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>Shree Cement: We maintain our REDUCE rating on Shree Cement, with a revised SOTP target price of INR 24,000/share, owing to its expensive valuation</li><li>Cement volume grew 10% YoY in Q2FY24 and its unit EBITDA expanded INR 25/MT QoQ to INR 1024/MT</li><li>Margin expanded INR 340/MT on a sharp fall in fuel costs (INR 0.8/mnCal and green power consumption share increased to 59% vs 51% YoY)</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.

Shree Cement: We maintain our REDUCE rating on Shree Cement, with a revised SOTP target price of INR 24,000/share, owing to its expensive valuationCement volume grew 10% YoY in Q2FY24 and its unit EBITDA expanded INR 25/MT QoQ to INR 1024/MTMargin expanded INR 340/MT on a sharp fall in fuel costs (INR 0.8/mnCal and green power consumption share increased to 59% vs 51% YoY)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: Shree Cement, Cummins, Prestige Estates, Apollo Tyres

<ul><li>Shree Cement: We maintain our REDUCE rating on Shree Cement, with a revised SOTP target price of INR 24,000/share, owing to its expensive valuation</li><li>Cement volume grew 10% YoY in Q2FY24 and its unit EBITDA expanded INR 25/MT QoQ to INR 1024/MT</li><li>Margin expanded INR 340/MT on a sharp fall in fuel costs (INR 0.8/mnCal and green power consumption share increased to 59% vs 51% YoY).</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.

Shree Cement: We maintain our REDUCE rating on Shree Cement, with a revised SOTP target price of INR 24,000/share, owing to its expensive valuationCement volume grew 10% YoY in Q2FY24 and its unit EBITDA expanded INR 25/MT QoQ to INR 1024/MTMargin expanded INR 340/MT on a sharp fall in fuel costs (INR 0.8/mnCal and green power consumption share increased to 59% vs 51% YoY).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: Shree Cement, Cummins, Prestige Estates, Apollo Tyres, Alkyl Amines

<ul><li>Given that the festive season this time has been pushed by a month into November, Q2 volume growth appears lower YoY.</li><li>In PVs, while UV demand has held up extremely well, car demand has further decelerated, driving a rich mix for most OEMs.</li><li>CV demand momentum continues to be healthy in Q2. </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.

Given that the festive season this time has been pushed by a month into November, Q2 volume growth appears lower YoY.In PVs, while UV demand has held up extremely well, car demand has further decelerated, driving a rich mix for most OEMs.CV demand momentum continues to be healthy in 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.

Autos (Q2FY24 Results Preview) - 4Ws to See Margin Boost QoQ

<ul><li>Berger Paints: BRGR grew 9.8% growth YoY to INR30.3bn (broadly in-line HSIE: INR30bn)</li><li>Decorative business grew 11.4% (~14% volume growth)</li><li>Industrial businesses performed well, aided by improved realization</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.

Berger Paints: BRGR grew 9.8% growth YoY to INR30.3bn (broadly in-line HSIE: INR30bn)Decorative business grew 11.4% (~14% volume growth)Industrial businesses performed well, aided by improved realizationContent 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: Berger Paints, Infoedge, Astral, Fsn E-Commerce Ventures (Nykaa)

<ul><li>Larsen &amp; Toubro: Larsen &amp; Toubro (LT) reported Q4FY23 revenue/EBITDA/APAT at INR 583.4/68.3/39.9bn, in line/(missing) with our estimates by 0.1/(8.4)/(7.5)% respectively</li><li>EBITDA margin: 11.7% (-65/+78bps YoY/QoQ) vs our estimate of 12.8%</li><li>The margin was impacted largely by higher input prices in projects and manufacturing portfolio</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 Q4FY23 revenue/EBITDA/APAT at INR 583.4/68.3/39.9bn, in line/(missing) with our estimates by 0.1/(8.4)/(7.5)% respectivelyEBITDA margin: 11.7% (-65/+78bps YoY/QoQ) vs our estimate of 12.8%The margin was impacted largely by higher input prices in projects and manufacturing portfolioContent 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, SRF, Apollo Tyres, Kansai Nerolac

India

Apollo Tyres Limited is an Indian multinational tyre manufacturing company that produces and sells tyres, tubes, and flaps for a diverse range of vehicles, including passenger cars, commercial vehicles, two-wheelers, and off-highway vehicles. The company markets its products under the Apollo and Vredestein brands. Apollo Tyres is headquartered in Gurugram, Haryana, India, and was founded in 1972.

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Apollo Tyres (APTY IN)

HSIE Results Daily: Shree Cement, Cummins, Prestige Estates, Apollo Tyres

Shree Cement: We maintain our REDUCE rating on Shree Cement, with a revised SOTP target price of INR 24,000/share, owing to its expensive valuation

HDFC Securities

HSIE Results Daily: Shree Cement, Cummins, Prestige Estates, Apollo Tyres, Alkyl Amines

Shree Cement: We maintain our REDUCE rating on Shree Cement, with a revised SOTP target price of INR 24,000/share, owing to its expensive valuation

HDFC Securities

Autos (Q2FY24 Results Preview) - 4Ws to See Margin Boost QoQ

In PVs, while UV demand has held up extremely well, car demand has further decelerated, driving a rich mix for most OEMs. CV demand momentum...

HDFC Securities

HSIE Results Daily: Berger Paints, Infoedge, Astral, Fsn E-Commerce Ventures (Nykaa)

Berger Paints: BRGR grew 9.8% growth YoY to INR30.3bn (broadly in-line HSIE: INR30bn). Decorative business grew 11.4% (~14% volume growth)

HDFC Securities

HSIE Results Daily: Larsen & Toubro, SRF, Apollo Tyres, Kansai Nerolac

Larsen & Toubro: Larsen & Toubro (LT) reported Q4FY23 revenue/EBITDA/APAT at INR 583.4/68.3/39.9bn, in line/(missing) with our estimates by 0.1...

HDFC Securities

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