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Equity Bottom-Up

<ul><li>We visited Sagar Cements’ recently-acquired SGU of Andhra Cement and its 1.5mn MT SGU—both of which are in Visakhapatnam</li><li>Sagar is scrapping the grinding plant (Andhra Cements’) and preparing it to sell off the land parcel (107 acres, proximity to residential areas)</li><li>We believe the timely sale of the land parcel at a proper rate can deleverage as well as rerate the company</li><li>Sagar’s operational SGU at Visakhapatnam is GreenCo platinum-certified, manufacturing all types of cement and is majorly operating on green power</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.

We visited Sagar Cements’ recently-acquired SGU of Andhra Cement and its 1.5mn MT SGU—both of which are in VisakhapatnamSagar is scrapping the grinding plant (Andhra Cements’) and preparing it to sell off the land parcel (107 acres, proximity to residential areas)We believe the timely sale of the land parcel at a proper rate can deleverage as well as rerate the companySagar’s operational SGU at Visakhapatnam is GreenCo platinum-certified, manufacturing all types of cement and is majorly operating on green powerContent 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.

Sagar Cements: Gearing up to Monetise the Andhra Land

Thematic (Sector/Industry)

<ul><li>ICICI Bank: ICICI Bank (ICICIBC) clocked another steady quarter on the back of consistent loan growth (+18% YoY) and lower credit costs (23bps of loans), maintaining its robust asset quality alongside a healthy PCR (~83%)</li><li>Loan growth was driven by healthy deposit growth (+19% YoY), largely retail TDs as the CASA ratio eased to 40.8% (-222bps QoQ), resulting in a 22-bps QoQ spike in the cost of deposits</li><li>With limited yield reflation despite improving retail mix, NIMs softened by 25bps QoQ to 4.53% and are likely to trend further lower</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.

ICICI Bank: ICICI Bank (ICICIBC) clocked another steady quarter on the back of consistent loan growth (+18% YoY) and lower credit costs (23bps of loans), maintaining its robust asset quality alongside a healthy PCR (~83%)Loan growth was driven by healthy deposit growth (+19% YoY), largely retail TDs as the CASA ratio eased to 40.8% (-222bps QoQ), resulting in a 22-bps QoQ spike in the cost of depositsWith limited yield reflation despite improving retail mix, NIMs softened by 25bps QoQ to 4.53% and are likely to trend further lowerContent 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: ICICI Bank, Kotak Mahindra Bank, Metro Brands

<ul><li>Indian Oil Corporation: Our ADD rating on Indian Oil Corporation (IOCL), with a target price of INR 102, is premised on robust refining and marketing margins, offset by muted petchem earnings and elevated debt</li><li>IOCL reported EBITDA at INR 222bn (+13x YoY, +44% QoQ), while APAT came in at INR 138bn, above our estimate</li><li>The beat was largely driven by the better-than-expected performance from the marketing segment</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.

Indian Oil Corporation: Our ADD rating on Indian Oil Corporation (IOCL), with a target price of INR 102, is premised on robust refining and marketing margins, offset by muted petchem earnings and elevated debtIOCL reported EBITDA at INR 222bn (+13x YoY, +44% QoQ), while APAT came in at INR 138bn, above our estimateThe beat was largely driven by the better-than-expected performance from the marketing segmentContent 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: Indian Oil Corporation, SBI Cards and Payment Services

<ul><li>We maintain our ADD stance on Sagar Cements (SGC), with an unchanged TP of INR 215/share (7.5x its Mar-25E consolidated EBITDA)</li><li>In Q1FY24, Sagar delivered weak volumes – a decline of 1/13% YoY/QoQ owing to maintenance shutdown at the Mattampally plant. NSR was flattish QoQ in Q1</li><li>Opex increased 1% QoQ owing to op-lev loss and higher freight cost</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.

We maintain our ADD stance on Sagar Cements (SGC), with an unchanged TP of INR 215/share (7.5x its Mar-25E consolidated EBITDA)In Q1FY24, Sagar delivered weak volumes – a decline of 1/13% YoY/QoQ owing to maintenance shutdown at the Mattampally plant. NSR was flattish QoQ in Q1Opex increased 1% QoQ owing to op-lev loss and higher freight costContent 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.

Sagar Cements (Q1FY24): Weak Volume with Low Margin. Maintain ADD

<ul><li>We expect industry volume to grow by ~9% YoY in FY24</li><li>We expect fuel prices to further correct by at least ~INR 100 per MT QoQ each in Q2/Q3FY24</li><li>So, we expect realisation to fall 1-2% YoY in FY24, as the industry would partially pass on the cost savings</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.

We expect industry volume to grow by ~9% YoY in FY24We expect fuel prices to further correct by at least ~INR 100 per MT QoQ each in Q2/Q3FY24So, we expect realisation to fall 1-2% YoY in FY24, as the industry would partially pass on the cost savingsContent 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.

Cement: Demand stays strong; fuel costs cool off further

India

Sagar Cements Ltd. produces and distributes portland cement.  The Company offers slag, super grade, and special sulphate resistance cements.

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Sagar Cements (SGC IN)

Sagar Cements: Gearing up to Monetise the Andhra Land

Sagar is scrapping the grinding plant (Andhra Cements’) and preparing it to sell off the land parcel (107 acres, proximity to residential areas)

HDFC Securities

HSIE Results Daily: ICICI Bank, Kotak Mahindra Bank, Metro Brands

ICICI Bank (ICICIBC) clocked another steady quarter on the back of consistent loan growth (+18% YoY) and lower credit costs (23bps of loans)

HDFC Securities

HSIE Results Daily: Indian Oil Corporation, SBI Cards and Payment Services

ur ADD rating on Indian Oil Corporation (IOCL), with a target price of INR 102, is premised on robust refining and marketing margins, offset by...

HDFC Securities

Sagar Cements (Q1FY24): Weak Volume with Low Margin. Maintain ADD

We maintain our ADD stance on Sagar Cements (SGC), with an unchanged TP of INR 215/share (7.5x its Mar-25E consolidated EBITDA)

HDFC Securities

Cement: Demand stays strong; fuel costs cool off further

We expect industry volume to grow by ~9% YoY in FY24. We expect fuel prices to further correct by at least ~INR 100 per MT QoQ each in Q2/Q3FY24

HDFC Securities

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