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Equity Bottom-Up

<ul><li>Brigade Enterprises Ltd (BEL) reported the highest-ever annual presales of 6.3msf (+35% YoY), valued at INR 41bn (+36% YoY)</li><li>This was on the back of robust launches of 5.5msf (3.7msf in FY22)</li><li>In FY24, the company plans to launch 7.5msf in the residential segment, with a GDV potential of INR 60bn, most of which are expected to be launched in Q3/Q4FY24</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.

Brigade Enterprises Ltd (BEL) reported the highest-ever annual presales of 6.3msf (+35% YoY), valued at INR 41bn (+36% YoY)This was on the back of robust launches of 5.5msf (3.7msf in FY22)In FY24, the company plans to launch 7.5msf in the residential segment, with a GDV potential of INR 60bn, most of which are expected to be launched in Q3/Q4FY24Content 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.

Brigade Enterprises: Cashing on Strong Residential Demand. Maintain BUY

Thematic (Sector/Industry)

<ul><li>Housing demand continues to surprise positively: After a strong Q4FY24, we expect a sequentially flattish presale growth in Q1FY24 (on a high Q4FY23 base, driven by sustenance sales)</li><li>In the absence of major new launches, sustenance sales are likely to remain robust</li><li>We expect new project launches to come to market in 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.

Housing demand continues to surprise positively: After a strong Q4FY24, we expect a sequentially flattish presale growth in Q1FY24 (on a high Q4FY23 base, driven by sustenance sales)In the absence of major new launches, sustenance sales are likely to remain robustWe expect new project launches to come to market in 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.

<ul><li>Cummins: Cummins India Ltd (CIL) delivered a positive surprise with quarterly revenue/EBITDA/PAT at INR 19.2/3.3/3.2bn, beating our estimates by 7/15/33%</li><li>On a full-year basis, these were the highest ever</li><li>CIL is seeing strong pre-buy for its below 800kW power gensets as the CPCB 4+ norm will become effective from 1 July 2023</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.

Cummins: Cummins India Ltd (CIL) delivered a positive surprise with quarterly revenue/EBITDA/PAT at INR 19.2/3.3/3.2bn, beating our estimates by 7/15/33%On a full-year basis, these were the highest everCIL is seeing strong pre-buy for its below 800kW power gensets as the CPCB 4+ norm will become effective from 1 July 2023Content 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: Cummins, Oil India, Phoenix Mills, Emami

<ul><li>Record FY23 presales expected for most of the players: Going by the numbers for FY23 reported to date by top developers, we expect annual presales for most of them to surpass their previous highs</li><li>Godrej, Macrotech and Sobha, all reported their lifetime high in residential sales with INR 122/120/52bn respectively</li><li>The annual growth also has been substantial with Godrej growing by 55%, Macrotech by 34% and Sobha by 34%</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.

Record FY23 presales expected for most of the players: Going by the numbers for FY23 reported to date by top developers, we expect annual presales for most of them to surpass their previous highsGodrej, Macrotech and Sobha, all reported their lifetime high in residential sales with INR 122/120/52bn respectivelyThe annual growth also has been substantial with Godrej growing by 55%, Macrotech by 34% and Sobha by 34%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.

<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

Brigade Enterprises Limited operates as a real estate development company. The Company focuses on the development of residential, commercial, and hospitality properties.

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Brigade Enterprises (BRGD IN)

Brigade Enterprises: Cashing on Strong Residential Demand. Maintain BUY

Brigade Enterprises Ltd (BEL) reported the highest-ever annual presales of 6.3msf (+35% YoY), valued at INR 41bn (+36% YoY)

HDFC Securities

Real Estate: Presale momentum continues

After a strong Q4FY24, we expect a sequentially flattish presale growth in Q1FY24 (on a high Q4FY23 base, driven by sustenance sales)

HDFC Securities

HSIE Results Daily: Cummins, Oil India, Phoenix Mills, Emami

Cummins: Cummins India Ltd (CIL) delivered a positive surprise with quarterly revenue/EBITDA/PAT at INR 19.2/3.3/3.2bn, beating our estimates by 7...

HDFC Securities

Real Estate - Stable Performance

Going by the numbers for FY23 reported to date by top developers, we expect annual presales for most of them to surpass their previous highs

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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