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>ITC: ITC delivered another quarter with a beat in earnings</li><li>Net revenue and EBITDA clocked 3/22% YoY growth vs the expectation of 5/14%</li><li>Cigarette revenue growth was at 17% YoY (HSIE 14%), with volume growth at ~15% (6.5% three-year CAGR)</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.

ITC: ITC delivered another quarter with a beat in earningsNet revenue and EBITDA clocked 3/22% YoY growth vs the expectation of 5/14%Cigarette revenue growth was at 17% YoY (HSIE 14%), with volume growth at ~15% (6.5% three-year CAGR)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: ITC, Tata Power, Marico, CDSL, Mahanagar Gas

<ul><li>The power industry is expected to report 28.5% YoY earnings growth, owing to the strong generation growth (+7.3% YoY in Q3FY23) and improved coal availability</li><li>Peak power demand increased by 10% YoY during Q3FY23 to ~193GW, driven by the festive season</li><li>Coal inventory at power plants too improved significantly, led by increased usage of imported coal as the number of stations facing subcritical inventory level declined to 43 in Dec 2022, vs 69 YoY and 54 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.

The power industry is expected to report 28.5% YoY earnings growth, owing to the strong generation growth (+7.3% YoY in Q3FY23) and improved coal availabilityPeak power demand increased by 10% YoY during Q3FY23 to ~193GW, driven by the festive seasonCoal inventory at power plants too improved significantly, led by increased usage of imported coal as the number of stations facing subcritical inventory level declined to 43 in Dec 2022, vs 69 YoY and 54 QoQContent 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.

Power (3QFY23 Results Preview): Demand remains strong; coal inventory improves

<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>The power industry is expected to report 19.4% YoY earnings growth, owing to the ongoing spur in power demand and merchant rates, which continued in Q2FY23 as well</li><li>However, demand growth softened to ~5% YoY during Q2FY23 (vs ~17% YoY in Q1FY23) due to high YoY base and monsoon season</li><li>Coal inventory at power plants improved significantly as the number of stations facing subcritical inventory levels declined to 54 in Q2FY23, vs 88 YoY and 79 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.

The power industry is expected to report 19.4% YoY earnings growth, owing to the ongoing spur in power demand and merchant rates, which continued in Q2FY23 as wellHowever, demand growth softened to ~5% YoY during Q2FY23 (vs ~17% YoY in Q1FY23) due to high YoY base and monsoon seasonCoal inventory at power plants improved significantly as the number of stations facing subcritical inventory levels declined to 54 in Q2FY23, vs 88 YoY and 79 QoQContent 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.

Power (2QFY23 Results Preview): Demand remains strong; coal inventory improves

<ul>
<li>We attended a solar conference organised by Mercom in New Delhi, which saw participation from notable players like MNRE, SECI, NTPC, Adani Green, Tata Power, Vikram Solar, Azure Power, Acme, Renewsys, Jackson EPC, Longi, and many sectoral experts</li>
<li>The crux of the discussion was on opportunity, scalability, RPO obligations, measures of viability, funding opportunities, and the challenges the industry is facing at present in the renewable sector</li>
<li>While PSUs maintained a positive stance on achievement of the targeted 280GW of solar capacity by FY30, a few unlisted EPC players and developer community were of the opinion that, with issues like the increase in module prices, rupee depreciation, duty imposition on imported cells/modules, land availability, and grid congestion, the country would only be able to achieve ~70% of this target</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 attended a solar conference organised by Mercom in New Delhi, which saw participation from notable players like MNRE, SECI, NTPC, Adani Green, Tata Power, Vikram Solar, Azure Power, Acme, Renewsys, Jackson EPC, Longi, and many sectoral experts
The crux of the discussion was on opportunity, scalability, RPO obligations, measures of viability, funding opportunities, and the challenges the industry is facing at present in the renewable sector
While PSUs maintained a positive stance on achievement of the targeted 280GW of solar capacity by FY30, a few unlisted EPC players and developer community were of the opinion that, with issues like the increase in module prices, rupee depreciation, duty imposition on imported cells/modules, land availability, and grid congestion, the country would only be able to achieve ~70% of this target

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.

Indian Power Sector: Renewable Solar Summit July 2022

India

Tata Power is an Indian electric utility company that generates, transmits, and distributes electricity. It offers a range of energy solutions including solar, wind, hydro, and thermal power, along with EV charging infrastructure and home automation. The company is headquartered in Mumbai, India, and was founded in 1919.

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Tata Power (TPWR IN)

HSIE Results Daily: ITC, Tata Power, Marico, CDSL, Mahanagar Gas

ITC: ITC delivered another quarter with a beat in earnings. Net revenue and EBITDA clocked 3/22% YoY growth vs the expectation of 5/14%

HDFC Securities

Power (3QFY23 Results Preview): Demand remains strong; coal inventory improves

The power industry is expected to report 28.5% YoY earnings growth, owing to the strong generation growth (+7.3% YoY in Q3FY23) and improved coal...

HDFC Securities

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

Power (2QFY23 Results Preview): Demand remains strong; coal inventory improves

The power industry is expected to report 19.4% YoY earnings growth, owing to the ongoing spur in power demand and merchant rates, which continued...

HDFC Securities

Indian Power Sector: Renewable Solar Summit July 2022

The crux of the discussion was on opportunity, scalability, RPO obligations, measures of viability, funding opportunities, and the challenges the...

HDFC Securities

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