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>Asian Paints: Asian Paints’ top line grew 11.3% YoY (four-year CAGR: 15%), marginally short of expectations (var: -1.6%)</li><li>The decorative business clocked 16/13% volume/value growth (15/12% volume/value growth YoY in Q4FY23)</li><li>The mix in Q4 was led by economy emulsions and waterproofing</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.

Asian Paints: Asian Paints’ top line grew 11.3% YoY (four-year CAGR: 15%), marginally short of expectations (var: -1.6%)The decorative business clocked 16/13% volume/value growth (15/12% volume/value growth YoY in Q4FY23)The mix in Q4 was led by economy emulsions and waterproofingContent 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: Asian Paints, Godrej Consumers, Eicher Motors, Aditya Birla Capital

<ul><li>Exchanges: MCX revenue is expected to decline by 6.8% QoQ, mainly due to a decline in futures volume and flat options revenue (a drop in effective realisation due to lower premium collection)</li><li>Higher payout to tech vendor will impact EBITDA margin (~9.4%, down 1,345bps QoQ)</li><li>The tech transition remains the key overhang, MCX has been conducting mock trading sessions and the current transition timeline stands at 30 June 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.

Exchanges: MCX revenue is expected to decline by 6.8% QoQ, mainly due to a decline in futures volume and flat options revenue (a drop in effective realisation due to lower premium collection)Higher payout to tech vendor will impact EBITDA margin (~9.4%, down 1,345bps QoQ)The tech transition remains the key overhang, MCX has been conducting mock trading sessions and the current transition timeline stands at 30 June 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.

Exchanges, Staffing and Internet - Soft Landing

<ul><li>LIC Housing Finance: LICHF’s earnings continued to remain sub-par with P&amp;L outcomes significantly below estimates</li><li>Credit costs shot up to ~120bps (annualised), as the company shored up its Stage-III provisions to 51% (Q2FY23: 44%) in order to maintain healthy provisioning levels</li><li>While there were low incremental impairments (no write-offs during Q3), the slow pace of resolutions, particularly in project loans (GS-III at ~46%), remains a concer.</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.

LIC Housing Finance: LICHF’s earnings continued to remain sub-par with P&amp;L outcomes significantly below estimatesCredit costs shot up to ~120bps (annualised), as the company shored up its Stage-III provisions to 51% (Q2FY23: 44%) in order to maintain healthy provisioning levelsWhile there were low incremental impairments (no write-offs during Q3), the slow pace of resolutions, particularly in project loans (GS-III at ~46%), remains a concer.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: LIC Housing Finance, Vinati Organics, The Ramco Cements

<ul><li>Exchanges: MCX revenue is expected to increase by 7.4% QoQ and the margin will expand to 52.3% (+82bps QoQ)</li><li>We prefer MCX in the exchanges space, aided by continued traction in options volume, healthy new product pipeline (index and mini contracts) and expected cost savings due to a change in tech vendor</li><li>The extension of the support timeline by the existing technology vendor will impact profitability in the short term</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.

Exchanges: MCX revenue is expected to increase by 7.4% QoQ and the margin will expand to 52.3% (+82bps QoQ)We prefer MCX in the exchanges space, aided by continued traction in options volume, healthy new product pipeline (index and mini contracts) and expected cost savings due to a change in tech vendorThe extension of the support timeline by the existing technology vendor will impact profitability in the short termContent 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.

Exchanges, Staffing and Internet - Mixed Bag

<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>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.

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

India

BSE Ltd. is Asia's oldest stock exchange, providing a transparent market for trading in equities, debt instruments, derivatives, mutual funds, and other securities. It offers services including listing, trading, clearing, settlement, and data services, and operates platforms for SMEs and mutual fund distribution. The company is headquartered in Mumbai, India, and was founded in 1875.

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BSE (BSE IN)

HSIE Results Daily: Asian Paints, Godrej Consumers, Eicher Motors, Aditya Birla Capital

Asian Paints: Asian Paints’ top line grew 11.3% YoY (four-year CAGR: 15%), marginally short of expectations (var: -1.6%). The decorative business...

HDFC Securities

Exchanges, Staffing and Internet - Soft Landing

MCX revenue is expected to decline by 6.8% QoQ, mainly due to a decline in futures volume and flat options revenue (a drop in effective realisation...

HDFC Securities

HSIE Results Daily: LIC Housing Finance, Vinati Organics, The Ramco Cements

Credit costs shot up to ~120bps (annualised), as the company shored up its Stage-III provisions to 51% (Q2FY23: 44%) in order to maintain healthy...

HDFC Securities

Exchanges, Staffing and Internet - Mixed Bag

We prefer MCX in the exchanges space, aided by continued traction in options volume, healthy new product pipeline (index and mini contracts) and...

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

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