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>Underlying volume CAGR to sustain revenue to grow by 8/11% on YoY/four-year CAGR: Our FMCG coverage universe is expected to deliver growth of 8/11% on YoY/four-year CAGR in revenue in Q1FY24 (vs 23/10% in Q1FY23 and 9/9% in Q4FY23)</li><li>Continuing from previous quarters the demand environment remained stable led by urban markets while rural recovery was below expectation</li><li>The FMCG sector is expected to witness a gradual recovery in demand led by moderating inflation improving consumer confidence and an increase in government spending</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.

Underlying volume CAGR to sustain revenue to grow by 8/11% on YoY/four-year CAGR: Our FMCG coverage universe is expected to deliver growth of 8/11% on YoY/four-year CAGR in revenue in Q1FY24 (vs 23/10% in Q1FY23 and 9/9% in Q4FY23)Continuing from previous quarters the demand environment remained stable led by urban markets while rural recovery was below expectationThe FMCG sector is expected to witness a gradual recovery in demand led by moderating inflation improving consumer confidence and an increase in government spendingContent 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 - Slow Pick-Up in Growth, Margin Expansion to Continue

<ul><li>The HSIE consumer index sales grew by 12% YoY in Q4FY23 (+11% in Q4FY22, +11% in Q3FY23)</li><li>On a four-year CAGR basis, the universe clocked 9% growth in Q4FY23, a trend similar to that witnessed in the previous few quarters</li><li>On a four-year CAGR basis, Paints/QSR/F&amp;B/Home Care have grown ahead of our index average (14/13/12/11%) in Q4FY23</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.

The HSIE consumer index sales grew by 12% YoY in Q4FY23 (+11% in Q4FY22, +11% in Q3FY23)On a four-year CAGR basis, the universe clocked 9% growth in Q4FY23, a trend similar to that witnessed in the previous few quartersOn a four-year CAGR basis, Paints/QSR/F&amp;B/Home Care have grown ahead of our index average (14/13/12/11%) in Q4FY23Content 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>Britannia Industries: Britannia’s Q4FY23 net revenue grew by 11% YoY vs our expectation of 14%</li><li>Volume growth was c.3% (four-year CAGR at 4%)</li><li>BRIT continued to strengthen its market leadership, led by (1) distribution and marketing initiatives (2) portfolio innovation and (3) cost efficiencies</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.

Britannia Industries: Britannia’s Q4FY23 net revenue grew by 11% YoY vs our expectation of 14%Volume growth was c.3% (four-year CAGR at 4%)BRIT continued to strengthen its market leadership, led by (1) distribution and marketing initiatives (2) portfolio innovation and (3) cost efficienciesContent 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: Britannia Industries, ABB India, Marico, Bharat Forge, DCB Bank

<ul><li>Expect improvement in volume CAGR, revenue to grow by 10/9% on YoY/four-year CAGR: Our FMCG coverage universe is expected to deliver growth of 10/9% on YoY/four-year CAGR in revenue in Q4FY23 (vs 12/8% in Q4FY22 and 8/10% in Q3FY23)</li><li>Companies have started seeing a gradual recovery in demand, however, it still falls short of a full recovery</li><li>Urban markets returned to positive volume growth while rural markets still remain muted</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 improvement in volume CAGR, revenue to grow by 10/9% on YoY/four-year CAGR: Our FMCG coverage universe is expected to deliver growth of 10/9% on YoY/four-year CAGR in revenue in Q4FY23 (vs 12/8% in Q4FY22 and 8/10% in Q3FY23)Companies have started seeing a gradual recovery in demand, however, it still falls short of a full recoveryUrban markets returned to positive volume growth while rural markets still remain mutedContent 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: Respite in demand and margins pressure

<ul><li>ITC: ITC delivered another quarter with a beat in earnings</li><li>Net revenue and EBITDA clocked 3/22% YoY growth vs the expectation of 5/14%</li><li>Cigarette revenue growth was at 17% YoY (HSIE 14%), with volume growth at ~15% (6.5% three-year 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.

ITC: ITC delivered another quarter with a beat in earningsNet revenue and EBITDA clocked 3/22% YoY growth vs the expectation of 5/14%Cigarette revenue growth was at 17% YoY (HSIE 14%), with volume growth at ~15% (6.5% three-year CAGR)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: ITC, Tata Power, Marico, CDSL, Mahanagar Gas

India

Marico is an Indian multinational consumer goods company specializing in beauty, wellness, and personal care products. It offers brands in categories such as hair care, skin care, edible oils, health foods, male grooming, and fabric care, including iconic brands like Parachute, Saffola, Set Wet, and Livon. Marico is headquartered in Mumbai, India, and was founded on April 2, 1990.

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Marico (MRCO IN)

FMCG & Alco Bev - Slow Pick-Up in Growth, Margin Expansion to Continue

Continuing from previous quarters the demand environment remained stable led by urban markets while rural recovery was below expectation

HDFC Securities

FMCG: Demand recovery lags margins

On a four-year CAGR basis, the universe clocked 9% growth in Q4FY23, a trend similar to that witnessed in the previous few quarters

HDFC Securities

HSIE Results Daily: Britannia Industries, ABB India, Marico, Bharat Forge, DCB Bank

Britannia Industries: Britannia’s Q4FY23 net revenue grew by 11% YoY vs our expectation of 14%. Volume growth was c.3% (four-year CAGR at 4%)

HDFC Securities

FMCG & Alco Bev: Respite in demand and margins pressure

Our FMCG coverage universe is expected to deliver growth of 10/9% on YoY/four-year CAGR in revenue in Q4FY23 (vs 12/8% in Q4FY22 and 8/10% in Q3FY23)

HDFC Securities

HSIE Results Daily: ITC, Tata Power, Marico, CDSL, Mahanagar Gas

ITC: ITC delivered another quarter with a beat in earnings. Net revenue and EBITDA clocked 3/22% YoY growth vs the expectation of 5/14%

HDFC Securities

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