External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

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<ul><li>United Spirits: UNSP posted a beat on our estimates, led by strong performance in P&amp;A segment</li><li>Net revenue was up 18% YoY (9% on three-year CAGR), led by P&amp;A, which was up 23% YoY (15% three-year CAGR; a much-improved CAGR than seen in recent years)</li><li>P&amp;A volume, at 13mn cases, was up 14% YoY (6% three-year CAGR) vs HSIE’s 11.2mn cases</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.

United Spirits: UNSP posted a beat on our estimates, led by strong performance in P&amp;A segmentNet revenue was up 18% YoY (9% on three-year CAGR), led by P&amp;A, which was up 23% YoY (15% three-year CAGR; a much-improved CAGR than seen in recent years)P&amp;A volume, at 13mn cases, was up 14% YoY (6% three-year CAGR) vs HSIE’s 11.2mn casesContent 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: United Spirits, Multi Commodity Exchange

<ul><li>Exchanges: MCX options ADTV continues to rise (+60% QoQ) while futures ADTV declined -5.2% QoQ</li><li>The options ADTV stood at INR 314bn, which is up ~5.2x YoY. The futures volume decline was led by crude (-22% QoQ)</li><li>The effective ADTV (futures+options) is up 44% YoY, reaching INR 366bn in Q2FY23</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.

Exchanges: MCX options ADTV continues to rise (+60% QoQ) while futures ADTV declined -5.2% QoQThe options ADTV stood at INR 314bn, which is up ~5.2x YoY. The futures volume decline was led by crude (-22% QoQ)The effective ADTV (futures+options) is up 44% YoY, reaching INR 366bn in Q2FY23Content 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.

Exchanges, Staffing and Internet (Q2FY23E Results Preview): Recovery on the cards

Exchanges, Staffing and Internet - Recovery on the Cards

<ul><li>ITC: ITC delivered a strong revenue and EBITDA growth and the beat was largely on account of a sharp jump in the non-cigarette business</li><li>Cigarette revenue growth was a marginal beat at 29% YoY (HSIE 27%, 7% three-year CAGR)</li><li>Cigarette volume growth was at ~26% (2% three-year CAGR)</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.

ITC: ITC delivered a strong revenue and EBITDA growth and the beat was largely on account of a sharp jump in the non-cigarette businessCigarette revenue growth was a marginal beat at 29% YoY (HSIE 27%, 7% three-year CAGR)Cigarette volume growth was at ~26% (2% three-year CAGR)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, NTPC, Ashok Leyland, The Ramco Cements, Alkyl Amines

HSIE Results Daily: ITC, NTPC, Ashok Leyland, The Ramco Cements

India

Multi Commodity Exchange of India Limited is an independent and de-mutualized exchange.  The Exchange has permanent recognition from the Government of India for facilitating online trading, clearing, and settlement operations for commodity futures markets across the country.

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Multi Commodity Exchange India (MCX IN)

HSIE Results Daily: United Spirits, Multi Commodity Exchange

Net revenue was up 18% YoY (9% on three-year CAGR), led by P&A, which was up 23% YoY (15% three-year CAGR; a much-improved CAGR than seen in recent...

HDFC Securities

Exchanges, Staffing and Internet (Q2FY23E Results Preview): Recovery on the cards

Exchanges: MCX options ADTV continues to rise (+60% QoQ) while futures ADTV declined -5.2% QoQThe options ADTV stood at INR 314bn, which is up...

HDFC Securities

Exchanges, Staffing and Internet - Recovery on the Cards

The options ADTV stood at INR 314bn, which is up ~5.2x YoY. The futures volume decline was led by crude (-22% QoQ). The effective ADTV...

HDFC Securities

HSIE Results Daily: ITC, NTPC, Ashok Leyland, The Ramco Cements, Alkyl Amines

ITC: ITC delivered a strong revenue and EBITDA growth and the beat was largely on account of a sharp jump in the non-cigarette business

HDFC Securities

HSIE Results Daily: ITC, NTPC, Ashok Leyland, The Ramco Cements

ITC: ITC delivered a strong revenue and EBITDA growth and the beat was largely on account of a sharp jump in the non-cigarette business

HDFC Securities

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