External broker reports(aggregated public sources), HDFC Securities

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<ul><li>We recently interacted with numerous store managers and companies to assess the festive performance and demand in discretionary categories</li><li>Despite a promising start to the festive season, most categories (excluding jewellery and travel) seem to have hit the snooze button</li><li>Several factors contribute to this, including (1) the normalisation of ticket sizes and purchase frequencies, (2) weak footfalls (on a per sq foot basis), and (3) a trend towards downtrading</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 recently interacted with numerous store managers and companies to assess the festive performance and demand in discretionary categoriesDespite a promising start to the festive season, most categories (excluding jewellery and travel) seem to have hit the snooze buttonSeveral factors contribute to this, including (1) the normalisation of ticket sizes and purchase frequencies, (2) weak footfalls (on a per sq foot basis), and (3) a trend towards downtradingContent 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 temperature check: Festive mood sombre

<ul><li>Berger Paints: BRGR grew 9.8% growth YoY to INR30.3bn (broadly in-line HSIE: INR30bn)</li><li>Decorative business grew 11.4% (~14% volume growth)</li><li>Industrial businesses performed well, aided by improved realization</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.

Berger Paints: BRGR grew 9.8% growth YoY to INR30.3bn (broadly in-line HSIE: INR30bn)Decorative business grew 11.4% (~14% volume growth)Industrial businesses performed well, aided by improved realizationContent 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: Berger Paints, Infoedge, Astral, Fsn E-Commerce Ventures (Nykaa)

<ul><li>Our discretionary universe is expected to grow by ~15% YoY in Q1FY24</li><li>However, beneath the averages lies the rub</li><li>Excluding 3 companies the average drops to sub 10%</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.

Our discretionary universe is expected to grow by ~15% YoY in Q1FY24However, beneath the averages lies the rubExcluding 3 companies the average drops to sub 10%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 Discretionary: Beneath the averages lies the rub

<ul><li>U.S. stocks closed higher Tuesday, with investors primed to take Wednesday’s inflation report in stride, while also hoping for a solid start to second-quarter corporate earnings later this week.</li><li>Treasury yields eased further, after rates pulled back on Monday from recent highs. The 10-year Treasury yield fell 2.6 basis points to 3.980% on Tuesday.</li><li>The June US consumer-price index report to be released on Wednesday is expected to show headline annual inflation falling to 3.1%, having hit a multi-decade peak of 9.1% a year before. </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.

U.S. stocks closed higher Tuesday, with investors primed to take Wednesday’s inflation report in stride, while also hoping for a solid start to second-quarter corporate earnings later this week.Treasury yields eased further, after rates pulled back on Monday from recent highs. The 10-year Treasury yield fell 2.6 basis points to 3.980% on Tuesday.The June US consumer-price index report to be released on Wednesday is expected to show headline annual inflation falling to 3.1%, having hit a multi-decade peak of 9.1% a year before. 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>Ashok Leyland: Ashok Leyland’s Q4 PAT, at INR 6.9bn, was ahead of our estimate, led by higher-than-expected ASP and a 50-bps margin beat to 11%</li><li>The margin beat was largely driven by a higher-than-expected gross margin</li><li>While AL has done well in FY23 in the MHCV goods segment (+550bps market share to 32.3%), its market share has declined sharply in the MHCV passenger segment to 28% for FY23 (-410bps), where it has traditionally been a market leader (slipped to the third position)</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.

Ashok Leyland: Ashok Leyland’s Q4 PAT, at INR 6.9bn, was ahead of our estimate, led by higher-than-expected ASP and a 50-bps margin beat to 11%The margin beat was largely driven by a higher-than-expected gross marginWhile AL has done well in FY23 in the MHCV goods segment (+550bps market share to 32.3%), its market share has declined sharply in the MHCV passenger segment to 28% for FY23 (-410bps), where it has traditionally been a market leader (slipped to the third position)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: Ashok Leyland, Fsn E-Commerce Ventures (Nykaa)

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)

Festive temperature check: Festive mood sombre

We recently interacted with numerous store managers and companies to assess the festive performance and demand in discretionary categories

HDFC Securities

HSIE Results Daily: Berger Paints, Infoedge, Astral, Fsn E-Commerce Ventures (Nykaa)

Berger Paints: BRGR grew 9.8% growth YoY to INR30.3bn (broadly in-line HSIE: INR30bn). Decorative business grew 11.4% (~14% volume growth)

HDFC Securities

Consumer Discretionary: Beneath the averages lies the rub

Our discretionary universe is expected to grow by ~15% YoY in Q1FY24. However, beneath the averages lies the rub. Excluding 3 companies the average...

HDFC Securities

Viewpoint: The Daily

Indian markets could open flat to mildly higher, in line with mostly higher Asian markets today and positive US markets on July 11.

HDFC Securities

HSIE Results Daily: Ashok Leyland, Fsn E-Commerce Ventures (Nykaa)

Ashok Leyland: Ashok Leyland’s Q4 PAT, at INR 6.9bn, was ahead of our estimate, led by higher-than-expected ASP and a 50-bps margin beat to 11%

HDFC Securities

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