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>Tiles exports soared to an all-time high of INR 17.6bn in Mar-23</li><li>Owing to weak H1FY23 (muted demand environment), overall tiles volume grew by 3% YoY in FY23 to 458mn SQM (5-year CAGR: 14%)</li><li>Laminate exports picked up: volume/revenue grew 23/18% MoM in Mar-23 (12-month high)</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.

Tiles exports soared to an all-time high of INR 17.6bn in Mar-23Owing to weak H1FY23 (muted demand environment), overall tiles volume grew by 3% YoY in FY23 to 458mn SQM (5-year CAGR: 14%)Laminate exports picked up: volume/revenue grew 23/18% MoM in Mar-23 (12-month high)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>Indian Oil Corporation: Our ADD rating on Indian Oil Corporation (IOCL), with a target price of INR 95, is premised on robust refining and marketing margins, offset by elevated debt owing to a rise in working capital requirement and capex</li><li>IOCL’s reported EBITDA stood at INR 153bn (+30% YoY, +4.3x QoQ), while the APAT stood at INR 101bn, coming in well above our estimate</li><li>The beat was largely on account of better-than-expected performance from the refining and petchem segments.</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.

Indian Oil Corporation: Our ADD rating on Indian Oil Corporation (IOCL), with a target price of INR 95, is premised on robust refining and marketing margins, offset by elevated debt owing to a rise in working capital requirement and capexIOCL’s reported EBITDA stood at INR 153bn (+30% YoY, +4.3x QoQ), while the APAT stood at INR 101bn, coming in well above our estimateThe beat was largely on account of better-than-expected performance from the refining and petchem segments.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: Indian Oil Corporation, CreditAccess Grameen

External broker reports(aggregated public sources), Prabhudas Lilladhar

Prabhudas Lilladhar

Prabhudas Lilladher is one of India's leading research based financial services organisation.

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.

Equity Bottom-Up

<ul><li>CPBI has maintained its revenue guidance in its Plywood/Laminate/MDF/PB segments at 12%/10%/40%+/flat for Q4FY25.</li><li>The company has also maintained its EBITDA margin guidance at 12.14%/10.12%/15% for Plywood/Laminate/MDF except PB reduced to single digit from 12-15% for Q4FY25.</li><li>We believe Plywood performance will continue with healthy volume growth and MDF with improved utilization benefit in margin in Q4FY25.</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.

CPBI has maintained its revenue guidance in its Plywood/Laminate/MDF/PB segments at 12%/10%/40%+/flat for Q4FY25.The company has also maintained its EBITDA margin guidance at 12.14%/10.12%/15% for Plywood/Laminate/MDF except PB reduced to single digit from 12-15% for Q4FY25.We believe Plywood performance will continue with healthy volume growth and MDF with improved utilization benefit in margin in Q4FY25.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.

Century Plyboard - Plywood Healthy Volume Growth Continue

<ul><li>Century Plyboards India: In Q2FY25, Century’s revenue grew 19% YoY, led by healthy growth in ply and MDF segments</li><li>EBITDA declined 23% YoY, owing to multi-quarter low MDF, laminate and particle board margin</li><li>APAT declined 59% YoY, owing to weak EBITDA, higher capital charges, lower other income, and higher tax rate</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.

Century Plyboards India: In Q2FY25, Century’s revenue grew 19% YoY, led by healthy growth in ply and MDF segmentsEBITDA declined 23% YoY, owing to multi-quarter low MDF, laminate and particle board marginAPAT declined 59% YoY, owing to weak EBITDA, higher capital charges, lower other income, and higher tax rateContent 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.

Century Plyboards India - Healthy Ply Result; Other Segments Disappointed

<ul><li>Century Plyboards India: In Q2FY25, Century’s revenue grew 19% YoY, led by healthy growth in ply and MDF segments</li><li>EBITDA declined 23% YoY, owing to multi-quarter low MDF, laminate and particle board margin</li><li>APAT declined 59% YoY, owing to weak EBITDA, higher capital charges, lower other income, and higher tax rate</li><li> </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.

Century Plyboards India: In Q2FY25, Century’s revenue grew 19% YoY, led by healthy growth in ply and MDF segmentsEBITDA declined 23% YoY, owing to multi-quarter low MDF, laminate and particle board marginAPAT declined 59% YoY, owing to weak EBITDA, higher capital charges, lower other income, and higher tax rate 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.

Century Plyboards India- Healthy Ply Result; Other Segments Disappointed

India

Century Plyboards is an Indian manufacturer and exporter of wood panel and interior infrastructure products. The company offers a comprehensive range of products including plywood, laminates, decorative veneers, medium-density fiberboard (MDF), pre-laminated boards, particle boards, and flush doors. It was founded in 1986 and is headquartered in Kolkata, India.

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Century Plyboards (CPBI IN)

Building Materials - EXIM Trades Firm Up

Tiles exports soared to an all-time high of INR 17.6bn in Mar-23Owing to weak H1FY23 (muted demand environment), overall tiles volume grew by 3%...

HDFC Securities

HSIE Results Daily: Indian Oil Corporation, CreditAccess Grameen

Our ADD rating on Indian Oil Corporation (IOCL), with a target price of INR 95, is premised on robust refining and marketing margins

HDFC Securities

Century Plyboard - Plywood Healthy Volume Growth Continue

The company has also maintained its EBITDA margin guidance at 12.14%/10.12%/15% for Plywood/Laminate/MDF except PB reduced to single digit from 12...

Prabhudas Lilladhar

Century Plyboards India - Healthy Ply Result; Other Segments Disappointed

Century Plyboards India: In Q2FY25, Century’s revenue grew 19% YoY, led by healthy growth in ply and MDF segments. EBITDA declined 23% YoY, owing...

HDFC Securities

Century Plyboards India- Healthy Ply Result; Other Segments Disappointed

Century Plyboards India: In Q2FY25, Century’s revenue grew 19% YoY, led by healthy growth in ply and MDF segments. EBITDA declined 23% YoY, owing...

HDFC Securities

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