External broker reports(aggregated public sources), HDFC Securities

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Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Thematic (Sector/Industry)

<ul><li>In Q1FY25, the consumer durables aggregate revenue grew by 21% YoY (+16% 2-yr CAGR)</li><li>The growth was driven by the summer portfolio (room AC, air coolers, fans) which benefited from a harsh summer season</li><li>White goods/ ECD segments’ revenues grew by 41%/17% YoY (+19%/+12% 2-yr 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.

In Q1FY25, the consumer durables aggregate revenue grew by 21% YoY (+16% 2-yr CAGR)The growth was driven by the summer portfolio (room AC, air coolers, fans) which benefited from a harsh summer seasonWhite goods/ ECD segments’ revenues grew by 41%/17% YoY (+19%/+12% 2-yr 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.

Consumer Durables & EMS: Decoding Q1FY25 Trends

India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

<ul>
<li>Government Considers Ethanol Price Increase to Meet Blending 20% Targets</li>
<li>Torrent Pharma is seeking up to $3 billion to buy KKR’s 54% stake in JB Chemicals.</li>
<li>Cochin Shipyard will deliver a new dredger worth INR 800 crore to DCI by September 2025.</li>
</ul>


Government Considers Ethanol Price Increase to Meet Blending 20% Targets
Torrent Pharma is seeking up to $3 billion to buy KKR’s 54% stake in JB Chemicals.
Cochin Shipyard will deliver a new dredger worth INR 800 crore to DCI by September 2025.


# 46 India Insight: Ethanol Price Increase, Torrent Pharma and JB Chemicals, Cochin Shipyard Dredger

<ul><li>With the country witnessing an intense heatwave, demand for consumer durables in 1Q was largely led by cooling products which witnessed inventory stock-outs as demand outstripped supply</li><li>Ex of the cooling portfolio, there was the sustenance of only a gradual improvement in consumer sentiment</li><li>Rising RM prices, high A&amp;P spending and EPR costs are likely to keep margins under check</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.

With the country witnessing an intense heatwave, demand for consumer durables in 1Q was largely led by cooling products which witnessed inventory stock-outs as demand outstripped supplyEx of the cooling portfolio, there was the sustenance of only a gradual improvement in consumer sentimentRising RM prices, high A&amp;P spending and EPR costs are likely to keep margins under checkContent 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.

Consumer Durables & EMS: Summer Season Drives Demand Uptick

<ul><li>India’s GDP is expected to double from its current level of USD 3.57trn (in FY24E) to USD 7trn in 2030</li><li>This will be a result of inherent demographic advantages along with consistent policy support</li><li>We observe that there are decadal economic trends underway in the country, which are fueling the business growth of companies in various 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.

India’s GDP is expected to double from its current level of USD 3.57trn (in FY24E) to USD 7trn in 2030This will be a result of inherent demographic advantages along with consistent policy supportWe observe that there are decadal economic trends underway in the country, which are fueling the business growth of companies in various 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.

Long Term Compounders: Decadal Economic Trends Present Opportunities

<ul><li>With consumer sentiment witnessing a gradual improvement, rising temperatures and the expectation of a hot summer season are expected to support growth for consumer durables in Q4</li><li>Stable commodity prices and improving op-lev will enable sequential improvement in margins</li><li>We expect our consumer durable universe to register a revenue/EBITDA/PAT growth of 22/12/18% YoY (13/9/8% five-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.

With consumer sentiment witnessing a gradual improvement, rising temperatures and the expectation of a hot summer season are expected to support growth for consumer durables in Q4Stable commodity prices and improving op-lev will enable sequential improvement in marginsWe expect our consumer durable universe to register a revenue/EBITDA/PAT growth of 22/12/18% YoY (13/9/8% five-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.

Consumer Durables & EMS (Q4FY24 Results Preview): Summer portfolio to shine

India

Voltas Limited is an Indian multinational home appliance and engineering solutions company, known for its air conditioning products and a wide range of cooling and home appliances. It also provides electro-mechanical project services and engineering products. The company is headquartered in Mumbai, India, and was founded in 1954.

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Voltas (VOLT IN)

Consumer Durables & EMS: Decoding Q1FY25 Trends

In Q1FY25, the consumer durables aggregate revenue grew by 21% YoY (+16% 2-yr CAGR). The growth was driven by the summer portfolio (room AC, air...

HDFC Securities

# 46 India Insight: Ethanol Price Increase, Torrent Pharma and JB Chemicals, Cochin Shipyard Dredger

Government may raise ethanol prices to achieve 20% blending target; Torrent Pharma eyes $3 billion for JB Chemicals stake; Cochin Shipyard to...

Sudarshan Bhandari

Consumer Durables & EMS: Summer Season Drives Demand Uptick

With the country witnessing an intense heatwave, demand for consumer durables in 1Q was largely led by cooling products which witnessed inventory...

HDFC Securities

Long Term Compounders: Decadal Economic Trends Present Opportunities

India’s GDP is expected to double from its current level of USD 3.57trn (in FY24E) to USD 7trn in 2030. This will be a result of inherent...

HDFC Securities

Consumer Durables & EMS (Q4FY24 Results Preview): Summer portfolio to shine

With consumer sentiment witnessing a gradual improvement, rising temperatures and the expectation of a hot summer season are expected to support...

HDFC Securities

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Consumer Durables & EMS: Decoding Q1FY25 Trends

In Q1FY25, the consumer durables aggregate revenue grew by 21% YoY (+16% 2-yr CAGR). The growth was driven by the summer portfolio (room AC, air...

HDFC Securities

# 46 India Insight: Ethanol Price Increase, Torrent Pharma and JB Chemicals, Cochin Shipyard Dredger

​Government may raise ethanol prices to achieve 20% blending target; Torrent Pharma eyes $3 billion for JB Chemicals stake; Cochin Shipyard to...

Sudarshan Bhandari

Consumer Durables & EMS: Summer Season Drives Demand Uptick

With the country witnessing an intense heatwave, demand for consumer durables in 1Q was largely led by cooling products which witnessed inventory...

HDFC Securities

Long Term Compounders: Decadal Economic Trends Present Opportunities

India’s GDP is expected to double from its current level of USD 3.57trn (in FY24E) to USD 7trn in 2030. This will be a result of inherent...

HDFC Securities

Consumer Durables & EMS (Q4FY24 Results Preview): Summer portfolio to shine

With consumer sentiment witnessing a gradual improvement, rising temperatures and the expectation of a hot summer season are expected to support...

HDFC Securities

Government may raise ethanol prices to achieve 20% blending target; Torrent Pharma eyes $3 billion for JB Chemicals stake; Cochin Shipyard to...