External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

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Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Thematic (Sector/Industry)

<ul><li>In Q4FY23, the HSIE CD index revenue (ex-OEM) grew by 6% YoY (+12% four-year CAGR), led by cooling/C&amp;W categories, which grew by 14/11/% YoY (15/15% CAGR)</li><li>Electric consumer durable (ECD) and lighting categories were weak at -3%/flat YoY (+7%/flat four-year CAGR)</li><li>Aggregate EBIT (ex-OEM) was up by 9% YoY (9% four-year CAGR) but it was largely driven by C&amp;W, which was up 30/19% YoY/CAGR</li></ul><p><em>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.</em></p>

In Q4FY23, the HSIE CD index revenue (ex-OEM) grew by 6% YoY (+12% four-year CAGR), led by cooling/C&amp;W categories, which grew by 14/11/% YoY (15/15% CAGR)Electric consumer durable (ECD) and lighting categories were weak at -3%/flat YoY (+7%/flat four-year CAGR)Aggregate EBIT (ex-OEM) was up by 9% YoY (9% four-year CAGR) but it was largely driven by C&amp;W, which was up 30/19% YoY/CAGRContent 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.

Consumer Durables: Demand a mixed bag comfort on valuation

Equity Bottom-Up

<ul><li>Symphony: While Symphony's domestic revenue (c.70% of consolidated revenue) was in line, sustained weakness in its RoW portfolio led to an overall miss</li><li>Domestic revenue grew 23% YoY to INR 2.1bn (highest-ever quarterly revenue)</li><li>However, the delayed onset of summer has led to high channel inventory</li></ul><p><em>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.</em></p>

Symphony: While Symphony's domestic revenue (c.70% of consolidated revenue) was in line, sustained weakness in its RoW portfolio led to an overall missDomestic revenue grew 23% YoY to INR 2.1bn (highest-ever quarterly revenue)However, the delayed onset of summer has led to high channel inventoryContent 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.

Symphony - Weak RoW Performance; Downgrade to REDUCE

<ul><li>Delayed summer/low primary sales of rated fans to impact Q4 print, aggregate revenue YoY/four-year CAGR at 7/11%: Our appliances coverage universe is expected to deliver revenue YoY/four-year CAGR (ex-Butterfly acquisition) of 7/11% in Q4FY23 (vs 14/11% in Q4FY22 and 7/10% in Q3FY23)</li><li>Demand softness seen in the post-festive season in Q3FY23 has sustained in Q4FY23 as well on account of weak consumer sentiment and an inflationary environment, more so in the economy segment</li><li>Moreover, delayed summer during the quarter further impacted the sale of cooling products (room AC, air coolers, fans, etc.)</li></ul><p><em>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.</em></p>

Delayed summer/low primary sales of rated fans to impact Q4 print, aggregate revenue YoY/four-year CAGR at 7/11%: Our appliances coverage universe is expected to deliver revenue YoY/four-year CAGR (ex-Butterfly acquisition) of 7/11% in Q4FY23 (vs 14/11% in Q4FY22 and 7/10% in Q3FY23)Demand softness seen in the post-festive season in Q3FY23 has sustained in Q4FY23 as well on account of weak consumer sentiment and an inflationary environment, more so in the economy segmentMoreover, delayed summer during the quarter further impacted the sale of cooling products (room AC, air coolers, fans, etc.)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.

Consumer Durables - Delayed Summer Season to Impact Q4FY23 Print

External broker reports(aggregated public sources), Axis Direct

Axis Direct

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<div><div><div><div><ul><li>While the overall consumer durables demand during the quarter stood moderate, the seasonal products such as fans, coolers, and AC witnessed some demand uptick in Jan’23 and Feb’23 in the anticipation of a strong summer season.</li><li>However, in the season category, volumes of fans got impacted due to higher channel inventory built-up in Q3FY23 ahead of the implementation of the BEE norms.</li><li>Moreover, the unseasonal rains impacted the demand momentum during Mar’23 which affected the volumes of RACs and Coolers. </li></ul></div></div></div></div><p><em>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.</em></p>

While the overall consumer durables demand during the quarter stood moderate, the seasonal products such as fans, coolers, and AC witnessed some demand uptick in Jan’23 and Feb’23 in the anticipation of a strong summer season.However, in the season category, volumes of fans got impacted due to higher channel inventory built-up in Q3FY23 ahead of the implementation of the BEE norms.Moreover, the unseasonal rains impacted the demand momentum during Mar’23 which affected the volumes of RACs and Coolers. 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.

<ul><li>Expect improving Q3 print, aggregate revenue YoY/three-year CAGR at 13/16%: Our appliances coverage universe is expected to deliver revenue YoY/three-year CAGR (ex-Butterfly acquisition) of 13/16% in Q3FY23 (vs 7/11% in Q3FY22 and 6/12% in Q2FY23)</li><li>Q2FY23 was marred by a variety of reasons like commodity-led destocking, an unfavourable base, negative oplev and slow infra activities led by extended monsoon</li><li>We have observed that some of the headwinds have eased out in Q3 and thereby expect better delivery in Q3 after the washout show in Q2</li></ul><p><em>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.</em></p>

Expect improving Q3 print, aggregate revenue YoY/three-year CAGR at 13/16%: Our appliances coverage universe is expected to deliver revenue YoY/three-year CAGR (ex-Butterfly acquisition) of 13/16% in Q3FY23 (vs 7/11% in Q3FY22 and 6/12% in Q2FY23)Q2FY23 was marred by a variety of reasons like commodity-led destocking, an unfavourable base, negative oplev and slow infra activities led by extended monsoonWe have observed that some of the headwinds have eased out in Q3 and thereby expect better delivery in Q3 after the washout show in Q2Content 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.

Consumer Durables (Q3FY23 Results Preview): Better Q3 print assisted by pre-buying in fans

India

Symphony Ltd. manufactures a wide range of air coolers.  The Company's products include evaporative air coolers, air conditioners, and water heaters.

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Symphony Ltd (SYML IN)

Consumer Durables: Demand a mixed bag comfort on valuation

In Q4FY23, the HSIE CD index revenue (ex-OEM) grew by 6% YoY (+12% four-year CAGR), led by cooling/C&W categories, which grew by 14/11/% YoY (15...

HDFC Securities

Symphony - Weak RoW Performance; Downgrade to REDUCE

Symphony: While Symphony's domestic revenue (c.70% of consolidated revenue) was in line, sustained weakness in its RoW portfolio led to an overall...

HDFC Securities

Consumer Durables - Delayed Summer Season to Impact Q4FY23 Print

Our appliances coverage universe is expected to deliver revenue YoY/four-year CAGR (ex-Butterfly acquisition) of 7/11% in Q4FY23 (vs 14/11% in...

HDFC Securities

Q4FY23 - Consumer Durables Preview

While the overall consumer durables demand during the quarter stood moderate, the seasonal products such as fans, coolers, and AC witnessed some...

Axis Direct

Consumer Durables (Q3FY23 Results Preview): Better Q3 print assisted by pre-buying in fans

Our appliances coverage universe is expected to deliver revenue YoY/three-year CAGR (ex-Butterfly acquisition) of 13/16% in Q3FY23 (vs 7/11% in...

HDFC Securities

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