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>Demand peak in discretionary categories seems to be behind us: Our discretionary universe is expected to grow by ~19% YoY (revenue) in Q4FY23 (four-year revenue CAGR: 16%)</li><li>Elevated ticket sizes and store expansion coupled with normalizing footfalls aided growth</li><li>However, in retail, many of these variables are now mean-reverting</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.

Demand peak in discretionary categories seems to be behind us: Our discretionary universe is expected to grow by ~19% YoY (revenue) in Q4FY23 (four-year revenue CAGR: 16%)Elevated ticket sizes and store expansion coupled with normalizing footfalls aided growthHowever, in retail, many of these variables are now mean-revertingContent 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.

Consumer Discretionary - Discretionary Peak Most Certainly Behind Us

<ul><li>Berger Paints: BRGR delivered an in-line top-line (5.6% YoY three-year CAGR: 17% INR27bn) whose three-year CAGR was at par with APNT’s</li><li>Decorative business clocked ~6.6/7.2% volume/value YoY growth (3-year value CAGR: 17.2%)</li><li>Distribution expansion was stepped up (addition of 8k sales points in 9MFY23)</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.

Berger Paints: BRGR delivered an in-line top-line (5.6% YoY three-year CAGR: 17% INR27bn) whose three-year CAGR was at par with APNT’sDecorative business clocked ~6.6/7.2% volume/value YoY growth (3-year value CAGR: 17.2%)Distribution expansion was stepped up (addition of 8k sales points in 9MFY23)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: Berger Paints, Voltas, Aditya Birla Fashion and Retail, Kansai Nerolac

<ul><li>Discretionary categories to clock another healthy quarter: Our discretionary universe is expected to grow by ~14/% YoY (revenue) in Q3FY23 (three-year revenue/EBITDA CAGRs of 17/12% resp)</li><li>Ticket sizes in retail remain elevated, courtesy of higher ASP vis-à-vis pre-pandemic levels. Footfall density is normalising too</li><li>Jewellery, paints, apparel, and footwear are expected to clock 22%, 17%, 12%, and 6% (three-year CAGRs).</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.

Discretionary categories to clock another healthy quarter: Our discretionary universe is expected to grow by ~14/% YoY (revenue) in Q3FY23 (three-year revenue/EBITDA CAGRs of 17/12% resp)Ticket sizes in retail remain elevated, courtesy of higher ASP vis-à-vis pre-pandemic levels. Footfall density is normalising tooJewellery, paints, apparel, and footwear are expected to clock 22%, 17%, 12%, and 6% (three-year CAGRs).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.

Consumer Discretionary - Healthy Quarter!

<ul><li>Discretionary categories to clock another healthy quarter: Our discretionary universe is expected to grow by ~29% YoY (revenue) in Q2FY23 (3-year revenue/EBITDA CAGRs of 19/17% resp)</li><li>Ticket sizes in retail remain elevated, courtesy higher ASP vis-à-vis pre-pandemic levels</li><li>Footfalls density is normalising too; esp in categories/companies with a higher urban presence</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.

Discretionary categories to clock another healthy quarter: Our discretionary universe is expected to grow by ~29% YoY (revenue) in Q2FY23 (3-year revenue/EBITDA CAGRs of 19/17% resp)Ticket sizes in retail remain elevated, courtesy higher ASP vis-à-vis pre-pandemic levelsFootfalls density is normalising too; esp in categories/companies with a higher urban presenceContent 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.

Consumer Discretionary (Q2FY23 Results Preview): Expect a buoyant quarter; alas! bargains absent

<ul><li>State Bank of India: Despite a multi-quarter high loan growth (~16% YoY) and lower credit costs at 0.7% (annualised), SBIN missed expectations, driven by one-off MTM losses (INR65bn)</li><li>Slippages were elevated QoQ (~1.5%), driven by SME, agri and retail including INR20bn from the restructured portfolio (~1% of loans)</li><li>The management is confident of a sustained business momentum from improving utilisation of corporate credit limits and traction in SMEs, which should likely support incremental loan growth</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.

State Bank of India: Despite a multi-quarter high loan growth (~16% YoY) and lower credit costs at 0.7% (annualised), SBIN missed expectations, driven by one-off MTM losses (INR65bn)Slippages were elevated QoQ (~1.5%), driven by SME, agri and retail including INR20bn from the restructured portfolio (~1% of loans)The management is confident of a sustained business momentum from improving utilisation of corporate credit limits and traction in SMEs, which should likely support incremental loan growthContent 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: State Bank of India, Titan, Bharat Petroleum Corporation

India

Kansai Nerolac Paints Limited manufactures paints, varnishes and enamels. The Company also fabricates synthetic resins, organic & inorganic pigments and oils. Kansai Nerolac's products are used for decorative, marine and industrial purposes.

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Kansai Nerolac Paints (KNPL IN)

Consumer Discretionary - Discretionary Peak Most Certainly Behind Us

Demand peak in discretionary categories seems to be behind us: Our discretionary universe is expected to grow by ~19% YoY (revenue) in Q4FY23 (four...

HDFC Securities

HSIE Results Daily: Berger Paints, Voltas, Aditya Birla Fashion and Retail, Kansai Nerolac

Berger Paints: BRGR delivered an in-line top-line (5.6% YoY three-year CAGR: 17% INR27bn) whose three-year CAGR was at par with APNT’s

HDFC Securities

Consumer Discretionary - Healthy Quarter!

Our discretionary universe is expected to grow by ~14/% YoY (revenue) in Q3FY23 (three-year revenue/EBITDA CAGRs of 17/12% resp)

HDFC Securities

Consumer Discretionary (Q2FY23 Results Preview): Expect a buoyant quarter; alas! bargains absent

Our discretionary universe is expected to grow by ~29% YoY (revenue) in Q2FY23 (3-year revenue/EBITDA CAGRs of 19/17% resp)

HDFC Securities

HSIE Results Daily: State Bank of India, Titan, Bharat Petroleum Corporation

Slippages were elevated QoQ (~1.5%), driven by SME, agri and retail including INR20bn from the restructured portfolio (~1% of loans)

HDFC Securities

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