4QFY24 Earnings Preview

India Equity Research
April 08, 2024

Earnings Preview
4QFY24 Earnings Preview

Moderate Quarter
➢ Earning growth momentum is slowing as revenue growth moderate and falling RM

benefit already retain in previous quarters. Equirus Universe will report 6%/4% yoy
growth in EBITDA/PAT driven by growth across sector in domestic market whereas
cyclical sectors remain weak. On sequential basis we expect Equirus Universe Ex OMC
to report 3%/2% growth in EBITDA/PAT.
➢ Auto, Cement, Capital Goods, FMCG, Banks, NBFC to report strong earnings growth
driven by volume and operating leverage. Large cap IT, Chemical and Metals to report
weak earnings.
Autos: Margin to improve on operating leverage across OEMs. 2W to outperform 4W and

CV. Margin for tyre companies to contract on sequential basis whereas auto ancillaries will
have moderate margin improvement.
Building Material & Cement: In Cement, we expect ~7-8% yoy volume growth pan-India
with all regions reporting comparable growth except East. Lower P&F and operating
leverage will partly offset ~5% lower qoq realizations; EBITDA/t is still expected to decline
Rs 100-125/t qoq. Replacement demand remain challenging whereas new project
launches remain strong. Pipe, ceramic and wood panel to report weak numbers on fading
volume momentum.
Chemical: Expect a mixed quarter for chemical companies as high channel inventory and
destocking has led to continued volume and pricing pressure on the industry.
Construction: Expect mid-single digit revenue growth and stable margin. On account of
weak NHAI orders, companies are putting more focus on diversification.
Consumer Durable: Led by strong capex and infrastructure activities, cables players are
likely to post strong topline growth for the 7th consecutive quarter, whereas wires growth
continues remain moderate. For RAC, strong start of summer season in South market
followed by later pick-up in other markets led to strong growth for RAC.
Consumer Staples: Steady growth in Urban markets, soft demand trend in rural markets,
further moderation in pricing growth and a yoy margin expansion off a weak base would
be the key trends for the Staple companies. Expect sales/EBITDA growth of 6%/12% for
our Coverage universe (ex Aqua). Paint demand will be moderate but margin will expand.
Financials: 4QFY24 is expected to have 16% loan growth driven by retail and business
banking. Sequentially NIM will compress for most banks due to upward repricing of
deposit. Among NBFC, Gold, Diversified and MFIs to report strong growth.
Industrials: Order inflow growth will moderate but operating leverage and softening of
commodity prices to drive margin improvement. Industrial consumable and defense to
report low growth.
IT: Sluggish performance from top-6 large caps continues with -1.2% to 1.3% qoq growth
in CC terms along with flattish margin. MidCap IT to outperform large peers with qoq sales
growth of 2.4% against 0.3% for large caps.
Metal: Steel sector volume will be flattish but EBITDA/MT will decline sharply on higher
coking coal and dip in realization.
O&G: OMCs will report sharp qoq improvement driven by higher GRM and inventory gain.
Within gas companies, CGD will report sequential improvement in EBITDA/scm on account
of lower spot LNG prices. Transmission companies to report qoq improvement in volume.
Pharma: Multiple companies will see strong numbers on higher gRevlimid revenue and
steady pricing. Hospitals and diagnostic to report strong growth. Equirus Research
Retail and Textiles: Continued weakness in demand trends to result in muted performance [email protected]
for most apparel & footwear players, though network addition & low base of last year to
make revenue numbers optically higher.
Refer to important disclosures at the end of this report April 08, 2024| 1
[email protected] - 08/04/2024 08:25:02 AM
4QFY24 Earnings Preview India Equity Research
Exhibit 1: Equirus Coverage Universe valuation table for Regular and Lite coverage.
P/E P/B ROE
Mkt Cap Target
Company Rating CMP Upside (%)
(In Bn) Price
FY23 FY24E FY25E FY23 FY24E FY25E FY23 FY24E FY25E
Financial Services
Aavas Financiers Ltd ADD 1,599 115 1,735 9% 29.4 27.1 22.5 3.5 3.1 2.7 14% 13% 14%
Aditya Birla Sun Life Asset
ADD 481 138 520 8% 23.2 18.7 18.6 5.5 5.0 4.5 25% 28% 25%
Management Co Ltd
Anand Rathi Wealth Ltd ADD 3,633 148 2,875 -21% 89.9 66.2 52.0 30.7 23.4 18.0 40% 41% 40%
Au Small Finance Bank Ltd ADD 635 461 755 19% 29.6 28.2 22.3 4.2 3.7 3.2 15% 15% 16%
Axis Bank Ltd LONG 1,063 3,281 1,280 20% 34.1 13.8 12.5 2.6 2.2 1.9 8% 17% 17%
Bandhan Bank Ltd LONG 197 319 295 49% 14.5 10.1 6.4 1.6 1.4 1.2 12% 15% 20%
Can Fin Homes Ltd LONG 799 108 915 15% 17.1 14.6 11.9 3.0 2.5 2.1 19% 18% 19%
Cholamandalam Investment And
ADD 1,218 1,005 1,300 7% 37.6 30.6 23.2 7.0 5.8 4.7 21% 21% 22%
Finance Co Ltd
City Union Bank Ltd ADD 158 114 150 -5% 12.5 11.5 11.1 1.5 1.4 1.2 13% 12% 12%
COMPUTER AGE MANAGEMENT
REDUCE 3,149 154 2,715 -14% 54.2 45.2 39.0 19.7 17.1 14.8 40% 41% 41%
SERVICES LIMITED
Creditaccess Grameen Ltd LONG 1,481 236 1,670 13% 9.3 7.7 6.5 0.5 0.5 0.4 17% 16% 16%
DCB Bank Ltd ADD 127 39 155 22% 8.5 7.8 7.1 0.9 0.8 0.7 11% 11% 12%
Equitas Small Finance Bank Ltd LONG 99 112 125 26% 19.2 13.7 10.3 2.2 1.9 1.6 12% 15% 17%
HDFC Asset Management Co Ltd LONG 3,675 790 3,960 8% 55.1 42.2 38.2 12.9 11.8 10.8 25% 29% 30%
Federal Fedbank Financial Services Ltd LONG 127 47 160 26% 22.7 19.1 15.0 3.4 2.1 1.8 14% 14% 13%
HDFC Bank Ltd LONG 1,549 11,605 1,900 23% 19.6 19.3 17.0 4.1 2.7 2.4 17% 16% 16%
Home First Finance Co India Ltd LONG 960 84 1,175 22% 37.0 28.4 23.5 4.6 4.0 3.5 13% 15% 16%
ICICI Bank Ltd LONG 1,082 7,576 1,285 19% 23.7 19.4 17.9 3.8 3.2 2.8 17% 18% 17%
IDFC First Bank Ltd LONG 81 562 105 30% 21.9 19.2 15.0 2.2 1.8 1.6 10% 11% 12%
Indusind Bank Ltd LONG 1,554 1,202 1,850 19% 16.3 13.5 11.5 2.2 1.9 1.7 14% 15% 16%
Karur Vysya Bank Ltd LONG 195 153 225 16% 14.1 10.2 9.2 1.8 1.5 1.3 14% 17% 15%
KFIN TECHNOLOGIES LTD ADD 648 109 600 -7% 55.9 45.0 38.6 12.4 9.7 8.1 26% 25% 23%
L&T Finance Holdings Ltd LONG 170 428 150 -12% 9.6 6.4 5.6 4.4 3.7 3.1 17% 21% 20%
Manappuram Finance Ltd LONG 192 164 220 15% 109.9 2.7 2.1 5.3 4.5 3.8 0% 15% 17%
Muthoot Finance Ltd LONG 1,654 669 1,710 3% 37.6 35.1 30.4 1.0 0.9 0.8 18% 17% 18%
Nippon Life India Asset Management
LONG 532 329 600 13% 45.9 33.0 31.5 9.3 8.5 8.1 21% 28% 27%
Ltd
Poonawalla Fincorp Ltd ADD 497 382 390 -22% 65.3 19.2 34.8 6.0 4.6 4.2 10% 27% 13%
Power Finance Corp Ltd ADD 417 1,370 520 25% 63.7 49.2 44.5 6.3 5.9 5.5 8% 9% 10%
Protean eGov Technologies Ltd LONG 1,163 47 1,500 29% 43.9 35.4 26.7 6.0 5.5 5.0 13% 15% 18%
Prudent Corporate Advisory Services
LONG 1,290 55 1,480 15% 45.7 40.6 34.5 15.6 11.6 8.9 40% 32% 29%
Ltd
RBL Bank Ltd ADD 255 154 300 18% 17.3 13.6 10.4 1.1 1.1 1.0 7% 9% 10%
REC Ltd ADD 472 1,248 560 19% 5.5 4.6 4.0 5.9 5.1 4.5 18% 18% 18%
SBI Cards & Payment Services Ltd ADD 730 660 855 17% 30.6 30.4 24.0 6.7 5.7 4.7 26% 23% 23%
Shriram Finance Ltd LONG 2,525 939 2,700 7% 60.1 49.0 42.6 1.6 1.4 1.2 20% 22% 21%
South Indian Bank Ltd LONG 30 77 42 42% 8.0 5.9 4.9 1.2 1.0 0.9 12% 14% 15%
Spandana Sphoorty Financial Ltd LONG 896 64 1,150 28% 17.2 10.4 8.9 1.3 1.0 0.8 18% 24% 22%
State Bank Of India LONG 765 6,825 800 5% 13.6 13.2 9.8 2.1 1.9 1.6 18% 18% 17%
Ujjivan Small Finance Bank Ltd ADD 56 106 61 9% 9.9 8.6 7.8 2.5 2.0 1.6 31% 26% 23%
Mkt Cap Target Upside P/E P/B RoE

