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>Apollo Hospitals Enterprise: EBITDA grew 20% YoY, driven by a 13% YoY rise in sales</li><li>The hospital business delivered 10% YoY growth, supported by higher occupancy (67% vs 65% in Q4FY24) and 7% YoY ARPOB growth</li><li>Healthco grew 17% YoY, with offline and online sales up 17% and 22% YoY, respectively, while AHLL posted 11% YoY growth</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.

Apollo Hospitals Enterprise: EBITDA grew 20% YoY, driven by a 13% YoY rise in salesThe hospital business delivered 10% YoY growth, supported by higher occupancy (67% vs 65% in Q4FY24) and 7% YoY ARPOB growthHealthco grew 17% YoY, with offline and online sales up 17% and 22% YoY, respectively, while AHLL posted 11% YoY growthContent 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: Apollo Hospitals Enterprise, FSN E-Commerce Ventures (Nykaa), Lemon Tree

<ul><li>Eicher Motors: Eicher Motors’ Q3FY25 EBITDA margin at 24.9% was below our estimate of 27.2% and Bloomberg consensus estimate of 26.9%</li><li>Despite an adverse product mix, the street expectation was for better operating leverage (volumes up 19.5% QoQ) to overcome the launch and marketing expenses</li><li>However, the expenses related to five launches/unveils were Rs 700mn, which include Rs 200mn related to the EV ‘Flying Flea’.</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.

Eicher Motors: Eicher Motors’ Q3FY25 EBITDA margin at 24.9% was below our estimate of 27.2% and Bloomberg consensus estimate of 26.9%Despite an adverse product mix, the street expectation was for better operating leverage (volumes up 19.5% QoQ) to overcome the launch and marketing expensesHowever, the expenses related to five launches/unveils were Rs 700mn, which include Rs 200mn related to the EV ‘Flying Flea’.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: Eicher Motors, FSN E-Commerce Ventures (Nykaa), Kansai Nerolac

India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

<ul>
<li>Pepsico Inc (PEP US)  and Tata Consumer Products (TATACONS IN)  have partnered to launch a fusion snack, combining Kurkure with Ching's Secret Schezwan Chutney.</li>
<li>India aims for $1 trillion in exports by 2030, with $250 billion from the engineering sector, including automobiles and equipment. Infrastructure, energy transition, and innovation are key growth drivers.</li>
<li>India's beauty and personal care industry is heading into a consolidation phase, with M&amp;As on the rise. Nykaa’s successful buyouts and challenges faced by D2C brands are fueling this trend.</li>
</ul>


Pepsico Inc (PEP US)  and Tata Consumer Products (TATACONS IN)  have partnered to launch a fusion snack, combining Kurkure with Ching's Secret Schezwan Chutney.
India aims for $1 trillion in exports by 2030, with $250 billion from the engineering sector, including automobiles and equipment. Infrastructure, energy transition, and innovation are key growth drivers.
India's beauty and personal care industry is heading into a consolidation phase, with M&amp;As on the rise. Nykaa’s successful buyouts and challenges faced by D2C brands are fueling this trend.


#89 India Insight: PepsiCo-Tata Launch, Nykaa Fuels M&As, India Targets $1T Exports

<ul><li>Hero Motocorp: Hero MotoCorp Q1 PAT at INR 11.2bn (+20% YoY) exceeded our estimate of INR 10.6bn, driven by a better product mix and cost control initiatives</li><li>It continues to focus on the 125cc segment, with capacity increased from 25k units per month to 40k per month to cater to the demand for Xtreme 125R</li><li>With better consumer sentiment aided by marriage dates and the onset of the festive season, a significant recovery is expected in the rural 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.

Hero Motocorp: Hero MotoCorp Q1 PAT at INR 11.2bn (+20% YoY) exceeded our estimate of INR 10.6bn, driven by a better product mix and cost control initiativesIt continues to focus on the 125cc segment, with capacity increased from 25k units per month to 40k per month to cater to the demand for Xtreme 125RWith better consumer sentiment aided by marriage dates and the onset of the festive season, a significant recovery is expected in the rural 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: Hero Motocorp, Apollo Hospitals Enterprise, FSN E-Commerce Ventures (Nykaa)

Equity Analyst - Asia Consumer Sector, Investory

Devi Subhakesan

Equity Analyst - Asia Consumer Sector

ASIA CONSUMER: INSIGHTS AND INVESTMENT IDEAS

Investory

Investory is a Singapore-based boutique independent equity research firm founded in January 2017 with a primary focus on consumption themes across Asia-Pacific.

We aim to generate investible ideas based on consumption trends and outlook. We screen our ideas on several parameters - product potential, long-term growth and management commitment being the most critical.  We follow a fundamental analysis approach in our stock selection process and are not restricted by market cap.

We aspire to grow into a leading source of unbiased research, free of conflict of interest, for investors yearning for independent and disciplined analysis. 

We also undertake bespoke research mandates to support our Institutional clients’ investment needs.

