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>Trent: Trent's topline growth continues to be stellar</li><li>Standalone revenue grew 53.5% YoY to INR25.4bn (HSIE: INR21.4bn)</li><li>Zudio continues to anchor this exceptional growth. All fashion formats delivered 12% SSSG</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.

Trent: Trent's topline growth continues to be stellarStandalone revenue grew 53.5% YoY to INR25.4bn (HSIE: INR21.4bn)Zudio continues to anchor this exceptional growth. All fashion formats delivered 12% SSSGContent 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: Trent, V-Guard Industries, CDSL

<ul><li>Exchanges: MCX revenue is expected to increase by 10.7% QoQ led by growth in options revenue (+23% QoQ)</li><li>Higher payout to tech vendor will impact EBITDA margin for FY24E (Q1FY24E margin will expand sequentially due to higher options revenue)</li><li>The tech transition remains the key overhang, MCX has been conducting mock trading sessions but the transition timeline has been extended to Q3FY24E</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 10.7% QoQ led by growth in options revenue (+23% QoQ)Higher payout to tech vendor will impact EBITDA margin for FY24E (Q1FY24E margin will expand sequentially due to higher options revenue)The tech transition remains the key overhang, MCX has been conducting mock trading sessions but the transition timeline has been extended to Q3FY24EContent 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: The road to recovery

<ul><li>Titan: While Titan continued to clock healthy revenue growth of INR 103.6bn (up 33%; 4-year CAGR: 21%; HSIE: INR 98.8bn), the margin fell short of expectations</li><li>Jewellery sales (ex-bullion; standalone) grew 23.5% (4-year CAGR: 18.4%) in Q4FY23 as both the number of buyers and ticket sizes aided growth</li><li>Non-jewellery growth of 31% YoY (4-year CAGR: 13%) remained healthy too (in-line)</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.

Titan: While Titan continued to clock healthy revenue growth of INR 103.6bn (up 33%; 4-year CAGR: 21%; HSIE: INR 98.8bn), the margin fell short of expectationsJewellery sales (ex-bullion; standalone) grew 23.5% (4-year CAGR: 18.4%) in Q4FY23 as both the number of buyers and ticket sizes aided growthNon-jewellery growth of 31% YoY (4-year CAGR: 13%) remained healthy too (in-line)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: Titan, Havells India, Godrej Properties, Petronet LNG, CDSL, Orient Cement

<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>ITC: ITC delivered another quarter with a beat in earnings</li><li>Net revenue and EBITDA clocked 3/22% YoY growth vs the expectation of 5/14%</li><li>Cigarette revenue growth was at 17% YoY (HSIE 14%), with volume growth at ~15% (6.5% three-year CAGR)</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 delivered another quarter with a beat in earningsNet revenue and EBITDA clocked 3/22% YoY growth vs the expectation of 5/14%Cigarette revenue growth was at 17% YoY (HSIE 14%), with volume growth at ~15% (6.5% three-year CAGR)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: ITC, Tata Power, Marico, CDSL, Mahanagar Gas

India

Central Depository Services (India) Limited (CDSL) is an Indian central securities depository that facilitates the holding and transaction of securities in electronic form, enabling the settlement of trades on stock exchanges. It offers services such as dematerialization of securities, e-voting, and maintaining electronic records for various financial instruments. CDSL is headquartered in Mumbai, India, and was founded in 1999.

Central Depository Services (India) (CDSL IN)

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Central Depository Services (India) (CDSL IN)

HSIE Results Daily: Trent, V-Guard Industries, CDSL

Standalone revenue grew 53.5% YoY to INR25.4bn (HSIE: INR21.4bn). Zudio continues to anchor this exceptional growth. All fashion formats delivered...

HDFC Securities

Exchanges, Staffing and Internet: The road to recovery

Higher payout to tech vendor will impact EBITDA margin for FY24E (Q1FY24E margin will expand sequentially due to higher options revenue)

HDFC Securities

HSIE Results Daily: Titan, Havells India, Godrej Properties, Petronet LNG, CDSL, Orient Cement

Titan: While Titan continued to clock healthy revenue growth of INR 103.6bn (up 33%; 4-year CAGR: 21%; HSIE: INR 98.8bn), the margin fell short of...

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: ITC, Tata Power, Marico, CDSL, Mahanagar Gas

ITC: ITC delivered another quarter with a beat in earnings. Net revenue and EBITDA clocked 3/22% YoY growth vs the expectation of 5/14%

HDFC Securities

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