Company Rating CMP
(In Bn) Price (%) FY23 FY24E FY25E FY23 FY24E FY25E FY23 FY24E FY25E
Auto and Auto Parts
Amara Raja Batteries Ltd LONG 811 148 843 4% 19.8 16.2 13.7 2.8 2.4 2.1 14% 15% 15%
Apollo Tyres Ltd LONG 468 292 557 19% 22.3 16.2 14.2 2.3 2.0 1.8 11% 13% 14%
Bajaj Auto Ltd REDUCE 9,010 2,553 7,186 -20% 45.3 34.3 30.5 10.0 8.7 8.1 22% 27% 27%
Balkrishna Industries Ltd REDUCE 2,405 453 2,402 0% 39.4 35.9 28.6 6.0 5.3 4.7 15% 16% 18%
April 08, 2024| 2


Company Rating CMP
Ceat Ltd LONG 2,686 108 3,323 24% 52.7 14.8 14.3 3.2 2.8 2.4 7% 20% 18%
Eicher Motors Ltd LONG 4,031 1,099 4,486 11% 38.0 27.8 24.6 7.3 6.4 5.5 21% 24% 22%
Endurance Technologies Ltd REDUCE 1,900 266 1,867 -2% 55.9 43.2 34.5 6.0 5.6 4.9 12% 14% 15%
Exide Industries Ltd LONG 322 272 314 -2% 29.3 26.8 21.5 2.4 2.2 2.1 8% 9% 10%
Fiem Industries Ltd LONG 1,123 30 2,746 145% 10.6 9.2 7.8 3.9 3.5 3.0 20% 20% 21%
Greaves Cotton Ltd LONG 139 32 163 17% 46.3 -27.8 17.4 1.6 1.6 1.4 7% 3% 8%
Hero Motocorp Ltd REDUCE 4,525 904 4,203 -7% 31.0 22.9 19.7 5.4 5.0 4.4 18% 24% 24%
Lumax Industries Ltd LONG 2,499 23 2,984 19% 22.3 21.7 15.4 4.0 3.6 3.0 20% 17% 21%
Maruti Suzuki India Ltd LONG 12,422 3,951 12,888 4% 46.7 29.6 26.7 6.5 5.6 4.8 14% 19% 18%
Motherson Sumi Wiring India
ADD 70 312 72 2% 70.4 70.4 35.2 23.5 18.7 14.5 40% 42% 42%
Ltd
MRF Ltd REDUCE 1,35,465 574 1,42,042 5% 82.5 25.4 22.4 3.9 3.4 3.0 5% 14% 14%
Rolex Rings Ltd LONG 1,877 52 2,445 30% 25.7 28.4 22.3 6.9 5.6 4.5 31% 22% 22%
Subros Ltd REDUCE 533 35 609 14% 76.2 35.5 23.2 4.1 3.7 3.2 6% 11% 15%
Suprajit Engineering Ltd LONG 431 59 454 5% 39.2 39.2 28.7 4.8 4.3 3.7 13% 12% 14%
Uno Minda Ltd LONG 737 419 788 7% 67.0 52.7 38.8 9.4 8.0 6.7 16% 17% 19%
Varroc Engineering Ltd REDUCE 538 85 560 4% -10.1 38.4 24.4 8.4 6.0 5.4 1% 19% 23%
Building Materials
Apl Apollo Tubes Ltd LONG 1,551 430 1,831 18% 67.4 53.5 37.8 14.3 11.8 9.6 23% 24% 28%
Apollo Pipes Ltd LONG 677 26 830 23% 112.8 52.1 29.4 5.7 4.7 3.2 6% 10% 13%
Asian Paints Ltd REDUCE 2,883 2,798 3,338 16% 66.4 49.6 48.9 17.5 14.6 13.3 27% 31% 28%
Astral Ltd LONG 2,045 554 2,262 11% 127.8 97.4 75.7 20.4 17.4 14.7 18% 19% 21%
Berger Paints India Ltd REDUCE 562 651 552 -2% 76.0 54.6 51.6 14.5 12.4 10.8 21% 25% 22%
Century Plyboards India Ltd LONG 658 148 860 31% 36.5 41.1 29.9 7.8 6.7 5.6 23% 17% 20%
Cera Sanitaryware Ltd LONG 7,335 97 8,756 19% 45.3 40.1 33.6 8.3 7.2 6.2 19% 19% 19%
Finolex Industries Ltd LONG 254 158 281 10% 63.6 36.3 23.1 3.3 3.2 3.1 5% 8% 13%
Greenlam Industries Ltd LONG 575 75 588 2% 57.5 57.5 44.2 7.7 6.9 6.1 15% 12% 14%
Greenpanel Industries Ltd LONG 331 41 471 42% 15.7 27.5 18.4 3.4 3.1 2.6 23% 12% 16%
Greenply Industries Ltd LONG 268 33 297 11% 24.4 53.6 22.3 5.1 4.6 3.9 22% 10% 19%
Kajaria Ceramics Ltd LONG 1,253 197 1,578 26% 57.0 41.8 32.1 8.5 7.5 6.7 16% 19% 22%
Prince Pipes & Fittings Ltd LONG 613 68 783 28% 55.7 43.8 29.2 5.0 4.5 4.0 9% 11% 14%
Somany Ceramics Ltd LONG 625 25 941 51% 36.8 24.0 16.0 3.2 2.9 2.5 9% 13% 17%
Supreme Industries Ltd LONG 4,355 533 5,017 15% 72.6 55.8 46.8 14.0 12.0 10.3 21% 24% 25%
Cement
ACC Ltd LONG 2,575 491 2,196 -15% 46.0 23.6 20.6 3.5 3.2 2.8 6% 14% 14%
Ambuja Cements Ltd LONG 628 1,373 491 -22% 48.3 62.8 39.2 4.9 4.6 2.9 8% 9% 10%
Birla Corp Ltd LONG 1,508 117 1,868 24% 376.9 26.5 18.4 2.0 1.9 1.7 1% 7% 9%
Dalmia Bharat Ltd LONG 1,988 380 2,774 40% 31.6 42.3 30.1 2.4 2.3 2.2 7% 6% 7%
Heidelbergcement India Ltd REDUCE 207 47 177 -15% 51.8 20.7 18.8 3.8 3.6 3.4 7% 15% 16%
Jk Cement Ltd LONG 4,359 336 3,896 -11% 79.3 37.6 28.7 7.3 6.3 5.4 9% 18% 20%
Nuvoco Vistas Corp Ltd ADD 315 115 371 18% 13.7 105.2 52.6 1.4 1.3 1.3 9% 1% 2%
Prism Johnson Ltd LONG 185 93 169 -9% -61.8 #DIV/0! 37.1 13.2 10.3 8.5 -12% -2% 15%
Ramco Cements Ltd LONG 837 198 1,032 23% 55.8 44.1 27.9 2.9 2.8 2.6 5% 7% 9%
Shree Cement Ltd ADD 25,766 935 27,575 7% 73.2 42.0 35.2 5.0 4.6 4.2 7% 11% 12%
Ultratech Cement Ltd LONG 9,824 2,883 9,773 -1% 56.1 43.5 30.9 5.3 4.8 4.3 10% 11% 15%
JK Lakshmi Cement Limited LONG 845 102 1,123 33% 28.2 22.2 16.9 - - - 14% 15% 17%
Chemicals
Aarti Industries Ltd SHORT 696 251 525 -25% 46.3 59.3 42.3 5.1 4.8 4.4 11% 8% 11%
Astec Lifesciences Ltd LONG 1,206 23 1,400 16% 92.4 -55.6 40.8 5.4 6.0 5.2 6% -11% 14%
Jubilant Ingrevia Ltd LONG 494 76 600 22% 25.5 36.3 22.5 2.9 2.7 2.5 15% 10% 14%
April 08, 2024| 3


