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>The HSIE consumer index sales grew by 9% YoY in Q1FY24 (+36% in Q1FY23 on a low base, +13% in Q4FY23)</li><li>On a four-year CAGR basis, the universe clocked 15% growth in Q1FY24 with QSR/Paints growing ahead of our index (35/15%) in Q1FY24</li><li>Home Care/F&amp;B/Footwear grew in double digits (13/11/11%), while Oral Care/OTC FMCG/Cigarette/BPC underperformed, below the aggregate at 7% each.</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 9% YoY in Q1FY24 (+36% in Q1FY23 on a low base, +13% in Q4FY23)On a four-year CAGR basis, the universe clocked 15% growth in Q1FY24 with QSR/Paints growing ahead of our index (35/15%) in Q1FY24Home Care/F&amp;B/Footwear grew in double digits (13/11/11%), while Oral Care/OTC FMCG/Cigarette/BPC underperformed, below the aggregate at 7% each.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: Rural recovery insight, margin recovery to sustain

<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

Consumer Analyst / Channel Surveillance Specialist, Trudence Capital Advisors

Pranav Bhavsar

Consumer Analyst / Channel Surveillance Specialist

Trudence Capital Advisors

Trudence Capital Advisors Private Limited is a SEBI-registered Research Analyst, holding SEBI registration number INH000015747. Our firm is dedicated to providing independent and unbiased research on Indian mid to large-cap companies. Trudence Capital is known for its counter-consensus views, with a focus on forensic research and on-ground primary investigations. Our research approach is thorough, involving detailed analysis of accounting practices and governance, alongside extensive channel checks.

Independent & Unbiased Research

<ul>
<li>Uttarakhand, a state in northern India, is known for its stunning landscapes, pilgrimage sites, and the title "Land of the Gods."</li>
<li>Despite the potential for tourism development, there are challenges in infrastructure, including transportation networks, accommodations, and bureaucratic processes.</li>
<li>The holiday trip, including being stuck in a landslide with limited connectivity, transformed us, enhancing personal growth, analytical skills, and commitment to serving investor clients.</li>
</ul>


Uttarakhand, a state in northern India, is known for its stunning landscapes, pilgrimage sites, and the title "Land of the Gods."
Despite the potential for tourism development, there are challenges in infrastructure, including transportation networks, accommodations, and bureaucratic processes.
The holiday trip, including being stuck in a landslide with limited connectivity, transformed us, enhancing personal growth, analytical skills, and commitment to serving investor clients.


Postcard from Uttarakhand | The Landslide Edition

<ul><li>Q4FY23 earnings season saw an overall in-line performance, with wide divergences across sectors and companies</li><li>Aggregate revenue/PAT grew by 13%/9% YoY across the HSIE coverage (~215 stocks), their two-year CAGR being 19%/15%</li><li>Our coverage universe saw strong YoY revenue growth in auto, lending financials, industrials, IT, cement and power sectors</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.

Q4FY23 earnings season saw an overall in-line performance, with wide divergences across sectors and companiesAggregate revenue/PAT grew by 13%/9% YoY across the HSIE coverage (~215 stocks), their two-year CAGR being 19%/15%Our coverage universe saw strong YoY revenue growth in auto, lending financials, industrials, IT, cement and power sectorsContent 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.

India Equity Strategy: Banks continue to lead the pack; profitability improves for most sectors

<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.

India

Nestle India Limited is the Indian subsidiary of the Swiss multinational company Nestlé, operating as a prominent player in India's Fast-Moving Consumer Goods (FMCG) industry. The company manufactures and sells a diverse range of food products, beverages, chocolates, and confectioneries, with key brands including Maggi, Nescafé, and KitKat. Nestle India Limited was incorporated on March 28, 1959, and is headquartered in Gurugram, Haryana, India.

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Nestle India (NEST IN)

FMCG: Rural recovery insight, margin recovery to sustain

On a four-year CAGR basis, the universe clocked 15% growth in Q1FY24 with QSR/Paints growing ahead of our index (35/15%) in Q1FY24

HDFC Securities

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

Postcard from Uttarakhand | The Landslide Edition

India's tourism infrastructure challenges, life-changing trip despite setbacks like landslides. It fostered personal growth, analytical skills,...

Pranav Bhavsar

India Equity Strategy: Banks continue to lead the pack; profitability improves for most sectors

Our coverage universe saw strong YoY revenue growth in auto, lending financials, industrials, IT, cement and power sectors

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

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