External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

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<ul><li>Samvardhana Motherson International: SAMIL’s Q1 revenue was above our estimate, led by the modules and polymer products division</li><li>PAT at INR 9.9bn was higher than our estimates (INR 7.9bn) due to lower RM cost and lower depreciation</li><li>While ROCE for Q1 was ~18%, SAMIL maintained its long-term aspiration of 40%</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.

Samvardhana Motherson International: SAMIL’s Q1 revenue was above our estimate, led by the modules and polymer products divisionPAT at INR 9.9bn was higher than our estimates (INR 7.9bn) due to lower RM cost and lower depreciationWhile ROCE for Q1 was ~18%, SAMIL maintained its long-term aspiration of 40%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: Samvardhana Motherson International, Oil India, Happiest Minds Technologies

HSIE Results Daily: Samvardhana Motherson International, Oil India

<ul><li>Oil India: Our ADD recommendation on Oil India with a target price of INR 680 is premised on oil production growth at 9% CAGR and gas production growth at 26% CAGR over FY24-26E</li><li>Q4FY24 EBITDA stood at INR 23bn (-1% YoY, +11% QoQ), and PAT at INR 20bn (+14% YoY, +28% QoQ) came in above our estimate, driven by higher-than-expected realisations and higher other income</li><li>Oil and gas production stood at 1.65mmtoe (+5% YoY, -1% QoQ), below our estimates. </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.

Oil India: Our ADD recommendation on Oil India with a target price of INR 680 is premised on oil production growth at 9% CAGR and gas production growth at 26% CAGR over FY24-26EQ4FY24 EBITDA stood at INR 23bn (-1% YoY, +11% QoQ), and PAT at INR 20bn (+14% YoY, +28% QoQ) came in above our estimate, driven by higher-than-expected realisations and higher other incomeOil and gas production stood at 1.65mmtoe (+5% YoY, -1% QoQ), below our estimates. 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: Oil India, Astral, Eris Lifesciences, Aether Industries

<ul><li>Mahindra &amp; Mahindra: M&amp;M’s Q3FY24 PAT at INR 24.5bn beat our estimate of INR 21.5bn due to higher-than-expected other income even as the operating performance was below our estimate</li><li>While the auto segment margin was in line, the tractor margin lagged behind the estimates due to lower volumes</li><li>Strong demand for its models helped M&amp;M gain a 110bps share in UVs to 21% in Q3FY24</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.

Mahindra &amp; Mahindra: M&amp;M’s Q3FY24 PAT at INR 24.5bn beat our estimate of INR 21.5bn due to higher-than-expected other income even as the operating performance was below our estimateWhile the auto segment margin was in line, the tractor margin lagged behind the estimates due to lower volumesStrong demand for its models helped M&amp;M gain a 110bps share in UVs to 21% in Q3FY24Content 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: Mahindra & Mahindra, Oil India, Prestige Estates, Ahluwalia Contracts

<ul><li>Bharat Forge: Bharat Forge’s consolidated PAT at INR 2.2 bn is better than our estimate of INR 1.8bn, led by a performance beat at both standalone and overseas subsidiaries</li><li>Performance beat was largely driven by better-than-expected revenue growth at the standalone entity and break-even at the Europe subsidiary</li><li>We continue to highlight that BHFC has multiple growth levers to offset any potential slowdown from US Class8 which include: (1) defence orders that are likely to see this segment’s revenue ramp-up to INR 17bn by FY25E, from INR 3.5bn in FY23, (2) strong growth expected in PV and industrial exports, (3) huge ramp-up potential at JS-Auto Cast, given its capacity is expected to increase by 2x and there is a huge demand for castings, both in India and abroad, (4) strong order backlog in aerospace, which would help boost revenue to INR 5bn over next the four years, from INR 1.7bn</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.

Bharat Forge: Bharat Forge’s consolidated PAT at INR 2.2 bn is better than our estimate of INR 1.8bn, led by a performance beat at both standalone and overseas subsidiariesPerformance beat was largely driven by better-than-expected revenue growth at the standalone entity and break-even at the Europe subsidiaryWe continue to highlight that BHFC has multiple growth levers to offset any potential slowdown from US Class8 which include: (1) defence orders that are likely to see this segment’s revenue ramp-up to INR 17bn by FY25E, from INR 3.5bn in FY23, (2) strong growth expected in PV and industrial exports, (3) huge ramp-up potential at JS-Auto Cast, given its capacity is expected to increase by 2x and there is a huge demand for castings, both in India and abroad, (4) strong order backlog in aerospace, which would help boost revenue to INR 5bn over next the four years, from INR 1.7bnContent 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 Forge, Phoenix Mills, Oil India, Prestige Estates

India

Oil India Ltd. explores, develops, and produces crude oil and natural gas in India and internationally. The Company is also involved in the transportation of crude oil, production of liquefied petroleum gas, pipeline services, as well as various exploration and production related services.

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Oil India Ltd (OINL IN)

HSIE Results Daily: Samvardhana Motherson International, Oil India, Happiest Minds Technologies

Samvardhana Motherson International: SAMIL’s Q1 revenue was above our estimate, led by the modules and polymer products division

HDFC Securities

HSIE Results Daily: Samvardhana Motherson International, Oil India

Samvardhana Motherson International: SAMIL’s Q1 revenue was above our estimate, led by the modules and polymer products division

HDFC Securities

HSIE Results Daily: Oil India, Astral, Eris Lifesciences, Aether Industries

Our ADD recommendation on Oil India with a target price of INR 680 is premised on oil production growth at 9% CAGR and gas production growth at 26%...

HDFC Securities

HSIE Results Daily: Mahindra & Mahindra, Oil India, Prestige Estates, Ahluwalia Contracts

Mahindra & Mahindra: M&M’s Q3FY24 PAT at INR 24.5bn beat our estimate of INR 21.5bn due to higher-than-expected other income even as the operating...

HDFC Securities

HSIE Results Daily: Bharat Forge, Phoenix Mills, Oil India, Prestige Estates

Bharat Forge’s consolidated PAT at INR 2.2 bn is better than our estimate of INR 1.8bn, led by a performance beat at both standalone and overseas...

HDFC Securities

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