Company Rating CMP
Navin Fluorine International Ltd LONG 3,148 155 4,200 33% 41.6 53.9 40.2 7.1 6.4 5.7 19% 11% 15%
PI Industries Ltd LONG 3,870 579 5,700 47% 47.7 35.5 32.0 8.0 6.7 5.6 18% 21% 19%
Rallis India Ltd REDUCE 275 53 200 -27% 58.1 34.7 30.1 3.1 2.9 2.7 5% 9% 9%
Srf Ltd ADD 2,587 768 2,400 -7% 35.5 59.8 42.9 7.4 6.7 5.9 23% 12% 15%
Sumitomo Chemical India Ltd ADD 380 182 405 7% 37.8 56.7 39.2 7.7 6.8 5.9 23% 13% 17%
Upl Ltd LONG 494 370 650 31% 10.4 -64.3 21.7 1.2 1.2 1.1 18% 1% 8%
Construction and Infra
Ahluwalia Contracts India Ltd ADD 1,079 72 1,069 -1% 37.2 28.5 22.3 5.9 4.9 4.0 17% 19% 20%
Capacite Infraprojects Ltd ADD 290 25 281 -3% 20.8 27.2 15.5 2.3 1.6 1.5 9% 7% 10%
G R Infraprojects Ltd REDUCE 1,355 131 1,172 -14% 15.4 20.0 24.1 2.5 2.2 2.0 18% 12% 9%
Hg Infra Engineering Ltd LONG 1,064 70 1,121 5% 16.5 14.5 13.5 3.9 3.0 2.4 27% 29% 20%
Itd Cementation India Ltd REDUCE 334 57 317 -5% 46.0 22.1 14.7 4.6 3.8 3.1 11% 19% 23%
KNR Constructions Ltd ADD 258 73 290 12% 14.6 18.1 16.3 2.7 2.3 2.1 20% 14% 13%
PNC Infratech Ltd LONG 430 110 540 26% 18.0 17.0 15.5 2.8 2.4 2.1 17% 15% 14%
PSP Projects Ltd LONG 730 26 848 16% 19.7 16.9 13.2 3.3 2.8 2.4 18% 18% 19%
Consumer Discretionery
Avanti Feeds Ltd LONG 528 73 475 -10% 25.8 18.6 13.8 3.5 3.0 2.6 12% 14% 16%
Jubilant Foodworks Ltd REDUCE 461 306 506 10% 75.4 104.2 62.0 14.3 14.4 13.3 19% 14% 22%
Mrs Bectors Food Specialities
LONG 1,143 68 1,296 13% 74.7 47.4 38.2 12.4 10.0 8.0 18% 23% 23%
Ltd
Westlife Foodworld Ltd LONG 811 126 945 17% 113.2 147.1 79.2 22.2 21.4 18.8 22% 15% 25%
Consumer Durables
Amber Enterprises India Ltd Reduce 3,751 127 3,421 -9% 80.4 68.4 46.5 6.5 6.0 5.3 9% 9% 13%
Bajaj Electricals Ltd ADD 996 113 1,145 15% 49.9 72.3 42.2 5.7 5.5 5.0 12% 8% 13%
Blue Star Ltd LONG 1,363 277 1,374 1% 57.2 34.3 27.8 20.8 17.7 14.7 20% 26% 27%
Crompton Greaves Consumer
LONG 281 180 347 26% 38.6 43.0 31.2 5.8 5.7 5.3 18% 16% 20%
Electricals Ltd
Electronics Mart India Limited LONG 207 80 260 25% 65.0 42.1 31.9 6.8 5.8 4.9 14% 15% 17%
FINOLEX CABLES LTD ADD 991 155 1,066 8% 30.2 26.1 22.3 4.2 3.8 3.4 14% 15% 16%
Havells India Ltd LONG 1,550 964 1,548 0% 90.3 80.7 60.8 14.6 13.2 11.6 17% 17% 20%
IFB Industries Ltd LONG 1,474 62 1,721 17% 352.7 49.7 35.7 9.4 9.4 9.7 3% 19% 26%
KEI INDUSTRIES LTD Reduce 3,574 324 2,982 -17% 67.5 55.5 43.8 12.5 10.3 8.5 20% 20% 21%
Orient Electric Ltd LONG 212 45 284 34% 59.5 37.0 25.9 7.8 7.0 5.9 14% 20% 25%
POLYCAB INDIA LTD LONG 5,317 785 5,176 -3% 62.7 46.2 39.8 11.8 9.9 8.3 21% 24% 23%
Safari Industries India Ltd LONG 2,042 94 2,136 5% 77.3 56.4 47.7 22.0 16.3 12.4 34% 34% 30%
Symphony Ltd LONG 952 66 1,112 17% 57.2 41.2 31.4 7.5 8.6 7.5 14% 19% 25%
V-Guard Industries Ltd LONG 341 147 376 10% 77.9 56.3 42.7 9.2 8.2 7.2 14% 16% 18%
Voltas Ltd LONG 1,232 403 1,246 1% 108.5 104.2 54.4 7.3 6.9 6.4 7% 7% 12%
R R Kabel Ltd LONG 1,546 133 1,728 12% 77.9 56.1 43.7 10.4 10.1 8.5 15.5% 23.9% 21.1%
Whirlpool Of India Ltd LONG 1,354 170 1,598 18% 78.5 70.8 46.1 4.6 4.4 4.1 6% 7% 10%
Defense
Bharat Dynamics Ltd REDUCE 1,745 322 1,265 -27% 90.8 54.7 40.4 10.0 8.9 7.8 11% 17% 20%
Bharat Electronics Ltd REDUCE 225 1,610 180 -20% 55.0 44.6 41.6 11.6 9.8 8.6 23% 24% 22%
Hindustan Aeronautics Ltd REDUCE 3,586 2,368 1,730 -52% 41.2 45.7 46.2 10.0 9.4 8.4 27% 22% 19%
FMCG
Bajaj Consumer Care Ltd LONG 231 33 219 -5% 23.5 19.6 16.8 4.1 3.9 3.5 17% 20% 21%
Britannia Industries Ltd ADD 4,813 1,159 5,209 8% 59.9 54.4 48.2 32.8 24.7 19.3 64% 52% 45%
CCL Products India Ltd LONG 580 79 782 35% 28.7 34.7 25.9 5.3 5.1 4.6 20% 15% 18%
Colgate-Palmolive India Ltd REDUCE 2,729 736 2,112 -23% 70.2 55.8 49.9 42.9 39.6 35.1 61% 74% 75%
Dabur India Ltd ADD 508 897 571 12% 52.9 47.9 42.7 10.0 9.7 9.0 17% 20% 21%
Emami Ltd LONG 445 195 591 33% 30.7 27.0 25.3 8.5 8.3 7.5 27% 31% 31%
Godrej Consumer Products Ltd LONG 1,210 1,204 1,314 9% 70.3 64.3 50.4 8.7 7.9 7.3 18% 13% 15%
April 08, 2024| 4


