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>We estimate our coverage universe of 15 companies to deliver strong 9/14% YoY/QoQ volume growth (four-year CAGR: 7%) in Q4FY23</li><li>We expect strong volume offtake by UltraTech Cement, Dalmia Bharat, Nuvoco Vistas, Birla Corp., JK Lakshmi and Star Cement QoQ</li><li>We expect volume decline QoQ by ACC and Ambuja (Himachal plant shutdown)</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 estimate our coverage universe of 15 companies to deliver strong 9/14% YoY/QoQ volume growth (four-year CAGR: 7%) in Q4FY23We expect strong volume offtake by UltraTech Cement, Dalmia Bharat, Nuvoco Vistas, Birla Corp., JK Lakshmi and Star Cement QoQWe expect volume decline QoQ by ACC and Ambuja (Himachal plant shutdown)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.

Cement - Strong Demand, Fuel Pressure Easing Out

Equity Bottom-Up

<ul><li>We maintain our ADD rating on Sagar Cements (Sagar), with an unchanged target price of INR 230/sh (7.5x its Mar-25E EBITDA)</li><li>The company acquired Andhra Cement’s (ACL) 1.65/1.8mn MT clinker/ cement capacity in AP at INR 9.2bn (EV of USD 63/MT)</li><li>It would expand its cement/clinker capacity to 2.3/3mn MT by FY25E (additional capex of INR 4.7bn)</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 rating on Sagar Cements (Sagar), with an unchanged target price of INR 230/sh (7.5x its Mar-25E EBITDA)The company acquired Andhra Cement’s (ACL) 1.65/1.8mn MT clinker/ cement capacity in AP at INR 9.2bn (EV of USD 63/MT)It would expand its cement/clinker capacity to 2.3/3mn MT by FY25E (additional capex of INR 4.7bn)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.

Sagar Cements - Low-Cost Acquisition, Leverage a Concern.

<ul><li>Larsen &amp; Toubro: Larsen &amp; Toubro (LT) delivered a stable Q3FY23, with revenue/EBITDA/APAT beating our estimates by 4.2/0/4.8% respectively</li><li>Tendering during the quarter was strong with the award-to-tender ratio at 56% (vs 57/34% in Q3FY22/Q2FY23)</li><li>EBITDA margin, at 10.9% (-52/53bps YoY/QoQ), was impacted on account of merger integration costs in LTI Mindtree and higher staff costs in the services portfolio</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.

Larsen &amp; Toubro: Larsen &amp; Toubro (LT) delivered a stable Q3FY23, with revenue/EBITDA/APAT beating our estimates by 4.2/0/4.8% respectivelyTendering during the quarter was strong with the award-to-tender ratio at 56% (vs 57/34% in Q3FY22/Q2FY23)EBITDA margin, at 10.9% (-52/53bps YoY/QoQ), was impacted on account of merger integration costs in LTI Mindtree and higher staff costs in the services portfolioContent 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: Larsen & Toubro, Tech Mahindra, Nippon Life India Asset

<ul><li>Healthy volumes; mixed pricing trend across regions: We estimate that our coverage universe of 15 companies will deliver 10/8% YoY/QoQ volume growth (three-year CAGR: +6%) in Q3FY23</li><li>We expect average utilisation of ~77% vs 72/74% QoQ/YoY. Cement prices increased ~2% QoQ across India in Q3</li><li>Prices increased ~4-6% QoQ each in the east and south regions, there was 1-2% rise in the west, while the north was flattish and the central region witnessed a ~1% correction QoQ</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.

Healthy volumes; mixed pricing trend across regions: We estimate that our coverage universe of 15 companies will deliver 10/8% YoY/QoQ volume growth (three-year CAGR: +6%) in Q3FY23We expect average utilisation of ~77% vs 72/74% QoQ/YoY. Cement prices increased ~2% QoQ across India in Q3Prices increased ~4-6% QoQ each in the east and south regions, there was 1-2% rise in the west, while the north was flattish and the central region witnessed a ~1% correction QoQContent 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 (Q3FY23 Results Preview): Decent volume offtake, recovery in profitability

<ul><li>Healthy volumes; mixed pricing trend across regions: We estimate our coverage universe of 15 companies to deliver 8% YoY volume growth (three-year CAGR: 8%) in Q2FY23</li><li>We estimate average utilisation of ~71% vs 78/70% QoQ/YoY. In our view, cement prices fell ~3% QoQ on pan-India basis in Q2</li><li>Prices fell 5-6% QoQ each in north and central regions, 3-4% each in east and west regions and ~1-2% in south</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.

Healthy volumes; mixed pricing trend across regions: We estimate our coverage universe of 15 companies to deliver 8% YoY volume growth (three-year CAGR: 8%) in Q2FY23We estimate average utilisation of ~71% vs 78/70% QoQ/YoY. In our view, cement prices fell ~3% QoQ on pan-India basis in Q2Prices fell 5-6% QoQ each in north and central regions, 3-4% each in east and west regions and ~1-2% in southContent 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 (Q2FY23 Results Preview): Healthy offtake; costs to peak out in Q2

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)

Cement - Strong Demand, Fuel Pressure Easing Out

We estimate our coverage universe of 15 companies to deliver strong 9/14% YoY/QoQ volume growth (four-year CAGR: 7%) in Q4FY23

HDFC Securities

Sagar Cements - Low-Cost Acquisition, Leverage a Concern.

We maintain our ADD rating on Sagar Cements (Sagar), with an unchanged target price of INR 230/sh (7.5x its Mar-25E EBITDA)

HDFC Securities

HSIE Results Daily: Larsen & Toubro, Tech Mahindra, Nippon Life India Asset

Larsen & Toubro: Larsen & Toubro (LT) delivered a stable Q3FY23, with revenue/EBITDA/APAT beating our estimates by 4.2/0/4.8% respectively

HDFC Securities

Cement (Q3FY23 Results Preview): Decent volume offtake, recovery in profitability

We estimate that our coverage universe of 15 companies will deliver 10/8% YoY/QoQ volume growth (three-year CAGR: +6%) in Q3FY23

HDFC Securities

Cement (Q2FY23 Results Preview): Healthy offtake; costs to peak out in Q2

Healthy volumes; mixed pricing trend across regions: We estimate our coverage universe of 15 companies to deliver 8% YoY volume growth (three-year...

HDFC Securities

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