External broker reports(aggregated public sources), HDFC Securities

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External broker reports(aggregated public sources)

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Thematic (Sector/Industry)

<ul><li>Nestle India: Nestle reported a beat on revenue while margin was below our expectations</li><li>Domestic revenue growth was at 18%, showcasing an acceleration in its three-year CAGR at 13%</li><li>The growth was led by strong volume and mix across large metros, mega cities, and smaller towns, including rural markets</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>

Nestle India: Nestle reported a beat on revenue while margin was below our expectationsDomestic revenue growth was at 18%, showcasing an acceleration in its three-year CAGR at 13%The growth was led by strong volume and mix across large metros, mega cities, and smaller towns, including rural marketsContent 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: Nestle India, UltraTech Cement, IndusInd Bank

<ul><li>Healthy volumes; mixed pricing trend across regions: We estimate our coverage universe of 15 companies to deliver 8% YoY volume growth (three-year CAGR: 8%) in Q2FY23</li><li>We estimate average utilisation of ~71% vs 78/70% QoQ/YoY. In our view, cement prices fell ~3% QoQ on pan-India basis in Q2</li><li>Prices fell 5-6% QoQ each in north and central regions, 3-4% each in east and west regions and ~1-2% in south</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>

Healthy volumes; mixed pricing trend across regions: We estimate our coverage universe of 15 companies to deliver 8% YoY volume growth (three-year CAGR: 8%) in Q2FY23We estimate average utilisation of ~71% vs 78/70% QoQ/YoY. In our view, cement prices fell ~3% QoQ on pan-India basis in Q2Prices fell 5-6% QoQ each in north and central regions, 3-4% each in east and west regions and ~1-2% in southContent 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.

Cement (Q2FY23 Results Preview): Healthy offtake; costs to peak out in Q2

<ul><li>India’s long-awaited Capex cycle finally seems to be gathering momentum, after a hiatus of 10 years</li><li>While there were false starts in the last decade, we believe the recent post-COVID pick-up is looking sustainable and drivers are in place for multi-year growth</li><li>In this report, we have done a detailed bottom-up analysis of (a) 1,700+ government projects that are under implementation (explaining &gt;60% of total government Capex of FY22) and (b) Capex plans of top 400+ private sector companies to better understand the drivers and likely shape of the Capex demand curve</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>

India’s long-awaited Capex cycle finally seems to be gathering momentum, after a hiatus of 10 yearsWhile there were false starts in the last decade, we believe the recent post-COVID pick-up is looking sustainable and drivers are in place for multi-year growthIn this report, we have done a detailed bottom-up analysis of (a) 1,700+ government projects that are under implementation (explaining &gt;60% of total government Capex of FY22) and (b) Capex plans of top 400+ private sector companies to better understand the drivers and likely shape of the Capex demand curveContent 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.

India Equity Strategy - Capex: On a Sustainable Upswing

<ul><li>UltraTech Cement: We maintain BUY on UltraTech (UTCEM) with an unchanged target price of INR 7,295 (16x Mar’24E consolidated EBITDA)</li><li>We continue to like the company for its strong growth and margin outlook and balance sheet management</li><li>UTCEM’s Q1FY23 consolidated EBITDA came in ~10/15% ahead of ours/consensus numbers</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>

UltraTech Cement: We maintain BUY on UltraTech (UTCEM) with an unchanged target price of INR 7,295 (16x Mar’24E consolidated EBITDA)We continue to like the company for its strong growth and margin outlook and balance sheet managementUTCEM’s Q1FY23 consolidated EBITDA came in ~10/15% ahead of ours/consensus numbersContent 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: UltraTech Cement, SRF, Bandhan Bank, Mphasis

<div><div><div><ul><li>High volume growth on a low base YoY: We estimate that 15 companies under coverage would report ~7% QoQ aggregate seasonal sales volume decline.</li><li>Mixed realisation gains QoQ: While energy cost continues to rise QoQ, the industry could not fully pass on the inflation across all regions.</li><li>Cost inflation elevated: We estimate that overall fuel costs would soar 7/42% QoQ/YoY amid rising imported coal and pet coke prices.</li></ul><ul style="list-style-type: none;"><li> </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></div></div></div>

High volume growth on a low base YoY: We estimate that 15 companies under coverage would report ~7% QoQ aggregate seasonal sales volume decline.Mixed realisation gains QoQ: While energy cost continues to rise QoQ, the industry could not fully pass on the inflation across all regions.Cost inflation elevated: We estimate that overall fuel costs would soar 7/42% QoQ/YoY amid rising imported coal and pet coke prices. 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.

Cement - Cost Inflation Continues, Margin Contracts

India

Ultra Tech Cement Ltd. produces a wide range of cement products. This Company represents the cement operations of Larsen & Toubro which were spun-off into a separate entity in which Grasim Industries holds a majority interest.

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Ultratech Cement (UTCEM IN)

HSIE Results Daily: Nestle India, UltraTech Cement, IndusInd Bank

Nestle India: Nestle reported a beat on revenue while margin was below our expectationsDomestic revenue growth was at 18%, showcasing an...

HDFC Securities

Cement (Q2FY23 Results Preview): Healthy offtake; costs to peak out in Q2

Healthy volumes; mixed pricing trend across regions: We estimate our coverage universe of 15 companies to deliver 8% YoY volume growth (three-year...

HDFC Securities

India Equity Strategy - Capex: On a Sustainable Upswing

While there were false starts in the last decade, we believe the recent post-COVID pick-up is looking sustainable and drivers are in place for...

HDFC Securities

HSIE Results Daily: UltraTech Cement, SRF, Bandhan Bank, Mphasis

UltraTech Cement: We maintain BUY on UltraTech (UTCEM) with an unchanged target price of INR 7,295 (16x Mar’24E consolidated EBITDA)

HDFC Securities

Cement - Cost Inflation Continues, Margin Contracts

High volume growth on a low base YoY: We estimate that 15 companies under coverage would report ~7% QoQ aggregate seasonal sales volume decline.

HDFC Securities

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