External broker reports(aggregated public sources), HDFC Securities

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External broker reports(aggregated public sources)

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Thematic (Sector/Industry)

<ul><li>State Bank of India: SBIN’s Q2FY24 outcomes missed estimates because of lower-than-expected non-interest income and higher opex stemming from wage arrears, partly offset by a provision reversal</li><li>Loan growth moderated (+12.4% YoY) as domestic margins stabilised at 3.45% (-2bps sequentially)</li><li>Gross slippages clocked in at 0.5% annualised, partly offset by healthy recoveries/w-offs, resulting in GNPAs trending further lower (2.6%)</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.

State Bank of India: SBIN’s Q2FY24 outcomes missed estimates because of lower-than-expected non-interest income and higher opex stemming from wage arrears, partly offset by a provision reversalLoan growth moderated (+12.4% YoY) as domestic margins stabilised at 3.45% (-2bps sequentially)Gross slippages clocked in at 0.5% annualised, partly offset by healthy recoveries/w-offs, resulting in GNPAs trending further lower (2.6%)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: State Bank of India, Titan, Gujarat Gas, Relaxo Footwears, Orient Electric

Equity Bottom-Up

<ul><li>Our ADD recommendation on Gujarat Gas (GGL), with a price target of INR 453, is premised on (1) volume growth of only ~9% CAGR over FY24-26E compared to ~18% volume growth seen over FY19-22; (2) increased pricing competition from alternate fuel in the industrial/commercial segment; and (3) low visibility on spot LNG prices in the medium term.</li><li>Q2FY24 EBITDA/PAT at INR 5/3bn came in above our estimates, owing to a higher-than-expected per unit EBITDA margin and volume.</li><li>Volume stood at 9.32mmscmd (22% YoY, +1% QoQ).</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 ADD recommendation on Gujarat Gas (GGL), with a price target of INR 453, is premised on (1) volume growth of only ~9% CAGR over FY24-26E compared to ~18% volume growth seen over FY19-22; (2) increased pricing competition from alternate fuel in the industrial/commercial segment; and (3) low visibility on spot LNG prices in the medium term.Q2FY24 EBITDA/PAT at INR 5/3bn came in above our estimates, owing to a higher-than-expected per unit EBITDA margin and volume.Volume stood at 9.32mmscmd (22% YoY, +1% QoQ).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.

Gujarat Gas (Q2FY24): Decline in Input Gas Cost Improves the Margin.

<ul><li>Our ADD recommendation on Gujarat Gas (GGL), with a price target of INR 483, is premised on (1) volume growth of only ~8% CAGR over FY23-25E compared to ~18% volume growth seen over FY19-22 (2) increased pricing competition from alternate fuel in the industrial/commercial segment and (3) low visibility on spot LNG prices in the medium term</li><li>Q1FY24 EBITDA/PAT at INR 3.9/2.2bn came in below our estimates, owing to a lower-than-expected per unit EBITDA margin</li><li>Overall volume grew 4% QoQ on account of higher CNG and industrial segment volume.</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 ADD recommendation on Gujarat Gas (GGL), with a price target of INR 483, is premised on (1) volume growth of only ~8% CAGR over FY23-25E compared to ~18% volume growth seen over FY19-22 (2) increased pricing competition from alternate fuel in the industrial/commercial segment and (3) low visibility on spot LNG prices in the medium termQ1FY24 EBITDA/PAT at INR 3.9/2.2bn came in below our estimates, owing to a lower-than-expected per unit EBITDA marginOverall volume grew 4% QoQ on account of higher CNG and industrial segment volume.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.

Gujarat Gas (Q1FY24): Weak Margins Impact Earnings. Maintain ADD

<ul><li>Asian Paints: Asian Paints’ top line grew 11.3% YoY (four-year CAGR: 15%), marginally short of expectations (var: -1.6%)</li><li>The decorative business clocked 16/13% volume/value growth (15/12% volume/value growth YoY in Q4FY23)</li><li>The mix in Q4 was led by economy emulsions and waterproofing</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.

Asian Paints: Asian Paints’ top line grew 11.3% YoY (four-year CAGR: 15%), marginally short of expectations (var: -1.6%)The decorative business clocked 16/13% volume/value growth (15/12% volume/value growth YoY in Q4FY23)The mix in Q4 was led by economy emulsions and waterproofingContent 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: Asian Paints, Godrej Consumers, Eicher Motors

<ul><li>Our ADD recommendation on Gujarat Gas (GGL), with a price target of INR 510, is premised on (1) volume growth of only ~8% CAGR over FY23-25E compared to ~18% volume growth seen over FY19-22 (2) increased pricing competition from alternate fuel in the industrial/commercial segment and (3) low visibility on spot LNG prices in the medium term</li><li>Q4FY23 EBITDA/PAT at INR 5.6/3.7bn came in below our estimates, owing to lower-than-expected per unit EBITDA margins</li><li>Volumes rose sharply QoQ by 22% on account of higher offtake by domestic household and industrial segments</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 ADD recommendation on Gujarat Gas (GGL), with a price target of INR 510, is premised on (1) volume growth of only ~8% CAGR over FY23-25E compared to ~18% volume growth seen over FY19-22 (2) increased pricing competition from alternate fuel in the industrial/commercial segment and (3) low visibility on spot LNG prices in the medium termQ4FY23 EBITDA/PAT at INR 5.6/3.7bn came in below our estimates, owing to lower-than-expected per unit EBITDA marginsVolumes rose sharply QoQ by 22% on account of higher offtake by domestic household and industrial segmentsContent 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.

Gujarat Gas (Results Review 4QFY23): Volume Growth Offset Margin Weakness.

India

Gujarat Gas Limited provides natural gas. The Company supplies piped natural gas to residential, commercial, and industrial customers. Gujarat Gas serves customers in India.

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Gujarat Gas Ltd (GUJGA IN)

HSIE Results Daily: State Bank of India, Titan, Gujarat Gas, Relaxo Footwears, Orient Electric

SBIN’s Q2FY24 outcomes missed estimates because of lower-than-expected non-interest income and higher opex stemming from wage arrears, partly...

HDFC Securities

Gujarat Gas (Q2FY24): Decline in Input Gas Cost Improves the Margin.

Q2FY24 EBITDA/PAT at INR 5/3bn came in above our estimates, owing to a higher-than-expected per unit EBITDA margin and volume.

HDFC Securities

Gujarat Gas (Q1FY24): Weak Margins Impact Earnings. Maintain ADD

Q1FY24 EBITDA/PAT at INR 3.9/2.2bn came in below our estimates, owing to a lower-than-expected per unit EBITDA margin. Overall volume grew 4% QoQ

HDFC Securities

HSIE Results Daily: Asian Paints, Godrej Consumers, Eicher Motors

Asian Paints: Asian Paints’ top line grew 11.3% YoY (four-year CAGR: 15%), marginally short of expectations (var: -1.6%). The decorative business...

HDFC Securities

Gujarat Gas (Results Review 4QFY23): Volume Growth Offset Margin Weakness.

Our ADD recommendation on GGL, with a price target of INR 510, is premised on (1) volume growth of only ~8% CAGR over FY23-25E compared to ~18%...

HDFC Securities

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