Our team comprises of professionals with extensive experience in the Asian equity markets, in areas ranging from research, servicing institutional clients and investment management.

<ul>
<li>Welcome to Consumer Tales &amp; Trends, your weekly roundup of the latest corporate developments, investment reports and sector events in the consumer industry.</li>
<li>
<a href="https://www.smartkarma.com/entities/dfi-retail-group-holdings-ltd" target="_blank" data-smartkarma-citation="entities:7427:1" rel="noopener">DFI Retail (DFI SP)</a> : Improved profitability and robust cash flows makes the stock attractive with limited downside; it is trading at nearly 5% dividend yield.</li>
<li>
<a href="https://www.smartkarma.com/entities/ola-electric-mobility-pvt-ltd" target="_blank" data-smartkarma-citation="entities:40618:1" rel="noopener">Ola Electric IPO </a>was oversubscribed by 4.26 times and debuted at par with the issue price of Rs76 at the exchanges today</li>
</ul>


Welcome to Consumer Tales &amp; Trends, your weekly roundup of the latest corporate developments, investment reports and sector events in the consumer industry.

DFI Retail (DFI SP) : Improved profitability and robust cash flows makes the stock attractive with limited downside; it is trading at nearly 5% dividend yield.

Ola Electric IPO was oversubscribed by 4.26 times and debuted at par with the issue price of Rs76 at the exchanges today


Consumer Tales Aug Wk#2: DFI Retail Pivots, Kalyan Glitters, Ola Lists, FirstCry IPO Closes

India

FSN E-Commerce Ventures Ltd., operating as Nykaa, is an Indian retail company specializing in beauty, wellness, and fashion products. It sells products online and through physical stores, offering a wide assortment from various brands, including its own. The company is headquartered in Mumbai, India, and was founded in April 2012.

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Nykaa (NYKAA IN)

HSIE Results Daily: Apollo Hospitals Enterprise, FSN E-Commerce Ventures (Nykaa), Lemon Tree

The hospital business delivered 10% YoY growth, supported by higher occupancy (67% vs 65% in Q4FY24) and 7% YoY ARPOB growth

HDFC Securities

HSIE Results Daily: Eicher Motors, FSN E-Commerce Ventures (Nykaa), Kansai Nerolac

Eicher Motors: Eicher Motors’ Q3FY25 EBITDA margin at 24.9% was below our estimate of 27.2% and Bloomberg consensus estimate of 26.9%

HDFC Securities

#89 India Insight: PepsiCo-Tata Launch, Nykaa Fuels M&As, India Targets $1T Exports

PepsiCo and Tata team up for new snack, India targets $1 trillion exports by 2030, beauty industry in consolidation phase with M&As on the rise.

Sudarshan Bhandari

HSIE Results Daily: Hero Motocorp, Apollo Hospitals Enterprise, FSN E-Commerce Ventures (Nykaa)

Hero Motocorp: Hero MotoCorp Q1 PAT at INR 11.2bn (+20% YoY) exceeded our estimate of INR 10.6bn, driven by a better product mix and cost control...

HDFC Securities

Consumer Tales Aug Wk#2: DFI Retail Pivots, Kalyan Glitters, Ola Lists, FirstCry IPO Closes

Weekly roundup of the latest investment reports and sector events in the consumer industry: Quarterly updates- DFI Retail, Kalyan Jewellers, Yum...

Devi Subhakesan

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HSIE Results Daily: Apollo Hospitals Enterprise, FSN E-Commerce Ventures (Nykaa), Lemon Tree

The hospital business delivered 10% YoY growth, supported by higher occupancy (67% vs 65% in Q4FY24) and 7% YoY ARPOB growth

HDFC Securities

HSIE Results Daily: Eicher Motors, FSN E-Commerce Ventures (Nykaa), Kansai Nerolac

Eicher Motors: Eicher Motors’ Q3FY25 EBITDA margin at 24.9% was below our estimate of 27.2% and Bloomberg consensus estimate of 26.9%

HDFC Securities

#89 India Insight: PepsiCo-Tata Launch, Nykaa Fuels M&As, India Targets $1T Exports

​PepsiCo and Tata team up for new snack, India targets $1 trillion exports by 2030, beauty industry in consolidation phase with M&As on the rise.

Sudarshan Bhandari

HSIE Results Daily: Hero Motocorp, Apollo Hospitals Enterprise, FSN E-Commerce Ventures (Nykaa)

Hero Motocorp: Hero MotoCorp Q1 PAT at INR 11.2bn (+20% YoY) exceeded our estimate of INR 10.6bn, driven by a better product mix and cost control...

HDFC Securities

Consumer Tales Aug Wk#2: DFI Retail Pivots, Kalyan Glitters, Ola Lists, FirstCry IPO Closes

Weekly roundup of the latest investment reports and sector events in the consumer industry: Quarterly updates- DFI Retail, Kalyan Jewellers, Yum...

Devi Subhakesan

PepsiCo and Tata team up for new snack, India targets $1 trillion exports by 2030, beauty industry in consolidation phase with M&As on the rise.