External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

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Thematic (Sector/Industry)

<ul><li>Alkem Laboratories: EBITDA (+1% YoY) below consensus estimates due to 1% YoY sales decline (+6% YoY India, -7% QoQ in the US), which was offset by higher gross margin (+330 bps YoY) and cost controls (staff/SG&amp;A +10%/+1%YoY)</li><li>ALKEM guidance (1) lowered overall revenue growth to mid-single digit in FY25 vs ~10% earlier</li><li>(2) India business to see growth at par with the IPM growth of 8-9% in FY25 as it expects strong growth H2FY25 (~6% YoY in H1)</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.

Alkem Laboratories: EBITDA (+1% YoY) below consensus estimates due to 1% YoY sales decline (+6% YoY India, -7% QoQ in the US), which was offset by higher gross margin (+330 bps YoY) and cost controls (staff/SG&amp;A +10%/+1%YoY)ALKEM guidance (1) lowered overall revenue growth to mid-single digit in FY25 vs ~10% earlier(2) India business to see growth at par with the IPM growth of 8-9% in FY25 as it expects strong growth H2FY25 (~6% YoY in H1)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: Alkem Laboratories, Galaxy Surfactants, KNR Constructions

<ul><li>State Bank of India: SBIN’s earnings were in line with estimates with healthy loan growth (~16% YoY) and stable NIMs, offset by soft deposit growth and elevated credit costs</li><li>Loan growth was strong across segments, offset by a slowdown in the Xpress credit portfolio</li><li>Deposit growth (+8% YoY, -0.3% QoQ) was muted with the CASA ratio dropping to 39% (-45 bps QoQ), in line with industry trends</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.

State Bank of India: SBIN’s earnings were in line with estimates with healthy loan growth (~16% YoY) and stable NIMs, offset by soft deposit growth and elevated credit costsLoan growth was strong across segments, offset by a slowdown in the Xpress credit portfolioDeposit growth (+8% YoY, -0.3% QoQ) was muted with the CASA ratio dropping to 39% (-45 bps QoQ), in line with industry trendsContent 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: State Bank of India, Thermax, Aptus Value Housing Finance India

<ul><li>Mahindra &amp; Mahindra: M&amp;M Q4FY24 PAT at INR 21.6bn beat our estimate of INR 17.9bn, aided by better realisation and soft commodity prices</li><li>M&amp;M has shared its investment plan for FY25-27</li><li>The total investment planned in the auto division is INR 270bn, of which INR 85bn is for SUV ICE, INR 40bn for CV, and sustenance investment of INR 15bn</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 Q4FY24 PAT at INR 21.6bn beat our estimate of INR 17.9bn, aided by better realisation and soft commodity pricesM&amp;M has shared its investment plan for FY25-27The total investment planned in the auto division is INR 270bn, of which INR 85bn is for SUV ICE, INR 40bn for CV, and sustenance investment of INR 15bnContent 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, Infoedge, Berger Paints, LIC Housing Finance

<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>Mahindra &amp; Mahindra: M&amp;M Q2FY24 PAT at INR 34.5bn was ahead of our estimate of INR 26.9bn due to higher than expected other income even as the operating performance was in line with our estimates</li><li>While auto segment margins were ahead of our estimates, tractor margins lagged behind estimates due to new launch costs</li><li>On the back of strong demand for its models, M&amp;M has gained 110bps share in UVs to 18.1% in H1FY24</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 Q2FY24 PAT at INR 34.5bn was ahead of our estimate of INR 26.9bn due to higher than expected other income even as the operating performance was in line with our estimatesWhile auto segment margins were ahead of our estimates, tractor margins lagged behind estimates due to new launch costsOn the back of strong demand for its models, M&amp;M has gained 110bps share in UVs to 18.1% in H1FY24Content 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, Ashok Leyland, Vinati Organics, NCC, Repco Home Finance

India

Repco Home Finance Ltd. (RHFL) provides financing services. The Company offers loans for construction and purchasing of residential and commercial properties including repairs, renovation, and loans against properties. RHFL operates throughout India.

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Repco Home Finance (REPCO IN)

HSIE Results Daily: Alkem Laboratories, Galaxy Surfactants, KNR Constructions

Alkem Laboratories: EBITDA (+1% YoY) below consensus estimates due to 1% YoY sales decline (+6% YoY India, -7% QoQ in the US), which was offset by...

HDFC Securities

HSIE Results Daily: State Bank of India, Thermax, Aptus Value Housing Finance India

State Bank of India: SBIN’s earnings were in line with estimates with healthy loan growth (~16% YoY) and stable NIMs, offset by soft deposit growth...

HDFC Securities

HSIE Results Daily: Mahindra & Mahindra, Infoedge, Berger Paints, LIC Housing Finance

Mahindra & Mahindra: M&M Q4FY24 PAT at INR 21.6bn beat our estimate of INR 17.9bn, aided by better realisation and soft commodity...

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

HSIE Results Daily: Mahindra & Mahindra, Ashok Leyland, Vinati Organics, NCC, Repco Home Finance

M&M Q2FY24 PAT at INR 34.5bn was ahead of our estimate of INR 26.9bn due to higher than expected other income even as the operating performance was...

HDFC Securities

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