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>In Q2FY25, our coverage universe’s revenue is expected to grow by 4% YoY (volume-driven)</li><li>Pipes demand has weakened in Q2. Pipes channel inventory is low owing to decreasing resin prices</li><li>The tiles and wood panel sectors continue to deliver sub-par volume performance</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.

In Q2FY25, our coverage universe’s revenue is expected to grow by 4% YoY (volume-driven)Pipes demand has weakened in Q2. Pipes channel inventory is low owing to decreasing resin pricesThe tiles and wood panel sectors continue to deliver sub-par volume performanceContent 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.

Building Materials (Q2FY25 Results Preview): Muted Demand Compresses Margins

<ul><li>State Bank of India: SBIN’s earnings were in line with estimates with healthy loan growth (~16% YoY) and stable NIMs, offset by soft deposit growth and elevated credit costs</li><li>Loan growth was strong across segments, offset by a slowdown in the Xpress credit portfolio</li><li>Deposit growth (+8% YoY, -0.3% QoQ) was muted with the CASA ratio dropping to 39% (-45 bps QoQ), in line with industry trends</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.

State Bank of India: SBIN’s earnings were in line with estimates with healthy loan growth (~16% YoY) and stable NIMs, offset by soft deposit growth and elevated credit costsLoan growth was strong across segments, offset by a slowdown in the Xpress credit portfolioDeposit growth (+8% YoY, -0.3% QoQ) was muted with the CASA ratio dropping to 39% (-45 bps QoQ), in line with industry trendsContent 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: State Bank of India, Thermax, Aptus Value Housing Finance India

<ul><li>In Q1FY25, our coverage universe’s revenue is expected to grow by 13% YoY (volume-driven)</li><li>Like earlier quarters, volume growth remains healthy in the pipes sector</li><li>The tiles and wood panel sectors continue to deliver muted volume performance</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.

In Q1FY25, our coverage universe’s revenue is expected to grow by 13% YoY (volume-driven)Like earlier quarters, volume growth remains healthy in the pipes sectorThe tiles and wood panel sectors continue to deliver muted volume performanceContent 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.

Building Materials (Q1FY25 Results Preview): Sectoral Dynamics Remain Unchanged

<ul><li>Shree Cement: We maintain our ADD rating on Shree Cement, with an unchanged SOTP target price of INR 28,700/share</li><li>Cement volume growth slowed to 8% YoY as it lost four days of sales due to software migration to SAP</li><li>Reported unit EBITDA (cement) remained flattish QoQ at INR 1346/MT as lower input costs and lower advertising expenses offset the impact of a 6% QoQ NSR decline (ex-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.

Shree Cement: We maintain our ADD rating on Shree Cement, with an unchanged SOTP target price of INR 28,700/shareCement volume growth slowed to 8% YoY as it lost four days of sales due to software migration to SAPReported unit EBITDA (cement) remained flattish QoQ at INR 1346/MT as lower input costs and lower advertising expenses offset the impact of a 6% QoQ NSR decline (ex-power)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: Shree Cement, Oberoi Realty, Apollo Tyres, Radico Khaitan, NCC

<ul><li>In Q3FY24, our coverage universe’s revenue/EBITDA/APAT are expected to grow by 8/31/43% YoY respectively</li><li>Revenue growth is muted owing to sub-par demand for tiles, wood panels and lower realisation for pipes</li><li>EBITDA/ PAT will rise strongly, mainly owing to higher inventory loss (pipes) and gas price (tiles) in the base quarter</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.

In Q3FY24, our coverage universe’s revenue/EBITDA/APAT are expected to grow by 8/31/43% YoY respectivelyRevenue growth is muted owing to sub-par demand for tiles, wood panels and lower realisation for pipesEBITDA/ PAT will rise strongly, mainly owing to higher inventory loss (pipes) and gas price (tiles) in the base quarterContent 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.

Building Materials (Q3FY24 Results Preview): No Sign of Demand Revival, Stable Margins

India

Somany Ceramics Limited manufactures ceramic wall and floor tiles. The Group exports its products to Europe, the Middle East, Australia, New Zealand, Mauritius, South Africa and Sri Lanka.

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Somany Ceramics (SOMC IN)

Building Materials (Q2FY25 Results Preview): Muted Demand Compresses Margins

In Q2FY25, our coverage universe’s revenue is expected to grow by 4% YoY (volume-driven). Pipes demand has weakened in Q2. Pipes channel inventory...

HDFC Securities

HSIE Results Daily: State Bank of India, Thermax, Aptus Value Housing Finance India

State Bank of India: SBIN’s earnings were in line with estimates with healthy loan growth (~16% YoY) and stable NIMs, offset by soft deposit growth...

HDFC Securities

Building Materials (Q1FY25 Results Preview): Sectoral Dynamics Remain Unchanged

In Q1FY25, our coverage universe’s revenue is expected to grow by 13% YoY (volume-driven). Like earlier quarters, volume growth remains healthy in...

HDFC Securities

HSIE Results Daily: Shree Cement, Oberoi Realty, Apollo Tyres, Radico Khaitan, NCC

Reported unit EBITDA (cement) remained flattish QoQ at INR 1346/MT as lower input costs and lower advertising expenses offset the impact of a 6%...

HDFC Securities

Building Materials (Q3FY24 Results Preview): No Sign of Demand Revival, Stable Margins

In Q3FY24, our coverage universe’s revenue/EBITDA/APAT are expected to grow by 8/31/43% YoY respectively. Revenue growth is muted owing to sub-par...

HDFC Securities

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