External broker reports(aggregated public sources), HDFC Securities

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<ul><li>We expect our consumer coverage to report a high-single-digit revenue growth of 9% YoY, mainly driven by price hikes</li><li>At an aggregate level, we anticipate revenue and EBITDA growth of 9% and 1%, respectively, in 3QFY25</li><li>However, profitability is expected to decline by 6% due to negative operating leverage and gross margin pressures (excluding the liquor segment).</li></ul>Content is an 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 expect our consumer coverage to report a high-single-digit revenue growth of 9% YoY, mainly driven by price hikesAt an aggregate level, we anticipate revenue and EBITDA growth of 9% and 1%, respectively, in 3QFY25However, profitability is expected to decline by 6% due to negative operating leverage and gross margin pressures (excluding the liquor segment).Content is an 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 (3QFY25 Results Preview): Challenges Persist

<ul><li>We expect our consumer coverage to report revenue growth in mid-single-digits (6% yoy), driven by volume growth.</li><li>At an aggregate level, we expect revenue/EBITDA/net income growth of 5.6/6.3/6.7% respectively in 1QFY25.</li><li>Our ground checks suggest that the demand environment for FMCG products has started gradually improving because of (1) improving volume growth trends in rural areas on the back of a favourable base and the reducing impact of inflation</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 expect our consumer coverage to report revenue growth in mid-single-digits (6% yoy), driven by volume growth.At an aggregate level, we expect revenue/EBITDA/net income growth of 5.6/6.3/6.7% respectively in 1QFY25.Our ground checks suggest that the demand environment for FMCG products has started gradually improving because of (1) improving volume growth trends in rural areas on the back of a favourable base and the reducing impact of inflationContent 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, QSR & Alco Bev (Q1FY25 Results Preview): On an improving trajectory

<ul><li>Festive season fails to cheer up demand: Our QSR universe, over the past few quarters, has seen a sustained deceleration in demand (SSSG turned negative in Q2FY24)</li><li>Come Q3FY24, there were expectations of the festive season and World Cup acting as an inflection point to demand recovery, which unfortunately has not panned out</li><li>As a result, we expect key growth metrics (SSSG, ADS, etc.) to remain under pressure</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.

Festive season fails to cheer up demand: Our QSR universe, over the past few quarters, has seen a sustained deceleration in demand (SSSG turned negative in Q2FY24)Come Q3FY24, there were expectations of the festive season and World Cup acting as an inflection point to demand recovery, which unfortunately has not panned outAs a result, we expect key growth metrics (SSSG, ADS, etc.) to remain under pressureContent 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.

QSR (Q3FY24 Results Preview): Demand Pangs

<ul><li>Infoedge: Infoedge reported a decent quarter with better-than-expected revenue, billings, and margin performance in a challenging environment</li><li>The core recruitment segment billing was flat YoY (-4% YoY in Q1) due to the continued slowdown in IT hiring (~60% of recruitment), offset by traction in non-IT sectors like BFSI, travel, auto, construction, etc</li><li>Recruitment billings have witnessed two strong years of &gt;30% YoY growth, which is slowing down in FY24E due to the base effect and lower hiring activity</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.

Infoedge: Infoedge reported a decent quarter with better-than-expected revenue, billings, and margin performance in a challenging environmentThe core recruitment segment billing was flat YoY (-4% YoY in Q1) due to the continued slowdown in IT hiring (~60% of recruitment), offset by traction in non-IT sectors like BFSI, travel, auto, construction, etcRecruitment billings have witnessed two strong years of &gt;30% YoY growth, which is slowing down in FY24E due to the base effect and lower hiring activityContent 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: Infoedge, Hindustan Petroleum Corporation, JK Cement

<ul><li>Demand weakness persists: Over the past few quarters, our QSR universe has seen sustained demand deceleration</li><li>Demand normalisation and deteriorating consumer sentiment caused SSSG to turn from flat to negative</li><li>We expect a further slowdown in growth metrics (SSSG, ADS, etc.) in Q2FY24</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.

Demand weakness persists: Over the past few quarters, our QSR universe has seen sustained demand decelerationDemand normalisation and deteriorating consumer sentiment caused SSSG to turn from flat to negativeWe expect a further slowdown in growth metrics (SSSG, ADS, etc.) in Q2FY24Content 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.

QSR (Q2FY24 Results Preview): Weakness in demand,margins to persist

India

Devyani International is one of India's largest and fastest-growing Quick Service Restaurant (QSR) operators, functioning as the largest franchisee for Yum! Brands, operating KFC and Pizza Hut outlets, and the exclusive franchisee for Costa Coffee in India. The company also develops its own brands, including Vaango and The Food Street. Devyani International was founded in 1991 and is headquartered in Gurugram, Haryana, India.

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Devyani International (DEVYANI IN)

Consumer (3QFY25 Results Preview): Challenges Persist

We expect our consumer coverage to report a high-single-digit revenue growth of 9% YoY, mainly driven by price hikes. At an aggregate level, we...

HDFC Securities

FMCG, QSR & Alco Bev (Q1FY25 Results Preview): On an improving trajectory

We expect our consumer coverage to report revenue growth in mid-single-digits (6% yoy), driven by volume growth. At an aggregate level, we expect...

HDFC Securities

QSR (Q3FY24 Results Preview): Demand Pangs

Festive season fails to cheer up demand: Our QSR universe, over the past few quarters, has seen a sustained deceleration in demand (SSSG turned...

HDFC Securities

HSIE Results Daily: Infoedge, Hindustan Petroleum Corporation, JK Cement

Infoedge reported a decent quarter with better-than-expected revenue, billings, and margin performance in a challenging environment

HDFC Securities

QSR (Q2FY24 Results Preview): Weakness in demand,margins to persist

Demand normalisation and deteriorating consumer sentiment caused SSSG to turn from flat to negative. We expect a further slowdown in growth metrics...

HDFC Securities

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