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>TVS Motor: TVS Motors’ Q2 PAT at INR 5.4bn came in line with our estimates</li><li>The highlight for Q2 was the record-high 11% margin despite the ramp-up of i-Qube to 58k units</li><li>While TVS gained about 300bps market share in motorcycles in H1 to 10.3%, it has maintained its share in scooters</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.

TVS Motor: TVS Motors’ Q2 PAT at INR 5.4bn came in line with our estimatesThe highlight for Q2 was the record-high 11% margin despite the ramp-up of i-Qube to 58k unitsWhile TVS gained about 300bps market share in motorcycles in H1 to 10.3%, it has maintained its share in scootersContent 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: TVS Motor, Macrotech Developers, Marico

<ul><li>GAIL: Our BUY recommendation on GAIL with a target price of INR 137 is based on (1) an increase in gas transmission volume to 127mmscmd by FY25 on the back of an increase in domestic gas production, (2) completion of major pipelines in eastern and southern India, and (3) expectation of improvement in earnings from the petchem segment</li><li>Q1FY24 reported EBITDA/PAT at INR 24/14bn, came in below our estimates, impacted by weak earnings from the LPG and Liquid Hydro Carbon (LHC) segment</li><li>However, sharp pick-up in natural gas transmission volumes, higher tariff and higher gas marketing volumes supported earnings</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.

GAIL: Our BUY recommendation on GAIL with a target price of INR 137 is based on (1) an increase in gas transmission volume to 127mmscmd by FY25 on the back of an increase in domestic gas production, (2) completion of major pipelines in eastern and southern India, and (3) expectation of improvement in earnings from the petchem segmentQ1FY24 reported EBITDA/PAT at INR 24/14bn, came in below our estimates, impacted by weak earnings from the LPG and Liquid Hydro Carbon (LHC) segmentHowever, sharp pick-up in natural gas transmission volumes, higher tariff and higher gas marketing volumes supported earningsContent 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: GAIL, Oberoi Realty, Petronet LNG, Navin Fluorine International

HSIE Results Daily: GAIL, Oberoi Realty, Petronet LNG

<ul><li>Siemens: Siemens India Ltd (SIL) delivered robust Q2FY23 revenue/EBITDA/APAT of INR 44.7/5.5/5.2bn, beating our estimate by 13/13/32%</li><li>SIL announced the carving out of its low-voltage motors and geared motors business, which are part of the Digital Industries business, on a slump sale basis to a subsidiary of Siemens AG for a cash consideration of INR 22bn (100% to be paid as a special dividend)</li><li>This consideration was 2.1x the FY22 revenue and 15.5x the FY22 EBITDA</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 robust Q2FY23 revenue/EBITDA/APAT of INR 44.7/5.5/5.2bn, beating our estimate by 13/13/32%SIL announced the carving out of its low-voltage motors and geared motors business, which are part of the Digital Industries business, on a slump sale basis to a subsidiary of Siemens AG for a cash consideration of INR 22bn (100% to be paid as a special dividend)This consideration was 2.1x the FY22 revenue and 15.5x the FY22 EBITDAContent 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, United Spirits, The Ramco Cements

<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

India

IRB Infrastructure Developers Limited is an infrastructure development and construction company in India with significant experience in the roads and highways sector.  The Company is also involved in the real estate development sector.

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IRB Infrastructure Developers (IRB IN)

HSIE Results Daily: TVS Motor, Macrotech Developers, Marico

TVS Motor: TVS Motors’ Q2 PAT at INR 5.4bn came in line with our estimates. The highlight for Q2 was the record-high 11% margin despite the ramp-up...

HDFC Securities

HSIE Results Daily: GAIL, Oberoi Realty, Petronet LNG, Navin Fluorine International

Q1FY24 reported EBITDA/PAT at INR 24/14bn, came in below our estimates, impacted by weak earnings from the LPG and Liquid Hydro Carbon (LHC) segment

HDFC Securities

HSIE Results Daily: GAIL, Oberoi Realty, Petronet LNG

Q1FY24 reported EBITDA/PAT at INR 24/14bn, came in below our estimates, impacted by weak earnings from the LPG and Liquid Hydro Carbon (LHC) segment

HDFC Securities

HSIE Results Daily: Siemens, United Spirits, The Ramco Cements

Siemens: Siemens India Ltd (SIL) delivered robust Q2FY23 revenue/EBITDA/APAT of INR 44.7/5.5/5.2bn, beating our estimate by 13/13/32%

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

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