External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

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Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Thematic (Sector/Industry)

<ul><li>We attended a solar conference organised by Mercom in New Delhi, which saw participation from notable players like MNRE, SECI, NTPC, Adani Green, Tata Power, Vikram Solar, Azure Power, Acme, Renewsys, Jackson EPC, Longi, and many sectoral experts</li><li>The crux of the discussion was on opportunity, scalability, RPO obligations, measures of viability, funding opportunities, and the challenges the industry is facing at present in the renewable sector</li><li>While PSUs maintained a positive stance on achievement of the targeted 280GW of solar capacity by FY30, a few unlisted EPC players and developer community were of the opinion that, with issues like the increase in module prices, rupee depreciation, duty imposition on imported cells/modules, land availability, and grid congestion, the country would only be able to achieve ~70% of this target</li></ul><p><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></p>

We attended a solar conference organised by Mercom in New Delhi, which saw participation from notable players like MNRE, SECI, NTPC, Adani Green, Tata Power, Vikram Solar, Azure Power, Acme, Renewsys, Jackson EPC, Longi, and many sectoral expertsThe crux of the discussion was on opportunity, scalability, RPO obligations, measures of viability, funding opportunities, and the challenges the industry is facing at present in the renewable sectorWhile PSUs maintained a positive stance on achievement of the targeted 280GW of solar capacity by FY30, a few unlisted EPC players and developer community were of the opinion that, with issues like the increase in module prices, rupee depreciation, duty imposition on imported cells/modules, land availability, and grid congestion, the country would only be able to achieve ~70% of this targetContent 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.

Indian Power Sector - Renewable Solar Summit July 2022

<div><div><div><ul><li>NTPC: Generation is expected to report a strong growth of 19.8% YoY to 79.8bus, led by strong demand recovery during peak summer and low YoY base.</li><li>Powergrid: Capitalisation is expected to be at INR25bn (-56% YoY on a high base), while Capex is expected to be INR18.5bn (+67% YoY) in Q1FY23.</li><li><span style="font-size: var(--content-font-size);">Tata Power: Revenue is expected to grow by 21.6% YoY to INR123bn, led by improved generation at the Mundra plant, higher power demand across its distribution circles and executions across its solar EPC segment.</span></li></ul></div></div></div><p><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></p>

NTPC: Generation is expected to report a strong growth of 19.8% YoY to 79.8bus, led by strong demand recovery during peak summer and low YoY base.Powergrid: Capitalisation is expected to be at INR25bn (-56% YoY on a high base), while Capex is expected to be INR18.5bn (+67% YoY) in Q1FY23.Tata Power: Revenue is expected to grow by 21.6% YoY to INR123bn, led by improved generation at the Mundra plant, higher power demand across its distribution circles and executions across its solar EPC segment.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.

Power - Better Realisation and Low YoY Base to Boost PAT

<div><div><div><ul><li>Bharat Petroleum Corporation: Our BUY rating on Bharat Petroleum (BPCL), with a target price of INR 375, is premised on (1) recovery in domestic demand for petroleum products,</li></ul><div><div><ul><li>NHPC: NHPC’s revenue increased 12.2% YoY to INR15.1bn in Q4FY22, led by 9.3% YoY rise in generation. PAF for Q4FY22 was 76.7%, vs 74.33% YoY.</li></ul><div><div><div><ul><li>AshokaBuildcon: Ashoka Buildcon (ASBL) reported revenue/ EBITDA/APATof INR 15.6/1.6/1.8bn, an EBITDA miss on our estimate.</li></ul></div></div></div></div></div></div></div></div><p><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></p>

Bharat Petroleum Corporation: Our BUY rating on Bharat Petroleum (BPCL), with a target price of INR 375, is premised on (1) recovery in domestic demand for petroleum products,NHPC: NHPC’s revenue increased 12.2% YoY to INR15.1bn in Q4FY22, led by 9.3% YoY rise in generation. PAF for Q4FY22 was 76.7%, vs 74.33% YoY.AshokaBuildcon: Ashoka Buildcon (ASBL) reported revenue/ EBITDA/APATof INR 15.6/1.6/1.8bn, an EBITDA miss on our estimate.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 - Bharat Petroleum Corporation, NHPC, Ashoka Buildcon, Kolte Patil Developers

