External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

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<ul><li>Expect similar volume CAGR, revenue to grow by 9/11% on YoY/three-year CAGR: Our FMCG coverage universe is expected to deliver growth of 9/11% on YoY/three-year CAGR in revenue in Q3FY23 (vs 17/10% in Q3FY22 and 8/11% in Q2FY23)</li><li>Rural demand remained tepid while some green shoots were visible at the end of the quarter</li><li>Urban demand too was not different from that seen in Q2</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.

Expect similar volume CAGR, revenue to grow by 9/11% on YoY/three-year CAGR: Our FMCG coverage universe is expected to deliver growth of 9/11% on YoY/three-year CAGR in revenue in Q3FY23 (vs 17/10% in Q3FY22 and 8/11% in Q2FY23)Rural demand remained tepid while some green shoots were visible at the end of the quarterUrban demand too was not different from that seen in Q2Content 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.

FMCG & Alco Bev (Q3FY23 Results Preview): Unchanged demand trend, some respite in margins

Research on Indian Equities, Diary Of A Private Investor

Private Investor

Research on Indian Equities

Diary Of A Private Investor

Diary Of A Private Investor is my attempt to share Notes, Research and Thoughts as I carry out day-to-day chores as a Full-Time Investor in the Indian Equity Markets. I am looking to write about everything markets; from Business Insights, Stock Specific Research, Useful Analysis Concepts and Interesting Perspectives on Investing. I am currently a Full-Time Investor and I’ve been investing for over 6 years now, including professional stints at a couple of Research & Fund Management Firms. Over these years in the market, I’ve had a unique experience to learn the roots of traditional investing as well as the new-age investing frameworks; and with this unique blend is how I approach the Puzzle of Investing.

<ul><li>Retailing is a straight forward business model wherein growth is primarily driven by continuous addition of new stores.</li><li>And the ability to add new stores is dependent on two key aspects- 1. Retailer’s Right To Win Proposition to add new stores makes sense only when the retailer can generate revenues from the new store.</li><li>And this revenue generation from new stores is dependent on the demand of end products and what value one is providing to its customers to capture a part of that demand.</li></ul>

Retailing is a straight forward business model wherein growth is primarily driven by continuous addition of new stores.And the ability to add new stores is dependent on two key aspects- 1. Retailer’s Right To Win Proposition to add new stores makes sense only when the retailer can generate revenues from the new store.And this revenue generation from new stores is dependent on the demand of end products and what value one is providing to its customers to capture a part of that demand.

SSG- The Most Important Metric in Retailing

<ul><li>Godrej Consumers: GCPL’s consolidated revenue grew 7% YoY, with domestic/international clocking 8/6% YoY growth (9/8% three-year CAGR)</li><li>The Indian business continued to be led mainly by a high share of price hike (13% YoY), with domestic volume contracting by 5% YoY (three-year CAGR at 1% vs HUL’s 3%), impacted by HI</li><li>Personal care sustained 18% growth (price hike-led), while home care was up 2%, with a delayed monsoon-led weak season (expect a recovery in Q3)</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.

Godrej Consumers: GCPL’s consolidated revenue grew 7% YoY, with domestic/international clocking 8/6% YoY growth (9/8% three-year CAGR)The Indian business continued to be led mainly by a high share of price hike (13% YoY), with domestic volume contracting by 5% YoY (three-year CAGR at 1% vs HUL’s 3%), impacted by HIPersonal care sustained 18% growth (price hike-led), while home care was up 2%, with a delayed monsoon-led weak season (expect a recovery in Q3)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: Godrej Consumers, Bharat Petroleum Corporation, Jubilant FoodWorks

<ul><li>Volume weakness to continue, revenue to grow by 15/10% on YoY/three-year CAGR (weak ex-ITC): Our FMCG coverage universe is expected to deliver growth of 10/15% on YoY/three-year CAGR in revenue in Q2FY23 (vs 12/7% in Q2FY22 and 24/11% in Q1FY23)</li><li>ITC’s strong reported growth will drive the aggregate growth for Q2FY23, ex-ITC we expect overall weakness in volume</li><li>Demand trends in our FMCG universe for Q2FY23 will be similar to the trends seen in the previous two quarters where demand was impacted by the retail inflation (particular in rural).</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.

