External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

HDFC securities is the best online trading platform for stocks, IPOs, mutual fund in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Thematic (Sector/Industry)

<ul><li>Unseasonal rains disrupt sale of summer products, aggregate revenue YoY/four-year CAGR at 6/8%: Our appliances coverage universe is expected to deliver revenue YoY/four-year CAGR (ex-Butterfly/Sunflame acquisition) of 6/8% in Q1FY24 (vs 63/10% in Q1FY23 and 5/11% in Q4FY23)</li><li>The demand environment continues to remain volatile given rating change (fans and RAC), softness in consumer sentiment (largely bottom of the pyramid), and pricing actions</li><li>In addition to this, unseasonal rains during peak summer months disrupted sales of cooling products (room AC, air coolers, fans, etc.)</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.

Unseasonal rains disrupt sale of summer products, aggregate revenue YoY/four-year CAGR at 6/8%: Our appliances coverage universe is expected to deliver revenue YoY/four-year CAGR (ex-Butterfly/Sunflame acquisition) of 6/8% in Q1FY24 (vs 63/10% in Q1FY23 and 5/11% in Q4FY23)The demand environment continues to remain volatile given rating change (fans and RAC), softness in consumer sentiment (largely bottom of the pyramid), and pricing actionsIn addition to this, unseasonal rains during peak summer months disrupted sales of cooling products (room AC, air coolers, fans, etc.)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.

Consumer Durables - Unseasonal Rains Add to a Volatile Demand Environment

<ul><li>In Q4FY23, the HSIE CD index revenue (ex-OEM) grew by 6% YoY (+12% four-year CAGR), led by cooling/C&amp;W categories, which grew by 14/11/% YoY (15/15% CAGR)</li><li>Electric consumer durable (ECD) and lighting categories were weak at -3%/flat YoY (+7%/flat four-year CAGR)</li><li>Aggregate EBIT (ex-OEM) was up by 9% YoY (9% four-year CAGR) but it was largely driven by C&amp;W, which was up 30/19% YoY/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.

In Q4FY23, the HSIE CD index revenue (ex-OEM) grew by 6% YoY (+12% four-year CAGR), led by cooling/C&amp;W categories, which grew by 14/11/% YoY (15/15% CAGR)Electric consumer durable (ECD) and lighting categories were weak at -3%/flat YoY (+7%/flat four-year CAGR)Aggregate EBIT (ex-OEM) was up by 9% YoY (9% four-year CAGR) but it was largely driven by C&amp;W, which was up 30/19% YoY/CAGRContent 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.

Consumer Durables: Demand a mixed bag comfort on valuation

<ul><li>Indraprastha Gas: Our BUY recommendation on Indraprastha Gas (IGL) with a target price of INR 575 is based on (1) strong volume growth at ~12% CAGR over FY23-25E, (2) robust margins with the government allocating gas from the HPHT (high-pressure, high-temperature) fields to the priority sector, and (3) a strong portfolio of new geographical areas (GAs) ensuring volume growth visibility</li><li>Q4FY23 EBITDA stood at INR 4.7bn, up +9% QoQ, well above our estimate however, it declined 7% YoY, owing to higher input gas cost</li><li>APAT stood at INR 3.3bn, (-9% YoY, +19% QoQ), above our estimate</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.

Indraprastha Gas: Our BUY recommendation on Indraprastha Gas (IGL) with a target price of INR 575 is based on (1) strong volume growth at ~12% CAGR over FY23-25E, (2) robust margins with the government allocating gas from the HPHT (high-pressure, high-temperature) fields to the priority sector, and (3) a strong portfolio of new geographical areas (GAs) ensuring volume growth visibilityQ4FY23 EBITDA stood at INR 4.7bn, up +9% QoQ, well above our estimate however, it declined 7% YoY, owing to higher input gas costAPAT stood at INR 3.3bn, (-9% YoY, +19% QoQ), above our estimateContent 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: Indraprastha Gas, Sonata Software, Karur Vysya Bank

<ul><li>Delayed summer/low primary sales of rated fans to impact Q4 print, aggregate revenue YoY/four-year CAGR at 7/11%: Our appliances coverage universe is expected to deliver revenue YoY/four-year CAGR (ex-Butterfly acquisition) of 7/11% in Q4FY23 (vs 14/11% in Q4FY22 and 7/10% in Q3FY23)</li><li>Demand softness seen in the post-festive season in Q3FY23 has sustained in Q4FY23 as well on account of weak consumer sentiment and an inflationary environment, more so in the economy segment</li><li>Moreover, delayed summer during the quarter further impacted the sale of cooling products (room AC, air coolers, fans, etc.)</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.

