External broker reports(aggregated public sources), HDFC Securities

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<ul><li>Larsen &amp; Toubro: Larsen &amp; Toubro (LT) reported strong performance in Q2FY23, with revenue/EBITDA/PAT beating our estimates by 7/11/21% respectively</li><li>Tendering during the quarter was strong; however, awarding was muted with the award to tender ratio at 34% (vs 69% in Q1FY23)</li><li>EBITDA margin, at 11.5%, was stable due to improved performance in financial services and Hyderabad metro, which saw ridership improving to 355k per day</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) reported strong performance in Q2FY23, with revenue/EBITDA/PAT beating our estimates by 7/11/21% respectivelyTendering during the quarter was strong; however, awarding was muted with the award to tender ratio at 34% (vs 69% in Q1FY23)EBITDA margin, at 11.5%, was stable due to improved performance in financial services and Hyderabad metro, which saw ridership improving to 355k per dayContent 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, Tata Power, Supreme Industries

<ul><li>In Q2FY23, we expect tiles volume to increase QoQ on good demand while we expect pipes demand to remain weak, owing to sharp fall in resin prices, which would keep buyers at bay</li><li>We expect EBITDA margin to decline for both tiles and pipes, owing to rising gas prices (for tiles) and inventory losses (in pipes)</li><li>Hence, we expect aggregate revenue for our coverage universe to rise 2% YoY</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 Q2FY23, we expect tiles volume to increase QoQ on good demand while we expect pipes demand to remain weak, owing to sharp fall in resin prices, which would keep buyers at bayWe expect EBITDA margin to decline for both tiles and pipes, owing to rising gas prices (for tiles) and inventory losses (in pipes)Hence, we expect aggregate revenue for our coverage universe to rise 2% YoYContent 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 (Q2FY23 Results Preview): Both tiles and pipes under pressure

<ul><li>Infosys: Infosys (INFO IN) delivered strong growth in Q1, offset by steeper impact on margins (yet relative outperformance vs peers)</li><li>INFO increased its revenue guidance for FY23E to 14-16% (vs 13-15% earlier) and EBITM guidance was maintained at 21-23%, with a tilt to the lower end</li><li>We expect INFO’s margin recovery ahead, supported by sub-contractor optimisation (~100bps lever) and utilisation increase on trainee productivity (~50bps lever)</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.

Infosys: Infosys (INFO IN) delivered strong growth in Q1, offset by steeper impact on margins (yet relative outperformance vs peers)INFO increased its revenue guidance for FY23E to 14-16% (vs 13-15% earlier) and EBITM guidance was maintained at 21-23%, with a tilt to the lower endWe expect INFO’s margin recovery ahead, supported by sub-contractor optimisation (~100bps lever) and utilisation increase on trainee productivity (~50bps lever)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: Infosys, Axis Bank, Tech Mahindra, Crompton Consumer

<div><ul><li>Tiles and bathware: Demand was impacted in the quarter amid intense heat.</li><li>Plastic pipes demand also remained subdued in Q1FY23 (though higher YoY on a low base).</li><li>Performance of companies: We expect national ceramic players to deliver ~50% YoY volume growth (on a low base), lower by ~7-10% 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.</div>

Tiles and bathware: Demand was impacted in the quarter amid intense heat.Plastic pipes demand also remained subdued in Q1FY23 (though higher YoY on a low base).Performance of companies: We expect national ceramic players to deliver ~50% YoY volume growth (on a low base), lower by ~7-10% 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.

Building Materials - Tiles, Pipes Segments Face Cost Headwinds

<ul>
<li>In Q4FY22, we expect both tiles and plastic pipe companies’ volumes to grow YoY, despite the high base</li>
<li>Despite earlier cost pass-through, we estimate margin compression YoY amid elevated gas prices for tiles companies, higher resin prices, and absence of inventory gains for plastic pipe companies</li>
<li>Hence, we expect aggregate revenue for our coverage universe to firm up 19% YoY</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 Q4FY22, we expect both tiles and plastic pipe companies’ volumes to grow YoY, despite the high base
Despite earlier cost pass-through, we estimate margin compression YoY amid elevated gas prices for tiles companies, higher resin prices, and absence of inventory gains for plastic pipe companies
Hence, we expect aggregate revenue for our coverage universe to firm up 19% YoY

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 (Q4FY22 Results Preview): Healthy demand

India

Supreme Industries Limited manufactures industrial and engineered molded products and storage and material handling crates.  The Company also manufactures chemicals, multilayer sheets, multilayer films, packaging films and expanded polyethylene foam, PVC pipes and fittings, molded furniture and disposable EPS containers.

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Supreme Industries (SI IN)

HSIE Results Daily: Larsen & Toubro, Tata Power, Supreme Industries

Larsen & Toubro: Larsen & Toubro (LT) reported strong performance in Q2FY23, with revenue/EBITDA/PAT beating our estimates by 7/11/21% respectively

HDFC Securities

Building Materials (Q2FY23 Results Preview): Both tiles and pipes under pressure

In Q2FY23, we expect tiles volume to increase QoQ on good demand while we expect pipes demand to remain weak, owing to sharp fall in resin prices,...

HDFC Securities

HSIE Results Daily: Infosys, Axis Bank, Tech Mahindra, Crompton Consumer

Infosys: Infosys (INFO IN) delivered strong growth in Q1, offset by steeper impact on margins (yet relative outperformance vs peers)

HDFC Securities

Building Materials - Tiles, Pipes Segments Face Cost Headwinds

In Q1FY23, we expect volumes of both tiles and plastic pipe companies to moderate QoQ. However, given last year’s low base, we expect a strong...

HDFC Securities

Building Materials (Q4FY22 Results Preview): Healthy demand

In Q4FY22, we expect both tiles and plastic pipe companies’ volumes to grow YoY, despite the high base Despite earlier cost pass-through, we...

HDFC Securities

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