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>Havells India: Havells delivered a strong topline performance, led by broad-based growth across all categories, with a beat on our RAC and Switchgear estimates</li><li>Revenue grew by 16% on three-year CAGR (15% ex-Lloyd) while Lloyd business sustained 18% three-year revenue CAGR</li><li>All segments including Switchgear saw close to mid-teen three-year revenue CAGR</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>

Havells India: Havells delivered a strong topline performance, led by broad-based growth across all categories, with a beat on our RAC and Switchgear estimatesRevenue grew by 16% on three-year CAGR (15% ex-Lloyd) while Lloyd business sustained 18% three-year revenue CAGRAll segments including Switchgear saw close to mid-teen three-year revenue 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.

HSIE Results Daily: Havells India, JSW Energy, Kajaria Ceramics, ICICI Securities

<div><div><div><ul><li>NTPC: Generation is expected to report a strong growth of 19.8% YoY to 79.8bus, led by strong demand recovery during peak summer and low YoY base.</li><li>Powergrid: Capitalisation is expected to be at INR25bn (-56% YoY on a high base), while Capex is expected to be INR18.5bn (+67% YoY) in Q1FY23.</li><li><span style="font-size: var(--content-font-size);">Tata Power: Revenue is expected to grow by 21.6% YoY to INR123bn, led by improved generation at the Mundra plant, higher power demand across its distribution circles and executions across its solar EPC segment.</span></li></ul></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>

NTPC: Generation is expected to report a strong growth of 19.8% YoY to 79.8bus, led by strong demand recovery during peak summer and low YoY base.Powergrid: Capitalisation is expected to be at INR25bn (-56% YoY on a high base), while Capex is expected to be INR18.5bn (+67% YoY) in Q1FY23.Tata Power: Revenue is expected to grow by 21.6% YoY to INR123bn, led by improved generation at the Mundra plant, higher power demand across its distribution circles and executions across its solar EPC segment.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.

Power - Better Realisation and Low YoY Base to Boost PAT

<div><div><div><ul><li>Hybrid structures to gain more traction: We expect India will add ~342GW of RES capacity over FY22-FY30, led by solar +280GW which represents a capex opportunity of INR11.2 trillion (debt funding of INR9.0trillion).</li></ul><div><div><div><ul><li>Duty imposition and incentives to amplify domestic solar equipment industry: Duty imposition on cells/modules and other supportive schemes will provide the much- needed price parity for domestic manufacturers, to compete with Chinese players.</li></ul><div><div><div><ul><li>Green hydrogen—huge potential ahead: We believe that green hydrogen’s early adoption will take place across the fertilizer, refining, ammonia, marine, and steel industries.</li></ul></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>

Hybrid structures to gain more traction: We expect India will add ~342GW of RES capacity over FY22-FY30, led by solar +280GW which represents a capex opportunity of INR11.2 trillion (debt funding of INR9.0trillion).Duty imposition and incentives to amplify domestic solar equipment industry: Duty imposition on cells/modules and other supportive schemes will provide the much- needed price parity for domestic manufacturers, to compete with Chinese players.Green hydrogen—huge potential ahead: We believe that green hydrogen’s early adoption will take place across the fertilizer, refining, ammonia, marine, and steel industries.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.

Power - Shifting Energy Landscape: Grey to Green Gains Pace

<ul><li>Our power universe is expected to report a strong 30.8% YoY earnings growth, owing to better power demand in the latter part of Q4FY22 and overall improved merchant realisations</li><li>Revenue for our coverage universe is likely to improve by 7.5% YoY, while PAT is likely to grow 30.8% YoY during the quarter</li><li>The quarter also witnessed a steep rise in imported coal prices and domestic supply constraints, which led to almost 80 plants operating at low inventory levels</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>

Our power universe is expected to report a strong 30.8% YoY earnings growth, owing to better power demand in the latter part of Q4FY22 and overall improved merchant realisationsRevenue for our coverage universe is likely to improve by 7.5% YoY, while PAT is likely to grow 30.8% YoY during the quarterThe quarter also witnessed a steep rise in imported coal prices and domestic supply constraints, which led to almost 80 plants operating at low inventory levelsContent 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.

Power: Better Realisation and Low YoY Base to Boost PAT

Equity Bottom-Up

<p>JSW Energy: Higher realisation and increased generation at the Vijayanagar and hydro plants boosted Q3FY22 PAT by 126% YoY to INR3.2bn (above ours and consensus estimate). Net generation, however, declined 2.6% YoY to 4.5bn units, owing to lower generation across the Ratnagiri plant (on plant maintenance). Accordingly, PLF declined for the Ratnagiri stations, but was up for Vijayanagar and hydro plants; it was largely flat for the Barmer station. EBITDA too increased 31% YoY, aided by an improved topline and flat fuel cost (given job work arrangement by the company).</p>
<div 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></div>

JSW Energy: Higher realisation and increased generation at the Vijayanagar and hydro plants boosted Q3FY22 PAT by 126% YoY to INR3.2bn (above ours and consensus estimate). Net generation, however, declined 2.6% YoY to 4.5bn units, owing to lower generation across the Ratnagiri plant (on plant maintenance). Accordingly, PLF declined for the Ratnagiri stations, but was up for Vijayanagar and hydro plants; it was largely flat for the Barmer station. EBITDA too increased 31% YoY, aided by an improved topline and flat fuel cost (given job work arrangement by the company).
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: L&T Infotech, ICICI Lombard, JSW Energy, Tata Elxsi

India

JSW Energy Limited generates power by using Corex gas and coal. The Company, through its subsidiary, also operates lignite thermal power plant in Rajasthan and has a capacity to produce 3,140 megawatts of electricity. JSW is also present in the power trading and transmission businesses.

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JSW Energy Ltd (JSW IN)

HSIE Results Daily: Havells India, JSW Energy, Kajaria Ceramics, ICICI Securities

Havells India: Havells delivered a strong topline performance, led by broad-based growth across all categories, with a beat on our RAC and...

HDFC Securities

Power - Better Realisation and Low YoY Base to Boost PAT

NTPC: Generation is expected to report a strong growth of 19.8% YoY to 79.8bus, led by strong demand recovery during peak summer and low YoY base.

HDFC Securities

Power - Shifting Energy Landscape: Grey to Green Gains Pace

Renewables are poised to play a huge role in India’s energy sector, with capacity increasing fourfold by 2030, aided by stringent Renewable Power...

HDFC Securities

Power: Better Realisation and Low YoY Base to Boost PAT

Our power universe is expected to report a strong 30.8% YoY earnings growth, owing to better power demand in the latter part of Q4FY22 and overall...

HDFC Securities

HSIE Results Daily: L&T Infotech, ICICI Lombard, JSW Energy, Tata Elxsi

JSW Energy: Higher realisation and increased generation at the Vijayanagar and hydro plants boosted Q3FY22 PAT by 126% YoY to INR3.2bn (above ours...

HDFC Securities

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