External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

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Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Thematic (Sector/Industry)

<ul><li>Our discretionary universe is expected to grow by ~15% YoY in Q1FY24</li><li>However, beneath the averages lies the rub</li><li>Excluding 3 companies the average drops to sub 10%</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 discretionary universe is expected to grow by ~15% YoY in Q1FY24However, beneath the averages lies the rubExcluding 3 companies the average drops to sub 10%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.

Consumer Discretionary - Beneath the Averages Lies the Rub

<ul><li>ITC: ITC’s Q4 print was largely in-line with Revenue/EBITDA/APAT growing by 7/19/20% vs the expectation of 8/17/17%</li><li>Cigarette revenue/EBIT growth was at 14% each, with volume growth at c.11.5% (4% four-year CAGR)</li><li>A stable tax environment, normalisation in demand, &amp; deterrent action by agencies on illicit trade continue to support cigarette recovery</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.

ITC: ITC’s Q4 print was largely in-line with Revenue/EBITDA/APAT growing by 7/19/20% vs the expectation of 8/17/17%Cigarette revenue/EBIT growth was at 14% each, with volume growth at c.11.5% (4% four-year CAGR)A stable tax environment, normalisation in demand, &amp; deterrent action by agencies on illicit trade continue to support cigarette recoveryContent 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: ITC, State Bank of India, Berger Paints

HSIE Results Daily: ITC, State Bank of India, Berger Paints, Tata Elxsi

<ul><li>Demand peak in discretionary categories seems to be behind us: Our discretionary universe is expected to grow by ~19% YoY (revenue) in Q4FY23 (four-year revenue CAGR: 16%)</li><li>Elevated ticket sizes and store expansion coupled with normalizing footfalls aided growth</li><li>However, in retail, many of these variables are now mean-reverting</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.

Demand peak in discretionary categories seems to be behind us: Our discretionary universe is expected to grow by ~19% YoY (revenue) in Q4FY23 (four-year revenue CAGR: 16%)Elevated ticket sizes and store expansion coupled with normalizing footfalls aided growthHowever, in retail, many of these variables are now mean-revertingContent 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.

Consumer Discretionary - Discretionary Peak Most Certainly Behind Us

<ul><li>Berger Paints: BRGR delivered an in-line top-line (5.6% YoY three-year CAGR: 17% INR27bn) whose three-year CAGR was at par with APNT’s</li><li>Decorative business clocked ~6.6/7.2% volume/value YoY growth (3-year value CAGR: 17.2%)</li><li>Distribution expansion was stepped up (addition of 8k sales points in 9MFY23)</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 delivered an in-line top-line (5.6% YoY three-year CAGR: 17% INR27bn) whose three-year CAGR was at par with APNT’sDecorative business clocked ~6.6/7.2% volume/value YoY growth (3-year value CAGR: 17.2%)Distribution expansion was stepped up (addition of 8k sales points in 9MFY23)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: Berger Paints, Voltas, Aditya Birla Fashion and Retail, Kansai Nerolac

India

Berger Paints India Limited manufactures and distributes paints, enamels, varnishes, and synthetic resins. The Company's products are used in home, office, factory, interiors, exteriors, metal, wood, plastic, and others.

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Berger Paints India (BRGR IN)

Consumer Discretionary - Beneath the Averages Lies the Rub

Our discretionary universe is expected to grow by ~15% YoY in Q1FY24. However, beneath the averages lies the rub. Excluding 3 companies the average...

HDFC Securities

HSIE Results Daily: ITC, State Bank of India, Berger Paints

ITC: ITC’s Q4 print was largely in-line with Revenue/EBITDA/APAT growing by 7/19/20% vs the expectation of 8/17/17%. Cigarette revenue/EBIT growth...

HDFC Securities

HSIE Results Daily: ITC, State Bank of India, Berger Paints, Tata Elxsi

ITC: ITC’s Q4 print was largely in-line with Revenue/EBITDA/APAT growing by 7/19/20% vs the expectation of 8/17/17%. Cigarette revenue/EBIT growth...

HDFC Securities

Consumer Discretionary - Discretionary Peak Most Certainly Behind Us

Demand peak in discretionary categories seems to be behind us: Our discretionary universe is expected to grow by ~19% YoY (revenue) in Q4FY23 (four...

HDFC Securities

HSIE Results Daily: Berger Paints, Voltas, Aditya Birla Fashion and Retail, Kansai Nerolac

Berger Paints: BRGR delivered an in-line top-line (5.6% YoY three-year CAGR: 17% INR27bn) whose three-year CAGR was at par with APNT’s

HDFC Securities

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