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>Titan: Titan’s top-line growth remains healthy. Revenue grew 26% YoY to INR 119bn</li><li>Ex-bullion sales grew 22% YoY to INR97.5bn (in-line) as both buyers’ growth (+14% YoY) and ticket sizes (+6% YoY) aided growth</li><li>The key take from the Q1 print was the preference for market share gain over margins</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.

Titan: Titan’s top-line growth remains healthy. Revenue grew 26% YoY to INR 119bnEx-bullion sales grew 22% YoY to INR97.5bn (in-line) as both buyers’ growth (+14% YoY) and ticket sizes (+6% YoY) aided growthThe key take from the Q1 print was the preference for market share gain over marginsContent 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: Titan, Ambuja Cement, Cholamandalam Investment and Finance Company

<ul>
<li>Colgate Palmolive: Colgate’s domestic revenue grew 5% YoY (four-year CAGR sustaining at 4%), led by high single-digit growth in toothpaste (Dabur clocked c.5%)</li>
<li>Volumes arrested a declining trend of the previous four quarters and were flat (HSIE 1%) with c.1% four-year CAGR</li>
<li>GM continued to expand sequentially (100bps) to 66.9%, better than our expectation of 66%</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.


Colgate Palmolive: Colgate’s domestic revenue grew 5% YoY (four-year CAGR sustaining at 4%), led by high single-digit growth in toothpaste (Dabur clocked c.5%)
Volumes arrested a declining trend of the previous four quarters and were flat (HSIE 1%) with c.1% four-year CAGR
GM continued to expand sequentially (100bps) to 66.9%, better than our expectation of 66%

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: Colgate Palmolive, Deepak Nitrite, Alkyl Amines, Sapphire Foods

<ul><li>Colgate Palmolive: Colgate’s domestic revenue grew 5% YoY (four-year CAGR sustaining at 4%), led by high single-digit growth in toothpaste (Dabur clocked c.5%)</li><li>Volumes arrested a declining trend of the previous four quarters and were flat (HSIE 1%) with c.1% four-year CAGR</li><li>GM continued to expand sequentially (100bps) to 66.9%, better than our expectation of 66%</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.

Colgate Palmolive: Colgate’s domestic revenue grew 5% YoY (four-year CAGR sustaining at 4%), led by high single-digit growth in toothpaste (Dabur clocked c.5%)Volumes arrested a declining trend of the previous four quarters and were flat (HSIE 1%) with c.1% four-year CAGRGM continued to expand sequentially (100bps) to 66.9%, better than our expectation of 66%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: Colgate Palmolive, Deepak Nitrite, Alkyl Amines

<ul><li>Expect pressure on ADS, store addition pace to continue: Our QSR universe is expected to see growth weakness as discretionary demand is decelerating</li><li>Delivery has been under pressure during the last 2-3 quarters and we expect a similar trend in Q4 too</li><li>Dine-in has outpaced delivery during the same period and that divergence is expected to sustain in Q4FY23 also</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 pressure on ADS, store addition pace to continue: Our QSR universe is expected to see growth weakness as discretionary demand is deceleratingDelivery has been under pressure during the last 2-3 quarters and we expect a similar trend in Q4 tooDine-in has outpaced delivery during the same period and that divergence is expected to sustain in Q4FY23 alsoContent 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.

<ul>
<li>Global QSR giants entered India and China in the 90s with high hope of massive store network potential, thanks to two large populous hubs</li>
<li>However, the growth trajectory was quite slow in India vs that in China, which can be attributed to the variance in the economic growth of these two countries</li>
<li>India is still quite an under-penetrated market with ~3 stores per million population vs China’s 13 stores per million (six stores in 2013)</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.


Global QSR giants entered India and China in the 90s with high hope of massive store network potential, thanks to two large populous hubs
However, the growth trajectory was quite slow in India vs that in China, which can be attributed to the variance in the economic growth of these two countries
India is still quite an under-penetrated market with ~3 stores per million population vs China’s 13 stores per million (six stores in 2013)

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.

India

Sapphire Foods India Limited owns and operates quick service restaurants. The Company offers prepared food and beverages to be served on premise. Sapphire Foods serves clients in India and Sri Lanka.

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Sapphire Foods (SAPPHIRE IN)

HSIE Results Daily: Titan, Ambuja Cement, Cholamandalam Investment and Finance Company

Ex-bullion sales grew 22% YoY to INR97.5bn (in-line) as both buyers’ growth (+14% YoY) and ticket sizes (+6% YoY) aided growth

HDFC Securities

HSIE Results Daily: Colgate Palmolive, Deepak Nitrite, Alkyl Amines, Sapphire Foods

Colgate Palmolive: Colgate’s domestic revenue grew 5% YoY (four-year CAGR sustaining at 4%), led by high single-digit growth in toothpaste (Dabur...

HDFC Securities

HSIE Results Daily: Colgate Palmolive, Deepak Nitrite, Alkyl Amines

Colgate Palmolive: Colgate’s domestic revenue grew 5% YoY (four-year CAGR sustaining at 4%), led by high single-digit growth in toothpaste (Dabur...

HDFC Securities

QSR: Pressure on demand and margin

Expect pressure on ADS, store addition pace to continue: Our QSR universe is expected to see growth weakness as discretionary demand is decelerating

HDFC Securities

QSR Thematic - Fishing Time?

Global QSR giants entered India and China in the 90s with high hope of massive store network potential, thanks to two large populous hubs However,...

HDFC Securities

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