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>The Indian chemical industry continues to be an attractive hub of opportunities, even in an environment of global uncertainty</li><li>The uniqueness of the chemical industry is that it requires both the creation of tangible assets and technical manpower</li><li>We believe domestic chemical companies have abundant opportunities to partner in technology</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.

The Indian chemical industry continues to be an attractive hub of opportunities, even in an environment of global uncertaintyThe uniqueness of the chemical industry is that it requires both the creation of tangible assets and technical manpowerWe believe domestic chemical companies have abundant opportunities to partner in technologyContent 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.

Indian Chemical Sector 2.0 - Catalysts for Growth in Place

Equity Bottom-Up

Sudarshan Chemical Industries / Equity Bottom-Up

<ul><li>We downgrade Sudarshan Chemical (SCIL) from BUY to ADD, with a revised target price of INR 425</li><li>We are cautious regarding the weak demand outlook, owing to the global recessionary scenario and the pressure on margins due to high energy costs</li><li>The stock is trading at 28x FY24E EPS (RoE of 10.9% in FY24)</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 downgrade Sudarshan Chemical (SCIL) from BUY to ADD, with a revised target price of INR 425We are cautious regarding the weak demand outlook, owing to the global recessionary scenario and the pressure on margins due to high energy costsThe stock is trading at 28x FY24E EPS (RoE of 10.9% in FY24)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.

Sudarshan Chemical: Reeling Under Demand Downturn. Downgrade to ADD

<ul><li>Trent: Trent reported a stellar Q2 top-line print</li><li>Standalone revenue grew 30% CAGR (three-year) to INR18.14bn</li><li>We suspect while Westside’s growth remains handsome (HSIE: 3-yr CAGR 17%), Zudio’s blitz-scaling continues to be a big needle-mover</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.

Trent: Trent reported a stellar Q2 top-line printStandalone revenue grew 30% CAGR (three-year) to INR18.14bnWe suspect while Westside’s growth remains handsome (HSIE: 3-yr CAGR 17%), Zudio’s blitz-scaling continues to be a big needle-moverContent 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: Trent, NHPC, Astral, Torrent Power, Emami, Fine Organic Industries

Sudarshan Chemical - Reeling Under Demand Downturn. Downgrade to ADD

<ul><li>Marico: Marico posted an in-line revenue performance, with a marginal beat in EBITDA</li><li>Consolidated revenue was up 1% YoY while domestic revenue/volume were down 4/6% YoY (three-year revenue CAGR at 4% vs that of HUL/Emami/GCPL at 9/3/12%)</li><li>Domestic volume, excluding Saffola (inflationary headwind led a double-digit decline), was up 1% YoY</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.

Marico: Marico posted an in-line revenue performance, with a marginal beat in EBITDAConsolidated revenue was up 1% YoY while domestic revenue/volume were down 4/6% YoY (three-year revenue CAGR at 4% vs that of HUL/Emami/GCPL at 9/3/12%)Domestic volume, excluding Saffola (inflationary headwind led a double-digit decline), was up 1% YoYContent 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: Marico, IRB Infra, Computer Age Management Services

India

Sudarshan Chemical Industries Limited manufactures color pigments, which are used in paints, printing inks, plastics, rubber artist materials, and textile printing.  The Group also manufactures a basic range of pesticides.

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Sudarshan Chemical Industries (SCHI IN)

Indian Chemical Sector 2.0 - Catalysts for Growth in Place

The Indian chemical industry continues to be an attractive hub of opportunities, even in an environment of global uncertainty

HDFC Securities

Sudarshan Chemical: Reeling Under Demand Downturn. Downgrade to ADD

We downgrade Sudarshan Chemical (SCIL) from BUY to ADD, with a revised target price of INR 425. We are cautious regarding the weak demand outlook

HDFC Securities

HSIE Results Daily: Trent, NHPC, Astral, Torrent Power, Emami, Fine Organic Industries

Trent: Trent reported a stellar Q2 top-line print. Standalone revenue grew 30% CAGR (three-year) to INR18.14bn. We suspect while Westside’s growth...

HDFC Securities

Sudarshan Chemical - Reeling Under Demand Downturn. Downgrade to ADD

We downgrade Sudarshan Chemical (SCIL) from BUY to ADD, with a revised target price of INR 425. We are cautious regarding the weak demand outlook

HDFC Securities

HSIE Results Daily: Marico, IRB Infra, Computer Age Management Services

Consolidated revenue was up 1% YoY while domestic revenue/volume were down 4/6% YoY (three-year revenue CAGR at 4% vs that of HUL/Emami/GCPL at 9/3...

HDFC Securities

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