External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

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<ul><li>We met the management of Orient Bell (OBL)</li><li>The management highlighted that domestic demand remains muted in Q2 (similar to Q1), however, it expects things to firm up, going ahead, led by robust real estate demand</li><li>Exports from Morbi continue to firm up</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 met the management of Orient Bell (OBL)The management highlighted that domestic demand remains muted in Q2 (similar to Q1), however, it expects things to firm up, going ahead, led by robust real estate demandExports from Morbi continue to firm upContent 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.

Tiles: Muted domestic demand, strong exports

<ul><li>ABB India: ABB Q2CY23 revenue at INR 25bn (+22%/+4% YoY/QoQ) missed our estimates by 3%</li><li>However, it was a beat of 14% and 22% at EBITDA and PAT levels</li><li>This was mainly on the back of a higher EBITDA margin, which was at an all-time quarterly high of 13.9% (+42/+207bps YoY/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.

ABB India: ABB Q2CY23 revenue at INR 25bn (+22%/+4% YoY/QoQ) missed our estimates by 3%However, it was a beat of 14% and 22% at EBITDA and PAT levelsThis was mainly on the back of a higher EBITDA margin, which was at an all-time quarterly high of 13.9% (+42/+207bps YoY/QoQ)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: ABB India, Hero Motocorp, Nuvoco Vistas Corporation

<ul><li>In Q1FY24, our coverage universe’s revenue/EBITDA/APAT are expected to grow by 6/19/18% YoY respectively</li><li>We estimate tile majors to report healthy ~9-10% YoY volume growth (supported by a pick-up in exports)</li><li>We expect some dip in realisation QoQ, as lower fuel prices are partially passed on to the customers</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 Q1FY24, our coverage universe’s revenue/EBITDA/APAT are expected to grow by 6/19/18% YoY respectivelyWe estimate tile majors to report healthy ~9-10% YoY volume growth (supported by a pick-up in exports)We expect some dip in realisation QoQ, as lower fuel prices are partially passed on to the customersContent 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 - Another Quarter of Mixed Trends

<ul><li>In April 2023, tiles export continues to be strong, up 35% YoY to &gt;INR 16bn</li><li>After a strong Mar-23, laminates export volume/value declined 11/9% MoM in Apr-23</li><li>Owing to weak exports, MDF net import volume surged to a 41-month high at 27K CBM in Apr-23 (2.2x MoM)</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 April 2023, tiles export continues to be strong, up 35% YoY to &gt;INR 16bnAfter a strong Mar-23, laminates export volume/value declined 11/9% MoM in Apr-23Owing to weak exports, MDF net import volume surged to a 41-month high at 27K CBM in Apr-23 (2.2x MoM)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.

Building Materials: Imports pick up, exports decline

<ul><li>Q4FY23 earnings season saw an overall in-line performance, with wide divergences across sectors and companies</li><li>Aggregate revenue/PAT grew by 13%/9% YoY across the HSIE coverage (~215 stocks), their two-year CAGR being 19%/15%</li><li>Our coverage universe saw strong YoY revenue growth in auto, lending financials, industrials, IT, cement and power sectors</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.

Q4FY23 earnings season saw an overall in-line performance, with wide divergences across sectors and companiesAggregate revenue/PAT grew by 13%/9% YoY across the HSIE coverage (~215 stocks), their two-year CAGR being 19%/15%Our coverage universe saw strong YoY revenue growth in auto, lending financials, industrials, IT, cement and power sectorsContent 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 Equity Strategy - Banks Continue to Lead the Pack; Profitability Improves for Most Sectors

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)

Tiles: Muted domestic demand, strong exports

The management highlighted that domestic demand remains muted in Q2 (similar to Q1), however, it expects things to firm up, going ahead, led by...

HDFC Securities

HSIE Results Daily: ABB India, Hero Motocorp, Nuvoco Vistas Corporation

ABB India: ABB Q2CY23 revenue at INR 25bn (+22%/+4% YoY/QoQ) missed our estimates by 3%. However, it was a beat of 14% and 22% at EBITDA and PAT...

HDFC Securities

Building Materials - Another Quarter of Mixed Trends

In Q1FY24, our coverage universe’s revenue/EBITDA/APAT are expected to grow by 6/19/18% YoY respectively. We estimate tile majors to report healthy...

HDFC Securities

Building Materials: Imports pick up, exports decline

In April 2023, tiles export continues to be strong, up 35% YoY to >INR 16bn. After a strong Mar-23, laminates export volume/value declined 11/9%...

HDFC Securities

India Equity Strategy - Banks Continue to Lead the Pack; Profitability Improves for Most Sectors

Q4FY23 earnings season saw an overall in-line performance, with wide divergences across sectors and companies. Aggregate revenue/PAT grew by 13%/9%...

HDFC Securities

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