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>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

<div><div><div><ul><li>NTPC: Generation/sales increased 3.0%/2.4%YoYto79.9/73.9bnunitsinQ4FY22 on higher YoY base, led by improved demand.</li></ul><div><div><div><ul><li>Shree Cement: We maintain our REDUCE rating on Shree Cement, with a revised SOTP target price of INR 22,200/share.</li></ul></div><div><div><div><ul><li>V-GuardIndustries: V-Guard delivered a beat on revenue, with 24 % YoY. growth (12% three-year CAGR), while EBITDA came in line.</li></ul></div></div></div></div></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>

NTPC: Generation/sales increased 3.0%/2.4%YoYto79.9/73.9bnunitsinQ4FY22 on higher YoY base, led by improved demand.Shree Cement: We maintain our REDUCE rating on Shree Cement, with a revised SOTP target price of INR 22,200/share.V-GuardIndustries: V-Guard delivered a beat on revenue, with 24 % YoY. growth (12% three-year CAGR), while EBITDA came in line.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.

HSIE Results Daily: NTPC, Shree Cement, V-Guard Industries, Sobha

<div><div><div><div><ul><li>Expects double-digit margins going forward: The management highlighted that despite some challenges related to the third covid wave in the first few weeks of 4QFY22, VIL was able to effectively carry forward the momentum from 3QFY22 and end FY22 on a strong note.</li></ul><div><div><div><div><ul><li>Electronics segment sales to recover in 1QFY23: Electronics segment showed a moderate growth due to delayed start to the summer and channel partners unwilling to stock up due to the Omicron wave.</li></ul><div><div><div><div><ul><li>Working capital position &amp; capex plans: As on 4QFY22, NWC days on TTM basis stood at 106 days vs. 102 days QoQ and 83 days on YoY basis.</li></ul></div></div></div></div></div></div></div></div></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>

Expects double-digit margins going forward: The management highlighted that despite some challenges related to the third covid wave in the first few weeks of 4QFY22, VIL was able to effectively carry forward the momentum from 3QFY22 and end FY22 on a strong note.Electronics segment sales to recover in 1QFY23: Electronics segment showed a moderate growth due to delayed start to the summer and channel partners unwilling to stock up due to the Omicron wave.Working capital position &amp; capex plans: As on 4QFY22, NWC days on TTM basis stood at 106 days vs. 102 days QoQ and 83 days on YoY basis.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 - Robust Topline Growth; Electronics Segment Sales to Recover

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)

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

HSIE Results Daily: NTPC, Shree Cement, V-Guard Industries, Sobha

NTPC:Generation/salesincreased3.0%/2.4%YoYto79.9/73.9bnunitsinQ4FY22 on higher YoY base, led by improved demand. Coal PAF improved marginally in Q4...

HDFC Securities

V-Guard Industries - Robust Topline Growth; Electronics Segment Sales to Recover

V-Guard Industries (VIL) posted its highest-ever quarterly revenue of Rs10.5bn in 4QFY22, up 23.7% YoY. The topline was in line with our estimate,...

Nirmal Bang

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