External broker reports(aggregated public sources), HDFC Securities

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External broker reports(aggregated public sources)

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<ul><li>NHAI’s FY24 awarding activity is muted, expect pick-up from H2FY25: With minimal awarding activity in Q4FY24, the overall FY24 awarding activity remained muted</li><li>FY24 was a truncated year for ordering with ~INR 330bn worth of project awards (vs average INR 1.2trn for the previous year)</li><li>NHAI is re-modelling the award mix towards BOT toll with INR 2trn worth of projects being envisaged to be bid out under this model, which seems to be a tall ask</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.

NHAI’s FY24 awarding activity is muted, expect pick-up from H2FY25: With minimal awarding activity in Q4FY24, the overall FY24 awarding activity remained mutedFY24 was a truncated year for ordering with ~INR 330bn worth of project awards (vs average INR 1.2trn for the previous year)NHAI is re-modelling the award mix towards BOT toll with INR 2trn worth of projects being envisaged to be bid out under this model, which seems to be a tall askContent 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.

Industrials (Q4FY24 Results Preview): Strong Ordering Ex-Roads

<ul><li>Lupin: EBITDA growth (+98% YoY and +11% QoQ) was led by 20% YoY sales growth (US: flat QoQ, India +13% YoY, EMEA: +36% YoY and +71% RoW), higher GM (+629 bps YoY), but it was partly offset by higher costs (staff/R&amp;D/SG&amp;A up +16/ 23/ 15% YoY)</li><li>LPC expects the US business to see single-digit growth on traction in gSpiriva (targets ~40% market share in FY25) and new launches (opthal, injectable, respiratory, etc.)</li><li>It expects its India business to see double-digit growth as slower growth in anti-diabetic (patent expiry of in-licensing products in FY25) is expected to be offset by traction in key therapies and new launches</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.

Lupin: EBITDA growth (+98% YoY and +11% QoQ) was led by 20% YoY sales growth (US: flat QoQ, India +13% YoY, EMEA: +36% YoY and +71% RoW), higher GM (+629 bps YoY), but it was partly offset by higher costs (staff/R&amp;D/SG&amp;A up +16/ 23/ 15% YoY)LPC expects the US business to see single-digit growth on traction in gSpiriva (targets ~40% market share in FY25) and new launches (opthal, injectable, respiratory, etc.)It expects its India business to see double-digit growth as slower growth in anti-diabetic (patent expiry of in-licensing products in FY25) is expected to be offset by traction in key therapies and new launchesContent 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: Lupin, Cummins, Apollo Tyres, Kalpataru Projects International

<ul><li>NHAI has delivered a very successful highway program, following the advent of Bharatmala (BM-1)</li><li>The huge scaling up of the NH program in terms of getting the model right, awarding, executing, financing, creating a highly competitive vendor ecosystem, and monetizing assets is no mean task and involves significant execution complexities that could have only been handled by the N’HAI’ Way</li><li>We have done an in-depth analysis of the NHAI financial model and believe that concerns about debt may get tackled from FY31 onwards as NHAI is capable of meeting its debt commitments on its own and solely relying on budgetary support for additional NH capex</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.

NHAI has delivered a very successful highway program, following the advent of Bharatmala (BM-1)The huge scaling up of the NH program in terms of getting the model right, awarding, executing, financing, creating a highly competitive vendor ecosystem, and monetizing assets is no mean task and involves significant execution complexities that could have only been handled by the N’HAI’ WayWe have done an in-depth analysis of the NHAI financial model and believe that concerns about debt may get tackled from FY31 onwards as NHAI is capable of meeting its debt commitments on its own and solely relying on budgetary support for additional NH capexContent 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.

<ul><li>NHAI’s H1FY24 awarding activity is muted, expect a pick-up in Q3FY24: With minimal awarding activity in Q2FY24 and just four projects in Q1FY24, the overall H1FY24 awarding activity remained muted</li><li>New NHAI project DPRs are currently under finalisation, which has caused a delay in ordering</li><li>We expect FY24 to be a truncated year for ordering with ~INR 500bn worth of project awards (vs average INR 1.2trn for the previous year)</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.

NHAI’s H1FY24 awarding activity is muted, expect a pick-up in Q3FY24: With minimal awarding activity in Q2FY24 and just four projects in Q1FY24, the overall H1FY24 awarding activity remained mutedNew NHAI project DPRs are currently under finalisation, which has caused a delay in orderingWe expect FY24 to be a truncated year for ordering with ~INR 500bn worth of project awards (vs average INR 1.2trn for the previous year)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.

Industrials (Q2FY24 Results Preview): Lacking triggers

<ul><li>ABB India: ABB Q2CY23 revenue at INR 25bn (+22%/+4% YoY/QoQ) missed our estimates by 3%</li><li>However, it was a beat of 14% and 22% at EBITDA and PAT levels</li><li>This was mainly on the back of a higher EBITDA margin, which was at an all-time quarterly high of 13.9% (+42/+207bps YoY/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.

ABB India: ABB Q2CY23 revenue at INR 25bn (+22%/+4% YoY/QoQ) missed our estimates by 3%However, it was a beat of 14% and 22% at EBITDA and PAT levelsThis was mainly on the back of a higher EBITDA margin, which was at an all-time quarterly high of 13.9% (+42/+207bps YoY/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.

HSIE Results Daily: ABB India, Hero Motocorp, Nuvoco Vistas Corporation

India

Kalpataru Projects International Limited (KPIL) is a global Engineering, Procurement, and Construction (EPC) company. It specializes in diversified infrastructure projects, including power transmission and distribution, buildings and factories, water supply and irrigation, railways, oil and gas pipelines, and urban infrastructure. KPIL was established in 1981 and is headquartered in Mumbai, India.

Kalpataru Projects International (KPIL IN)

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Kalpataru Projects International (KPIL IN)

Industrials (Q4FY24 Results Preview): Strong Ordering Ex-Roads

NHAI’s FY24 awarding activity is muted, expect pick-up from H2FY25: With minimal awarding activity in Q4FY24, the overall FY24 awarding activity...

HDFC Securities

HSIE Results Daily: Lupin, Cummins, Apollo Tyres, Kalpataru Projects International

Lupin: EBITDA growth (+98% YoY and +11% QoQ) was led by 20% YoY sales growth (US: flat QoQ, India +13% YoY, EMEA: +36% YoY and +71% RoW),

HDFC Securities

Industrials: N’HAI’ Way

We have done an in-depth analysis of the NHAI financial model and believe that concerns about debt may get tackled from FY31 onwards

HDFC Securities

Industrials (Q2FY24 Results Preview): Lacking triggers

With minimal awarding activity in Q2FY24 and just four projects in Q1FY24, the overall H1FY24 awarding activity remained muted

HDFC Securities

HSIE Results Daily: ABB India, Hero Motocorp, Nuvoco Vistas Corporation

ABB India: ABB Q2CY23 revenue at INR 25bn (+22%/+4% YoY/QoQ) missed our estimates by 3%. However, it was a beat of 14% and 22% at EBITDA and PAT...

HDFC Securities

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