External broker reports(aggregated public sources), HDFC Securities

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Thematic (Sector/Industry)

<ul><li>In Q2FY23, we expect tiles volume to increase QoQ on good demand while we expect pipes demand to remain weak, owing to sharp fall in resin prices, which would keep buyers at bay</li><li>We expect EBITDA margin to decline for both tiles and pipes, owing to rising gas prices (for tiles) and inventory losses (in pipes)</li><li>Hence, we expect aggregate revenue for our coverage universe to rise 2% 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.

In Q2FY23, we expect tiles volume to increase QoQ on good demand while we expect pipes demand to remain weak, owing to sharp fall in resin prices, which would keep buyers at bayWe expect EBITDA margin to decline for both tiles and pipes, owing to rising gas prices (for tiles) and inventory losses (in pipes)Hence, we expect aggregate revenue for our coverage universe to rise 2% 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.

Building Materials (Q2FY23 Results Preview): Both tiles and pipes under pressure

<ul><li>Infosys: Infosys (INFO IN) delivered strong growth in Q1, offset by steeper impact on margins (yet relative outperformance vs peers)</li><li>INFO increased its revenue guidance for FY23E to 14-16% (vs 13-15% earlier) and EBITM guidance was maintained at 21-23%, with a tilt to the lower end</li><li>We expect INFO’s margin recovery ahead, supported by sub-contractor optimisation (~100bps lever) and utilisation increase on trainee productivity (~50bps lever)</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.

Infosys: Infosys (INFO IN) delivered strong growth in Q1, offset by steeper impact on margins (yet relative outperformance vs peers)INFO increased its revenue guidance for FY23E to 14-16% (vs 13-15% earlier) and EBITM guidance was maintained at 21-23%, with a tilt to the lower endWe expect INFO’s margin recovery ahead, supported by sub-contractor optimisation (~100bps lever) and utilisation increase on trainee productivity (~50bps lever)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: Infosys, Axis Bank, Tech Mahindra, Crompton Consumer

<div><ul><li>Tiles and bathware: Demand was impacted in the quarter amid intense heat.</li><li>Plastic pipes demand also remained subdued in Q1FY23 (though higher YoY on a low base).</li><li>Performance of companies: We expect national ceramic players to deliver ~50% YoY volume growth (on a low base), lower by ~7-10% QoQ.</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.</div>

Tiles and bathware: Demand was impacted in the quarter amid intense heat.Plastic pipes demand also remained subdued in Q1FY23 (though higher YoY on a low base).Performance of companies: We expect national ceramic players to deliver ~50% YoY volume growth (on a low base), lower by ~7-10% QoQ.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.

Building Materials - Tiles, Pipes Segments Face Cost Headwinds

<ul>
<li>In Q4FY22, we expect both tiles and plastic pipe companies’ volumes to grow YoY, despite the high base</li>
<li>Despite earlier cost pass-through, we estimate margin compression YoY amid elevated gas prices for tiles companies, higher resin prices, and absence of inventory gains for plastic pipe companies</li>
<li>Hence, we expect aggregate revenue for our coverage universe to firm up 19% 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.


In Q4FY22, we expect both tiles and plastic pipe companies’ volumes to grow YoY, despite the high base
Despite earlier cost pass-through, we estimate margin compression YoY amid elevated gas prices for tiles companies, higher resin prices, and absence of inventory gains for plastic pipe companies
Hence, we expect aggregate revenue for our coverage universe to firm up 19% YoY

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.

Building Materials (Q4FY22 Results Preview): Healthy demand

Consumer Analyst / Channel Surveillance Specialist, Trudence Capital Advisors

Pranav Bhavsar

Consumer Analyst / Channel Surveillance Specialist

Trudence Capital Advisors

Trudence Capital Advisors Private Limited is a SEBI-registered Research Analyst, holding SEBI registration number INH000015747. Our firm is dedicated to providing independent and unbiased research on Indian mid to large-cap companies. Trudence Capital is known for its counter-consensus views, with a focus on forensic research and on-ground primary investigations. Our research approach is thorough, involving detailed analysis of accounting practices and governance, alongside extensive channel checks.

Independent & Unbiased Research

<ul>
<li>Continuing our focus on building products, for this Insight, we speak to RM supplier, a manufacturer, a few retailers and dealers to understand the demand outlook going forward </li>
<li>Government spending remains one of the primary drivers in the Industry right now.</li>
<li>There is minor down trading seen in tiles, while the market structure in pipes seems to be in favour of organised players. </li>
</ul>


Continuing our focus on building products, for this Insight, we speak to RM supplier, a manufacturer, a few retailers and dealers to understand the demand outlook going forward 
Government spending remains one of the primary drivers in the Industry right now.
There is minor down trading seen in tiles, while the market structure in pipes seems to be in favour of organised players. 


Channel Insight #31 - Building Products (RM Supplier, Manufacturer, Retailer, Dealer)

India

Supreme Industries Limited manufactures industrial and engineered molded products and storage and material handling crates.  The Company also manufactures chemicals, multilayer sheets, multilayer films, packaging films and expanded polyethylene foam, PVC pipes and fittings, molded furniture and disposable EPS containers.

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Supreme Industries (SI IN)

Building Materials (Q2FY23 Results Preview): Both tiles and pipes under pressure

In Q2FY23, we expect tiles volume to increase QoQ on good demand while we expect pipes demand to remain weak, owing to sharp fall in resin prices,...

HDFC Securities

HSIE Results Daily: Infosys, Axis Bank, Tech Mahindra, Crompton Consumer

Infosys: Infosys (INFO IN) delivered strong growth in Q1, offset by steeper impact on margins (yet relative outperformance vs peers)

HDFC Securities

Building Materials - Tiles, Pipes Segments Face Cost Headwinds

In Q1FY23, we expect volumes of both tiles and plastic pipe companies to moderate QoQ. However, given last year’s low base, we expect a strong...

HDFC Securities

Building Materials (Q4FY22 Results Preview): Healthy demand

In Q4FY22, we expect both tiles and plastic pipe companies’ volumes to grow YoY, despite the high base Despite earlier cost pass-through, we...

HDFC Securities

Channel Insight #31 - Building Products (RM Supplier, Manufacturer, Retailer, Dealer)

Continuing our focus on building products, for this Insight, we speak to RM supplier, a manufacturer, retailers and dealers to understand the...

Pranav Bhavsar

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