Company Rating CMP
Jyothy Labs Ltd LONG 444 160 478 8% 70.5 43.1 39.0 18.2 14.8 12.4 29% 39% 35%
Marico Ltd LONG 510 636 578 13% 50.4 43.9 40.8 16.7 15.4 14.3 36% 37% 38%
Nestle India Ltd ADD 2,538 2,458 2,618 3% 81.3 67.7 59.9 79.5 64.5 54.3 108% 105% 98%
Radico Khaitan Ltd REDUCE 1,701 225 1,623 -5% 111.2 79.9 61.9 10.5 9.2 8.0 10% 12% 14%
Tata Consumer Products Ltd ADD 1,116 1,065 1,208 8% 98.7 72.9 62.3 6.5 6.3 6.0 8% 8% 9%
United Breweries Ltd ADD 1,807 471 1,873 4% 142.3 114.4 63.8 11.9 11.2 10.2 9% 10% 17%
United Spirits Ltd LONG 1,128 815 1,224 8% 93.2 68.8 59.7 13.7 12.5 11.5 16% 19% 20%
VIP Industries Ltd ADD 544 78 566 4% 41.9 111.1 48.6 12.1 11.0 9.5 31% 10% 21%
Industrials
ABB India Ltd REDUCE 6,670 1,378 4,615 -31% 187.1 113.2 107.6 27.9 23.2 20.4 17% 23% 21%
AIA Engineering Ltd LONG 3,996 375 3,967 -1% 37.0 34.4 32.0 6.6 5.6 4.9 20% 18% 16%
Carborundum Universal Ltd LONG 1,275 245 1,315 3% 62.3 55.0 41.3 8.3 7.4 6.4 15% 15% 17%
Elgi Equipments Ltd REDUCE 648 207 615 -5% 71.4 62.7 50.4 15.1 12.6 10.5 24% 22% 23%
Grindwell Norton Ltd REDUCE 2,068 226 2,210 7% 63.3 58.6 52.7 12.4 11.0 9.8 21% 20% 20%
Harsha Engineers International
ADD 412 37 425 3% 30.4 35.3 24.4 3.5 3.2 2.9 15% 10% 12%
Ltd
Hitachi Energy India Ltd SHORT 7,123 291 4,475 -37% 321.5 260.9 78.8 24.0 22.1 17.3 8% 9% 26%
Honeywell Automation India Ltd ADD 42,169 361 43,625 3% 85.1 72.8 55.7 11.3 10.0 8.7 15% 15% 17%
KEC International Ltd REDUCE 760 198 610 -20% 111.0 45.8 26.7 5.2 4.8 4.2 5% 11% 16%
Schaeffler India Ltd ADD 3,319 515 3,370 2% 60.0 57.4 49.9 12.0 10.7 9.5 22% 20% 20%
Siemens Ltd REDUCE 5,634 2,004 4,010 -29% 102.3 90.5 76.6 15.3 13.4 11.8 16% 16% 16%
Skf India Ltd ADD 4,514 222 5,170 15% 42.5 43.3 36.0 9.5 8.4 7.1 25% 21% 21%
Triveni Turbine Ltd ADD 557 179 465 -17% 93.3 67.5 58.9 23.5 18.8 15.0 24% 31% 28%
Information Technology
Birlasoft Ltd LONG 749 215 925 23% 45.8 34.4 28.8 8.8 7.3 6.2 13% 23% 23%
Coforge Ltd ADD 5,783 360 6,550 13% 44.3 41.4 32.6 11.7 9.9 8.5 24% 25% 28%
Cyient Ltd ADD 2,164 238 2,230 3% 43.7 32.4 27.2 6.9 5.5 5.0 16% 18% 19%
Eclerx Services Ltd ADD 2,477 119 2,845 15% 25.5 23.4 21.0 7.0 5.3 5.0 30% 26% 25%
Hcl Technologies Ltd LONG 1,545 4,169 1,710 11% 28.2 26.4 23.4 6.4 6.2 5.9 23% 24% 26%
Infosys Ltd LONG 1,479 6,154 1,720 16% 25.7 25.1 22.4 8.2 7.2 6.4 32% 30% 30%
Kpit Technologies Ltd ADD 1,512 409 1,545 2% 108.3 69.7 55.6 24.8 19.3 15.2 26% 31% 31%
Ltimindtree Ltd REDUCE 4,928 1,462 5,620 14% 33.1 31.0 26.8 8.8 7.5 6.3 29% 26% 26%
L&T Technology Services Ltd REDUCE 5,806 616 5,050 -13% 52.7 47.0 41.0 12.5 11.8 10.0 26% 26% 26%
Mphasis Ltd LONG 2,511 475 2,840 13% 29.5 31.1 27.4 6.0 5.6 5.0 22% 19% 20%
Persistent Systems Ltd ADD 3,997 612 4,180 5% 64.2 54.8 43.2 15.4 12.8 10.6 25% 25% 27%
Tata Consultancy Services Ltd ADD 3,979 14,484 4,055 2% 34.5 31.2 28.5 15.7 15.7 14.1 46% 49% 52%
Tech Mahindra Ltd LONG 1,263 1,250 1,475 17% 23.2 44.3 23.8 4.5 4.7 4.4 18% 9% 17%
Wipro Ltd ADD 485 2,544 510 5% 23.5 23.1 20.1 3.3 3.4 2.9 16% 15% 16%
Zensar Technologies Ltd LONG 633 142 650 3% 44.1 22.2 21.8 4.8 4.1 3.6 12% 20% 18%
Netweb Technologies India
ADD 1,648 93 1,535 -7% 178.8 143.6 89.8 - - - 68% 26% 23%
Limited
Logistics
Aegis Logistics Ltd LONG 434 154 450 4% 29.0 30.0 25.7 3.8 3.5 3.1 18% 14% 15%
Container Corp Of India Ltd REDUCE 934 557 790 -15% 48.6 44.1 35.6 5.0 4.7 4.4 11% 11% 13%
Gateway Distriparks Ltd LONG 113 56 128 13% 23.5 20.4 16.9 3.1 2.8 2.6 14% 15% 17%
Mahindra Logistics Ltd ADD 437 31 451 3% 119.5 -72.4 51.2 5.6 6.0 5.5 4% -7% 11%
TCI Express Ltd REDUCE 1,101 42 1,286 17% 30.3 30.9 28.1 7.0 6.0 5.1 25% 21% 20%
VRL Logistics Ltd REDUCE 567 49 673 19% 30.2 54.6 35.6 5.1 5.0 4.5 40% 9% 14%
Transport Corporation of India
LONG 864 67 1016 21% 21.1 19.9 17.5 3.9 3.3 2.9 20% 18% 18%
Limited
Metals & Mining
Coal India Ltd SHORT 447 2,766 300 -33% 9.8 9.3 10.5 4.8 3.9 3.3 56% 46% 34%
April 08, 2024| 5


