External broker reports(aggregated public sources), HDFC Securities

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External broker reports(aggregated public sources)

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<ul><li>In Q1FY24, the HSIE CD index revenue (ex-OEM) grew by 11% YoY (+9% four-year CAGR)</li><li>The growth was largely led by C&amp;W categories, which grew by 29% YoY (18% four-year CAGR), given sustained momentum in domestic infra/industrial and export tailwinds</li><li>Ex of C&amp;W, performance remained weak, given (1) high inflation impacting demand and (2) erratic weather impacting the sale of cooling products in April-May (June saw some 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.

In Q1FY24, the HSIE CD index revenue (ex-OEM) grew by 11% YoY (+9% four-year CAGR)The growth was largely led by C&amp;W categories, which grew by 29% YoY (18% four-year CAGR), given sustained momentum in domestic infra/industrial and export tailwindsEx of C&amp;W, performance remained weak, given (1) high inflation impacting demand and (2) erratic weather impacting the sale of cooling products in April-May (June saw some recovery)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: Recovery visible on growth and margin

<ul><li>ITC: ITC’s Q1 print was operationally in line, with EBITDA/APAT growing by 11/18% vs the expectation of 11/16%</li><li>Cigarette net revenue/EBIT growth was at 11% each, with volume growth at c.8% (4% four-year CAGR)</li><li>The relative stability in taxes backed by deterrent action by agencies on illicit trade continued 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 Q1 print was operationally in line, with EBITDA/APAT growing by 11/18% vs the expectation of 11/16%Cigarette net revenue/EBIT growth was at 11% each, with volume growth at c.8% (4% four-year CAGR)The relative stability in taxes backed by deterrent action by agencies on illicit trade continued 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, ONGC, Crompton Consumer, TTK Prestige, Galaxy Surfactants

<ul><li>Unseasonal rains disrupt sale of summer products, aggregate revenue YoY/four-year CAGR at 6/8%: Our appliances coverage universe is expected to deliver revenue YoY/four-year CAGR (ex-Butterfly/Sunflame acquisition) of 6/8% in Q1FY24 (vs 63/10% in Q1FY23 and 5/11% in Q4FY23)</li><li>The demand environment continues to remain volatile given rating change (fans and RAC), softness in consumer sentiment (largely bottom of the pyramid), and pricing actions</li><li>In addition to this, unseasonal rains during peak summer months disrupted sales of cooling products (room AC, air coolers, fans, etc.)</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.

Unseasonal rains disrupt sale of summer products, aggregate revenue YoY/four-year CAGR at 6/8%: Our appliances coverage universe is expected to deliver revenue YoY/four-year CAGR (ex-Butterfly/Sunflame acquisition) of 6/8% in Q1FY24 (vs 63/10% in Q1FY23 and 5/11% in Q4FY23)The demand environment continues to remain volatile given rating change (fans and RAC), softness in consumer sentiment (largely bottom of the pyramid), and pricing actionsIn addition to this, unseasonal rains during peak summer months disrupted sales 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 - Unseasonal Rains Add to a Volatile Demand Environment

<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>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 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

<ul><li>Cummins: Cummins India Ltd (CIL) delivered a positive surprise with quarterly revenue/EBITDA/PAT at INR 19.2/3.3/3.2bn, beating our estimates by 7/15/33%</li><li>On a full-year basis, these were the highest ever</li><li>CIL is seeing strong pre-buy for its below 800kW power gensets as the CPCB 4+ norm will become effective from 1 July 2023</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.

Cummins: Cummins India Ltd (CIL) delivered a positive surprise with quarterly revenue/EBITDA/PAT at INR 19.2/3.3/3.2bn, beating our estimates by 7/15/33%On a full-year basis, these were the highest everCIL is seeing strong pre-buy for its below 800kW power gensets as the CPCB 4+ norm will become effective from 1 July 2023Content 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: Cummins, Oil India, Phoenix Mills, Emami

India

TTK Prestige Limited manufactures a range of domestic appliances.  The Group's products include pressure cookers and non-stick cookware, stainless steel and glass vacuum flasks, and gas stoves.

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TTK Prestige (TTKPT IN)

Consumer Durables: Recovery visible on growth and margin

The growth was largely led by C&W categories, which grew by 29% YoY (18% four-year CAGR), given sustained momentum in domestic infra/industrial and...

HDFC Securities

HSIE Results Daily: ITC, ONGC, Crompton Consumer, TTK Prestige, Galaxy Surfactants

ITC’s Q1 print was operationally in line, with EBITDA/APAT growing by 11/18% vs the expectation of 11/16%C. igarette net revenue/EBIT growth was at...

HDFC Securities

Consumer Durables - Unseasonal Rains Add to a Volatile Demand Environment

The demand environment continues to remain volatile given rating change (fans and RAC), softness in consumer sentiment (largely bottom of the...

HDFC Securities

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

HSIE Results Daily: Cummins, Oil India, Phoenix Mills, Emami

Cummins: Cummins India Ltd (CIL) delivered a positive surprise with quarterly revenue/EBITDA/PAT at INR 19.2/3.3/3.2bn, beating our estimates by 7...

HDFC Securities

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