External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

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Thematic (Sector/Industry)

<ul><li>Hindustan Unilever: HUL’s revenue growth of 6% YoY was below our expectations (HSIE: 9%), as inventory de-stocking by trade (1-3 days) in anticipation of price cuts led to a 3% volume growth (2% four-year CAGR, HSIE 6%)</li><li>Home care &amp; BPC saw mid-single-digit volume growth while F&amp;R volumes were flat</li><li>Benefits of GM expansion (+255bps YoY) were largely offset by (1) higher A&amp;P spends (2) capability building (restructuring in HFD portfolio) and (3) an increase in royalty rate which limited EBITDAM expansion to 55bps</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.

Hindustan Unilever: HUL’s revenue growth of 6% YoY was below our expectations (HSIE: 9%), as inventory de-stocking by trade (1-3 days) in anticipation of price cuts led to a 3% volume growth (2% four-year CAGR, HSIE 6%)Home care &amp; BPC saw mid-single-digit volume growth while F&amp;R volumes were flatBenefits of GM expansion (+255bps YoY) were largely offset by (1) higher A&amp;P spends (2) capability building (restructuring in HFD portfolio) and (3) an increase in royalty rate which limited EBITDAM expansion to 55bpsContent 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: Hindustan Unilever, Infosys

<ul><li>Unseasonal rains disrupt sale of summer products, aggregate revenue YoY/four-year CAGR at 6/8%: Our appliances coverage universe is expected to deliver revenue YoY/four-year CAGR (ex-Butterfly/Sunflame acquisition) of 6/8% in Q1FY24 (vs 63/10% in Q1FY23 and 5/11% in Q4FY23)</li><li>The demand environment continues to remain volatile given rating change (fans and RAC), softness in consumer sentiment (largely bottom of the pyramid), and pricing actions</li><li>In addition to this, unseasonal rains during peak summer months disrupted sales of cooling products (room AC, air coolers, fans, etc.)</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.

Unseasonal rains disrupt sale of summer products, aggregate revenue YoY/four-year CAGR at 6/8%: Our appliances coverage universe is expected to deliver revenue YoY/four-year CAGR (ex-Butterfly/Sunflame acquisition) of 6/8% in Q1FY24 (vs 63/10% in Q1FY23 and 5/11% in Q4FY23)The demand environment continues to remain volatile given rating change (fans and RAC), softness in consumer sentiment (largely bottom of the pyramid), and pricing actionsIn addition to this, unseasonal rains during peak summer months disrupted sales of cooling products (room AC, air coolers, fans, etc.)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 Durables - Unseasonal Rains Add to a Volatile Demand Environment

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>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 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

<ul><li>In Q4FY23, the HSIE CD index revenue (ex-OEM) grew by 6% YoY (+12% four-year CAGR), led by cooling/C&amp;W categories, which grew by 14/11/% YoY (15/15% CAGR)</li><li>Electric consumer durable (ECD) and lighting categories were weak at -3%/flat YoY (+7%/flat four-year CAGR)</li><li>Aggregate EBIT (ex-OEM) was up by 9% YoY (9% four-year CAGR) but it was largely driven by C&amp;W, which was up 30/19% YoY/CAGR</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.

In Q4FY23, the HSIE CD index revenue (ex-OEM) grew by 6% YoY (+12% four-year CAGR), led by cooling/C&amp;W categories, which grew by 14/11/% YoY (15/15% CAGR)Electric consumer durable (ECD) and lighting categories were weak at -3%/flat YoY (+7%/flat four-year CAGR)Aggregate EBIT (ex-OEM) was up by 9% YoY (9% four-year CAGR) but it was largely driven by C&amp;W, which was up 30/19% YoY/CAGRContent 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: Demand a mixed bag comfort on valuation

<ul><li>Titan: While Titan continued to clock healthy revenue growth of INR 103.6bn (up 33%; 4-year CAGR: 21%; HSIE: INR 98.8bn), the margin fell short of expectations</li><li>Jewellery sales (ex-bullion; standalone) grew 23.5% (4-year CAGR: 18.4%) in Q4FY23 as both the number of buyers and ticket sizes aided growth</li><li>Non-jewellery growth of 31% YoY (4-year CAGR: 13%) remained healthy too (in-line)</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.

Titan: While Titan continued to clock healthy revenue growth of INR 103.6bn (up 33%; 4-year CAGR: 21%; HSIE: INR 98.8bn), the margin fell short of expectationsJewellery sales (ex-bullion; standalone) grew 23.5% (4-year CAGR: 18.4%) in Q4FY23 as both the number of buyers and ticket sizes aided growthNon-jewellery growth of 31% YoY (4-year CAGR: 13%) remained healthy too (in-line)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: Titan, Havells India, Godrej Properties, Petronet LNG, CDSL, Orient Cement

India

Havells India Limited manufactures electrical products. The Company's products include building circuit protection equipment, industrial switchgears, energy meters, cables & wires, modular switches, fans and lighting products.

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Havells India (HAVL IN)

HSIE Results Daily: Hindustan Unilever, Infosys

HUL’s revenue growth of 6% YoY was below our expectations (HSIE: 9%), as inventory de-stocking by trade (1-3 days) in anticipation of price cuts...

HDFC Securities

Consumer Durables - Unseasonal Rains Add to a Volatile Demand Environment

The demand environment continues to remain volatile given rating change (fans and RAC), softness in consumer sentiment (largely bottom of the...

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

Consumer Durables: Demand a mixed bag comfort on valuation

In Q4FY23, the HSIE CD index revenue (ex-OEM) grew by 6% YoY (+12% four-year CAGR), led by cooling/C&W categories, which grew by 14/11/% YoY (15...

HDFC Securities

HSIE Results Daily: Titan, Havells India, Godrej Properties, Petronet LNG, CDSL, Orient Cement

Titan: While Titan continued to clock healthy revenue growth of INR 103.6bn (up 33%; 4-year CAGR: 21%; HSIE: INR 98.8bn), the margin fell short of...

HDFC Securities

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