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Thematic (Sector/Industry)

<ul><li>Demand momentum remains robust: We estimate our coverage universe of 15 companies will deliver strong 12% YoY volume growth (four-year CAGR: 9%) in Q2FY24</li><li>On a QoQ basis, we estimate sales volume will reduce 11% on seasonal demand weakness</li><li>Aggregate utilisation should expand ~350bps YoY to 76%, in our view</li><li>We expect industry-leading volume offtake (13% and more) by UltraTech, Birla Corp, JK Cement, Ramco Cements, and Sagar Cement.</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 momentum remains robust: We estimate our coverage universe of 15 companies will deliver strong 12% YoY volume growth (four-year CAGR: 9%) in Q2FY24On a QoQ basis, we estimate sales volume will reduce 11% on seasonal demand weaknessAggregate utilisation should expand ~350bps YoY to 76%, in our viewWe expect industry-leading volume offtake (13% and more) by UltraTech, Birla Corp, JK Cement, Ramco Cements, and Sagar Cement.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.

Cement (Q2FY24 Results Preview): Robust demand for sixth consecutive quarter

Equity Bottom-Up

<ul><li>We met up with the management of Nuvoco Vistas</li><li>The management noted a healthy cement demand trend</li><li>On the cost front, in addition to its ongoing efforts to further squeeze its fuel costs, it expects more savings from WHRS ramp-up, railways sidings, a rising share of AFR, and the resumption of Nimbhol CPP</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 up with the management of Nuvoco VistasThe management noted a healthy cement demand trendOn the cost front, in addition to its ongoing efforts to further squeeze its fuel costs, it expects more savings from WHRS ramp-up, railways sidings, a rising share of AFR, and the resumption of Nimbhol CPPContent 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.

Nuvoco Vistas Corporation: Focus on Cost and Debt Reduction.

Nuvoco Vistas Corporation -  Focus on Cost and Debt Reduction. Maintain BUY

<ul><li>ABB India: ABB Q2CY23 revenue at INR 25bn (+22%/+4% YoY/QoQ) missed our estimates by 3%</li><li>However, it was a beat of 14% and 22% at EBITDA and PAT levels</li><li>This was mainly on the back of a higher EBITDA margin, which was at an all-time quarterly high of 13.9% (+42/+207bps YoY/QoQ)</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.

ABB India: ABB Q2CY23 revenue at INR 25bn (+22%/+4% YoY/QoQ) missed our estimates by 3%However, it was a beat of 14% and 22% at EBITDA and PAT levelsThis was mainly on the back of a higher EBITDA margin, which was at an all-time quarterly high of 13.9% (+42/+207bps YoY/QoQ)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: ABB India, Hero Motocorp, Nuvoco Vistas Corporation

<ul><li>We expect industry volume to grow by ~9% YoY in FY24</li><li>We expect fuel prices to further correct by at least ~INR 100 per MT QoQ each in Q2/Q3FY24</li><li>So, we expect realisation to fall 1-2% YoY in FY24, as the industry would partially pass on the cost savings</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 expect industry volume to grow by ~9% YoY in FY24We expect fuel prices to further correct by at least ~INR 100 per MT QoQ each in Q2/Q3FY24So, we expect realisation to fall 1-2% YoY in FY24, as the industry would partially pass on the cost savingsContent 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.

Cement: Demand stays strong; fuel costs cool off further

India

Nuvoco Vistas Corporation Limited provides construction materials. The Company offers cement, ready mix concrete, and aggregates. Nuvoco Vistas serves customers in India.

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Nuvoco Vistas (NUVOCO IN)

Cement (Q2FY24 Results Preview): Robust demand for sixth consecutive quarter

Demand momentum remains robust: We estimate our coverage universe of 15 companies will deliver strong 12% YoY volume growth (four-year CAGR: 9%) in...

HDFC Securities

Nuvoco Vistas Corporation: Focus on Cost and Debt Reduction.

Nuvoco is targeting to reduce net debt to EBITDA to below 2x before taking up major expansions. Existing capacities can support ~7% volume CAGR...

HDFC Securities

Nuvoco Vistas Corporation - Focus on Cost and Debt Reduction. Maintain BUY

On the cost front, in addition to its ongoing efforts to further squeeze its fuel costs, it expects more savings from WHRS ramp-up, railways...

HDFC Securities

HSIE Results Daily: ABB India, Hero Motocorp, Nuvoco Vistas Corporation

ABB India: ABB Q2CY23 revenue at INR 25bn (+22%/+4% YoY/QoQ) missed our estimates by 3%. However, it was a beat of 14% and 22% at EBITDA and PAT...

HDFC Securities

Cement: Demand stays strong; fuel costs cool off further

We expect industry volume to grow by ~9% YoY in FY24. We expect fuel prices to further correct by at least ~INR 100 per MT QoQ each in Q2/Q3FY24

HDFC Securities

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