External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

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Thematic (Sector/Industry)

<ul><li>ITC: ITC’s Q4 print was largely in-line with Revenue/EBITDA/APAT growing by 7/19/20% vs the expectation of 8/17/17%</li><li>Cigarette revenue/EBIT growth was at 14% each, with volume growth at c.11.5% (4% four-year CAGR)</li><li>A stable tax environment, normalisation in demand, &amp; deterrent action by agencies on illicit trade continue to support cigarette recovery</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’s Q4 print was largely in-line with Revenue/EBITDA/APAT growing by 7/19/20% vs the expectation of 8/17/17%Cigarette revenue/EBIT growth was at 14% each, with volume growth at c.11.5% (4% four-year CAGR)A stable tax environment, normalisation in demand, &amp; deterrent action by agencies on illicit trade continue to support cigarette recoveryContent 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, State Bank of India, Berger Paints, Tata Elxsi

<ul><li>The NHAI ordering stayed below the FY23 target, competitive intensity cooling-off, commodities stable: In Q4FY23, the NHAI awarded 74 projects, of which 55 were HAM projects worth INR 455bn and 16 were EPC projects worth INR 215bn</li><li>With this, the NHAI awarded c.3,750 km in FY23 (vs a target of 6,500 km), with 75 HAM projects worth INR 655bn and 31 EPC projects worth INR 361bn</li><li>Competitive intensity cooled off with average L1 costs at a 5.6% premium over the average NHAI costs in Q4FY23</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 NHAI ordering stayed below the FY23 target, competitive intensity cooling-off, commodities stable: In Q4FY23, the NHAI awarded 74 projects, of which 55 were HAM projects worth INR 455bn and 16 were EPC projects worth INR 215bnWith this, the NHAI awarded c.3,750 km in FY23 (vs a target of 6,500 km), with 75 HAM projects worth INR 655bn and 31 EPC projects worth INR 361bnCompetitive intensity cooled off with average L1 costs at a 5.6% premium over the average NHAI costs in Q4FY23Content 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.

Industrials -  Stable Awards, Pick-Up in Execution

Industrials - Stable Awards, Pick-Up in Execution

<ul><li>The NHAI had set a target of awarding 6,500 km in FY23, of which it awarded ~3,750 Km (vs 6,306 Km in FY22) at an NHAI cost of INR 1trn</li><li>Ordering seems to have spilt over to FY24 with our checks suggesting ~INR 350bn of bids expected to be awarded during early H1FY24</li><li>During the year, HAM continued to be its preferred mode of awarding with 75/31/3 projects awarded on HAM/EPC/another basis</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 NHAI had set a target of awarding 6,500 km in FY23, of which it awarded ~3,750 Km (vs 6,306 Km in FY22) at an NHAI cost of INR 1trnOrdering seems to have spilt over to FY24 with our checks suggesting ~INR 350bn of bids expected to be awarded during early H1FY24During the year, HAM continued to be its preferred mode of awarding with 75/31/3 projects awarded on HAM/EPC/another basisContent 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.

Infrastructure: Stable awarding; calibrated aggression

Equity Bottom-Up

<ul><li>Thermax has been at the forefront of green technology for more than a decade</li><li>TMX ordering from the green portfolio has expanded from 40% in FY10 to 74% in FY22</li><li>The lower carbon footprint target around the globe has allowed TMX to position itself globally in clean water, air and energy products and solutions</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.

Thermax has been at the forefront of green technology for more than a decadeTMX ordering from the green portfolio has expanded from 40% in FY10 to 74% in FY22The lower carbon footprint target around the globe has allowed TMX to position itself globally in clean water, air and energy products and solutionsContent 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.

Thermax (Initiating Coverage): Decarbonisation theme augurs well. ADD

India

Thermax Ltd manufactures equipment and machinery used to both produce and to conserve energy. The Company operates through a number of divisions, including Boilers, Heat Recovery Steam Generators, Water Treatment Plants and Air Pollution Control Equipment. In addition, Thermax  produces steam and gas turbines and diesel gensets through a number of strategic alliances.

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Thermax (TMX IN)

HSIE Results Daily: ITC, State Bank of India, Berger Paints, Tata Elxsi

ITC: ITC’s Q4 print was largely in-line with Revenue/EBITDA/APAT growing by 7/19/20% vs the expectation of 8/17/17%. Cigarette revenue/EBIT growth...

HDFC Securities

Industrials - Stable Awards, Pick-Up in Execution

In Q4FY23, the NHAI awarded 74 projects, of which 55 were HAM projects worth INR 455bn and 16 were EPC projects worth INR 215bn

HDFC Securities

Industrials - Stable Awards, Pick-Up in Execution

In Q4FY23, the NHAI awarded 74 projects, of which 55 were HAM projects worth INR 455bn and 16 were EPC projects worth INR 215bn

HDFC Securities

Infrastructure: Stable awarding; calibrated aggression

The NHAI had set a target of awarding 6,500 km in FY23, of which it awarded ~3,750 Km (vs 6,306 Km in FY22) at an NHAI cost of INR 1trn

HDFC Securities

Thermax (Initiating Coverage): Decarbonisation theme augurs well. ADD

Thermax has been at the forefront of green technology for more than a decade. TMX ordering from the green portfolio has expanded from 40% in FY10...

HDFC Securities

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