External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

Thematic (Sector/Industry)

<p>We expect the bid momentum to pick up from here on. With central elections coming up in Q1FY25E, we expect strong ordering in FY22/23E. Q1FY22 marred by multiple challenges: When the sector was closing in on normalisation, the resurgence of COVID-19 led to a loss of momentum. Labour migration picked up in early part of Q1FY22; although with cases trending down, labour availability has normalised now. Most of the coverage universe lost precious early part of Q1FY22, resulting in execution coming down to 60-100% of Q4FY21 exit.</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>

We expect the bid momentum to pick up from here on. With central elections coming up in Q1FY25E, we expect strong ordering in FY22/23E. Q1FY22 marred by multiple challenges: When the sector was closing in on normalisation, the resurgence of COVID-19 led to a loss of momentum. Labour migration picked up in early part of Q1FY22; although with cases trending down, labour availability has normalised now. Most of the coverage universe lost precious early part of Q1FY22, resulting in execution coming down to 60-100% of Q4FY21 exit.
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.

Industrials (1QFY22 Results Preview): Loss in Momentum Due to Second Wave

Equity Bottom-Up

ITD Cementation India  / Equity Bottom-Up

<p>V-MART Retail: V-MART's recovery remains better than most, although it fell short of expectations (5.8% vs HSIE: 12%). Recovery was led by pent-up demand for summer collection and improving footfalls. Better inventory relevance/control (translating into lower discounting) led to gross margin expansion. GM/EBITDAM expanded 127/117bp to 29.8/9.5% (HSIE: 28.6/8.4%). Working capital (WC) remains elevated due to stock-up of fresh assortment (to play the recovery). Note: VMART recently raised INR 3.75bn (for furthering growth aspirations).</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>

V-MART Retail: V-MART's recovery remains better than most, although it fell short of expectations (5.8% vs HSIE: 12%). Recovery was led by pent-up demand for summer collection and improving footfalls. Better inventory relevance/control (translating into lower discounting) led to gross margin expansion. GM/EBITDAM expanded 127/117bp to 29.8/9.5% (HSIE: 28.6/8.4%). Working capital (WC) remains elevated due to stock-up of fresh assortment (to play the recovery). Note: VMART recently raised INR 3.75bn (for furthering growth aspirations).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: ITC, Siemens, Gujarat Gas, V-MART Retail, ITD Cementation

India

ITD Cementation India Limited operates a construction company.  The Group's projects include marine works, road works and bridges, civil works for industrial projects, foundations and specialist engineering works.

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ITD Cementation India (ITCE IN)

Industrials (1QFY22 Results Preview): Loss in Momentum Due to Second Wave

We expect the bid momentum to pick up from here on. With central elections coming up in Q1FY25E, we expect strong ordering in FY22/23E. Q1FY22...

HDFC Securities

HSIE Results Daily: ITC, Siemens, Gujarat Gas, V-MART Retail, ITD Cementation

V-MART Retail: V-MART's recovery remains better than most, although it fell short of expectations (5.8% vs HSIE: 12%). Recovery was led by pent-up...

HDFC Securities

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