Company Rating CMP
Godawari Power & Ispat Ltd LONG 760 101 1,060 40% 13.1 10.3 9.5 2.7 2.2 1.8 21% 21% 19%
Hindalco Industries Ltd ADD 570 1,292 570 0% 12.6 12.4 11.7 1.4 1.2 1.1 12% 10% 10%
Jindal Steel & Power Ltd LONG 916 908 900 -2% 25.7 16.8 12.9 2.3 2.1 1.8 10% 13% 15%
JSW Steel Ltd ADD 857 2,101 810 -5% 51.7 19.9 14.0 3.2 2.8 2.4 6% 15% 18%
Lloyds Metals And Energy Ltd ADD 642 318 650 1% -112.4 24.3 15.6 20.8 11.9 7.0 3% 50% 46%
NMDC Ltd REDUCE 218 635 215 -1% 12.3 9.6 9.6 2.8 2.5 2.2 26% 28% 24%
Ratnamani Metals & Tubes Ltd LONG 3,040 209 3,379 11% 41.6 34.2 29.5 7.8 6.5 5.5 21% 21% 21%
Steel Authority Of India Ltd SHORT 146 603 100 -32% 35.2 20.9 14.9 1.2 1.1 1.0 3% 5% 7%
Tata Steel Ltd ADD 163 2,040 133 -19% 23.0 -80.2 21.6 2.0 2.2 2.0 8% -3% 10%
Oil & Gas
Apar Industries Ltd REDUCE 7,346 285 4,879 -34% 44.1 45.8 41.6 12.8 10.7 9.1 32% 25% 23%
Bharat Petroleum Corp Ltd ADD 590 1,294 585 -1% 67.2 7.4 11.4 2.4 2.0 1.8 6% 29% 16%
Gail India Ltd ADD 191 1,226 182 -5% 22.4 13.5 13.0 1.9 1.7 1.6 9% 14% 13%
Gujarat Gas Ltd ADD 548 377 537 -2% 24.7 33.8 23.3 5.4 4.8 4.2 24% 15% 19%
Gujarat State Petronet Ltd LONG 375 206 473 26% 22.4 16.5 21.0 2.2 2.0 1.9 11% 13% 10%
Hindustan Petroleum Corp Ltd REDUCE 461 655 416 -10% -7.3 5.8 7.2 2.4 1.7 1.4 -27% 34% 22%
Indraprastha Gas Ltd ADD 460 306 477 4% 19.3 15.1 14.6 3.9 3.6 3.0 22% 26% 24%
Indian Oil Corp Ltd ADD 168 2,396 158 -6% 28.1 6.4 12.5 1.7 1.5 1.4 6% 24% 11%
Mahanagar Gas Ltd LONG 1,440 138 1,663 15% 18.0 11.4 12.3 3.3 2.7 2.4 20% 27% 21%
Petronet Lng Ltd ADD 278 414 274 -1% 12.9 13.5 13.2 2.8 2.6 2.4 23% 20% 19%
Reliance Industries Ltd ADD 2,920 19,795 2,880 -1% 29.6 26.0 22.3 2.8 2.2 2.0 9% 9% 9%
Pharmaceuticals & Hospitals
Abbott India Ltd Reduce 26,636 565 17,872 -33% 59.6 48.0 43.5 17.7 13.9 11.2 32% 32% 29%
Ajanta Pharma Ltd Short 2,184 273 1,748 -20% 47.6 34.6 30.3 0.8 0.7 0.6 18% 21% 20%
Alembic Pharmaceuticals Ltd Long 1,009 197 1,143 13% 58.0 34.5 20.9 0.5 0.4 0.4 10% 13% 19%
Alkem Laboratories Ltd Long 4,902 582 6,780 38% 54.1 28.7 24.0 6.2 5.5 4.8 12% 21% 22%
Apollo Hospitals Enterprise Ltd Long 6,398 926 7,386 15% 150.2 100.0 52.6 14.2 12.7 10.7 13% 15% 23%
Aurobindo Pharma Ltd Long 1,124 658 1,172 4% 34.2 19.3 16.1 2.5 2.2 1.9 7% 12% 13%
Cipla Ltd Reduce 1,449 1,178 1,481 2% 41.8 28.0 26.4 5.0 4.4 3.9 13% 17% 16%
Divi'S Laboratories Ltd Long 3,747 991 4,187 12% 54.5 66.2 46.4 7.8 7.1 6.3 15% 12% 17%
Dr Lal Pathlabs Ltd Short 2,284 189 2,130 -7% 79.9 52.4 49.3 11.1 9.9 8.8 15% 20% 19%
Dr Reddy'S Laboratories Ltd Short 6,176 1,023 3,915 -37% 22.8 20.0 21.6 4.4 3.8 3.3 16% 20% 16%
Gland Pharma Ltd Short 1,755 292 873 -50% 34.9 37.0 37.7 3.7 3.3 3.1 11% 9% 8%
Healthcare Global Enterprises
Long 368 50 423 15% 175.4 76.7 23.3 5.8 5.4 4.4 3% 7% 21%
Ltd
Ipca Laboratories Ltd Short 1,314 324 687 -48% 67.7 58.1 50.1 5.5 5.1 4.6 9% 9% 10%
Krishna Institute of Medical
Reduce 2,047 163 2,192 7% 48.7 48.2 57.7 8.4 7.1 6.2 21% 18% 13%
Sciences Ltd
Krsnaa Diagnostics Ltd Long 628 20 969 54% 31.7 41.0 19.6 2.7 2.6 2.3 9% 7% 13%
Lupin Ltd Short 1,599 723 1,222 -24% 168.3 35.9 36.8 5.8 5.2 4.7 3% 13% 13%
Metropolis Healthcare Ltd Short 1,713 86 1,463 -15% 61.4 65.4 54.2 8.7 8.4 8.0 15% 13% 15%
Narayana Hrudayalaya Ltd Short 1,285 262 1,145 -11% 43.3 36.4 40.4 12.3 9.3 7.6 33% 29% 21%
Natco Pharma Ltd Short 997 178 664 -33% 24.4 15.6 16.5 3.7 3.1 2.7 16% 21% 17%
Sun Pharmaceutical Industries
Add 1,609 3,885 1,599 -1% 45.6 42.5 36.3 6.6 5.9 5.3 17% 16% 16%
Ltd
Torrent Pharmaceuticals Ltd Long 2,583 859 2,883 12% 70.2 56.3 39.5 13.9 12.0 10.2 20% 23% 28%
ZYDUS LIFESCIENCES LTD Short 1,007 989 640 -36% 51.9 28.3 28.4 5.0 4.4 4.0 15% 18% 16%
Ports & Railways

Adani Ports & Special Economic
ADD 1,376 2,953 1,204 -12% 56.0 38.1 28.8 6.3 5.5 4.7 12% 16% 18%
Zone Ltd
Gujarat Pipavav Port Ltd ADD 218 106 187 -14% 36.1 24.8 23.8 5.1 5.1 5.1 14% 21% 21%
Ircon International Ltd SHORT 235 217 147 -38% 28.5 27.7 24.7 4.2 3.9 3.7 16% 15% 16%
Rites Ltd REDUCE 701 166 638 -9% 31.7 35.9 30.9 6.6 6.7 6.8 22% 19% 22%
April 08, 2024| 6


Company Rating CMP
Power Generation & Distribution

Cg Power & Industrial Solutions
SHORT 514 780 345 -33% 105.6 95.9 81.5 43.5 25.6 20.5 53% 34% 28%
Ltd
Realty
Brigade Enterprises Ltd ADD 965 221 1,139 18% 76.4 65.5 44.8 7.0 6.7 6.1 10% 10% 14%
Kolte-Patil Developers Ltd LONG 484 37 686 42% 35.9 58.7 34.4 3.5 3.4 3.1 10% 6% 10%
Mahindra Lifespace Developers
LONG 642 97 704 10% 97.8 138.0 86.4 5.4 5.2 4.9 6% 4% 6%
Ltd
OBEROI REALTY LTD ADD 1,551 559 1,453 -6% 29.6 38.6 27.4 4.6 4.1 3.6 17% 11% 14%
The Phoenix Mills Limited ADD 2,850 509 2,458 -14% 38.1 47.4 38.7 4.6 4.1 3.7 18% 12% 13%
Textiles & Footwear Retailers

Aditya Birla Fashion And Retail
REDUCE 237 239 213 -13% -378.7 -56.0 -223.8 10.0 12.4 13.1 -2% -14% -4%
Ltd
Arvind Ltd LONG 301 78 412 37% 22.0 22.8 15.5 2.3 2.2 2.0 11% 10% 14%
Bata India Ltd ADD 1,359 176 1,806 33% 54.3 49.9 39.2 12.3 10.4 8.7 20% 25% 24%
Go Fashion India Ltd LONG 1,200 65 1,539 28% 78.4 65.0 50.7 12.5 10.6 9.1 17% 18% 19%
Gokaldas Exports Limited LONG 780 49 1,145 47% 27.3 38.1 19.1 5.5 4.9 4.0 21% 13% 22%
Metro Brands Ltd ADD 1,079 293 1,249 16% 80.4 70.1 55.1 19.0 15.6 12.7 23% 24% 25%
Page Industries Ltd ADD 34,168 385 41,435 21% 66.7 61.7 51.5 28.1 23.1 19.2 46% 41% 40%
Relaxo Footwears Ltd ADD 840 210 993 18% 135.4 92.1 61.7 11.3 10.5 9.4 9% 12% 16%
Trent Ltd ADD 3,933 1,423 3,837 -2% 355.1 185.7 149.3 54.8 38.9 31.1 16% 24% 23%
V-Mart Retail Ltd ADD 2,173 43 2,354 8% -546.9 -49.1 160.3 5.1 5.7 5.5 -1% -11% 3%
KPR Mill Ltd ADD 833 289 848 2% 35.0 31.0 27.0 7.8 6.4 5.4 24% 22% 21%
Welspun India Ltd ADD 155 150 176 14% 77.0 22.1 17.3 3.7 3.2 2.7 5% 16% 17%
Thangamayil Jewellery Limited LONG 1,304 36 1,950 50% 22.4 28.9 24.7 9.3 7.2 5.8 22% 28% 26%
Others
Antony Waste Handling Cell Ltd Short 511 14 1,145 124% 21.3 23.2 17.6 2.9 2.6 2.3 15% 12% 14%
GUJARAT AMBUJA EXPORTS
LONG 180 83 480 167% 12.5 12.8 11.2 3.4 3.0 2.7 15% 13% 13%
LIMITED
Dreamfolks Services Ltd LONG 526 27 630 20% 37.9 41.0 29.8 17.4 13.9 10.8 61% 38% 41%
Internet
IndiaMart InterMesh Ltd LONG 2,543 152 3,180 25% 54.7 50.5 41.8 7.4 6.5 5.7 14% 14% 15%
Nazara Technologies Ltd LONG 670 52 820 22% 106.3 69.1 57.7 4.7 2.7 2.6 4% 5% 4%
Zomato Ltd Long 191 1,622 175 -8% -173.2 476.3 146.5 8.3 8.0 7.4 -5% 2% 6%
April 08, 2024| 7

Segment Performance:
YoY Change for Mar’24 Revenue EBITDA PAT EBITDAM (%)
Auto (19) 15.8% 26.2% 31.1% 1.2%

