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>PGCIL: PGCIL’s consolidated asset capitalisation/Capex in Q2FY23 declined 76.6%/32.8% YoY to INR17.9bn/INR17.4bn, on a high YoY base</li><li>In H1FY23, capitalisation/Capex came in at INR31.3bn/INR32.2bn vs INR132.8bn/INR37.0bn YoY</li><li>Q2FY23 revenue increased 7.3% YoY, led by moderate growth in the transmission (+7.4% YoY) and telecom (+7.3% YoY) segments, partially offset by a 25.9% YoY decline in consultancy income</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.

PGCIL: PGCIL’s consolidated asset capitalisation/Capex in Q2FY23 declined 76.6%/32.8% YoY to INR17.9bn/INR17.4bn, on a high YoY baseIn H1FY23, capitalisation/Capex came in at INR31.3bn/INR32.2bn vs INR132.8bn/INR37.0bn YoYQ2FY23 revenue increased 7.3% YoY, led by moderate growth in the transmission (+7.4% YoY) and telecom (+7.3% YoY) segments, partially offset by a 25.9% YoY decline in consultancy incomeContent 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: PGCIL, Britannia Industries, Cummins, Aditya Birla Capital

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/bikaji-foods-international-ltd" target="_blank" data-smartkarma-citation="entities:36502:1" rel="noopener">Bikaji Foods (BIKAJI IN)</a> , an ethnic snacks company, is looking to raise approximately US$107m in its India IPO.</li>
<li>Its product range includes six principal categories: bhujia, namkeen, packaged sweets, papad, western snacks as well as other snacks which primarily include gift packs, frozen food, mathri range and cookies.</li>
<li>In our previous note, we looked at the company’s past performance. In this note, we'll talk about implied valuations.</li>
</ul>



Bikaji Foods (BIKAJI IN) , an ethnic snacks company, is looking to raise approximately US$107m in its India IPO.
Its product range includes six principal categories: bhujia, namkeen, packaged sweets, papad, western snacks as well as other snacks which primarily include gift packs, frozen food, mathri range and cookies.
In our previous note, we looked at the company’s past performance. In this note, we'll talk about implied valuations.


Bikaji Foods International IPO - At an Equally Spicy Valuation

<ul>
<li>
<a href="https://www.smartkarma.com/entities/bikaji-foods-international-ltd" target="_blank" data-smartkarma-citation="entities:36502:1" rel="noopener">Bikaji Foods (BIKAJI IN)</a>, an ethnic snacks company, is looking to raise approximately US$107m in its India IPO.</li>
<li>Its product range includes six principal categories: bhujia, namkeen, packaged sweets, papad, western snacks as well as other snacks which primarily include gift packs, frozen food, mathri range and cookies.</li>
<li>In this note, we look at the company's past performance.</li>
</ul>



Bikaji Foods (BIKAJI IN), an ethnic snacks company, is looking to raise approximately US$107m in its India IPO.
Its product range includes six principal categories: bhujia, namkeen, packaged sweets, papad, western snacks as well as other snacks which primarily include gift packs, frozen food, mathri range and cookies.
In this note, we look at the company's past performance.


Bikaji Foods International IPO - Spicy Snacks

<ul><li>Volume weakness to continue, revenue to grow by 15/10% on YoY/three-year CAGR (weak ex-ITC): Our FMCG coverage universe is expected to deliver growth of 10/15% on YoY/three-year CAGR in revenue in Q2FY23 (vs 12/7% in Q2FY22 and 24/11% in Q1FY23)</li><li>ITC’s strong reported growth will drive the aggregate growth for Q2FY23, ex-ITC we expect overall weakness in volume</li><li>Demand trends in our FMCG universe for Q2FY23 will be similar to the trends seen in the previous two quarters where demand was impacted by the retail inflation (particular in rural).</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.

Volume weakness to continue, revenue to grow by 15/10% on YoY/three-year CAGR (weak ex-ITC): Our FMCG coverage universe is expected to deliver growth of 10/15% on YoY/three-year CAGR in revenue in Q2FY23 (vs 12/7% in Q2FY22 and 24/11% in Q1FY23)ITC’s strong reported growth will drive the aggregate growth for Q2FY23, ex-ITC we expect overall weakness in volumeDemand trends in our FMCG universe for Q2FY23 will be similar to the trends seen in the previous two quarters where demand was impacted by the retail inflation (particular in rural).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.

FMCG & Alco Bev (Q2FY23 Results Preview): Growth and margin to remain under pressure

<ul><li>We hosted a multi-sector channel check, wherein we hosted participants from auto, FMCG, durable, building materials, jewellery, cement and real estate</li><li>The meetings were represented by senior and experienced channel partners, CXOs of unlisted companies, and industry experts</li><li>Our primary objective was to check festive season demand along with overall consumption environment, particularly since industries have seen one of the toughest retail inflation environments.</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.

We hosted a multi-sector channel check, wherein we hosted participants from auto, FMCG, durable, building materials, jewellery, cement and real estateThe meetings were represented by senior and experienced channel partners, CXOs of unlisted companies, and industry expertsOur primary objective was to check festive season demand along with overall consumption environment, particularly since industries have seen one of the toughest retail inflation environments.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.

Reality Check: Festive checks—positive trend

India

Britannia Industries Limited manufactures bakery products such as biscuits, bread, cakes and rusks.  The Company also manufactures and exports soybean products, cashew kernels, marine products, and general merchandise items.

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Britannia Industries (BRIT IN)

HSIE Results Daily: PGCIL, Britannia Industries, Cummins, Aditya Birla Capital

PGCIL: PGCIL’s consolidated asset capitalisation/Capex in Q2FY23 declined 76.6%/32.8% YoY to INR17.9bn/INR17.4bn, on a high YoY base

HDFC Securities

Bikaji Foods International IPO - At an Equally Spicy Valuation

Bikaji Foods, an ethnic snacks company, is looking to raise approximately US$107m in its India IPO. In this note, we talk about valuations.

Sumeet Singh

Bikaji Foods International IPO - Spicy Snacks

Bikaji Foods (BIKAJI IN), an ethnic snacks company, is looking to raise approximately US$107m in its India IPO. In this note, we look at the...

Sumeet Singh

FMCG & Alco Bev (Q2FY23 Results Preview): Growth and margin to remain under pressure

Demand trends in our FMCG universe for Q2FY23 will be similar to the trends seen in the previous two quarters where demand was impacted by the...

HDFC Securities

Reality Check: Festive checks—positive trend

We hosted a multi-sector channel check, wherein we hosted participants from auto, FMCG, durable, building materials, jewellery, cement and real estate

HDFC Securities

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