External broker reports(aggregated public sources), ICICI Securities Ltd

ICICI Securities Limited

ICICI Securities Ltd

ICICI Securities Limited provides investment services. The Company provides corporate and investment banking, securities, wealth management, retail brokerage, initial public offerings, and advisory services. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<ul><li>We visited NHPC’s Subansiri Lower hydroelectric project, India’s largest hydro plant under construction with a generation capacity of 2,000MW situated at the Arunachal Pradesh - Assam border in the North-East.</li><li>With both the states completely on board and strict monitoring with monthly visits by board level officials of NHPC and senior power ministry officials, the project is progressing at a rapid pace.</li><li>Another positive outcome of the progress at Subansiri is that GoI is now working to fast-track other large hydro projects including Dibang (2,880MW), and revive Upper Subansiri (2,000MW) and Middle Subansiri (1,800MW).</li></ul><p><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></p>

We visited NHPC’s Subansiri Lower hydroelectric project, India’s largest hydro plant under construction with a generation capacity of 2,000MW situated at the Arunachal Pradesh - Assam border in the North-East.With both the states completely on board and strict monitoring with monthly visits by board level officials of NHPC and senior power ministry officials, the project is progressing at a rapid pace.Another positive outcome of the progress at Subansiri is that GoI is now working to fast-track other large hydro projects including Dibang (2,880MW), and revive Upper Subansiri (2,000MW) and Middle Subansiri (1,800MW).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>Our power universe is expected to report a strong 30.8% YoY earnings growth, owing to better power demand in the latter part of Q4FY22 and overall improved merchant realisations</li><li>Revenue for our coverage universe is likely to improve by 7.5% YoY, while PAT is likely to grow 30.8% YoY during the quarter</li><li>The quarter also witnessed a steep rise in imported coal prices and domestic supply constraints, which led to almost 80 plants operating at low inventory levels</li></ul><p><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></p>

Our power universe is expected to report a strong 30.8% YoY earnings growth, owing to better power demand in the latter part of Q4FY22 and overall improved merchant realisationsRevenue for our coverage universe is likely to improve by 7.5% YoY, while PAT is likely to grow 30.8% YoY during the quarterThe quarter also witnessed a steep rise in imported coal prices and domestic supply constraints, which led to almost 80 plants operating at low inventory levelsContent 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.

Power: Better Realisation and Low YoY Base to Boost PAT

India

NHPC Ltd is a hydro-power development company based in India. The Company has constructed approximately 11 hydro-power projects in India and abroad with a total installed capacity of 2554.35 MW.

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NHPC (NHPC IN)

Indian Power Sector - Renewable Solar Summit July 2022

The crux of the discussion was on opportunity, scalability, RPO obligations, measures of viability, funding opportunities, and the challenges the...

HDFC Securities

Power - Better Realisation and Low YoY Base to Boost PAT

NTPC: Generation is expected to report a strong growth of 19.8% YoY to 79.8bus, led by strong demand recovery during peak summer and low YoY base.

HDFC Securities

HSIE Results Daily - Bharat Petroleum Corporation, NHPC, Ashoka Buildcon, Kolte Patil Developers

NHPC’s revenue increased 12.2% YoY to INR15.1bn in Q4FY22, led by 9.3% YoY rise in generation. PAF for Q4FY22 was 76.7%, vs 74.33% YoY.

HDFC Securities

NHPC: Subansiri Project Progressing Well

We visited NHPC’s Subansiri Lower hydroelectric project, India’s largest hydro plant under construction with a generation capacity of 2,000MW...

ICICI Securities Limited

Power: Better Realisation and Low YoY Base to Boost PAT

Our power universe is expected to report a strong 30.8% YoY earnings growth, owing to better power demand in the latter part of Q4FY22 and overall...

HDFC Securities

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