External broker reports(aggregated public sources), HDFC Securities

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External broker reports(aggregated public sources)

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Thematic (Sector/Industry)

<ul><li>Global QSR giants entered India and China in the 90s with high hope of massive store network potential, thanks to two large populous hubs</li><li>However, the growth trajectory was quite slow in India vs that in China, which can be attributed to the variance in the economic growth of these two countries</li><li>India is still quite an under-penetrated market with ~3 stores per million population vs China’s 13 stores per million (six stores in 2013)</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.

Global QSR giants entered India and China in the 90s with high hope of massive store network potential, thanks to two large populous hubsHowever, the growth trajectory was quite slow in India vs that in China, which can be attributed to the variance in the economic growth of these two countriesIndia is still quite an under-penetrated market with ~3 stores per million population vs China’s 13 stores per million (six stores in 2013)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.

<ul><li>Cholamandalam Investment and Finance Company: Chola’s Q3FY23 earnings were ahead of estimates on the back of better-than-expected AUM growth (+31% YoY), steady NIMs (7.6%), and improving asset quality</li><li>Chola further pushed the accelerator on business growth with strong disbursal growth (+68% YoY)</li><li>The management remains upbeat about growth prospects across segments—buoyant vehicle financing cycle, strong home loans demand and growing traction in new businesses (~21% of disbursals, and 7% of AUM) driven by expanding distribution network</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.

Cholamandalam Investment and Finance Company: Chola’s Q3FY23 earnings were ahead of estimates on the back of better-than-expected AUM growth (+31% YoY), steady NIMs (7.6%), and improving asset qualityChola further pushed the accelerator on business growth with strong disbursal growth (+68% YoY)The management remains upbeat about growth prospects across segments—buoyant vehicle financing cycle, strong home loans demand and growing traction in new businesses (~21% of disbursals, and 7% of AUM) driven by expanding distribution networkContent 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: Cholamandalam Investment and Finance Company, Shriram Finance

<ul><li>Expect similar volume CAGR, revenue to grow by 9/11% on YoY/three-year CAGR: Our FMCG coverage universe is expected to deliver growth of 9/11% on YoY/three-year CAGR in revenue in Q3FY23 (vs 17/10% in Q3FY22 and 8/11% in Q2FY23)</li><li>Rural demand remained tepid while some green shoots were visible at the end of the quarter</li><li>Urban demand too was not different from that seen in Q2</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.

Expect similar volume CAGR, revenue to grow by 9/11% on YoY/three-year CAGR: Our FMCG coverage universe is expected to deliver growth of 9/11% on YoY/three-year CAGR in revenue in Q3FY23 (vs 17/10% in Q3FY22 and 8/11% in Q2FY23)Rural demand remained tepid while some green shoots were visible at the end of the quarterUrban demand too was not different from that seen in Q2Content 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.

FMCG & Alco Bev (Q3FY23 Results Preview): Unchanged demand trend, some respite in margins

<ul><li>Godrej Consumers: GCPL’s consolidated revenue grew 7% YoY, with domestic/international clocking 8/6% YoY growth (9/8% three-year CAGR)</li><li>The Indian business continued to be led mainly by a high share of price hike (13% YoY), with domestic volume contracting by 5% YoY (three-year CAGR at 1% vs HUL’s 3%), impacted by HI</li><li>Personal care sustained 18% growth (price hike-led), while home care was up 2%, with a delayed monsoon-led weak season (expect a recovery in Q3)</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.

Godrej Consumers: GCPL’s consolidated revenue grew 7% YoY, with domestic/international clocking 8/6% YoY growth (9/8% three-year CAGR)The Indian business continued to be led mainly by a high share of price hike (13% YoY), with domestic volume contracting by 5% YoY (three-year CAGR at 1% vs HUL’s 3%), impacted by HIPersonal care sustained 18% growth (price hike-led), while home care was up 2%, with a delayed monsoon-led weak season (expect a recovery in Q3)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: Godrej Consumers, Bharat Petroleum Corporation, Jubilant FoodWorks

<ul><li>Volume weakness to continue, revenue to grow by 15/10% on YoY/three-year CAGR (weak ex-ITC): Our FMCG coverage universe is expected to deliver growth of 10/15% on YoY/three-year CAGR in revenue in Q2FY23 (vs 12/7% in Q2FY22 and 24/11% in Q1FY23)</li><li>ITC’s strong reported growth will drive the aggregate growth for Q2FY23, ex-ITC we expect overall weakness in volume</li><li>Demand trends in our FMCG universe for Q2FY23 will be similar to the trends seen in the previous two quarters where demand was impacted by the retail inflation (particular in rural).</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.

Volume weakness to continue, revenue to grow by 15/10% on YoY/three-year CAGR (weak ex-ITC): Our FMCG coverage universe is expected to deliver growth of 10/15% on YoY/three-year CAGR in revenue in Q2FY23 (vs 12/7% in Q2FY22 and 24/11% in Q1FY23)ITC’s strong reported growth will drive the aggregate growth for Q2FY23, ex-ITC we expect overall weakness in volumeDemand trends in our FMCG universe for Q2FY23 will be similar to the trends seen in the previous two quarters where demand was impacted by the retail inflation (particular in rural).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.

FMCG & Alco Bev (Q2FY23 Results Preview): Growth and margin to remain under pressure

India

Jubilant Foodworks Ltd. owns and operates fast food chains. The Company offers donuts, baked goods, coffee, bagels, muffin, fruit milkshakes, smoothies, tea, sandwiches, pizza, and beverages. Jubilant Foodworks serves its products to customers throughout India.

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Jubilant Foodworks (JUBI IN)

QSR - Fishing Time?

Global QSR giants entered India and China in the 90s with high hope of massive store network potential, thanks to two large populous hubs

HDFC Securities

HSIE Results Daily: Cholamandalam Investment and Finance Company, Shriram Finance

Chola’s Q3FY23 earnings were ahead of estimates on the back of better-than-expected AUM growth (+31% YoY), steady NIMs (7.6%), and improving asset...

HDFC Securities

FMCG & Alco Bev (Q3FY23 Results Preview): Unchanged demand trend, some respite in margins

Our FMCG coverage universe is expected to deliver growth of 9/11% on YoY/three-year CAGR in revenue in Q3FY23 (vs 17/10% in Q3FY22 and 8/11% in...

HDFC Securities

HSIE Results Daily: Godrej Consumers, Bharat Petroleum Corporation, Jubilant FoodWorks

Godrej Consumers: GCPL’s consolidated revenue grew 7% YoY, with domestic/international clocking 8/6% YoY growth (9/8% three-year CAGR)

HDFC Securities

FMCG & Alco Bev (Q2FY23 Results Preview): Growth and margin to remain under pressure

Demand trends in our FMCG universe for Q2FY23 will be similar to the trends seen in the previous two quarters where demand was impacted by the...

HDFC Securities

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