External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

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<ul><li>We recently interacted with numerous store managers and companies to assess the festive performance and demand in discretionary categories</li><li>Despite a promising start to the festive season, most categories (excluding jewellery and travel) seem to have hit the snooze button</li><li>Several factors contribute to this, including (1) the normalisation of ticket sizes and purchase frequencies, (2) weak footfalls (on a per sq foot basis), and (3) a trend towards downtrading</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.

We recently interacted with numerous store managers and companies to assess the festive performance and demand in discretionary categoriesDespite a promising start to the festive season, most categories (excluding jewellery and travel) seem to have hit the snooze buttonSeveral factors contribute to this, including (1) the normalisation of ticket sizes and purchase frequencies, (2) weak footfalls (on a per sq foot basis), and (3) a trend towards downtradingContent 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.

Festive temperature check: Festive mood sombre

<ul><li>ONGC: We maintain our ADD rating on ONGC with a target price of INR 208, based on oil and gas production growth at 6/9% CAGR over FY24-26E, attractive valuation of 4.7x Mar-25 EPS, a ~10% discount to 5-year average P/E of 5.2x, 0.7x Mar-25 P/Bv with RoE of ~16%, and a dividend yield of ~6%</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>Q2FY24 reported EBITDA at INR 184bn (-2% YoY, -6% QoQ), coming in marginally below our estimate, owing to higher-than-expected statutory levies and other expenses</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 208, based on oil and gas production growth at 6/9% CAGR over FY24-26E, attractive valuation of 4.7x Mar-25 EPS, a ~10% discount to 5-year average P/E of 5.2x, 0.7x Mar-25 P/Bv with RoE of ~16%, and a dividend yield of ~6%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 gasQ2FY24 reported EBITDA at INR 184bn (-2% YoY, -6% QoQ), coming in marginally below our estimate, owing to higher-than-expected statutory levies and other expensesContent 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, Eicher Motors, Trent, Berger Paints, BSE,

<ul><li>ONGC: We maintain our ADD rating on ONGC with a target price of INR 208, based on oil and gas production growth at 6/9% CAGR over FY24-26E, attractive valuation of 4.7x Mar-25 EPS, a ~10% discount to 5-year average P/E of 5.2x, 0.7x Mar-25 P/Bv with RoE of ~16%, and a dividend yield of ~6%</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>Q2FY24 reported EBITDA at INR 184bn (-2% YoY, -6% QoQ), coming in marginally below our estimate, owing to higher-than-expected statutory levies and other expenses</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.

HSIE Results Daily: ONGC, Eicher Motors, Trent, Berger Paints, BSE

<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>Rural India’s economic recovery post the COVID-19 pandemic has been a much debated topic over the past year, and rightfully so</li><li>Accounting for ~45% of the country’s GVA, the rural economic recovery bodes well for corporate revenues and the Indian economy as a whole</li><li>Our report is a bottom-up analysis of the Indian rural economy by looking at state-specific rural characteristics and performances</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.

Rural India’s economic recovery post the COVID-19 pandemic has been a much debated topic over the past year, and rightfully soAccounting for ~45% of the country’s GVA, the rural economic recovery bodes well for corporate revenues and the Indian economy as a wholeOur report is a bottom-up analysis of the Indian rural economy by looking at state-specific rural characteristics and performancesContent 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.

Rural India - State-Wise Divergences Evident in Recovery Phase

India

Bata India Limited manufactures a wide range of leather, rubber/canvas and plastic footwear products.  The Company also manufactures sports apparel and leather accessories.  Bata India sells its products through its chain of company owned retail stores in India, as well as to businesses in the USA, United Kingdom, Europe, the Middle East and the Far East.

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Bata India Ltd (BATA IN)

Festive temperature check: Festive mood sombre

We recently interacted with numerous store managers and companies to assess the festive performance and demand in discretionary categories

HDFC Securities

HSIE Results Daily: ONGC, Eicher Motors, Trent, Berger Paints, BSE,

We maintain our ADD rating on ONGC with a target price of INR 208, based on oil and gas production growth at 6/9% CAGR over FY24-26E, attractive...

HDFC Securities

HSIE Results Daily: ONGC, Eicher Motors, Trent, Berger Paints, BSE

We maintain our ADD rating on ONGC with a target price of INR 208, based on oil and gas production growth at 6/9% CAGR over FY24-26E, attractive...

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

Rural India - State-Wise Divergences Evident in Recovery Phase

Rural India’s economic recovery post the COVID-19 pandemic has been a much debated topic over the past year, and rightfully so

HDFC Securities

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