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>We hosted a multi-sector channel check, wherein we hosted participants from auto, FMCG, durable, building materials, jewellery, cement and real estate</li><li>The meetings were represented by senior and experienced channel partners, CXOs of unlisted companies, and industry experts</li><li>Our primary objective was to check festive season demand along with overall consumption environment, particularly since industries have seen one of the toughest retail inflation environments.</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 hosted a multi-sector channel check, wherein we hosted participants from auto, FMCG, durable, building materials, jewellery, cement and real estateThe meetings were represented by senior and experienced channel partners, CXOs of unlisted companies, and industry expertsOur primary objective was to check festive season demand along with overall consumption environment, particularly since industries have seen one of the toughest retail inflation environments.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.

Reality Check: Festive checks—positive trend

<ul><li>Dabur: Dabur’s Q1 revenue growth and EBITDA margin were in line</li><li>Revenue grew 8% YoY (HSIE 8%), with three-year CAGR at 7%</li><li>Domestic revenue/volume grew 10/5% YoY, with three-year CAGR at 12/8% vs HUL 9/2%, Nestle 11/7%</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.

Dabur: Dabur’s Q1 revenue growth and EBITDA margin were in lineRevenue grew 8% YoY (HSIE 8%), with three-year CAGR at 7%Domestic revenue/volume grew 10/5% YoY, with three-year CAGR at 12/8% vs HUL 9/2%, Nestle 11/7%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: Dabur, Britannia Industries, Godrej Consumers, GAIL (India)

HSIE Results Daily: Dabur, Britannia Industries, Godrej Consumers

<ul><li>Aggregate revenue/EBITDA to grow by 9/4% on three-year CAGR: Our FMCG coverage universe is expected to deliver growth of 9/4% on three-year CAGR in revenue/EBITDA in Q1FY23 (vs 5/3% in Q1FY22 and 8/6% in Q4FY22)</li><li>Demand continued to be weak due to the elevated commodity pressure impacting affordability (particular in rural)</li><li>Thereby, the industry is witnessing a similar volume decline in Q1FY23 as seen in Q4FY22.</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.

Aggregate revenue/EBITDA to grow by 9/4% on three-year CAGR: Our FMCG coverage universe is expected to deliver growth of 9/4% on three-year CAGR in revenue/EBITDA in Q1FY23 (vs 5/3% in Q1FY22 and 8/6% in Q4FY22)Demand continued to be weak due to the elevated commodity pressure impacting affordability (particular in rural)Thereby, the industry is witnessing a similar volume decline in Q1FY23 as seen in Q4FY22.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.

FMCG & Alco Bev - Sustaining Pressure on Demand and Margin

<ul><li>Aggregate revenue/EBITDA to grow by 9/4% on three-year CAGR: Our FMCG coverage universe is expected to deliver growth of 9/4% on three-year CAGR in revenue/EBITDA in Q1FY23 (vs. 5/3% in Q1FY22 and 8/6% in Q4FY22).</li><li>Gross margin YoY pressures continue in Q1FY23: Commodity pressure continued into Q1FY23, impacting the margin (even sequentially).</li><li>Three-year CAGR: Our coverage universe is expected to deliver 9/4% three- year revenue/EBITDA CAGRs in Q1.</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.

Aggregate revenue/EBITDA to grow by 9/4% on three-year CAGR: Our FMCG coverage universe is expected to deliver growth of 9/4% on three-year CAGR in revenue/EBITDA in Q1FY23 (vs. 5/3% in Q1FY22 and 8/6% in Q4FY22).Gross margin YoY pressures continue in Q1FY23: Commodity pressure continued into Q1FY23, impacting the margin (even sequentially).Three-year CAGR: Our coverage universe is expected to deliver 9/4% three- year revenue/EBITDA CAGRs in Q1.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.

FMCG & Alco Bev -  Sustaining Pressure on Demand and Margin

India

Britannia Industries Ltd is an Indian multinational food products company, primarily manufacturing and selling biscuits, bread, and dairy products. Approximately 80% of its revenue comes from biscuit products, with popular brands like Good Day, Marie Gold, and Tiger. The company is headquartered in Kolkata, India, and was founded in 1892.

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Britannia Industries (BRIT IN)

Reality Check: Festive checks—positive trend

We hosted a multi-sector channel check, wherein we hosted participants from auto, FMCG, durable, building materials, jewellery, cement and real estate

HDFC Securities

HSIE Results Daily: Dabur, Britannia Industries, Godrej Consumers, GAIL (India)

Revenue grew 8% YoY (HSIE 8%), with three-year CAGR at 7%. Domestic revenue/volume grew 10/5% YoY, with three-year CAGR at 12/8% vs HUL 9/2%,...

HDFC Securities

HSIE Results Daily: Dabur, Britannia Industries, Godrej Consumers

Dabur: Dabur’s Q1 revenue growth and EBITDA margin were in line. Revenue grew 8% YoY (HSIE 8%), with three-year CAGR at 7%

HDFC Securities

FMCG & Alco Bev - Sustaining Pressure on Demand and Margin

Demand continued to be weak due to the elevated commodity pressure impacting affordability (particular in rural). Thereby, the industry is...

HDFC Securities

FMCG & Alco Bev - Sustaining Pressure on Demand and Margin

Gross margin YoY pressures continue in Q1FY23: Commodity pressure continued into Q1FY23, impacting the margin (even sequentially).

HDFC Securities

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