External broker reports(aggregated public sources), HDFC Securities

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External broker reports(aggregated public sources)

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<ul><li>Our chemical universe is expected to report a muted sequential growth, owing to subdued demand, courtesy the global recessionary headwinds faced by various end-user industries</li><li>Revenue for our coverage universe is likely to improve by ~6/5% YoY/QoQ.</li><li>EBITDA margin could deteriorate by 188bps YoY and remain flattish sequentially at 21%, owing to the elevated raw material cost and lower absorption of fixed 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.

Our chemical universe is expected to report a muted sequential growth, owing to subdued demand, courtesy the global recessionary headwinds faced by various end-user industriesRevenue for our coverage universe is likely to improve by ~6/5% YoY/QoQ.EBITDA margin could deteriorate by 188bps YoY and remain flattish sequentially at 21%, owing to the elevated raw material cost and lower absorption of fixed cost.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.

<ul><li>Reliance Industries: Our ADD rating on Reliance Industries (RIL) with a price target of INR 2,735/sh is premised on (1) recovery in the O2C businesses; (2) EBITDA growth in the digital business, driven by improvement in ARPU, subscriber addition, and new revenue streams; and (3) potential for further value unlocking in the digital and retail businesses</li><li>RIL’s consolidated EBITDA stood at INR 352bn (+19% YoY; +13% QoQ, HSIE: INR 344bn), above our estimate, while APAT stood at INR 158bn (-3.2% YoY, +16% QoQ), marginally below our estimate</li><li>Earnings were mainly driven by improvement in the O2C and E&amp;P segments. ICICI Bank: ICICI Bank (ICICIBC) reported yet another quarter of all-round impressive balance sheet performance with loan growth (+20% YoY), NIMs (4.7%) and asset quality (GNPA at 3.1%), reflecting in strong profitability vectors (standalone RoE of ~18%)</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.

Reliance Industries: Our ADD rating on Reliance Industries (RIL) with a price target of INR 2,735/sh is premised on (1) recovery in the O2C businesses; (2) EBITDA growth in the digital business, driven by improvement in ARPU, subscriber addition, and new revenue streams; and (3) potential for further value unlocking in the digital and retail businessesRIL’s consolidated EBITDA stood at INR 352bn (+19% YoY; +13% QoQ, HSIE: INR 344bn), above our estimate, while APAT stood at INR 158bn (-3.2% YoY, +16% QoQ), marginally below our estimateEarnings were mainly driven by improvement in the O2C and E&amp;P segments. ICICI Bank: ICICI Bank (ICICIBC) reported yet another quarter of all-round impressive balance sheet performance with loan growth (+20% YoY), NIMs (4.7%) and asset quality (GNPA at 3.1%), reflecting in strong profitability vectors (standalone RoE of ~18%)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: Reliance Industries, ICICI Bank, Kotak Mahindra Bank,

<ul><li>The Indian chemical industry continues to be an attractive hub of opportunities, even in an environment of global uncertainty</li><li>The uniqueness of the chemical industry is that it requires both the creation of tangible assets and technical manpower</li><li>We believe domestic chemical companies have abundant opportunities to partner in technology</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 Indian chemical industry continues to be an attractive hub of opportunities, even in an environment of global uncertaintyThe uniqueness of the chemical industry is that it requires both the creation of tangible assets and technical manpowerWe believe domestic chemical companies have abundant opportunities to partner in technologyContent 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.

Indian Chemical Sector 2.0 - Catalysts for Growth in Place

<ul><li>Infoedge: Infoedge posted a good quarter, with both revenue (+4.8% QoQ) and margin coming ahead of estimates</li><li>The growth was led by the core recruitment segment (+8% QoQ) and 99acres (+5.1%) while Jeevansathi continued to drag</li><li>The recruitment billings (earlier boosted by strong IT hiring) are showing signs of softness, offset by better hiring in non-IT sectors like BFSI, travel, infra and hospitality</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.

Infoedge: Infoedge posted a good quarter, with both revenue (+4.8% QoQ) and margin coming ahead of estimatesThe growth was led by the core recruitment segment (+8% QoQ) and 99acres (+5.1%) while Jeevansathi continued to dragThe recruitment billings (earlier boosted by strong IT hiring) are showing signs of softness, offset by better hiring in non-IT sectors like BFSI, travel, infra and hospitalityContent 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: Infoedge, Bharat Forge, JK Cement, Brigade Enterprises

<ul><li>Asian Paints: Asian Paints continues to deliver robust sales growth, at 54% YoY (three year CAGR: 19%; 7% above estimates)</li><li>Decorative business clocked 37/59% volume/value growth YoY in Q1FY23 (FY19-22 volume/value CAGR: 20/0% resp)</li><li>Adjacencies continue to perform well</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.

Asian Paints: Asian Paints continues to deliver robust sales growth, at 54% YoY (three year CAGR: 19%; 7% above estimates)Decorative business clocked 37/59% volume/value growth YoY in Q1FY23 (FY19-22 volume/value CAGR: 20/0% resp)Adjacencies continue to perform wellContent 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: Asian Paints, Larsen & Toubro, Aether Industries...

India

Aether Industries is an Indian specialty chemical manufacturer that produces advanced intermediates and specialty chemicals for various industries, including pharmaceuticals, agrochemicals, material sciences, and oil & gas. The company operates through large-scale manufacturing, contract research and manufacturing services (CRAMS), and contract/exclusive manufacturing business models. It was founded in 2013 and is headquartered in Surat, Gujarat, India.

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Aether Industries (AETHER IN)

Chemicals: Recovery and stability ahead!

Our chemical universe is expected to report a muted sequential growth, owing to subdued demand, courtesy the global recessionary headwinds faced by...

HDFC Securities

HSIE Results Daily: Reliance Industries, ICICI Bank, Kotak Mahindra Bank,

Our ADD rating on Reliance Industries (RIL) with a price target of INR 2,735/sh is premised on (1) recovery in the O2C businesses; (2) EBITDA...

HDFC Securities

Indian Chemical Sector 2.0 - Catalysts for Growth in Place

The Indian chemical industry continues to be an attractive hub of opportunities, even in an environment of global uncertainty

HDFC Securities

HSIE Results Daily: Infoedge, Bharat Forge, JK Cement, Brigade Enterprises

Infoedge: Infoedge posted a good quarter, with both revenue (+4.8% QoQ) and margin coming ahead of estimates. The growth was led by the core...

HDFC Securities

HSIE Results Daily: Asian Paints, Larsen & Toubro, Aether Industries...

Asian Paints: Asian Paints continues to deliver robust sales growth, at 54% YoY (three year CAGR: 19%; 7% above estimates)

HDFC Securities

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