External broker reports(aggregated public sources), HDFC Securities

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External broker reports(aggregated public sources)

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<ul><li>Dabur: Dabur delivered consolidated revenue/domestic volume growth of 6/1% YoY vs the expectation of 7/1%</li><li>The domestic business grew by 4.7% while the international business posted a 1% growth (10% cc growth)</li><li>While primary sales were impacted by trade destocking, secondary sales grew in double digits</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.

Dabur: Dabur delivered consolidated revenue/domestic volume growth of 6/1% YoY vs the expectation of 7/1%The domestic business grew by 4.7% while the international business posted a 1% growth (10% cc growth)While primary sales were impacted by trade destocking, secondary sales grew in double digitsContent 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.

Equity Bottom-Up

<ul><li>In Q3FY23, Tata Power’s consolidated revenue increased 29.5% YoY to INR141bn, below our estimate of INR150bn (-5.5%)</li><li>Strong operational performance across its regulated, standalone (including Mundra), coal SPV and renewable business were the key underpinnings</li><li>EBITDA grew marginally by 42.9% YoY on the back of higher availability at Mundra, capacity addition in renewables and higher efficiencies in the distribution business</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 Q3FY23, Tata Power’s consolidated revenue increased 29.5% YoY to INR141bn, below our estimate of INR150bn (-5.5%)Strong operational performance across its regulated, standalone (including Mundra), coal SPV and renewable business were the key underpinningsEBITDA grew marginally by 42.9% YoY on the back of higher availability at Mundra, capacity addition in renewables and higher efficiencies in the distribution businessContent 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.

Tata Power - Continues to Deliver Strong Performance.

<ul><li>ITC: ITC delivered another quarter with a beat in earnings</li><li>Net revenue and EBITDA clocked 3/22% YoY growth vs the expectation of 5/14%</li><li>Cigarette revenue growth was at 17% YoY (HSIE 14%), with volume growth at ~15% (6.5% three-year CAGR)</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.

ITC: ITC delivered another quarter with a beat in earningsNet revenue and EBITDA clocked 3/22% YoY growth vs the expectation of 5/14%Cigarette revenue growth was at 17% YoY (HSIE 14%), with volume growth at ~15% (6.5% three-year CAGR)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: ITC, Tata Power, Marico, CDSL, Mahanagar Gas

<ul><li>The power industry is expected to report 28.5% YoY earnings growth, owing to the strong generation growth (+7.3% YoY in Q3FY23) and improved coal availability</li><li>Peak power demand increased by 10% YoY during Q3FY23 to ~193GW, driven by the festive season</li><li>Coal inventory at power plants too improved significantly, led by increased usage of imported coal as the number of stations facing subcritical inventory level declined to 43 in Dec 2022, vs 69 YoY and 54 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.

The power industry is expected to report 28.5% YoY earnings growth, owing to the strong generation growth (+7.3% YoY in Q3FY23) and improved coal availabilityPeak power demand increased by 10% YoY during Q3FY23 to ~193GW, driven by the festive seasonCoal inventory at power plants too improved significantly, led by increased usage of imported coal as the number of stations facing subcritical inventory level declined to 43 in Dec 2022, vs 69 YoY and 54 QoQContent 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.

Power (3QFY23 Results Preview): Demand remains strong; coal inventory improves

<ul><li>Larsen &amp; Toubro: Larsen &amp; Toubro (LT) reported strong performance in Q2FY23, with revenue/EBITDA/PAT beating our estimates by 7/11/21% respectively</li><li>Tendering during the quarter was strong; however, awarding was muted with the award to tender ratio at 34% (vs 69% in Q1FY23)</li><li>EBITDA margin, at 11.5%, was stable due to improved performance in financial services and Hyderabad metro, which saw ridership improving to 355k per day</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.

Larsen &amp; Toubro: Larsen &amp; Toubro (LT) reported strong performance in Q2FY23, with revenue/EBITDA/PAT beating our estimates by 7/11/21% respectivelyTendering during the quarter was strong; however, awarding was muted with the award to tender ratio at 34% (vs 69% in Q1FY23)EBITDA margin, at 11.5%, was stable due to improved performance in financial services and Hyderabad metro, which saw ridership improving to 355k per dayContent 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: Larsen & Toubro, Tata Power, Supreme Industries

India

Tata Power Company Limited generates and supplies electricity in Mumbai and its suburbs. The Company also constructs and operates independent power plants as well as captive power plants for industrial concerns. Tata Power also provides various services related to electricity distribution, erects and commissions transmission lines, and is diversifying into the telecommunications market.

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Tata Power (TPWR IN)

HSIE Results Daily: Dabur, Tata Power

Dabur: Dabur delivered consolidated revenue/domestic volume growth of 6/1% YoY vs the expectation of 7/1%The domestic business grew by 4.7%

HDFC Securities

Tata Power - Continues to Deliver Strong Performance.

Strong operational performance across its regulated, standalone (including Mundra), coal SPV and renewable business were the key underpinnings

HDFC Securities

HSIE Results Daily: ITC, Tata Power, Marico, CDSL, Mahanagar Gas

ITC: ITC delivered another quarter with a beat in earnings. Net revenue and EBITDA clocked 3/22% YoY growth vs the expectation of 5/14%

HDFC Securities

Power (3QFY23 Results Preview): Demand remains strong; coal inventory improves

The power industry is expected to report 28.5% YoY earnings growth, owing to the strong generation growth (+7.3% YoY in Q3FY23) and improved coal...

HDFC Securities

HSIE Results Daily: Larsen & Toubro, Tata Power, Supreme Industries

Larsen & Toubro: Larsen & Toubro (LT) reported strong performance in Q2FY23, with revenue/EBITDA/PAT beating our estimates by 7/11/21% respectively

HDFC Securities

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