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>NHAI ordering to pick up in Q4FY23; high competitive intensity continues, commodities stable: In Q3FY23, the NHAI awarded 19 projects, of which nine were HAM projects worth INR 70.3bn and ten were EPC projects worth INR 97.1bn</li><li>With this, the NHAI awarded c.1,381 kms in 9MFY23, with twenty HAM projects worth INR 199.2bn and fifteen EPC projects worth INR 146bn</li><li>Competitive intensity continued to be higher during 9MFY23, with 12 project bids at 13% above the NHAI cost whereas 23 project bids at 17% lower than the NHAI cost</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.

NHAI ordering to pick up in Q4FY23; high competitive intensity continues, commodities stable: In Q3FY23, the NHAI awarded 19 projects, of which nine were HAM projects worth INR 70.3bn and ten were EPC projects worth INR 97.1bnWith this, the NHAI awarded c.1,381 kms in 9MFY23, with twenty HAM projects worth INR 199.2bn and fifteen EPC projects worth INR 146bnCompetitive intensity continued to be higher during 9MFY23, with 12 project bids at 13% above the NHAI cost whereas 23 project bids at 17% lower than the NHAI costContent 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.

Industrials (Q3FY23 Results Preview): All set for a robust Q3FY23

<ul><li>Larsen &amp; Toubro: Larsen &amp; Toubro (LT) reported strong performance in Q2FY23, with revenue/EBITDA/PAT beating our estimates by 7/11/21% respectively</li><li>Tendering during the quarter was strong; however, awarding was muted with the award to tender ratio at 34% (vs 69% in Q1FY23)</li><li>EBITDA margin, at 11.5%, was stable due to improved performance in financial services and Hyderabad metro, which saw ridership improving to 355k per day</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.

Larsen &amp; Toubro: Larsen &amp; Toubro (LT) reported strong performance in Q2FY23, with revenue/EBITDA/PAT beating our estimates by 7/11/21% respectivelyTendering during the quarter was strong; however, awarding was muted with the award to tender ratio at 34% (vs 69% in Q1FY23)EBITDA margin, at 11.5%, was stable due to improved performance in financial services and Hyderabad metro, which saw ridership improving to 355k per dayContent 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: Larsen & Toubro, Tata Power, Supreme Industries

<ul><li>Q2FY23 flat for infrastructure; mixed competitive intensity, commodities stable: In Q2FY23, the NHAI awarded just six projects, of which, two were HAM projects worth INR 30.7bn and four were EPC projects worth INR 41.2bn</li><li>With this, the NHAI awarded c.613 kms in H1FY23, with eleven HAM projects worth INR 128.8bn and five EPC projects worth INR 48.9bn</li><li>H1FY23 witnessed mixed competitive intensity, with eight projects won at 8% below the NHAI cost and eight projects at 10% above the NHAI cost</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.

Q2FY23 flat for infrastructure; mixed competitive intensity, commodities stable: In Q2FY23, the NHAI awarded just six projects, of which, two were HAM projects worth INR 30.7bn and four were EPC projects worth INR 41.2bnWith this, the NHAI awarded c.613 kms in H1FY23, with eleven HAM projects worth INR 128.8bn and five EPC projects worth INR 48.9bnH1FY23 witnessed mixed competitive intensity, with eight projects won at 8% below the NHAI cost and eight projects at 10% above the NHAI costContent 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.

Industrials (Q2FY23 Results Preview): Headwinds receding

<ul><li>Despite strong ordering momentum, we are seeing emergence of headwinds to the Indian highways program</li><li>Substantial dilution of bid qualification has exposed the sector to low quality, inadequately funded developers taking large order inflow market share</li><li>This has the potential of de-railing the NH program, creation of sub quality infrastructure, time and cost overruns and eventually higher cost to completion and defaults</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.

Despite strong ordering momentum, we are seeing emergence of headwinds to the Indian highways programSubstantial dilution of bid qualification has exposed the sector to low quality, inadequately funded developers taking large order inflow market shareThis has the potential of de-railing the NH program, creation of sub quality infrastructure, time and cost overruns and eventually higher cost to completion and defaultsContent 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>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>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.

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

India

Larsen & Toubro Ltd manufactures engineering equipment, undertakes large scale engineering projects, and acts as the Indian representative for a number of overseas manufacturers of heavy machinery. The Company's products include bulldozers, road rollers, dairy machinery, chemical and pharmaceutical plants, switchgears, food processing machinery and feed milling plants.

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Larsen & Toubro (LT IN)

Industrials (Q3FY23 Results Preview): All set for a robust Q3FY23

In Q3FY23, the NHAI awarded 19 projects, of which nine were HAM projects worth INR 70.3bn and ten were EPC projects worth INR 97.1bn

HDFC Securities

HSIE Results Daily: Larsen & Toubro, Tata Power, Supreme Industries

Larsen & Toubro: Larsen & Toubro (LT) reported strong performance in Q2FY23, with revenue/EBITDA/PAT beating our estimates by 7/11/21% respectively

HDFC Securities

Industrials (Q2FY23 Results Preview): Headwinds receding

In Q2FY23, the NHAI awarded just six projects, of which, two were HAM projects worth INR 30.7bn and four were EPC projects worth INR 41.2bn

HDFC Securities

Infrastructure - Betting on Conservatism

Substantial dilution of bid qualification has exposed the sector to low quality, inadequately funded developers taking large order inflow market share

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

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