External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

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Thematic (Sector/Industry)

<ul><li>We expect our coverage universe EBITDA to increase by +2% YoY, +10% QoQ, owing to an improvement in profitability from the downstream segment due to higher demand for petroleum products, higher refining throughput and GRMs</li><li>Upstream segment earnings are impacted by ~18/8% YoY/QoQ decline in crude oil prices and lower production, despite a YoY increase in domestic APM gas realisations</li><li>We expect lower gas volumes for City Gas Distribution (CGD) companies, owing to high retail CNG prices and spot LNG prices.</li></ul><p><em>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.</em></p>

We expect our coverage universe EBITDA to increase by +2% YoY, +10% QoQ, owing to an improvement in profitability from the downstream segment due to higher demand for petroleum products, higher refining throughput and GRMsUpstream segment earnings are impacted by ~18/8% YoY/QoQ decline in crude oil prices and lower production, despite a YoY increase in domestic APM gas realisationsWe expect lower gas volumes for City Gas Distribution (CGD) companies, owing to high retail CNG prices and spot LNG prices.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.

Oil and Gas: Improvement for downstream segment

<ul><li>Godrej Consumers: GCPL’s consolidated revenue grew 7% YoY, with domestic/international clocking 8/6% YoY growth (9/8% three-year CAGR)</li><li>The Indian business continued to be led mainly by a high share of price hike (13% YoY), with domestic volume contracting by 5% YoY (three-year CAGR at 1% vs HUL’s 3%), impacted by HI</li><li>Personal care sustained 18% growth (price hike-led), while home care was up 2%, with a delayed monsoon-led weak season (expect a recovery in Q3)</li></ul><p><em>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.</em></p>

Godrej Consumers: GCPL’s consolidated revenue grew 7% YoY, with domestic/international clocking 8/6% YoY growth (9/8% three-year CAGR)The Indian business continued to be led mainly by a high share of price hike (13% YoY), with domestic volume contracting by 5% YoY (three-year CAGR at 1% vs HUL’s 3%), impacted by HIPersonal care sustained 18% growth (price hike-led), while home care was up 2%, with a delayed monsoon-led weak season (expect a recovery in Q3)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: Godrej Consumers, Bharat Petroleum Corporation, Jubilant FoodWorks

<ul><li>State Bank of India: Despite a multi-quarter high loan growth (~16% YoY) and lower credit costs at 0.7% (annualised), SBIN missed expectations, driven by one-off MTM losses (INR65bn)</li><li>Slippages were elevated QoQ (~1.5%), driven by SME, agri and retail including INR20bn from the restructured portfolio (~1% of loans)</li><li>The management is confident of a sustained business momentum from improving utilisation of corporate credit limits and traction in SMEs, which should likely support incremental loan growth</li></ul><p><em>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.</em></p>

State Bank of India: Despite a multi-quarter high loan growth (~16% YoY) and lower credit costs at 0.7% (annualised), SBIN missed expectations, driven by one-off MTM losses (INR65bn)Slippages were elevated QoQ (~1.5%), driven by SME, agri and retail including INR20bn from the restructured portfolio (~1% of loans)The management is confident of a sustained business momentum from improving utilisation of corporate credit limits and traction in SMEs, which should likely support incremental loan growthContent 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: State Bank of India, Titan, Bharat Petroleum Corporation

<div><div><div><ul><li>Imposition of a SAED of INR 6/ltr (USD 12/bbl) on exports of petrol and ATF <span style="font-size: var(--content-font-size);">and INR 13/ltr (USD 27/bbl) on exports of diesel.</span></li></ul></div></div><div><div><div><div><ul><li>Levy of a SAED of INR 23,250/mt (USD 40/bbl) on domestically produced <span style="font-size: var(--content-font-size);">crude oil. </span></li><li><span style="font-size: var(--content-font-size);">However, no cess will be imposed on the quantity of crude that is </span><span style="font-size: var(--content-font-size);">produced in excess of FY22 production.</span></li></ul></div></div></div></div></div><p><em>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.</em></p>

Imposition of a SAED of INR 6/ltr (USD 12/bbl) on exports of petrol and ATF and INR 13/ltr (USD 27/bbl) on exports of diesel.Levy of a SAED of INR 23,250/mt (USD 40/bbl) on domestically produced crude oil. However, no cess will be imposed on the quantity of crude that is produced in excess of FY22 production.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.

Indian Oil and Gas Sector - Subsidy Overhang to Reduce

External broker reports(aggregated public sources), Nirmal Bang

Nirmal Bang

A Relationship Beyond Broking

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Nirmal Bang is drawn from a diversity of professional backgrounds, and blend of experience, skill and dedication is shared with its clients. Nirmal Bang emphasizes adequate, thorough research local and world-wide developments, balancing these with the astute discovery of intrinsic values, synergies and growth. The aim is simply to help the investors to maximize their returns.

Equity Bottom-Up

<div><ul><li>Refining crack spread over crude: HSD crack stood at US$22/bbl in 4QFY22 vs US$12.61/bbl in 3QFY22.</li></ul><div><ul><li>Retail prices/margins: The management expects retail price revision to take place if the current geopolitical situation turns out to be a prolonged one.</li></ul><div><ul><li>BPCL envisages to become net zero by 2040 - <span style="font-size: var(--content-font-size);">Bina refinery plans to produce 1GW of green hydrogen in 5 years - will require capex of Rs5,000mn; long-term target of 10GW by 2040.</span></li></ul></div></div></div><p><em>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.</em></p>

Refining crack spread over crude: HSD crack stood at US$22/bbl in 4QFY22 vs US$12.61/bbl in 3QFY22.Retail prices/margins: The management expects retail price revision to take place if the current geopolitical situation turns out to be a prolonged one.BPCL envisages to become net zero by 2040 - Bina refinery plans to produce 1GW of green hydrogen in 5 years - will require capex of Rs5,000mn; long-term target of 10GW by 2040.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.

Bharat Petroleum Corporation - BPCL Management Meeting

India

Bharat Petroleum Corporation Limited explores for and refines crude oil. The Company manufactures petroleum, petroleum products, lubricants, liquefied petroleum gas, aromatics like benzene and toluene, and other related products. Bharat has retail outlets throughout the country.

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Bharat Petroleum Corp (BPCL IN)

Oil and Gas: Improvement for downstream segment

We expect our coverage universe EBITDA to increase by +2% YoY, +10% QoQ, owing to an improvement in profitability from the downstream segment due...

HDFC Securities

HSIE Results Daily: Godrej Consumers, Bharat Petroleum Corporation, Jubilant FoodWorks

Godrej Consumers: GCPL’s consolidated revenue grew 7% YoY, with domestic/international clocking 8/6% YoY growth (9/8% three-year CAGR)

HDFC Securities

HSIE Results Daily: State Bank of India, Titan, Bharat Petroleum Corporation

Slippages were elevated QoQ (~1.5%), driven by SME, agri and retail including INR20bn from the restructured portfolio (~1% of loans)

HDFC Securities

Indian Oil and Gas Sector - Subsidy Overhang to Reduce

Reliance Industries (RIL), ONGC and Oil India (OIL) stocks declined 7-15% on 1st Jul-22 as investors took a dim view of the new levies applied on...

HDFC Securities

Bharat Petroleum Corporation - BPCL Management Meeting

Initial plans include Rs50bn investment to set up 1GW of green hydrogen capacity using electrolysis at its Bina refinery site (erstwhile BORL)

Nirmal Bang

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