Delayed summer/low primary sales of rated fans to impact Q4 print, aggregate revenue YoY/four-year CAGR at 7/11%: Our appliances coverage universe is expected to deliver revenue YoY/four-year CAGR (ex-Butterfly acquisition) of 7/11% in Q4FY23 (vs 14/11% in Q4FY22 and 7/10% in Q3FY23)Demand softness seen in the post-festive season in Q3FY23 has sustained in Q4FY23 as well on account of weak consumer sentiment and an inflationary environment, more so in the economy segmentMoreover, delayed summer during the quarter further impacted the sale of cooling products (room AC, air coolers, fans, etc.)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.

Consumer Durables - Delayed Summer Season to Impact Q4FY23 Print

<ul><li>Expect improving Q3 print, aggregate revenue YoY/three-year CAGR at 13/16%: Our appliances coverage universe is expected to deliver revenue YoY/three-year CAGR (ex-Butterfly acquisition) of 13/16% in Q3FY23 (vs 7/11% in Q3FY22 and 6/12% in Q2FY23)</li><li>Q2FY23 was marred by a variety of reasons like commodity-led destocking, an unfavourable base, negative oplev and slow infra activities led by extended monsoon</li><li>We have observed that some of the headwinds have eased out in Q3 and thereby expect better delivery in Q3 after the washout show in Q2</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 improving Q3 print, aggregate revenue YoY/three-year CAGR at 13/16%: Our appliances coverage universe is expected to deliver revenue YoY/three-year CAGR (ex-Butterfly acquisition) of 13/16% in Q3FY23 (vs 7/11% in Q3FY22 and 6/12% in Q2FY23)Q2FY23 was marred by a variety of reasons like commodity-led destocking, an unfavourable base, negative oplev and slow infra activities led by extended monsoonWe have observed that some of the headwinds have eased out in Q3 and thereby expect better delivery in Q3 after the washout show in Q2Content 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.

Consumer Durables (Q3FY23 Results Preview): Better Q3 print assisted by pre-buying in fans

India

Orient Electric Limited manufactures consumer electrical products. The Company offers fans, lighting, home appliances, switchgear, circuit breaker, isolator, room heater, hand blender, and rice cooker. Orient Electric serves customers in India.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Orient Electric Ltd (ORIENTEL IN)

Consumer Durables - Unseasonal Rains Add to a Volatile Demand Environment

The demand environment continues to remain volatile given rating change (fans and RAC), softness in consumer sentiment (largely bottom of the...

HDFC Securities

Consumer Durables: Demand a mixed bag comfort on valuation

In Q4FY23, the HSIE CD index revenue (ex-OEM) grew by 6% YoY (+12% four-year CAGR), led by cooling/C&W categories, which grew by 14/11/% YoY (15...

HDFC Securities

HSIE Results Daily: Indraprastha Gas, Sonata Software, Karur Vysya Bank

Indraprastha Gas: Our BUY recommendation on Indraprastha Gas (IGL) with a target price of INR 575 is based on (1) strong volume growth at ~12% CAGR...

HDFC Securities

Consumer Durables - Delayed Summer Season to Impact Q4FY23 Print

Our appliances coverage universe is expected to deliver revenue YoY/four-year CAGR (ex-Butterfly acquisition) of 7/11% in Q4FY23 (vs 14/11% in...

HDFC Securities

Consumer Durables (Q3FY23 Results Preview): Better Q3 print assisted by pre-buying in fans

Our appliances coverage universe is expected to deliver revenue YoY/three-year CAGR (ex-Butterfly acquisition) of 13/16% in Q3FY23 (vs 7/11% in...

HDFC Securities

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)