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>Underlying volume CAGR to sustain revenue to grow by 8/11% on YoY/four-year CAGR: Our FMCG coverage universe is expected to deliver growth of 8/11% on YoY/four-year CAGR in revenue in Q1FY24 (vs 23/10% in Q1FY23 and 9/9% in Q4FY23)</li><li>Continuing from previous quarters the demand environment remained stable led by urban markets while rural recovery was below expectation</li><li>The FMCG sector is expected to witness a gradual recovery in demand led by moderating inflation improving consumer confidence and an increase in government spending</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.

Underlying volume CAGR to sustain revenue to grow by 8/11% on YoY/four-year CAGR: Our FMCG coverage universe is expected to deliver growth of 8/11% on YoY/four-year CAGR in revenue in Q1FY24 (vs 23/10% in Q1FY23 and 9/9% in Q4FY23)Continuing from previous quarters the demand environment remained stable led by urban markets while rural recovery was below expectationThe FMCG sector is expected to witness a gradual recovery in demand led by moderating inflation improving consumer confidence and an increase in government spendingContent 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.

FMCG & Alco Bev - Slow Pick-Up in Growth, Margin Expansion to Continue

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sula-vineyards-ltd" target="_blank" data-smartkarma-citation="entities:36206:1" rel="noopener">Sula Vineyards </a> raised around US$117m in its India IPO in Dec 2022.</li>
<li>Sula Vineyards (SV) distributes wines under a bouquet of brands. In addition to its flagship brand “Sula,” popular brands include “RASA,” “Dindori”, “The source,” “Satori”, “Madera” &amp; “Dia”. </li>
<li>In this note, we will talk about the lock-up dynamics and updates since our last note.</li>
</ul>



Sula Vineyards  raised around US$117m in its India IPO in Dec 2022.
Sula Vineyards (SV) distributes wines under a bouquet of brands. In addition to its flagship brand “Sula,” popular brands include “RASA,” “Dindori”, “The source,” “Satori”, “Madera” &amp; “Dia”. 
In this note, we will talk about the lock-up dynamics and updates since our last note.


Sula Vineyards IPO Lock-Up - Large Investor Could Look to Completely Exit

<ul><li>The HSIE consumer index sales grew by 12% YoY in Q4FY23 (+11% in Q4FY22, +11% in Q3FY23)</li><li>On a four-year CAGR basis, the universe clocked 9% growth in Q4FY23, a trend similar to that witnessed in the previous few quarters</li><li>On a four-year CAGR basis, Paints/QSR/F&amp;B/Home Care have grown ahead of our index average (14/13/12/11%) 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 HSIE consumer index sales grew by 12% YoY in Q4FY23 (+11% in Q4FY22, +11% in Q3FY23)On a four-year CAGR basis, the universe clocked 9% growth in Q4FY23, a trend similar to that witnessed in the previous few quartersOn a four-year CAGR basis, Paints/QSR/F&amp;B/Home Care have grown ahead of our index average (14/13/12/11%) 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.

<ul><li>Siemens: Siemens India Ltd (SIL) delivered robust Q2FY23 revenue/EBITDA/APAT of INR 44.7/5.5/5.2bn, beating our estimate by 13/13/32%</li><li>SIL announced the carving out of its low-voltage motors and geared motors business, which are part of the Digital Industries business, on a slump sale basis to a subsidiary of Siemens AG for a cash consideration of INR 22bn (100% to be paid as a special dividend)</li><li>This consideration was 2.1x the FY22 revenue and 15.5x the FY22 EBITDA</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.

Siemens: Siemens India Ltd (SIL) delivered robust Q2FY23 revenue/EBITDA/APAT of INR 44.7/5.5/5.2bn, beating our estimate by 13/13/32%SIL announced the carving out of its low-voltage motors and geared motors business, which are part of the Digital Industries business, on a slump sale basis to a subsidiary of Siemens AG for a cash consideration of INR 22bn (100% to be paid as a special dividend)This consideration was 2.1x the FY22 revenue and 15.5x the FY22 EBITDAContent 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: Siemens, United Spirits, The Ramco Cements

<ul><li>Expect improvement in volume CAGR, revenue to grow by 10/9% on YoY/four-year CAGR: Our FMCG coverage universe is expected to deliver growth of 10/9% on YoY/four-year CAGR in revenue in Q4FY23 (vs 12/8% in Q4FY22 and 8/10% in Q3FY23)</li><li>Companies have started seeing a gradual recovery in demand, however, it still falls short of a full recovery</li><li>Urban markets returned to positive volume growth while rural markets still remain muted</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.

Expect improvement in volume CAGR, revenue to grow by 10/9% on YoY/four-year CAGR: Our FMCG coverage universe is expected to deliver growth of 10/9% on YoY/four-year CAGR in revenue in Q4FY23 (vs 12/8% in Q4FY22 and 8/10% in Q3FY23)Companies have started seeing a gradual recovery in demand, however, it still falls short of a full recoveryUrban markets returned to positive volume growth while rural markets still remain mutedContent 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.

FMCG & Alco Bev: Respite in demand and margins pressure

India

United Spirits Ltd. manufactures and distributes alcoholic beverages. The Company provides a variety of alcohols and spirits, including whiskey, brandy, and rum. United Spirits also manufactures indian-made foreign liquor brands. United Spirits serves customers worldwide.

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United Spirits (UNSP IN)

FMCG & Alco Bev - Slow Pick-Up in Growth, Margin Expansion to Continue

Continuing from previous quarters the demand environment remained stable led by urban markets while rural recovery was below expectation

HDFC Securities

Sula Vineyards IPO Lock-Up - Large Investor Could Look to Completely Exit

Sula Vineyards raised around US$117m in its India IPO in Dec 2022. In this note, we talk about the upcoming lock-up expiry.

Sumeet Singh

FMCG: Demand recovery lags margins

On a four-year CAGR basis, the universe clocked 9% growth in Q4FY23, a trend similar to that witnessed in the previous few quarters

HDFC Securities

HSIE Results Daily: Siemens, United Spirits, The Ramco Cements

Siemens: Siemens India Ltd (SIL) delivered robust Q2FY23 revenue/EBITDA/APAT of INR 44.7/5.5/5.2bn, beating our estimate by 13/13/32%

HDFC Securities

FMCG & Alco Bev: Respite in demand and margins pressure

Our FMCG coverage universe is expected to deliver growth of 10/9% on YoY/four-year CAGR in revenue in Q4FY23 (vs 12/8% in Q4FY22 and 8/10% in Q3FY23)

HDFC Securities

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