External broker reports(aggregated public sources), HDFC Securities

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External broker reports(aggregated public sources)

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<ul><li>Larsen &amp; Toubro: Larsen &amp; Toubro (LT) reported an in-line performance, with revenue/EBITDA/APAT at INR 670.8/72.3/43bn, a beat/(miss) of 1.3/(7.4)/(1.2)%</li><li>P&amp;M margins came in weaker than expected which resulted in LT achieving the lower end of FY24 margin guidance of 8.25-8.5% at 8.2%</li><li>LT gave 15/10% revenue/order inflow guidance for FY25 which is better than expected</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.

Larsen &amp; Toubro: Larsen &amp; Toubro (LT) reported an in-line performance, with revenue/EBITDA/APAT at INR 670.8/72.3/43bn, a beat/(miss) of 1.3/(7.4)/(1.2)%P&amp;M margins came in weaker than expected which resulted in LT achieving the lower end of FY24 margin guidance of 8.25-8.5% at 8.2%LT gave 15/10% revenue/order inflow guidance for FY25 which is better than expectedContent 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: Larsen & Toubro, TVS Motor, Hero Motocorp

<ul><li>In Q3FY24, our coverage universe’s revenue/EBITDA/APAT are expected to grow by 8/31/43% YoY respectively</li><li>Revenue growth is muted owing to sub-par demand for tiles, wood panels and lower realisation for pipes</li><li>EBITDA/ PAT will rise strongly, mainly owing to higher inventory loss (pipes) and gas price (tiles) in the base quarter</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.

In Q3FY24, our coverage universe’s revenue/EBITDA/APAT are expected to grow by 8/31/43% YoY respectivelyRevenue growth is muted owing to sub-par demand for tiles, wood panels and lower realisation for pipesEBITDA/ PAT will rise strongly, mainly owing to higher inventory loss (pipes) and gas price (tiles) in the base quarterContent 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.

Building Materials (Q3FY24 Results Preview): No Sign of Demand Revival, Stable Margins

<ul><li>ICICI Bank: ICICI Bank (ICICIBC) clocked another steady quarter on the back of consistent loan growth (+18% YoY) and lower credit costs (23bps of loans), maintaining its robust asset quality alongside a healthy PCR (~83%)</li><li>Loan growth was driven by healthy deposit growth (+19% YoY), largely retail TDs as the CASA ratio eased to 40.8% (-222bps QoQ), resulting in a 22-bps QoQ spike in the cost of deposits</li><li>With limited yield reflation despite improving retail mix, NIMs softened by 25bps QoQ to 4.53% and are likely to trend further lower</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.

ICICI Bank: ICICI Bank (ICICIBC) clocked another steady quarter on the back of consistent loan growth (+18% YoY) and lower credit costs (23bps of loans), maintaining its robust asset quality alongside a healthy PCR (~83%)Loan growth was driven by healthy deposit growth (+19% YoY), largely retail TDs as the CASA ratio eased to 40.8% (-222bps QoQ), resulting in a 22-bps QoQ spike in the cost of depositsWith limited yield reflation despite improving retail mix, NIMs softened by 25bps QoQ to 4.53% and are likely to trend further lowerContent 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: ICICI Bank, Kotak Mahindra Bank, Metro Brands, CreditAccess Grameen

HSIE Results Daily: ICICI Bank, Kotak Mahindra Bank, Metro Brands

<ul><li>We met the management of Orient Bell (OBL)</li><li>The management highlighted that domestic demand remains muted in Q2 (similar to Q1), however, it expects things to firm up, going ahead, led by robust real estate demand</li><li>Exports from Morbi continue to firm up</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.

We met the management of Orient Bell (OBL)The management highlighted that domestic demand remains muted in Q2 (similar to Q1), however, it expects things to firm up, going ahead, led by robust real estate demandExports from Morbi continue to firm upContent 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.

Tiles: Muted domestic demand, strong exports

India

Kajaria Ceramics Limited manufactures glazed and unglazed ceramic tiles. The Company sells its products in India and it also exports them to other countries.

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Kajaria Ceramics (KJC IN)

HSIE Results Daily: Larsen & Toubro, TVS Motor, Hero Motocorp

Larsen & Toubro: Larsen & Toubro (LT) reported an in-line performance, with revenue/EBITDA/APAT at INR 670.8/72.3/43bn, a beat/(miss) of 1.3/(7.4)...

HDFC Securities

Building Materials (Q3FY24 Results Preview): No Sign of Demand Revival, Stable Margins

In Q3FY24, our coverage universe’s revenue/EBITDA/APAT are expected to grow by 8/31/43% YoY respectively. Revenue growth is muted owing to sub-par...

HDFC Securities

HSIE Results Daily: ICICI Bank, Kotak Mahindra Bank, Metro Brands, CreditAccess Grameen

ICICI Bank (ICICIBC) clocked another steady quarter on the back of consistent loan growth (+18% YoY) and lower credit costs (23bps of loans)

HDFC Securities

HSIE Results Daily: ICICI Bank, Kotak Mahindra Bank, Metro Brands

ICICI Bank (ICICIBC) clocked another steady quarter on the back of consistent loan growth (+18% YoY) and lower credit costs (23bps of loans)

HDFC Securities

Tiles: Muted domestic demand, strong exports

The management highlighted that domestic demand remains muted in Q2 (similar to Q1), however, it expects things to firm up, going ahead, led by...

HDFC Securities

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