External broker reports(aggregated public sources), HDFC Securities

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External broker reports(aggregated public sources)

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Equity Bottom-Up

<ul><li>Balkrishna Industries: Balkrishna Industries’ (BKT) Q2 FY24 PAT, at INR3.3bn, came in line with our estimate</li><li>Margin improved 140bps QoQ to 24.4% (in-line) and was led by an improved mix and favourable currency</li><li>Management has indicated that given the recent geopolitical headwinds, the recovery in global OTR tyre demand is likely to take longer than earlier envisaged</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.

Balkrishna Industries: Balkrishna Industries’ (BKT) Q2 FY24 PAT, at INR3.3bn, came in line with our estimateMargin improved 140bps QoQ to 24.4% (in-line) and was led by an improved mix and favourable currencyManagement has indicated that given the recent geopolitical headwinds, the recovery in global OTR tyre demand is likely to take longer than earlier envisagedContent 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.

Balkrishna Industries - Demand Likely to Take Longer to Revive

<ul><li>BKT’s Bhuj facility is its largest facility in India spread over 270 acres of land it has a total capacity of 140k MT pa and its key highlights include 1) a captive power plant 2) a captive carbon black plant with 200k MT pa capacity 3) expandable capacity at the same location by around 150k MT p.a 4) close proximity to a port and 5) housing colony set-up for attracting talent</li><li>On the demand front, the near-term outlook remains weak as distributors continue to liquidate stock in a bid to avoid overstocking in a weak macro</li><li>This is likely to continue for a couple of quarters and management is hopeful of a demand recovery by H2FY24</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.

BKT’s Bhuj facility is its largest facility in India spread over 270 acres of land it has a total capacity of 140k MT pa and its key highlights include 1) a captive power plant 2) a captive carbon black plant with 200k MT pa capacity 3) expandable capacity at the same location by around 150k MT p.a 4) close proximity to a port and 5) housing colony set-up for attracting talentOn the demand front, the near-term outlook remains weak as distributors continue to liquidate stock in a bid to avoid overstocking in a weak macroThis is likely to continue for a couple of quarters and management is hopeful of a demand recovery by H2FY24Content 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.

Balkrishna Industries: Weak Demand Outlook to Remain an Overhang.

Balkrishna Industries - Weak Demand Outlook to Remain an Overhang.

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

India

Balkrishna Industries Ltd. manufactures automobile tires and tubes. The Company also manufactures different varieties of paper & paper boards and processes synthetic textiles.

Balkrishna Industries (BIL IN)

Balkrishna Industries - Demand Likely to Take Longer to Revive

Balkrishna Industries’ (BKT) Q2 FY24 PAT, at INR3.3bn, came in line with our estimate. Margin improved 140bps QoQ to 24.4% (in-line) and was led by...

HDFC Securities

Balkrishna Industries: Weak Demand Outlook to Remain an Overhang.

On the demand front, the near-term outlook remains weak as distributors continue to liquidate stock in a bid to avoid overstocking in a weak macro

HDFC Securities

Balkrishna Industries - Weak Demand Outlook to Remain an Overhang.

On the demand front, the near-term outlook remains weak as distributors continue to liquidate stock in a bid to avoid overstocking in a weak macro

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: 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