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>Radico Khaitan: Radico’s Q4FY23 print was weak, with EBITDAM at 9.5% (a 30-quarter low) and PAT falling by 20% despite sustained P&amp;A outperformance</li><li>Net sales grew by 2% YoY (HSIE 5%), with IMFL volumes marginally declining by 0.7% to 7.24mn cases (four-year CAGR at 9%)</li><li>P&amp;A volume/revenue grew by 17/18% (HSIE 14/15%) on a four-year CAGR basis, volumes grew in the high teens</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.

Radico Khaitan: Radico’s Q4FY23 print was weak, with EBITDAM at 9.5% (a 30-quarter low) and PAT falling by 20% despite sustained P&amp;A outperformanceNet sales grew by 2% YoY (HSIE 5%), with IMFL volumes marginally declining by 0.7% to 7.24mn cases (four-year CAGR at 9%)P&amp;A volume/revenue grew by 17/18% (HSIE 14/15%) on a four-year CAGR basis, volumes grew in the high teensContent 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: Radico Khaitan, Kolte Patil Developers

<ul><li>Record FY23 presales expected for most of the players: Going by the numbers for FY23 reported to date by top developers, we expect annual presales for most of them to surpass their previous highs</li><li>Godrej, Macrotech and Sobha, all reported their lifetime high in residential sales with INR 122/120/52bn respectively</li><li>The annual growth also has been substantial with Godrej growing by 55%, Macrotech by 34% and Sobha by 34%</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.

Record FY23 presales expected for most of the players: Going by the numbers for FY23 reported to date by top developers, we expect annual presales for most of them to surpass their previous highsGodrej, Macrotech and Sobha, all reported their lifetime high in residential sales with INR 122/120/52bn respectivelyThe annual growth also has been substantial with Godrej growing by 55%, Macrotech by 34% and Sobha by 34%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.

Equity Bottom-Up

Kolte Patil Developers / Equity Bottom-Up

<ul><li>We attended the Kolte Patil (KPDL) analyst meet in Pune where it showcased a few of its projects including its flagship township project - Life Republic (LR), its premium project 24K (fully sold-out) and one of its affordable projects Little Earth (a brownfield acquisition of stalled project)</li><li>In summary, KPDL is targeting a higher mix of premium projects (under 24K brand) and higher sale volume affordable housing in LR, Little Earth and other projects, it expects to generate enough cash flow through this mix to support its annual Business Development (BD) capex of INR 4-5bn which is INR 25-30bn worth of GDV</li><li>Also, KPDL is expected to achieve INR 27bn presales in FY24, helped by robust priority launches of INR 57bn.</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 attended the Kolte Patil (KPDL) analyst meet in Pune where it showcased a few of its projects including its flagship township project - Life Republic (LR), its premium project 24K (fully sold-out) and one of its affordable projects Little Earth (a brownfield acquisition of stalled project)In summary, KPDL is targeting a higher mix of premium projects (under 24K brand) and higher sale volume affordable housing in LR, Little Earth and other projects, it expects to generate enough cash flow through this mix to support its annual Business Development (BD) capex of INR 4-5bn which is INR 25-30bn worth of GDVAlso, KPDL is expected to achieve INR 27bn presales in FY24, helped by robust priority launches of INR 57bn.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.

Kolte Patil Developers (Update): Premiumisation to Drive the Next Leg of Growth.

<ul><li>LIC Housing Finance: LICHF’s earnings continued to remain sub-par with P&amp;L outcomes significantly below estimates</li><li>Credit costs shot up to ~120bps (annualised), as the company shored up its Stage-III provisions to 51% (Q2FY23: 44%) in order to maintain healthy provisioning levels</li><li>While there were low incremental impairments (no write-offs during Q3), the slow pace of resolutions, particularly in project loans (GS-III at ~46%), remains a concer.</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.

LIC Housing Finance: LICHF’s earnings continued to remain sub-par with P&amp;L outcomes significantly below estimatesCredit costs shot up to ~120bps (annualised), as the company shored up its Stage-III provisions to 51% (Q2FY23: 44%) in order to maintain healthy provisioning levelsWhile there were low incremental impairments (no write-offs during Q3), the slow pace of resolutions, particularly in project loans (GS-III at ~46%), remains a concer.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: LIC Housing Finance, Vinati Organics, The Ramco Cements

<ul><li>ONGC: We maintain our BUY recommendation on ONGC with a target price of INR 178, based on (1) increase in crude price realisation and (2) improvement in domestic gas price realisation</li><li>Q1FY23 revenue/EBITDA/APAT stood at INR 423/259/152bn, below our estimates, owing to higher other expenses, depreciation and interest cost, partially offset by higher-than-expected other income</li><li>Crude oil and gas production were broadly in line, but total crude oil sales, including JV share, came below estimates. Trent: Trent reported a stellar Q1 print</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.

ONGC: We maintain our BUY recommendation on ONGC with a target price of INR 178, based on (1) increase in crude price realisation and (2) improvement in domestic gas price realisationQ1FY23 revenue/EBITDA/APAT stood at INR 423/259/152bn, below our estimates, owing to higher other expenses, depreciation and interest cost, partially offset by higher-than-expected other incomeCrude oil and gas production were broadly in line, but total crude oil sales, including JV share, came below estimates. Trent: Trent reported a stellar Q1 printContent 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: ONGC, Trent, Phoenix Mills, Fine Organic Industries

India

Kolte-Patil Developers Ltd. builds residential housing, commercial complexes, and mixed residential and commercial projects.

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Kolte Patil Developers (KPDL IN)

HSIE Results Daily: Radico Khaitan, Kolte Patil Developers

Radico Khaitan: Radico’s Q4FY23 print was weak, with EBITDAM at 9.5% (a 30-quarter low) and PAT falling by 20% despite sustained P&A outperformance

HDFC Securities

Real Estate - Stable Performance

Going by the numbers for FY23 reported to date by top developers, we expect annual presales for most of them to surpass their previous highs

HDFC Securities

Kolte Patil Developers (Update): Premiumisation to Drive the Next Leg of Growth.

In summary, KPDL is targeting a higher mix of premium projects (under 24K brand) and higher sale volume affordable housing in LR, Little Earth and...

HDFC Securities

HSIE Results Daily: LIC Housing Finance, Vinati Organics, The Ramco Cements

Credit costs shot up to ~120bps (annualised), as the company shored up its Stage-III provisions to 51% (Q2FY23: 44%) in order to maintain healthy...

HDFC Securities

HSIE Results Daily: ONGC, Trent, Phoenix Mills, Fine Organic Industries

Crude oil and gas production were broadly in line, but total crude oil sales, including JV share, came below estimates. Trent: Trent reported a...

HDFC Securities

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