External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

HDFC securities is the best online trading platform for stocks, IPOs, mutual fund in India. 

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>Aggregate revenue three-year CAGR at 10%: Our appliances coverage universe is expected to deliver three-year revenue CAGR of 10% YoY in Q1FY23 (vs -3% in Q1FY22 and 12% in Q4FY22)</li><li>During Q1FY23, cooling products sustained their demand momentum, with India (ex-south) seeing a strong summer</li><li>Demand for electrical construction materials has sustained a healthy trend, led by strong housing and home improvement demand</li></ul><p><em>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.</em></p>

Aggregate revenue three-year CAGR at 10%: Our appliances coverage universe is expected to deliver three-year revenue CAGR of 10% YoY in Q1FY23 (vs -3% in Q1FY22 and 12% in Q4FY22)During Q1FY23, cooling products sustained their demand momentum, with India (ex-south) seeing a strong summerDemand for electrical construction materials has sustained a healthy trend, led by strong housing and home improvement demandContent 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 Durables (Q1FY23 Results Preview): Demand remains strong; margin recovery on the cards

Consumer Durables - Demand Remains Strong; Margin Recovery on the Cards

Equity Bottom-Up

<ul><li>We interacted with the management of Havells India (Havells) and remained confident in healthy growth for its core categories along with improving margin print</li><li>Sustained investments (manufacturing, distribution, marketing, etc.) are maintaining their market competitiveness across categories B-C demand is slow but B-B is largely compensating</li><li>A weak summer season will have its bearing on Lloyd and the fan business in the near term</li></ul><p><em>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.</em></p>

We interacted with the management of Havells India (Havells) and remained confident in healthy growth for its core categories along with improving margin printSustained investments (manufacturing, distribution, marketing, etc.) are maintaining their market competitiveness across categories B-C demand is slow but B-B is largely compensatingA weak summer season will have its bearing on Lloyd and the fan business in the near termContent 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.

Havells India - Core Remains Healthy Focus on Competitiveness. Maintain ADD

External broker reports(aggregated public sources), Nirmal Bang

Nirmal Bang

A Relationship Beyond Broking

Nirmal Bang, one of the leading stock broking companies in India, caters to retail and institutional clients by offering them a range of financial products and services, including equities, derivatives, commodities, currency derivatives, mutual funds, IPOs, insurance, depository services and PMS.

Nirmal Bang is drawn from a diversity of professional backgrounds, and blend of experience, skill and dedication is shared with its clients. Nirmal Bang emphasizes adequate, thorough research local and world-wide developments, balancing these with the astute discovery of intrinsic values, synergies and growth. The aim is simply to help the investors to maximize their returns.

<div><div><div><div><ul><li>Strong demand to continue; Capex plans announced: Management highlighted that the underlying demand is strong despite price hikes.</li></ul><div><div><div><div><ul><li>Strong summer season for Lloyds: The company is witnessing a good season in the AC segment on the back of early onset of summer, pent-up demand of the last two years.</li></ul><div><div><div><div><ul><li>Other takeaways: (1) The company has set exports target of 10% of revenue over the medium term.</li></ul></div></div></div></div></div></div></div></div></div></div></div></div><p><em>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.</em></p>

Strong demand to continue; Capex plans announced: Management highlighted that the underlying demand is strong despite price hikes.Strong summer season for Lloyds: The company is witnessing a good season in the AC segment on the back of early onset of summer, pent-up demand of the last two years.Other takeaways: (1) The company has set exports target of 10% of revenue over the medium term.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.

Havells India - Results Above Expectations; Strong Demand Trends to Drive Growth in near Term

External broker reports(aggregated public sources), ICICI Securities Ltd

ICICI Securities Limited

ICICI Securities Ltd

ICICI Securities Limited provides investment services. The Company provides corporate and investment banking, securities, wealth management, retail brokerage, initial public offerings, and advisory services. 

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.

<ul><li>Havells India (HIL) is India’s leading electrical appliances &amp; equipment manufacturer with a diversified product portfolio</li><li>In all its business segments, Havells has a strong presence in the organised product category with market share ranging between 6% and 20%</li><li>We value the stock at 53x FY24 EPS and revise the target price to Rs 1515/share</li><li class="content-highlight"><em>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.</em></li></ul>

Havells India (HIL) is India’s leading electrical appliances &amp; equipment manufacturer with a diversified product portfolioIn all its business segments, Havells has a strong presence in the organised product category with market share ranging between 6% and 20%We value the stock at 53x FY24 EPS and revise the target price to Rs 1515/shareContent 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.

Havells India: Slower Price Hikes Delay Margin Recovery

India

Havells India is a multinational fast-moving electrical goods (FMEG) company that manufactures and distributes a diverse range of industrial and consumer electrical products. Their offerings include circuit protection devices, cables and wires, motors, fans, modular switches, lighting, home appliances, and air conditioners. The company is headquartered in Noida, Uttar Pradesh, India, and was founded in 1958.

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Havells India (HAVL IN)

Consumer Durables (Q1FY23 Results Preview): Demand remains strong; margin recovery on the cards

Aggregate revenue three-year CAGR at 10%: Our appliances coverage universe is expected to deliver three-year revenue CAGR of 10% YoY in Q1FY23 (vs ...

HDFC Securities

Consumer Durables - Demand Remains Strong; Margin Recovery on the Cards

Aggregate revenue three-year CAGR at 10%: Our appliances coverage universe is expected to deliver three-year revenue CAGR of 10% YoY in Q1FY23 (vs....

HDFC Securities

Havells India - Core Remains Healthy Focus on Competitiveness. Maintain ADD

We interacted with the management of Havells India (Havells) and remained confident in healthy growth for its core categories along with improving...

HDFC Securities

Havells India - Results Above Expectations; Strong Demand Trends to Drive Growth in near Term

Havells India reported 4QFY22 revenue of Rs44.2bn, up 32.6% YoY, beating our/consensus estimates by 14.4%/16.2% due to healthy growth across all...

Nirmal Bang

Havells India: Slower Price Hikes Delay Margin Recovery

Havells India (HIL) is India’s leading electrical appliances & equipment manufacturer with a diversified product portfolio. In all its business...

ICICI Securities Limited

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