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>Infoedge: Infoedge reported a decent quarter with better-than-expected revenue, billings, and margin performance in a challenging environment</li><li>The core recruitment segment billing was flat YoY (-4% YoY in Q1) due to the continued slowdown in IT hiring (~60% of recruitment), offset by traction in non-IT sectors like BFSI, travel, auto, construction, etc</li><li>Recruitment billings have witnessed two strong years of &gt;30% YoY growth, which is slowing down in FY24E due to the base effect and lower hiring activity</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.

Infoedge: Infoedge reported a decent quarter with better-than-expected revenue, billings, and margin performance in a challenging environmentThe core recruitment segment billing was flat YoY (-4% YoY in Q1) due to the continued slowdown in IT hiring (~60% of recruitment), offset by traction in non-IT sectors like BFSI, travel, auto, construction, etcRecruitment billings have witnessed two strong years of &gt;30% YoY growth, which is slowing down in FY24E due to the base effect and lower hiring activityContent 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: Infoedge, Hindustan Petroleum Corporation, JK Cement

<ul><li>Slow pick-up in demand, revenue to grow by 6/10% on YoY/four-year CAGR: Our FMCG coverage universe is expected to deliver 6/10% growth YoY/four-year CAGR in revenue in Q2FY24 (vs18/10% in Q2FY23 and 9/3% in Q1FY24)</li><li>The demand trend has remained stable during the quarter, mirroring the trends in Q1FY24</li><li>Rural recovery remained below expectations due to high food prices and below-normal rainfall</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.

Slow pick-up in demand, revenue to grow by 6/10% on YoY/four-year CAGR: Our FMCG coverage universe is expected to deliver 6/10% growth YoY/four-year CAGR in revenue in Q2FY24 (vs18/10% in Q2FY23 and 9/3% in Q1FY24)The demand trend has remained stable during the quarter, mirroring the trends in Q1FY24Rural recovery remained below expectations due to high food prices and below-normal rainfallContent 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 Demand Recovery, Margin Expansion to Continue

<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>Cummins: Cummins India Ltd (CIL) recorded the highest-ever revenue of INR 22b (+31%/+15% YoY/QoQ, in line with our estimate)</li><li>This was driven mainly by strong pre-buy for CPCB 2 gensets</li><li>The deadline for the sale of these gensets has been extended until Jul’24 (an extension of six months)</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.

Cummins: Cummins India Ltd (CIL) recorded the highest-ever revenue of INR 22b (+31%/+15% YoY/QoQ, in line with our estimate)This was driven mainly by strong pre-buy for CPCB 2 gensetsThe deadline for the sale of these gensets has been extended until Jul’24 (an extension of six months)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: Cummins, Devyani International, Radico Khaitan

<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

India

Radico Khaitan Ltd. produces and distributes branded liquor.   The Company operates molasses and grain distilleries and produces whiskey, rum, brandy, and vodka.  Radico also produces country liquor and extra neutral alcohol.