External broker reports(aggregated public sources), HDFC Securities

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External broker reports(aggregated public sources)

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Thematic (Sector/Industry)

<ul><li>Maruti Suzuki: Maruti Suzuki’s (MSIL) Q1FY24 PAT at INR 24.8bn was ahead of our estimate of INR 23.5bn even as a lower-than-expected margin was offset by higher-than-expected other income</li><li>Over the last three quarters, MSIL has been on an aggressive launch spree, having launched four new models, viz., Grand Vitara, Jimny, Fronx and the Invicto, in a bid to recover its lost share in UVs, which has now recovered to 23% in Q1 (from 17% YoY) MSIL is now again the market leader in UV segment</li><li>The recent success of GV (9-10k units per month) and the higher-than-expected order bookings for Invicto are a case in point customers are considering Maruti’s products as “worthy contenders” even in the &gt;Rs1500k segment, where few investors were so far doubting the company’s “right to win”</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.

Maruti Suzuki: Maruti Suzuki’s (MSIL) Q1FY24 PAT at INR 24.8bn was ahead of our estimate of INR 23.5bn even as a lower-than-expected margin was offset by higher-than-expected other incomeOver the last three quarters, MSIL has been on an aggressive launch spree, having launched four new models, viz., Grand Vitara, Jimny, Fronx and the Invicto, in a bid to recover its lost share in UVs, which has now recovered to 23% in Q1 (from 17% YoY) MSIL is now again the market leader in UV segmentThe recent success of GV (9-10k units per month) and the higher-than-expected order bookings for Invicto are a case in point customers are considering Maruti’s products as “worthy contenders” even in the &gt;Rs1500k segment, where few investors were so far doubting the company’s “right to win”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: Maruti Suzuki, Sonata Software, Multi Commodity Exchange

<ul><li>We hosted the ISG index call (link) and the key message was recovery in the business environment ahead</li><li>While ISG maintained the CY23 outlook on growth in managed services deal bookings (+5% for CY23), recovery ahead is based on (1) improving pipeline for new scope projects (vs renewals &amp; extension heavy recently that drove vendor consolidation) (2) approval threshold for projects and transition timelines normalising with stable pricing environment (3) pipeline build-up for SIs with increased enterprise interest in captives and (4) stability to return in BFSI, which was impacted by executive movement earlier in enterprises</li><li>The current disconnect between the growth in bookings and soft revenue growth is largely due to the impact on discretionary services</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 hosted the ISG index call (link) and the key message was recovery in the business environment aheadWhile ISG maintained the CY23 outlook on growth in managed services deal bookings (+5% for CY23), recovery ahead is based on (1) improving pipeline for new scope projects (vs renewals &amp; extension heavy recently that drove vendor consolidation) (2) approval threshold for projects and transition timelines normalising with stable pricing environment (3) pipeline build-up for SIs with increased enterprise interest in captives and (4) stability to return in BFSI, which was impacted by executive movement earlier in enterprisesThe current disconnect between the growth in bookings and soft revenue growth is largely due to the impact on discretionary servicesContent 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>IT sector growth has slipped on account of first-order and second-order implications of the prevalent macros</li><li>The macro challenges are manifesting into a set of outcomes for the sector ranging from cuts in discretionary spending, delay in decision making (slower conversion from pipeline to TCV), slower deal ramp-up, to change in the propensity for price increases/volume discounts</li><li>While the resilience/opportunity in the sector is the medium-term recoil (high-single digit CC growth in FY25E following mid-single digit in FY24E), in this note we focus on the ‘near-term demand’ markers and assess the growth dispersion despite the aggregate slowdown</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.

IT sector growth has slipped on account of first-order and second-order implications of the prevalent macrosThe macro challenges are manifesting into a set of outcomes for the sector ranging from cuts in discretionary spending, delay in decision making (slower conversion from pipeline to TCV), slower deal ramp-up, to change in the propensity for price increases/volume discountsWhile the resilience/opportunity in the sector is the medium-term recoil (high-single digit CC growth in FY25E following mid-single digit in FY24E), in this note we focus on the ‘near-term demand’ markers and assess the growth dispersion despite the aggregate slowdownContent 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>Indraprastha Gas: Our BUY recommendation on Indraprastha Gas (IGL) with a target price of INR 575 is based on (1) strong volume growth at ~12% CAGR over FY23-25E, (2) robust margins with the government allocating gas from the HPHT (high-pressure, high-temperature) fields to the priority sector, and (3) a strong portfolio of new geographical areas (GAs) ensuring volume growth visibility</li><li>Q4FY23 EBITDA stood at INR 4.7bn, up +9% QoQ, well above our estimate however, it declined 7% YoY, owing to higher input gas cost</li><li>APAT stood at INR 3.3bn, (-9% YoY, +19% QoQ), above our estimate</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.

Indraprastha Gas: Our BUY recommendation on Indraprastha Gas (IGL) with a target price of INR 575 is based on (1) strong volume growth at ~12% CAGR over FY23-25E, (2) robust margins with the government allocating gas from the HPHT (high-pressure, high-temperature) fields to the priority sector, and (3) a strong portfolio of new geographical areas (GAs) ensuring volume growth visibilityQ4FY23 EBITDA stood at INR 4.7bn, up +9% QoQ, well above our estimate however, it declined 7% YoY, owing to higher input gas costAPAT stood at INR 3.3bn, (-9% YoY, +19% QoQ), above our estimateContent 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: Indraprastha Gas, Sonata Software, Karur Vysya Bank

India

Sonata Software Limited operates an Information Technology company, which provides software products, development services, IT consulting, and a number of business solutions services.  The Group exports its products primarily to the U.S.A., Europe and Asia.

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Sonata Software (SSOF IN)

HSIE Results Daily: Maruti Suzuki, Sonata Software, Multi Commodity Exchange

Maruti Suzuki’s (MSIL) Q1FY24 PAT at INR 24.8bn was ahead of our estimate of INR 23.5bn even as a lower-than-expected margin was offset by higher...

HDFC Securities

IT Sector Update: Recovery ahead

The current disconnect between the growth in bookings and soft revenue growth is largely due to the impact on discretionary service

HDFC Securities

IT Sector Update - Recovery Ahead

The current disconnect between the growth in bookings and soft revenue growth is largely due to the impact on discretionary services

HDFC Securities

IT sector: Mixed signals; stay selective

The macro challenges are manifesting into a set of outcomes for the sector ranging from cuts in discretionary spending, delay in decision making

HDFC Securities

HSIE Results Daily: Indraprastha Gas, Sonata Software, Karur Vysya Bank

Indraprastha Gas: Our BUY recommendation on Indraprastha Gas (IGL) with a target price of INR 575 is based on (1) strong volume growth at ~12% CAGR...

HDFC Securities

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