External broker reports(aggregated public sources), Nirmal Bang

Nirmal Bang

External broker reports(aggregated public sources)

A Relationship Beyond Broking

Nirmal Bang, one of the leading stock broking companies in India, caters to retail and institutional clients by offering them a range of financial products and services, including equities, derivatives, commodities, currency derivatives, mutual funds, IPOs, insurance, depository services and PMS.

Nirmal Bang is drawn from a diversity of professional backgrounds, and blend of experience, skill and dedication is shared with its clients. Nirmal Bang emphasizes adequate, thorough research local and world-wide developments, balancing these with the astute discovery of intrinsic values, synergies and growth. The aim is simply to help the investors to maximize their returns.

Thematic (Sector/Industry)

<div><div><div><div><ul><li>Brigade Enterprise: We expect revenue to increase by 122% YoY in 1QFY23, but decline by 10% QoQ to Rs8,493mn.</li><li>The sharp increase in revenue YoY is mainly due to a lower base in 1QFY22, which was affected by the second covid wave.</li><li>EBITDA margin for 1QFY23 is expected at 26.2% vs 21.8%/29.1% in 4QFY22/1QFY22.</li></ul></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>

Brigade Enterprise: We expect revenue to increase by 122% YoY in 1QFY23, but decline by 10% QoQ to Rs8,493mn.The sharp increase in revenue YoY is mainly due to a lower base in 1QFY22, which was affected by the second covid wave.EBITDA margin for 1QFY23 is expected at 26.2% vs 21.8%/29.1% in 4QFY22/1QFY22.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.

Real Estate and Ceramics - Residential Demand Remains Strong; Commercial Demand in Recovering Phase

Equity Bottom-Up

Mindspace Business Parks REIT / Equity Bottom-Up

<div><div><div><ul><li>Revenue up by 5.9% QoQ and 7.5% YoY in 4QFY22 to Rs4,666mn: Revenue increased by 5.9% QoQ and 7.5% YoY to Rs4,666mn in 4QFY22.</li></ul><div><div><div><ul><li>EBITDA margin contracts by 190bps QoQ but expands by 690bps YoY in 4QFY22 to 75.1%</li></ul><div><div><div><ul><li>Adjusted PAT stood at Rs1,262mn in 4QFY22 v/s Rs1,362mn in 3QFY22 and Rs1,143mn in 4QFY21</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>

Revenue up by 5.9% QoQ and 7.5% YoY in 4QFY22 to Rs4,666mn: Revenue increased by 5.9% QoQ and 7.5% YoY to Rs4,666mn in 4QFY22.EBITDA margin contracts by 190bps QoQ but expands by 690bps YoY in 4QFY22 to 75.1%Adjusted PAT stood at Rs1,262mn in 4QFY22 v/s Rs1,362mn in 3QFY22 and Rs1,143mn in 4QFY21Content 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.

Mindspace Business Parks REIT - Strong Revival in Physical Occupancy; ROFO Asse

India

Mindspace Business Parks REIT operates as a real estate investment trusts. The Company develops and manages commercial and industrial properties. Mindspace Business Parks REIT serves customers in India.

Mindspace Business Parks REIT (MINDSPCE IN)

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Mindspace Business Parks REIT (MINDSPCE IN)

Real Estate and Ceramics - Residential Demand Remains Strong; Commercial Demand in Recovering Phase

Demand for residential real estate continued to remain strong in 1QFY23 while a sharp recovery is expected in rental assets (malls/offices) as the...

Nirmal Bang

Mindspace Business Parks REIT - Strong Revival in Physical Occupancy; ROFO Asse

Mindspace Business Parks REIT’s (MBPR) long-term drivers of leasing demand for its key portfolio remain strong. The company has seen a strong...

Nirmal Bang

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