OEM (4) 19.0% 31.4% 33.3% 1.4%
Battery (2) 11.1% 18.4% 17.2% 0.8%
Tyre (4) 5.6% 14.0% 25.5% 1.3%
Auto Ancs (9) 19.0% 27.4% 29.9% 0.8%
BFSI ex Diversified Financials (29) 11.7% 5.7% 6.0% -23.5
Pvt Sector Banks (11) 14.2% 13.3% 15.0% -36.4
PSU Banks (1) 1.3% -21.6% -18.4% -42.0
NBFC - MFI (3) 29.6% 20.1% 14.8% 17.3
NBFC - HFC (3) 19.6% 15.6% 13.8% 24.5
NBFC - Payments (1) 20.0% 11.7% 20.7% 53.0
NBFC - Diversified (6) 21.3% 20.5% 28.7% 2.8
NBFC - Gold (2) 17.8% 26.0% 27.2% -0.7
NBFC - Power Finance (2) 24.0% 20.6% 5.8% -16.3
BFSI Diversified Financials (8) 26.4% 28.9% 39.0% 4%
Building Materials (25) 5.9% 14.2% 11.5% 1.2%
Cement (11) 6.2% 20.7% 26.1% 2.2%
Ceramics (2) 13.6% 26.6% 33.2% 1.4%
Wood Panel (4) 13.2% -3.7% -22.7% -2.2%
Pipes (5) 4.6% -15.8% -15.7% -3.7%
Construction EPC (10) 5.8% 5.0% -1.3% -0.1%
Consumer Durable (15) 14.2% 16.2% 21.6% 0.2%
Large Appliances (6) 15.0% 35.0% 68.0% 1.2%
Electricals (5) 10.0% 2.0% 1.0% -0.8%
Wires & Cables (3) 18.0% 17.0% 17.0% -0.1%
FMCG (20) 6.1% 11.6% 13.7% 0.9%
Staples (13) 6.1% 13.1% 13.7% 1.3%
Paints (2) 2.2% 1.6% 4.8% -0.1%
AlcoBev (3) 14.3% 52.1% 65.6% 3.1%
Agro+Aqua (2) 7.1% -3.9% 8.0% -1.0%
Industrials (17) 12.0% 11.4% 7.5% -0.1%
Defese (3) 18.1% 8.5% 2.9% -2.4%
Industrial Consumables (6) 2.6% 5.7% 5.1% 0.5%
Capital Goods (7) 10.7% 14.1% 12.5% 0.4%
Engineering EPC (1) 3.1% 73.8% 220.9% 3.5%
IT (15) 2.9% 2.7% 2.0% 0.0%
Large Cap Enterprise IT Services (6) 2.2% 2.1% 1.3% 0.0%
Mid Cap Enterprise IT Services (6) 7.5% 8.8% 12.2% 0.2%
Mid Cap ER&D Companies (3) 17.2% 14.8% 16.4% -0.4%
Healthcare (20) 6.6% 20.9% 39.4% 2.8%
Pharmaceuticals (15) 5.8% 21.5% 40.4% 3.1%
Hospitals (2) 12.4% 16.2% 28.4% 0.5%
Diagnostic (3) 11.7% 12.2% 22.9% 0.1%
Oil & Gas (11) -0.1% 10.6% 3.1% 1.1%
Gas Midstream (3) 7.4% 232.5% 146.1% 6.9%
April 08, 2024| 8

YoY Change for Mar’24 Revenue EBITDA PAT EBITDAM (%)
CGD (3) -1.1% 18.9% 19.6% 3.1%

OMC (3) -5.0% 0.3% -18.4% 0.4%
Others (2) 8.0% 9.7% 13.8% 0.3%
Consumer Discretionary (12) 20.0% 31.7% 20.8% 1.3%
QSR (2) 3.0% 1.0% -32.0% -0.3%
Apparel Retailers (4) 32.3% 88.1% -95.6% 3.5%
Footware (3) 6.4% 1.5% -9.1% -1.0%
Innerware (1) 13.9% 53.7% 65.7% 4.9%
Luggage (2) 14.3% -16.2% -45.3% -4.3%
Commodities (17) -8.0% -7.1% -7.6% 1.0%
Coal (1) 0.0% 0.4% 0.5% 8.8%
Metals (5) -10.9% -24.1% -43.2% 3.6%
Mining (3) 16.4% 29.9% -3.4% 0.5%
Non Ferrous (1) 0.1% 0.1% 0.0% -0.3%
Chemicals (Overall) (9) -16.5% -34.1% -53.2% -3.9%
Transportation (8) 8.6% 22.7% -8.9% 4.1%
Port (2) 20.0% 27.9% -11.4% 3.7%
Logistic (6) 0.0% 6.0% 0.6% 0.8%
Textile (4) 3.9% 22.0% 18.5% 2.3%
Utility (1) 6.0% 35.0% 29.0% 4.3%
Internet (3) 45.1% NA NA 9.5%
Food Delivery (1) 55% NA NA 12.3%
B2B Ecommerce (1) 15.5% 19.5% 18.8% 0.9%
Gaming (1) -5.4% -9.2% 109.8% -0.4%
April 08, 2024| 9

Sectorial Summary:
Auto & Auto Ancs 4QFY24E 3QFY24 QoQ (%) 4QFY23 YoY (%)
Net Sales 10,13,572 9,68,727 4.6% 8,75,257 16%
EBITDA 1,48,021 1,43,492 3.2% 1,17,303 26%
EBIT 1,17,791 1,14,423 2.9% 89,608 31%
PAT 1,00,426 96,839 3.7% 76,583 31%
EBITDA Margin 14.60% 14.81% -21 13.40% 120
OEMs 4QFY24E 3QFY24 QoQ (%) 4QFY23 YoY (%)

Net Sales 6,31,208 5,93,248 6.4% 5,30,638 19%
EBITDA 93,073 87,901 5.9% 70,835 31%
EBIT 80,944 76,202 6.2% 59,536 36%
PAT 75,310 71,274 5.7% 56,476 33%
EBITDA Margin 14.75% 14.82% -7 13.35% 140
Battery 4QFY24E 3QFY24 QoQ (%) 4QFY23 YoY (%)

Net Sales 66,329 67,216 -1.3% 59,722 11%
EBITDA 8,341 8,498 -1.9% 7,044 18%
EBIT 5,887 6,081 -3.2% 4,707 25%
PAT 4,611 4,799 -3.9% 3,934 17%
EBITDA Margin 12.57% 12.64% -7 11.80% 78
Tyre 4QFY24E 3QFY24 QoQ (%) 4QFY23 YoY (%)

Net Sales 1,81,266 1,79,079 1.2% 1,71,601 6%
EBITDA 30,855 32,516 -5.1% 27,063 14%
EBIT 20,085 22,385 -10.3% 17,286 16%
PAT 14,191 15,055 -5.7% 11,312 25%
EBITDA Margin 17.02% 18.16% -113 15.77% 125
Auto Ancs 4QFY24E 3QFY24 QoQ (%) 4QFY23 YoY (%)

Net Sales 1,34,769 1,29,185 4.3% 1,13,296 19%
EBITDA 15,752 14,577 8.1% 12,360 27%
EBIT 10,874 9,756 11.5% 8,079 35%
PAT 6,313 5,711 10.5% 4,860 30%
EBITDA Margin 11.69% 11.28% 40 10.91% 78
Enterprise IT Services (Large Cap) 4QFY24E 3QFY24 QoQ (%) 4QFY23 YoY (%)
US $ Revenue 20,738 20,672 0.3% 20,548 0.9%
Net Sales(Rs.) 17,24,488 17,21,730 0.2% 16,88,085 2.2%
EBIT 3,45,836 3,43,625 0.6% 3,39,193 2.0%
PAT 2,71,444 2,65,645 2.2% 2,68,088 1.3%
PAT Margin 15.7% 15.4% 31 15.9% -14
EBIT Margin 20.05% 19.96% 10 20.09% -4
April 08, 2024| 10

Enterprise IT Services (Mid Cap) 4QFY24E 3QFY24 QoQ (%) 4QFY23 YoY (%)
US $ Revenue 1,414 1,381 2.4% 1,333 6.1%
Net Sales(Rs.) 1,17,493 1,14,644 2.5% 1,09,323 7.5%
EBIT 18,085 17,288 4.6% 16,740 8.0%
PAT 14,068 13,609 3.4% 12,535 12.2%
PAT Margin 12.0% 11.9% 10 11.5% 51
EBIT Margin 15.39% 15.08% 31 15.31% 8
E R&D (Mid Cap) 4QFY24E 3QFY24 QoQ (%) 4QFY23 YoY (%)
US $ Revenue 686 659 4.2% 592 15.9%
Net Sales(Rs.) 57,038 55,003 3.7% 48,650 17.2%
EBIT 9,172 8,847 3.7% 7,942 15.5%
PAT 6,951 6,773 2.6% 5,972 16.4%
PAT Margin 12.2% 12.3% -13 12.3% -9
EBIT Margin 16.08% 16.09% -1 16.32% -24
Industrials 4QFY24E 3QFY24 QoQ (%) 4QFY23 YoY (%)

