External broker reports(aggregated public sources), HDFC Securities

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External broker reports(aggregated public sources)

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Equity Bottom-Up

<ul><li>Dilip Buildcon (DBL) reported revenue/EBITDA/APAT miss of -6.68.6/-17.3/52.6%</li><li>The EBITDA margin stood at 9.7% (-266.2/-47.9bps YoY/QoQ), a miss to our estimate of 11%</li><li>DBL expects a YoY revenue de-growth of 15% amid lower order inflows (OI) in 9MFY25, with a 10% EBITDA margin</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.

Dilip Buildcon (DBL) reported revenue/EBITDA/APAT miss of -6.68.6/-17.3/52.6%The EBITDA margin stood at 9.7% (-266.2/-47.9bps YoY/QoQ), a miss to our estimate of 11%DBL expects a YoY revenue de-growth of 15% amid lower order inflows (OI) in 9MFY25, with a 10% EBITDA marginContent 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.

Dilip Buildcon - Awaiting Ordering Pick-Up

Thematic (Sector/Industry)

<ul><li>Thermax: Thermax Ltd (TMX) reported revenue/EBITDA/APAT of INR 25.5/2.1/1.5bn, a miss on our estimates by 0/10/10%</li><li>During the quarter, TMX received INR 0.66bn as PSI incentive from Maharashtra government towards investment and job creation</li><li>TMX expects this incentive to repeat over next new quarters</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.

Thermax: Thermax Ltd (TMX) reported revenue/EBITDA/APAT of INR 25.5/2.1/1.5bn, a miss on our estimates by 0/10/10%During the quarter, TMX received INR 0.66bn as PSI incentive from Maharashtra government towards investment and job creationTMX expects this incentive to repeat over next new quartersContent 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: Thermax, Deepak Nitrite, Brigade Enterprises, Crompton Consumer

<ul><li>Samvardhana Motherson International: SAMIL’s Q1 revenue was above our estimate, led by the modules and polymer products division</li><li>PAT at INR 9.9bn was higher than our estimates (INR 7.9bn) due to lower RM cost and lower depreciation</li><li>While ROCE for Q1 was ~18%, SAMIL maintained its long-term aspiration of 40%</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.

Samvardhana Motherson International: SAMIL’s Q1 revenue was above our estimate, led by the modules and polymer products divisionPAT at INR 9.9bn was higher than our estimates (INR 7.9bn) due to lower RM cost and lower depreciationWhile ROCE for Q1 was ~18%, SAMIL maintained its long-term aspiration of 40%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: Samvardhana Motherson International, Oil India, Happiest Minds Technologies

HSIE Results Daily: Samvardhana Motherson International, Oil India

<ul><li>NHAI’s FY24 awarding activity is muted, expect pick-up from H2FY25: With minimal awarding activity in Q4FY24, the overall FY24 awarding activity remained muted</li><li>FY24 was a truncated year for ordering with ~INR 330bn worth of project awards (vs average INR 1.2trn for the previous year)</li><li>NHAI is re-modelling the award mix towards BOT toll with INR 2trn worth of projects being envisaged to be bid out under this model, which seems to be a tall ask</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.

NHAI’s FY24 awarding activity is muted, expect pick-up from H2FY25: With minimal awarding activity in Q4FY24, the overall FY24 awarding activity remained mutedFY24 was a truncated year for ordering with ~INR 330bn worth of project awards (vs average INR 1.2trn for the previous year)NHAI is re-modelling the award mix towards BOT toll with INR 2trn worth of projects being envisaged to be bid out under this model, which seems to be a tall askContent 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.

Industrials (Q4FY24 Results Preview): Strong Ordering Ex-Roads

India

Dilip Buildcon Limited operates in engineering, procurement, and construction business. The Company focuses on development, operation, and maintenance of roads, bridges, culverts, tunnels, high capacity transport corridors, and subways, as well as building works, pump stations, civil structures, and ware housing structures.

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Dilip Buildcon Ltd (DBL IN)

Dilip Buildcon - Awaiting Ordering Pick-Up

Dilip Buildcon (DBL) reported revenue/EBITDA/APAT miss of -6.68.6/-17.3/52.6%. The EBITDA margin stood at 9.7% (-266.2/-47.9bps YoY/QoQ), a miss to...

HDFC Securities

HSIE Results Daily: Thermax, Deepak Nitrite, Brigade Enterprises, Crompton Consumer

During the quarter, TMX received INR 0.66bn as PSI incentive from Maharashtra government towards investment and job creation. TMX expects this...

HDFC Securities

HSIE Results Daily: Samvardhana Motherson International, Oil India, Happiest Minds Technologies

Samvardhana Motherson International: SAMIL’s Q1 revenue was above our estimate, led by the modules and polymer products division

HDFC Securities

HSIE Results Daily: Samvardhana Motherson International, Oil India

Samvardhana Motherson International: SAMIL’s Q1 revenue was above our estimate, led by the modules and polymer products division

HDFC Securities

Industrials (Q4FY24 Results Preview): Strong Ordering Ex-Roads

NHAI’s FY24 awarding activity is muted, expect pick-up from H2FY25: With minimal awarding activity in Q4FY24, the overall FY24 awarding activity...

HDFC Securities

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