External broker reports(aggregated public sources), HDFC Securities

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Thematic (Sector/Industry)

<ul><li>Gail (India): Our BUY recommendation for GAIL with a target price of INR 212 is based on (1) an increase in gas transmission volume to 132/142mmscmd by FY25/26 on the back of an increase in domestic gas production, (2) completion of major pipelines in eastern and southern India, and (3) expectation of improvement in earnings from the petchem segment</li><li>Q4FY24 reported EBITDA stood at INR 36bn (+11.6x YoY, -7% QoQ), which came broadly in line with our estimate, however, PAT at INR 22bn (+3.6x YoY, -23% QoQ), came below our estimate, impacted by higher depreciation and interest cost and lower other income</li><li>Depreciation was higher at INR 12bn (+80% YoY, +48% QoQ) due to the revision in the residual value of pipelines resulting in additional depreciation of INR 1.7bn in Q4</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.

Gail (India): Our BUY recommendation for GAIL with a target price of INR 212 is based on (1) an increase in gas transmission volume to 132/142mmscmd by FY25/26 on the back of an increase in domestic gas production, (2) completion of major pipelines in eastern and southern India, and (3) expectation of improvement in earnings from the petchem segmentQ4FY24 reported EBITDA stood at INR 36bn (+11.6x YoY, -7% QoQ), which came broadly in line with our estimate, however, PAT at INR 22bn (+3.6x YoY, -23% QoQ), came below our estimate, impacted by higher depreciation and interest cost and lower other incomeDepreciation was higher at INR 12bn (+80% YoY, +48% QoQ) due to the revision in the residual value of pipelines resulting in additional depreciation of INR 1.7bn in Q4Content 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: Gail (India), Phoenix Mills, Balkrishna Industries, Bandhan Bank

<ul><li>Launches getting absorbed, presales conversion cycle contracting: We continue to witness strong demand undercurrent with real estate developers reporting record presales during Q4FY24 either sustenance/new launch driven: Sobha (INR 15bn, growth of 3% YoY), Prestige (INR 47bn, growth of 21% YoY), Macrotech (INR 42.1bn, growth of 39% YoY), and GPL (INR 95bn, growth of 135% YoY)</li><li>We expect this momentum to continue in 1QFY25 as multiple new launches are planned by developers</li><li>Within micro-markets, we expect the consolidation story to continue in the top six cities with strong volume/muted price-driven growth in Bengaluru, MMR and Pune, while NCR growth will be driven largely by higher price appreciation in the luxury segment</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.

Launches getting absorbed, presales conversion cycle contracting: We continue to witness strong demand undercurrent with real estate developers reporting record presales during Q4FY24 either sustenance/new launch driven: Sobha (INR 15bn, growth of 3% YoY), Prestige (INR 47bn, growth of 21% YoY), Macrotech (INR 42.1bn, growth of 39% YoY), and GPL (INR 95bn, growth of 135% YoY)We expect this momentum to continue in 1QFY25 as multiple new launches are planned by developersWithin micro-markets, we expect the consolidation story to continue in the top six cities with strong volume/muted price-driven growth in Bengaluru, MMR and Pune, while NCR growth will be driven largely by higher price appreciation in the luxury segmentContent 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.

Real Estate (Q4FY24 Results Preview): Strong demand aiding presales momentum

<ul><li>Siemens: Siemens India Ltd (SIL) delivered muted standalone Q1FY24 revenue/EBITDA/APAT of INR 44.4/5.2/4.6bn, missing our estimates by 5.9/5.5/1.8%</li><li>EBITDA margin was 11.8%(-327bps/+6bps YoY/QoQ) vs our estimate of 11.7%</li><li>SIL received new orders worth INR 59.7bn (+9.6/+32.7% YoY/QoQ), which are the highest-ever base business orders the company has won</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.

Siemens: Siemens India Ltd (SIL) delivered muted standalone Q1FY24 revenue/EBITDA/APAT of INR 44.4/5.2/4.6bn, missing our estimates by 5.9/5.5/1.8%EBITDA margin was 11.8%(-327bps/+6bps YoY/QoQ) vs our estimate of 11.7%SIL received new orders worth INR 59.7bn (+9.6/+32.7% YoY/QoQ), which are the highest-ever base business orders the company has wonContent 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: Siemens, Eicher Motors, Infoedge, Phoenix Mills

<ul><li>Whatever is being launched is being sold, presales momentum remains strong: Real estate developers are reporting record presales in the seasonally weakest quarter Q2, Sobha (INR 17bn, growth of 48/18% YoY/QoQ), Prestige (INR 71bn, growth of 102/82% YoY/QoQ), Macrotech (INR 35bn, growth of 12/5% YoY/QoQ) and PHNX (consumption of INR 26.4bn, growth of 9/0% YoY/QoQ on a like-to-like basis)</li><li>We expect this momentum to continue in 3QFY24 with new launches adding a multiplier effect to the presales</li><li>Within micro-markets, we expect the consolidation story to continue in the top six cities with strong volume-driven growth in Bengaluru, MMR and Pune, while NCR growth will be driven largely by higher price appreciation in the luxury segment</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.

Whatever is being launched is being sold, presales momentum remains strong: Real estate developers are reporting record presales in the seasonally weakest quarter Q2, Sobha (INR 17bn, growth of 48/18% YoY/QoQ), Prestige (INR 71bn, growth of 102/82% YoY/QoQ), Macrotech (INR 35bn, growth of 12/5% YoY/QoQ) and PHNX (consumption of INR 26.4bn, growth of 9/0% YoY/QoQ on a like-to-like basis)We expect this momentum to continue in 3QFY24 with new launches adding a multiplier effect to the presalesWithin micro-markets, we expect the consolidation story to continue in the top six cities with strong volume-driven growth in Bengaluru, MMR and Pune, while NCR growth will be driven largely by higher price appreciation in the luxury segmentContent 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.

Real Estate (Q2FY24 Results Preview): Festive cheer awaited

<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

Phoenix Mills Ltd. is engaged, directly and through its subsidiaries and investments in the business of ownership, management, and development of large-format retail-led mixed use properties. The Company's properties include shopping, entertainment, commercial, residential, and hospitality properties. Phoenix Mills owns and operates High Street Phoenix Center in Mumbai.

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Phoenix Mills (PHNX IN)

HSIE Results Daily: Gail (India), Phoenix Mills, Balkrishna Industries, Bandhan Bank

Gail (India): Our BUY recommendation for GAIL with a target price of INR 212 is based on (1) an increase in gas transmission volume to...

HDFC Securities

Real Estate (Q4FY24 Results Preview): Strong demand aiding presales momentum

Launches getting absorbed, presales conversion cycle contracting: We continue to witness strong demand undercurrent with real estate developers...

HDFC Securities

HSIE Results Daily: Siemens, Eicher Motors, Infoedge, Phoenix Mills

Siemens: Siemens India Ltd (SIL) delivered muted standalone Q1FY24 revenue/EBITDA/APAT of INR 44.4/5.2/4.6bn, missing our estimates by 5.9/5.5/1.8%

HDFC Securities

Real Estate (Q2FY24 Results Preview): Festive cheer awaited

Whatever is being launched is being sold, presales momentum remains strong: Real estate developers are reporting record presales in the seasonally...

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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