Net Sales 4,89,318 3,47,600 40.8% 4,36,814 12%
EBITDA 96,129 55,423 73.4% 86,302 11%
EBIT 83,279 47,862 74.0% 64,786 29%
PAT 68,025 42,937 58.4% 63,259 8%
EBITDA Margin (%) 19.6% 15.9% 370 19.8% -11
Defence 4QFY24E 3QFY24 QoQ (%) 4QFY23 YoY (%)

Net Sales 2,33,542 1,08,251 115.7% 1,97,720 18%
EBITDA 63,314 26,267 141.0% 58,362 8%
EBIT 54,820 22,905 139.3% 40,775 34%
PAT 44,930 22,560 99.2% 43,660 3%
EBITDA Margin (%) 27% 24% 285 30% -241
Industrial Consumables 4QFY24E 3QFY24 QoQ (%) 4QFY23 YoY (%)

Net Sales 59,773 57,681 3.6% 58,234 3%
EBITDA 9,522 8,920 6.8% 9,011 6%
EBIT 7,705 7,165 7.5% 7,394 4%
PAT 6,569 5,909 11.2% 6,249 5%
EBITDA Margin (%) 16% 15% 47 15% 46
Capital Goods 4QFY24E 3QFY24 QoQ (%) 4QFY23 YoY (%)

Net Sales 1,39,059 1,31,602 5.7% 1,25,610 11%
EBITDA 18,366 17,158 7.0% 16,094 14%
EBIT 16,277 15,201 7.1% 14,197 15%
PAT 14,209 13,500 5.3% 12,628 13%
EBITDA Margin (%) 13% 13% 17 13% 39
Engineering EPC 4QFY24E 3QFY24 QoQ (%) 4QFY23 YoY (%)

Net Sales 56,944 50,067 13.7% 55,250 3%
EBITDA 4,926 3,079 60.0% 2,835 74%
EBIT 4,477 2,591 72.8% 2,420 85%
PAT 2,317 969 139.1% 722 221%
EBITDA Margin (%) 9% 6% 250 5% 352
April 08, 2024| 11

Diversified Financials 4QFY24E 3QFY24 QoQ (%) 4QFY23 YoY (%)

Revenue from Operations 28,008 26,271 6.6% 22,158 26.4%
EBITDA 15,615 14,373 8.6% 12,116 28.9%
PAT 13,706 14,145 -3.1% 9,857 39.0%
EBITDA Margin (%) 55.8% 54.7% 104 54.7% 107
PAT Margin (%) 48.9% 53.8% -491 44.5% 445
Consumer Durables & QSR 4QFY24E 3QFY24 QoQ (%) 4QFY23 YoY (%)
Net Sales 388,945 319,974 22% 340,104 14%
EBITDA 38,721 28,593 35% 33,625 15%
EBITDAM 10.0% 8.9% 102 9.9% 7
PAT 23,359 16,138 45% 19,917 17%
PATM 6.0% 5.0% 96 5.9% 15
Chemicals 4QFY24E 3QFY24 QoQ (%) 4QFY23 YoY (%)

Net Sales 2,23,113 1,92,286 16% 2,67,119 -16.5%
EBITDA 32,448 21,082 54% 49,260 -34.1%
EBITDAM 14.5% 11.0% 358 18.4% -390
PAT 9,226 -2,200 -519% 19,708 -53.2%
PATM 4.1% -1.1% 528 7.4% -324
Metals & Mining 4QFY24E 3QFY24 QoQ (%) 4QFY23 YoY (%)
Net Sales 13,74,033 13,34,973 2.9% 15,41,821 -10.9%
EBITDA 1,56,426 1,86,203 -16.0% 2,06,041 -24.1%
EBITDAM 11.4% 13.9% -256 13.4% -198
PAT 39,355 53,085 -25.9% 69,298 -43.2%
PATM 2.9% 4.0% -111 4.5% -163
FMCG 4QFY24E 3QFY24 QoQ (%) 4QFY23 YoY (%)

Net Sales 4,72,533 4,83,117 -2.2% 4,44,624 6.3%
EBITDA 87,969 94,935 -7.3% 79,120 11.2%
EBIDTAM 76,101 83,476 -8.8% 67,900 12.1%
PAT 59,937 66,375 -9.7% 53,157 12.8%
PATM 13% 14% -105 12% 73
Construction 4QFY24E 3QFY24 QoQ (%) 4QFY23 YoY (%)

Net Sales 1,55,950 1,34,879 15.6% 1,47,444 5.8%
EBITDA 18,997 16,211 17.2% 18,084 5.0%
EBITDAM 12% 12% 16 12% -8
PAT 12,011 10,170 18.1% 12,167 -1.3%
PATM 8% 8% 16 8% -55
Ports 4QFY24E 3QFY24 QoQ (%) 4QFY23 YoY (%)

Net Sales 72,355 71,897 0.6% 60,316 20.0%
EBITDA 43,513 43,453 0.1% 34,013 27.9%
EBITDAM 60% 60% -30 56% 375
PAT 22,341 23,188 -3.7% 25,213 -11.4%
PATM 31% 32% -137 42% -1092
April 08, 2024| 12

Logistics 4QFY24E 3QFY24 QoQ (%) 4QFY23 YoY (%)

Net Sales 79,709 79,192 0.7% 79,738 0.0%
EBITDA 11,457 11,133 2.9% 10,805 6.0%
EBITDAM 14% 14% 32 14% 82
PAT 6,731 6,319 6.5% 6,693 0.6%
PATM 8% 8% 47 8% 5
Banks - Pvt 4QFY24E 3QFY24 QoQ (%) 4QFY23 YoY (%)

Net Interest Income 7,57,748 7,49,453 1.1% 6,63,474 14.2%
PPI 5,67,013 5,62,742 0.8% 5,00,567 13.3%
PAT 3,73,780 3,74,371 -0.2% 3,25,037 15.0%
NIM (%) 4.3% 4.4% -9 4.7% -36
Banks - Public 4QFY24E 3QFY24 QoQ (%) 4QFY23 YoY (%)

PPI 1,93,034 2,03,361 -5.1% 2,46,211 -21.6%
PAT 1,36,145 1,62,640 -16.3% 1,66,945 -18.4%
NIM (%) 3.2% 3.2% -4 3.6% -42
NBFCs - Diversified 4QFY24E 3QFY24 QoQ (%) 4QFY23 YoY (%)

PPI 97,127 90,193 7.7% 80,588 20.5%
PAT 50,141 45,998 9.0% 38,956 28.7%
NIM (%) 8.2% 8.2% 3 8.2% 3
NBFCs - Gold Financier 4QFY24E 3QFY24 QoQ (%) 4QFY23 YoY (%)
Net Interest Income 35,077 33,581 4.5% 29,782 17.8%
PPI 24,010 23,303 3.0% 19,056 26.0%
PAT 16,767 16,026 4.6% 13,179 27.2%
NIM (%) 13.1% 13.1% 0 13.1% -1
NBFCs - Power Financier 4QFY24E 3QFY24 QoQ (%) 4QFY23 YoY (%)
Net Interest Income 86,476 84,485 2.4% 69,732 24.0%
PPI 87,763 85,822 2.3% 72,786 20.6%
PAT 68,717 66,465 3.4% 64,932 5.8%
NIM (%) 3.5% 3.6% 5 3.4% -16
Pharmaceuticals 4QFY24E 3QFY24 QoQ (%) 4QFY23 YoY (%)

Net Sales 5,58,310 5,96,942 -6% 5,27,868 6%
EBITDA 1,34,849 1,48,125 -9% 1,10,974 22%
EBIT 1,06,313 1,21,936 -13% 83,387 27%
PAT 85,983 1,02,089 -16% 61,242 40%
Diagnostics 4QFY24E 3QFY24 QoQ (%) 4QFY23 YoY (%)

Net Sales 10,128 9,883 2% 9,067 12%
EBITDA 2,473 2,428 2% 2,204 12%
EBIT 1,634 1,607 2% 1,448 13%
PAT 1,340 1,215 10% 1,090 23%
EBITDA Margin (%) 24% 25% 24%

-0 0
April 08, 2024| 13

Hospitals 4QFY24E 3QFY24 QoQ (%) 4QFY23 YoY (%)