Volume weakness to continue, revenue to grow by 15/10% on YoY/three-year CAGR (weak ex-ITC): Our FMCG coverage universe is expected to deliver growth of 10/15% on YoY/three-year CAGR in revenue in Q2FY23 (vs 12/7% in Q2FY22 and 24/11% in Q1FY23)ITC’s strong reported growth will drive the aggregate growth for Q2FY23, ex-ITC we expect overall weakness in volumeDemand trends in our FMCG universe for Q2FY23 will be similar to the trends seen in the previous two quarters where demand was impacted by the retail inflation (particular in rural).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.

FMCG & Alco Bev (Q2FY23 Results Preview): Growth and margin to remain under pressure

<ul><li>Aggregate revenue/EBITDA to grow by 9/4% on three-year CAGR: Our FMCG coverage universe is expected to deliver growth of 9/4% on three-year CAGR in revenue/EBITDA in Q1FY23 (vs. 5/3% in Q1FY22 and 8/6% in Q4FY22).</li><li>Gross margin YoY pressures continue in Q1FY23: Commodity pressure continued into Q1FY23, impacting the margin (even sequentially).</li><li>Three-year CAGR: Our coverage universe is expected to deliver 9/4% three- year revenue/EBITDA CAGRs in Q1.</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.

Aggregate revenue/EBITDA to grow by 9/4% on three-year CAGR: Our FMCG coverage universe is expected to deliver growth of 9/4% on three-year CAGR in revenue/EBITDA in Q1FY23 (vs. 5/3% in Q1FY22 and 8/6% in Q4FY22).Gross margin YoY pressures continue in Q1FY23: Commodity pressure continued into Q1FY23, impacting the margin (even sequentially).Three-year CAGR: Our coverage universe is expected to deliver 9/4% three- year revenue/EBITDA CAGRs in Q1.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.

FMCG & Alco Bev -  Sustaining Pressure on Demand and Margin

India

Jubilant Foodworks Ltd. owns and operates fast food chains. The Company offers donuts, baked goods, coffee, bagels, muffin, fruit milkshakes, smoothies, tea, sandwiches, pizza, and beverages. Jubilant Foodworks serves its products to customers throughout India.

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Jubilant Foodworks (JUBI IN)

FMCG & Alco Bev (Q3FY23 Results Preview): Unchanged demand trend, some respite in margins

Our FMCG coverage universe is expected to deliver growth of 9/11% on YoY/three-year CAGR in revenue in Q3FY23 (vs 17/10% in Q3FY22 and 8/11% in...

HDFC Securities

SSG- The Most Important Metric in Retailing

Retailing is a straight forward business model wherein growth is primarily driven by continuous addition of new stores.And the ability to add new...

Private Investor

HSIE Results Daily: Godrej Consumers, Bharat Petroleum Corporation, Jubilant FoodWorks

Godrej Consumers: GCPL’s consolidated revenue grew 7% YoY, with domestic/international clocking 8/6% YoY growth (9/8% three-year CAGR)

HDFC Securities

FMCG & Alco Bev (Q2FY23 Results Preview): Growth and margin to remain under pressure

Demand trends in our FMCG universe for Q2FY23 will be similar to the trends seen in the previous two quarters where demand was impacted by the...

HDFC Securities

FMCG & Alco Bev - Sustaining Pressure on Demand and Margin

Gross margin YoY pressures continue in Q1FY23: Commodity pressure continued into Q1FY23, impacting the margin (even sequentially).

HDFC Securities

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