompetitive intensity cooled off with average L1 costs at a 5.6% premium over the average NHAI costs in Q4FY23Content 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 -  Stable Awards, Pick-Up in Execution

Industrials - Stable Awards, Pick-Up in Execution

<ul><li>The NHAI had set a target of awarding 6,500 km in FY23, of which it awarded ~3,750 Km (vs 6,306 Km in FY22) at an NHAI cost of INR 1trn</li><li>Ordering seems to have spilt over to FY24 with our checks suggesting ~INR 350bn of bids expected to be awarded during early H1FY24</li><li>During the year, HAM continued to be its preferred mode of awarding with 75/31/3 projects awarded on HAM/EPC/another basis</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.

The NHAI had set a target of awarding 6,500 km in FY23, of which it awarded ~3,750 Km (vs 6,306 Km in FY22) at an NHAI cost of INR 1trnOrdering seems to have spilt over to FY24 with our checks suggesting ~INR 350bn of bids expected to be awarded during early H1FY24During the year, HAM continued to be its preferred mode of awarding with 75/31/3 projects awarded on HAM/EPC/another basisContent 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.

Infrastructure: Stable awarding; calibrated aggression

India

Hitachi Energy India Limited manufactures electrical equipment.

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Hitachi Energy India (POWERIND IN)

Industrials: Muted start for the year

FY24 started off with a muted quarter in terms of road project awarding amidst high competitive intensity: In Q1FY24, the NHAI awarded just four...

HDFC Securities

HSIE Results Daily: Ashok Leyland, Fsn E-Commerce Ventures (Nykaa)

Ashok Leyland: Ashok Leyland’s Q4 PAT, at INR 6.9bn, was ahead of our estimate, led by higher-than-expected ASP and a 50-bps margin beat to 11%

HDFC Securities

Industrials - Stable Awards, Pick-Up in Execution

In Q4FY23, the NHAI awarded 74 projects, of which 55 were HAM projects worth INR 455bn and 16 were EPC projects worth INR 215bn

HDFC Securities

Industrials - Stable Awards, Pick-Up in Execution

In Q4FY23, the NHAI awarded 74 projects, of which 55 were HAM projects worth INR 455bn and 16 were EPC projects worth INR 215bn

HDFC Securities

Infrastructure: Stable awarding; calibrated aggression

The NHAI had set a target of awarding 6,500 km in FY23, of which it awarded ~3,750 Km (vs 6,306 Km in FY22) at an NHAI cost of INR 1trn

HDFC Securities

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