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>Maruti Suzuki: Maruti Q2 PAT at INR 20.6bn came in above our estimate of INR 18.1bn, led by better-than-expected operational performance, higher other income, and a low tax rate</li><li>On the back of new launches, MSIL’s order backlog has increased to record high levels of 412k units</li><li>Its commitment to recovering lost share in SUVs is reinforced by its four launches (new Brezza, Grand Vitara, and mid-cycle upgrades of Ertiga and XL6) in a span of four months</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>

Maruti Suzuki: Maruti Q2 PAT at INR 20.6bn came in above our estimate of INR 18.1bn, led by better-than-expected operational performance, higher other income, and a low tax rateOn the back of new launches, MSIL’s order backlog has increased to record high levels of 412k unitsIts commitment to recovering lost share in SUVs is reinforced by its four launches (new Brezza, Grand Vitara, and mid-cycle upgrades of Ertiga and XL6) in a span of four monthsContent 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: Maruti Suzuki, CDSL, V-Guard Industries

<ul><li>Weak Q2 print, aggregate revenue YoY/three-year CAGR at 6/12%: Our appliances coverage universe is expected to deliver revenue YoY/three-year CAGR (ex-Butterfly acquisition) of 6/12% in Q2FY23 (vs 24/11% in Q2FY22 and 61/9% in Q1FY23)</li><li>The quarter marred by destocking impact, unfavorable base, and extended monsoon saw weak execution</li><li>The premium segment has done well across categories but mass segment has seen slowdown during Q2.</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>

Weak Q2 print, aggregate revenue YoY/three-year CAGR at 6/12%: Our appliances coverage universe is expected to deliver revenue YoY/three-year CAGR (ex-Butterfly acquisition) of 6/12% in Q2FY23 (vs 24/11% in Q2FY22 and 61/9% in Q1FY23)The quarter marred by destocking impact, unfavorable base, and extended monsoon saw weak executionThe premium segment has done well across categories but mass segment has seen slowdown during Q2.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 (Q2FY23 Results Preview): Weak Q2 print, expect better H2FY23 delivery

<ul><li>Aggregate revenue three-year CAGR at 10%: Our appliances coverage universe is expected to deliver three-year revenue CAGR of 10% YoY in Q1FY23 (vs -3% in Q1FY22 and 12% in Q4FY22)</li><li>During Q1FY23, cooling products sustained their demand momentum, with India (ex-south) seeing a strong summer</li><li>Demand for electrical construction materials has sustained a healthy trend, led by strong housing and home improvement demand</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>

Aggregate revenue three-year CAGR at 10%: Our appliances coverage universe is expected to deliver three-year revenue CAGR of 10% YoY in Q1FY23 (vs -3% in Q1FY22 and 12% in Q4FY22)During Q1FY23, cooling products sustained their demand momentum, with India (ex-south) seeing a strong summerDemand for electrical construction materials has sustained a healthy trend, led by strong housing and home improvement demandContent 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 (Q1FY23 Results Preview): Demand remains strong; margin recovery on the cards

Consumer Durables - Demand Remains Strong; Margin Recovery on the Cards

External broker reports(aggregated public sources), Nirmal Bang

Nirmal Bang

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Equity Bottom-Up

V-Guard Industries Ltd / Equity Bottom-Up

<div><div><div><div><ul><li>The management highlighted that VIL has a strong brand equity, vast established distribution and good brand recall in South India.</li><li>VIL also uses South markets for incubating new categories.</li><li>It highlighted that it is working on expanding distribution and improving brand awareness in the Non-South region</li></ul><ul style="list-style-type: none;"><li> </li></ul></div></div></div></div><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>

The management highlighted that VIL has a strong brand equity, vast established distribution and good brand recall in South India.VIL also uses South markets for incubating new categories.It highlighted that it is working on expanding distribution and improving brand awareness in the Non-South region 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.

V-Guard Industries - Expects ECD Segment Margin to Improve Gradually

India

V-Guard Industries Limited produces and manufacturers stabilizers, pumps, cables, fans, and electrical and solar water heaters.

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V-Guard Industries Ltd (VGRD IN)

HSIE Results Daily: Maruti Suzuki, CDSL, V-Guard Industries

Maruti Suzuki: Maruti Q2 PAT at INR 20.6bn came in above our estimate of INR 18.1bn, led by better-than-expected operational performance, higher...

HDFC Securities

Consumer Durables (Q2FY23 Results Preview): Weak Q2 print, expect better H2FY23 delivery

Our appliances coverage universe is expected to deliver revenue YoY/three-year CAGR (ex-Butterfly acquisition) of 6/12% in Q2FY23 (vs 24/11% in...

HDFC Securities

Consumer Durables (Q1FY23 Results Preview): Demand remains strong; margin recovery on the cards

Aggregate revenue three-year CAGR at 10%: Our appliances coverage universe is expected to deliver three-year revenue CAGR of 10% YoY in Q1FY23 (vs ...

HDFC Securities

Consumer Durables - Demand Remains Strong; Margin Recovery on the Cards

Aggregate revenue three-year CAGR at 10%: Our appliances coverage universe is expected to deliver three-year revenue CAGR of 10% YoY in Q1FY23 (vs....

HDFC Securities

V-Guard Industries - Expects ECD Segment Margin to Improve Gradually

The management highlighted that the ECD segment margin declined from 7% in FY17 to 1.6% in FY22 on account of commodity cost headwinds

Nirmal Bang

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