External broker reports(aggregated public sources), HDFC Securities

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Thematic (Sector/Industry)

<ul><li>With Q2 being one of the weakest quarters for the industry, neither is there any real sequential improvement seen in B2C demand environment, nor any sign of further deceleration.</li><li>On the other hand, demand momentum in B2B portfolio has sustained.</li><li>However, challenges witnessed in the past 12 months is expected to near its end (inflation, fan rating change). </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.

With Q2 being one of the weakest quarters for the industry, neither is there any real sequential improvement seen in B2C demand environment, nor any sign of further deceleration.On the other hand, demand momentum in B2B portfolio has sustained.However, challenges witnessed in the past 12 months is expected to near its end (inflation, fan rating change). 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.

Consumer Durables: Unchanged demand trend, margin likely bottoming out

<ul><li>ITC: ITC’s Q1 print was operationally in line, with EBITDA/APAT growing by 11/18% vs the expectation of 11/16%</li><li>Cigarette net revenue/EBIT growth was at 11% each, with volume growth at c.8% (4% four-year CAGR)</li><li>The relative stability in taxes backed by deterrent action by agencies on illicit trade continued to support cigarette recovery</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’s Q1 print was operationally in line, with EBITDA/APAT growing by 11/18% vs the expectation of 11/16%Cigarette net revenue/EBIT growth was at 11% each, with volume growth at c.8% (4% four-year CAGR)The relative stability in taxes backed by deterrent action by agencies on illicit trade continued to support cigarette recoveryContent 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, ONGC, Crompton Consumer, TTK Prestige, Galaxy Surfactants

<ul><li>Unseasonal rains disrupt sale of summer products, aggregate revenue YoY/four-year CAGR at 6/8%: Our appliances coverage universe is expected to deliver revenue YoY/four-year CAGR (ex-Butterfly/Sunflame acquisition) of 6/8% in Q1FY24 (vs 63/10% in Q1FY23 and 5/11% in Q4FY23)</li><li>The demand environment continues to remain volatile given rating change (fans and RAC), softness in consumer sentiment (largely bottom of the pyramid), and pricing actions</li><li>In addition to this, unseasonal rains during peak summer months disrupted sales of cooling products (room AC, air coolers, fans, etc.)</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.

Unseasonal rains disrupt sale of summer products, aggregate revenue YoY/four-year CAGR at 6/8%: Our appliances coverage universe is expected to deliver revenue YoY/four-year CAGR (ex-Butterfly/Sunflame acquisition) of 6/8% in Q1FY24 (vs 63/10% in Q1FY23 and 5/11% in Q4FY23)The demand environment continues to remain volatile given rating change (fans and RAC), softness in consumer sentiment (largely bottom of the pyramid), and pricing actionsIn addition to this, unseasonal rains during peak summer months disrupted sales of cooling products (room AC, air coolers, fans, etc.)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.

Consumer Durables - Unseasonal Rains Add to a Volatile Demand Environment

<ul><li>Bharat Petroleum Corporation: Our ADD rating on Bharat Petroleum (BPCL), with a target price of INR 390, is premised on robust refining and marketing margins, offset by elevated debt, owing to a rise in working capital requirement and capex</li><li>Q4FY23 EBITDA stood at INR 112bn, while APAT was at INR 65bn, coming in well above our estimates, supported by a better-than-expected performance from the marketing segment</li><li>Reported GRMs were at USD 20.6/bbl (+USD 5.3/bbl YoY, +USD 4.7/bbl QoQ, HSIE: USD 19.8/bbl). Gail (India): Our BUY recommendation on GAIL with a target price of INR 125 is based on (1) an increase in gas transmission volume to 123mmscmd by FY25 on the back of an increase in domestic gas production, (2) completion of major pipelines in eastern and southern India, and (3) expectation of improvement in earnings from the petchem segment</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.

Bharat Petroleum Corporation: Our ADD rating on Bharat Petroleum (BPCL), with a target price of INR 390, is premised on robust refining and marketing margins, offset by elevated debt, owing to a rise in working capital requirement and capexQ4FY23 EBITDA stood at INR 112bn, while APAT was at INR 65bn, coming in well above our estimates, supported by a better-than-expected performance from the marketing segmentReported GRMs were at USD 20.6/bbl (+USD 5.3/bbl YoY, +USD 4.7/bbl QoQ, HSIE: USD 19.8/bbl). Gail (India): Our BUY recommendation on GAIL with a target price of INR 125 is based on (1) an increase in gas transmission volume to 123mmscmd by FY25 on the back of an increase in domestic gas production, (2) completion of major pipelines in eastern and southern India, and (3) expectation of improvement in earnings from the petchem segmentContent 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: Bharat Petroleum Corporation, Gail (India), Vinati Organics

<ul><li>Delayed summer/low primary sales of rated fans to impact Q4 print, aggregate revenue YoY/four-year CAGR at 7/11%: Our appliances coverage universe is expected to deliver revenue YoY/four-year CAGR (ex-Butterfly acquisition) of 7/11% in Q4FY23 (vs 14/11% in Q4FY22 and 7/10% in Q3FY23)</li><li>Demand softness seen in the post-festive season in Q3FY23 has sustained in Q4FY23 as well on account of weak consumer sentiment and an inflationary environment, more so in the economy segment</li><li>Moreover, delayed summer during the quarter further impacted the sale of cooling products (room AC, air coolers, fans, etc.)</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.

Delayed summer/low primary sales of rated fans to impact Q4 print, aggregate revenue YoY/four-year CAGR at 7/11%: Our appliances coverage universe is expected to deliver revenue YoY/four-year CAGR (ex-Butterfly acquisition) of 7/11% in Q4FY23 (vs 14/11% in Q4FY22 and 7/10% in Q3FY23)Demand softness seen in the post-festive season in Q3FY23 has sustained in Q4FY23 as well on account of weak consumer sentiment and an inflationary environment, more so in the economy segmentMoreover, delayed summer during the quarter further impacted the sale of cooling products (room AC, air coolers, fans, etc.)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.

Consumer Durables - Delayed Summer Season to Impact Q4FY23 Print

India

Crompton Greaves Consumer Electricals Limited manufactures consumer electrical products. The Company offers fans, lamps, luminaires, and pumps, as well as a variety of other household appliances.

Crompton Greaves Consumer Electricals (CROMPTON IN)

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Crompton Greaves Consumer Electricals (CROMPTON IN)

Consumer Durables: Unchanged demand trend, margin likely bottoming out

With Q2 being one of the weakest quarters for the industry, neither is there any real sequential improvement seen in B2C demand environment, nor...

HDFC Securities

HSIE Results Daily: ITC, ONGC, Crompton Consumer, TTK Prestige, Galaxy Surfactants

ITC’s Q1 print was operationally in line, with EBITDA/APAT growing by 11/18% vs the expectation of 11/16%C. igarette net revenue/EBIT growth was at...

HDFC Securities

Consumer Durables - Unseasonal Rains Add to a Volatile Demand Environment

The demand environment continues to remain volatile given rating change (fans and RAC), softness in consumer sentiment (largely bottom of the...

HDFC Securities

HSIE Results Daily: Bharat Petroleum Corporation, Gail (India), Vinati Organics

Our ADD rating on Bharat Petroleum (BPCL), with a target price of INR 390, is premised on robust refining and marketing margins, offset by elevated...

HDFC Securities

Consumer Durables - Delayed Summer Season to Impact Q4FY23 Print

Our appliances coverage universe is expected to deliver revenue YoY/four-year CAGR (ex-Butterfly acquisition) of 7/11% in Q4FY23 (vs 14/11% in...

HDFC Securities

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