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>NHAI has delivered a very successful highway program, following the advent of Bharatmala (BM-1)</li><li>The huge scaling up of the NH program in terms of getting the model right, awarding, executing, financing, creating a highly competitive vendor ecosystem, and monetizing assets is no mean task and involves significant execution complexities that could have only been handled by the N’HAI’ Way</li><li>We have done an in-depth analysis of the NHAI financial model and believe that concerns about debt may get tackled from FY31 onwards as NHAI is capable of meeting its debt commitments on its own and solely relying on budgetary support for additional NH capex</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.

NHAI has delivered a very successful highway program, following the advent of Bharatmala (BM-1)The huge scaling up of the NH program in terms of getting the model right, awarding, executing, financing, creating a highly competitive vendor ecosystem, and monetizing assets is no mean task and involves significant execution complexities that could have only been handled by the N’HAI’ WayWe have done an in-depth analysis of the NHAI financial model and believe that concerns about debt may get tackled from FY31 onwards as NHAI is capable of meeting its debt commitments on its own and solely relying on budgetary support for additional NH capexContent 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>NHAI’s H1FY24 awarding activity is muted, expect a pick-up in Q3FY24: With minimal awarding activity in Q2FY24 and just four projects in Q1FY24, the overall H1FY24 awarding activity remained muted</li><li>New NHAI project DPRs are currently under finalisation, which has caused a delay in ordering</li><li>We expect FY24 to be a truncated year for ordering with ~INR 500bn worth of project awards (vs average INR 1.2trn for the previous year)</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.

NHAI’s H1FY24 awarding activity is muted, expect a pick-up in Q3FY24: With minimal awarding activity in Q2FY24 and just four projects in Q1FY24, the overall H1FY24 awarding activity remained mutedNew NHAI project DPRs are currently under finalisation, which has caused a delay in orderingWe expect FY24 to be a truncated year for ordering with ~INR 500bn worth of project awards (vs average INR 1.2trn for the previous year)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.

Industrials (Q2FY24 Results Preview): Lacking triggers

<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>FY24 started off with a muted quarter in terms of road project awarding amidst high competitive intensity: In Q1FY24, the NHAI awarded just four projects (vs ten projects in Q1FY23), of which two were HAM projects worth INR 20.6bn (vs nine projects worth INR 98.1bn in Q1FY23) and two were EPC projects worth INR 19.4bn (vs one project worth INR 7.7bn in Q1FY23)</li><li>The total project stretch stood at ~104 km (vs ~367 km in Q1FY23)</li><li>All the projects were bid at a discount over the NHAI 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.

FY24 started off with a muted quarter in terms of road project awarding amidst high competitive intensity: In Q1FY24, the NHAI awarded just four projects (vs ten projects in Q1FY23), of which two were HAM projects worth INR 20.6bn (vs nine projects worth INR 98.1bn in Q1FY23) and two were EPC projects worth INR 19.4bn (vs one project worth INR 7.7bn in Q1FY23)The total project stretch stood at ~104 km (vs ~367 km in Q1FY23)All the projects were bid at a discount over the NHAI 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.

India

Siemens Ltd. has its operations in various areas: in the transportation sector it delivers high speed trains, in the lighting sector it manufactures small light bulbs. In the healthcare sector Siemens executes complete solutions for hospitals, for the industry sector it builds airports as well as produces contracts & for the communication segment it provides public network to mobiles.

Siemens Ltd (SIEM IN)

Industrials: N’HAI’ Way

We have done an in-depth analysis of the NHAI financial model and believe that concerns about debt may get tackled from FY31 onwards

HDFC Securities

Industrials (Q2FY24 Results Preview): Lacking triggers

With minimal awarding activity in Q2FY24 and just four projects in Q1FY24, the overall H1FY24 awarding activity remained muted

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

Industrials: Muted start for the year

FY24 started off with a muted quarter in terms of road project awarding amidst high competitive intensity: In Q1FY24, the NHAI awarded just four...

HDFC Securities