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>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>Britannia Industries: Britannia’s Q1FY24 revenue/EBITDA/PAT growth of 9/38/36% was strong but below expectations</li><li>Transactions grew 9% YoY while volumes were flat, reflecting huge down-trading pressure</li><li>Britannia took price corrections to defend its market share as competitive intensity rose (particularly from local/regional brands)</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.

Britannia Industries: Britannia’s Q1FY24 revenue/EBITDA/PAT growth of 9/38/36% was strong but below expectationsTransactions grew 9% YoY while volumes were flat, reflecting huge down-trading pressureBritannia took price corrections to defend its market share as competitive intensity rose (particularly from local/regional brands)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: Britannia Industries, Godrej Consumers, Balkrishna Industries

<ul><li>ONGC: We maintain our ADD rating on ONGC with a target price of INR 168, based on oil and gas production growth at 5/8% CAGR over FY23-25E, attractive valuations of 3.7x FY24 EPS—an ~31% discount to 5-year average P/E of 5.4x, 0.6x FY24 P/Bv with RoE of ~18% and a dividend yield of ~7%</li><li>However, this is offset by limited earnings potential, owing to the levy of a windfall tax on crude oil prices and a decline in the price of domestically produced APM gas</li><li>Q4FY23 EBITDA was at INR 163bn, coming in below our estimate, owing to higher-than-expected other expenses however, higher exploratory costs and an exceptional item resulted in a quarterly loss of INR 2.5bn</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.

ONGC: We maintain our ADD rating on ONGC with a target price of INR 168, based on oil and gas production growth at 5/8% CAGR over FY23-25E, attractive valuations of 3.7x FY24 EPS—an ~31% discount to 5-year average P/E of 5.4x, 0.6x FY24 P/Bv with RoE of ~18% and a dividend yield of ~7%However, this is offset by limited earnings potential, owing to the levy of a windfall tax on crude oil prices and a decline in the price of domestically produced APM gasQ4FY23 EBITDA was at INR 163bn, coming in below our estimate, owing to higher-than-expected other expenses however, higher exploratory costs and an exceptional item resulted in a quarterly loss of INR 2.5bnContent 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: ONGC, Balkrishna Industries, NCC, Sobha, Greenlam Industries

<ul><li>BFSI Strong credit growth reported by banks while deposit growth remained a challenge</li><li>Asset quality continued to improve and NIM expanded resulting into strong earnings growth</li><li>NBFCs have also shown healthy loan growth with improved asset quality</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.

BFSI Strong credit growth reported by banks while deposit growth remained a challengeAsset quality continued to improve and NIM expanded resulting into strong earnings growthNBFCs have also shown healthy loan growth with improved asset qualityContent 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.

Quarterly tracker (Q3FY23): Commodity pressure easing, margin expansion on the cards

<ul><li>Q3FY23 earnings season saw an overall in-line performance, with wide divergences across sectors and companies</li><li>Aggregate revenue/PAT grew by 19%/6% YoY across the HSIE coverage universe (~208 stocks), their three-year CAGR being 15%/15%</li><li>Our coverage universe saw strong YoY growth in auto, lending financials, capital goods, staples and power sectors</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.

Q3FY23 earnings season saw an overall in-line performance, with wide divergences across sectors and companiesAggregate revenue/PAT grew by 19%/6% YoY across the HSIE coverage universe (~208 stocks), their three-year CAGR being 15%/15%Our coverage universe saw strong YoY growth in auto, lending financials, capital goods, staples and power sectorsContent 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: Commodity pressure easing, margin expansion on the cards

India

Balkrishna Industries Limited (BKT) is a leading global manufacturer of off-highway tires, specializing in products for agricultural, industrial, construction, earthmoving, mining, and port sectors. The company offers a comprehensive portfolio of tires for various niche applications. Balkrishna Industries is headquartered in Mumbai, India, and was founded in 1961.

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Balkrishna Industries (BIL IN)

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: Britannia Industries, Godrej Consumers, Balkrishna Industries

Britannia took price corrections to defend its market share as competitive intensity rose (particularly from local/regional brands)

HDFC Securities

HSIE Results Daily: ONGC, Balkrishna Industries, NCC, Sobha, Greenlam Industries

We maintain our ADD rating on ONGC with a target price of INR 168, based on oil and gas production growth at 5/8% CAGR over FY23-25E, attractive...

HDFC Securities

Quarterly tracker (Q3FY23): Commodity pressure easing, margin expansion on the cards

BFSI Strong credit growth reported by banks while deposit growth remained a challenge. Asset quality continued to improve and NIM expanded...

HDFC Securities

India Equity Strategy: Commodity pressure easing, margin expansion on the cards

Aggregate revenue/PAT grew by 19%/6% YoY across the HSIE coverage universe (~208 stocks), their three-year CAGR being 15%/15%

HDFC Securities

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