External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

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Thematic (Sector/Industry)

<ul><li>Siemens: Siemens India Ltd (SIL) delivered muted standalone Q1FY24 revenue/EBITDA/APAT of INR 44.4/5.2/4.6bn, missing our estimates by 5.9/5.5/1.8%</li><li>EBITDA margin was 11.8%(-327bps/+6bps YoY/QoQ) vs our estimate of 11.7%</li><li>SIL received new orders worth INR 59.7bn (+9.6/+32.7% YoY/QoQ), which are the highest-ever base business orders the company has won</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.

Siemens: Siemens India Ltd (SIL) delivered muted standalone Q1FY24 revenue/EBITDA/APAT of INR 44.4/5.2/4.6bn, missing our estimates by 5.9/5.5/1.8%EBITDA margin was 11.8%(-327bps/+6bps YoY/QoQ) vs our estimate of 11.7%SIL received new orders worth INR 59.7bn (+9.6/+32.7% YoY/QoQ), which are the highest-ever base business orders the company has wonContent 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: Siemens, Eicher Motors, Infoedge, Phoenix Mills

<ul><li>Mahindra &amp; Mahindra: M&amp;M Q2FY24 PAT at INR 34.5bn was ahead of our estimate of INR 26.9bn due to higher than expected other income even as the operating performance was in line with our estimates</li><li>While auto segment margins were ahead of our estimates, tractor margins lagged behind estimates due to new launch costs</li><li>On the back of strong demand for its models, M&amp;M has gained 110bps share in UVs to 18.1% in H1FY24</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.

Mahindra &amp; Mahindra: M&amp;M Q2FY24 PAT at INR 34.5bn was ahead of our estimate of INR 26.9bn due to higher than expected other income even as the operating performance was in line with our estimatesWhile auto segment margins were ahead of our estimates, tractor margins lagged behind estimates due to new launch costsOn the back of strong demand for its models, M&amp;M has gained 110bps share in UVs to 18.1% in H1FY24Content 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: Mahindra & Mahindra, Ashok Leyland, Vinati Organics, NCC, Repco Home Finance

<ul><li>Siemens India Ltd (SIL) delivered weak Q1FY24 revenue/EBITDA/APAT of INR 44.7/5.05/4.2bn, missing our estimates by 5/16/23%</li><li>SIL received new orders worth INR 52.9bn (+5.9/-7.1% YoY/QoQ)</li><li>Supported by a healthy mix of orders both from the government and private sector, especially in infrastructure and railways</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.

Siemens India Ltd (SIL) delivered weak Q1FY24 revenue/EBITDA/APAT of INR 44.7/5.05/4.2bn, missing our estimates by 5/16/23%SIL received new orders worth INR 52.9bn (+5.9/-7.1% YoY/QoQ)Supported by a healthy mix of orders both from the government and private sector, especially in infrastructure and railwaysContent 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: Siemens, Deepak Nitrite, Century Plyboards India, Sobha

<ul><li>Siemens: Siemens India Ltd (SIL) delivered weak Q1FY24 revenue/EBITDA/APAT of INR 44.7/5.05/4.2bn, missing our estimates by 5/16/23%</li><li>SIL received new orders worth INR 52.9bn (+5.9/-7.1% YoY/QoQ)</li><li>Supported by a healthy mix of orders both from the government and private sector, especially in infrastructure and railways</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.

Siemens: Siemens India Ltd (SIL) delivered weak Q1FY24 revenue/EBITDA/APAT of INR 44.7/5.05/4.2bn, missing our estimates by 5/16/23%SIL received new orders worth INR 52.9bn (+5.9/-7.1% YoY/QoQ)Supported by a healthy mix of orders both from the government and private sector, especially in infrastructure and railwaysContent 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: Siemens, Deepak Nitrite, Century Plyboards India

<ul><li>Rural India’s economic recovery post the COVID-19 pandemic has been a much debated topic over the past year, and rightfully so</li><li>Accounting for ~45% of the country’s GVA, the rural economic recovery bodes well for corporate revenues and the Indian economy as a whole</li><li>Our report is a bottom-up analysis of the Indian rural economy by looking at state-specific rural characteristics and performances</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.

Rural India’s economic recovery post the COVID-19 pandemic has been a much debated topic over the past year, and rightfully soAccounting for ~45% of the country’s GVA, the rural economic recovery bodes well for corporate revenues and the Indian economy as a wholeOur report is a bottom-up analysis of the Indian rural economy by looking at state-specific rural characteristics and performancesContent 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.

Rural India - State-Wise Divergences Evident in Recovery Phase

India

Repco Home Finance Ltd. (RHFL) provides financing services. The Company offers loans for construction and purchasing of residential and commercial properties including repairs, renovation, and loans against properties. RHFL operates throughout India.

Repco Home Finance (REPCO IN)

HSIE Results Daily: Siemens, Eicher Motors, Infoedge, Phoenix Mills

Siemens: Siemens India Ltd (SIL) delivered muted standalone Q1FY24 revenue/EBITDA/APAT of INR 44.4/5.2/4.6bn, missing our estimates by 5.9/5.5/1.8%

HDFC Securities

HSIE Results Daily: Mahindra & Mahindra, Ashok Leyland, Vinati Organics, NCC, Repco Home Finance

M&M Q2FY24 PAT at INR 34.5bn was ahead of our estimate of INR 26.9bn due to higher than expected other income even as the operating performance was...

HDFC Securities

HSIE Results Daily: Siemens, Deepak Nitrite, Century Plyboards India, Sobha

Siemens India Ltd (SIL) delivered weak Q1FY24 revenue/EBITDA/APAT of INR 44.7/5.05/4.2bn, missing our estimates by 5/16/23%

HDFC Securities

HSIE Results Daily: Siemens, Deepak Nitrite, Century Plyboards India

Siemens: Siemens India Ltd (SIL) delivered weak Q1FY24 revenue/EBITDA/APAT of INR 44.7/5.05/4.2bn, missing our estimates by 5/16/23%

HDFC Securities

Rural India - State-Wise Divergences Evident in Recovery Phase

Rural India’s economic recovery post the COVID-19 pandemic has been a much debated topic over the past year, and rightfully so

HDFC Securities