Net Sales 73,544 71,290 3% 65,407 12%
EBITDA 11,655 11,174 4% 10,027 16%
EBIT 8,501 8,078 5% 7,097 20%
PAT 5,385 5,108 5% 4,193 28%
EBITDA Margin (%) 16% 16% 0 15% 0
Retail 4QFY24E 3QFY24 QoQ (%) 4QFY23 YoY (%)

Net Sales 1,08,783 1,20,508 -10% 87,652 24%
EBITDA 15,519 20,619 -25% 10,522 47%
EBITDA Margin (%) 14% 17% -284.39 12% 226.18
PAT 3,033 6,273 -52% 1,608 89%
PAT Margin (%) 3% 5% -241.81 2% 95.28
Textiles 4QFY24E 3QFY24 QoQ (%) 4QFY23 YoY (%)

Net Sales 67,579 60,920 11% 65,073 4%
EBITDA 10,484 9,199 14% 8,596 22%
EBITDA Margin (%) 16% 15% 41.49 13% 41.49
PAT 5,559 5,221 6% 4,690 19%
PAT Margin (%) 16% 15% 41.49 13% 230
Oil Marketing Companies 4QFY24E 3QFY24 QoQ (%) 4QFY23 YoY (%)
Net Sales 40,75,359 42,59,045 -4.3% 42,90,340 -5%
EBITDA 3,13,816 2,38,785 31.4% 3,12,925 0%
EBITDA Margin (%) 8% 6% 209 7% 41
PAT 1,72,356 1,19,897 43.8% 2,11,190 -18%
PAT Margin (%) 4% 3% 141 5% -69
Gas Mid Stream 4QFY24E 3QFY24 QoQ (%) 4QFY23 YoY (%)
Net Sales 5,06,295 4,95,379 2.2% 4,71,601 7%
EBITDA 51,901 59,082 -12.2% 15,608 233%
EBITDA Margin (%) 10% 12% -168 3% 694
PAT 35,880 42,955 -16.5% 14,579 146%
PAT Margin (%) 7% 9% -158 3% 400
City Gas Distributors 4QFY24E 3QFY24 QoQ (%) 4QFY23 YoY (%)
Net Sales 91,233 90,541 0.8% 92,262 -1%
EBITDA 16,843 14,135 19.2% 14,163 19%
EBITDA Margin (%) 18% 16% 285 15% 311
PAT 11,572 9,296 24.5% 9,678 20%
PAT Margin (%) 13% 10% 242 10% 220
Oil & Gas - Others 4QFY24E 3QFY24 QoQ (%) 4QFY23 YoY (%)
Net Sales 23,43,419 22,90,992 2.3% 21,70,336 8%
EBITDA 4,26,171 4,10,610 3.8% 3,88,639 10%
EBITDA Margin (%) 18% 18% 26 18% 28
PAT 2,45,076 1,97,057 24.4% 2,15,388 14%
PAT Margin (%) 10% 9% 186 10% 53
April 08, 2024| 14

Cement 4QFY24E 3QFY24 QoQ (%) 4QFY23 YoY (%)

Net Sales 5,30,062 4,70,009 13% 4,99,245 6%
EBITDA 95,558 92,264 4% 79,148 21%
EBIT 65,924 63,852 3% 52,284 26%
PAT 47,921 44,807 7% 39,973 20%
EBITDA Margin 18% 20% -160 16% 217
Pipes & Fittings 4QFY24E 3QFY24 QoQ (%) 4QFY23 YoY (%)
Net Sales 65,520 56,792 15% 62,618 5%
EBITDA 9,971 8,001 25% 11,845 -16%
EBIT 8,168 6,147 33% 10,155 -20%
PAT 6,618 4,968 33% 7,853 -16%
EBITDA Margin 15% 14% 113 19% -370
Wood Panel 4QFY24E 3QFY24 QoQ (%) 4QFY23 YoY (%)

Net Sales 27,244 25,042 9% 24,062 13%
EBITDA 3,480 2,950 18% 3,613 -4%
EBIT 2,648 2,139 24% 2,982 -11%
PAT 1,820 1,343 36% 2,353 -23%
EBITDA Margin 13% 12% 99 15% -224
Ceramics 4QFY24E 3QFY24 QoQ (%) 4QFY23 YoY (%)

Net Sales 21,395 17,639 21% 18,840 14%
EBITDA 3,000 2,378 26% 2,369 27%
EBIT 2,387 1,801 33% 1,839 30%
PAT 1,820 1,251 45% 1,366 33%
EBITDA Margin 14% 13% 54 13% 145
Internet 4QFY24E 3QFY24 QoQ (%) 4QFY23 YoY (%)

Net Sales 43,124 42,347 2% 29,711 45%
EBIDTA 2,899 2,470 17% -820 NA
EBIT 931 214 335% -2,904 NA
PAT 2,323 2,452 -5% -1,273 NA
EBITDA Margin (%) 7% 6% 0% -3% 0%
April 08, 2024| 15

Auto and Auto Parts

Outlook
• Within 2W, overall wholesales were +26% yoy/ -3% qoq wherein domestic wholesale
changed by +25% yoy/ -5% qoq while exports continued to recover and grew by +33%
yoy/+8% qoq. Overall 2W retail were +18% yoy/-15% qoq mainly driven by demand
recovery in rural, continued robust demand for premium and electric two wheelers. E2W
OEMs gained retail market share while HMCL share reduced.
• In 3QFY24, Overall PV wholesales grew by 11% yoy/12% qoq which was supported by
continuous growth in PV retails which grew 8% yoy/3% qoq mainly driven by strategic
introduction of new launches, greater availability and continued SUV demand. While retail
market share remained constant, wholesales of MSIL performed better than the industry.
• CV wholesale are expected to be -3% yoy/+12% qoq wherein MHCV segment were -10%
yoy/+15% qoq, while LCV was flat yoy/ +12% qoq wherein tight liquidity and high vehicle
costs impacted overall demand. Uncertainty around general elections could impact near term
sales in the CV market.
• Margins of OEMs are expected to be driven by operating leverage as realizations are

expected to remain flattish owing to flattish prices and similar product mix sequentially.
• Within the tyre replacement market, 2W/PV segments are expected to witness mid-high single
digit volume growth yoy while T&B and Exports are expected to remain flattish yoy. Margins
of tyre companies are expected to contract qoq driven by 9-10% increase in natural rubber
prices.
• Ancillary companies serving Domestic 4W OEMs are expected to do well while Global
markets continue to remain muted. Margins for domestic auto ancillaries are expected to
remain flattish qoq while high freight cost owing to red seas crisis could impact global
business margins during the quarter.
Top picks: Uno Minda, Maruti Suzuki, Lumax Industries, Suprajit Engineering and CEAT
Automobiles
Eicher Motors 4QFY24E 3QFY24 QoQ (%) 4QFY23 YoY (%) Comments & Outlook
Net Sales 41,920 41,788 0% 38,043 10%

RE volumes flat qoq and+4% yoy. ASPs are expected to increase +
EBITDA 10,940 10,903 0% 9,337 17% 0.5%/+ 2% qoq/yoy drven by better product mix. We expect margin to
remain flat qoq.
EBIT 9,423 9,427 0% 7,856 20%
PAT 8,924 8,821 1% 7,322 22%
EPS 37.8 36.4 4% 33.1 14% Key Things to Look For: Margins and volume outlook
EBITDA Margin 26.1% 26.1% 1 24.5% 156
Bajaj Auto 4QFY24E 3QFY24 QoQ (%) 4QFY23 YoY (%) Comments & Outlook
Net Sales 1,10,923 1,21,135 -8% 89,047 25% Overall volumes changed by - 11%/+24% qoq/yoy while ASPs are
expected to increase by 3% qoq due to better mix. Total 2W volumes
EBITDA 21,741 24,299 -11% 17,166 27% changed by - 12%/+ 26% qoq/yoy. 3W volumes were - 6%/+ 13%
qoq/yoy. We expect EBITDA to reduce by 46bps qoq due to lower
EBIT 20,866 23,418 -11% 16,424 27% operating leverage.
PAT 18,447 20,419 -10% 14,329 29%

Key Things to Look For: Margins and outlook on volumes, outlook on
EPS 65.2 72.2 -10% 50.6 29%
Export
EBITDA Margin 19.6% 20.1% -46 19.3% 32
April 08, 2024| 16

Hero Motocorp 4QFY24E 3QFY24 QoQ (%) 4QFY23 YoY (%) Comments & Outlook
Net Sales 93,041 97,237 -4% 83,068 12% Overall volumes changed by - 5%/+ 10% qoq/yoy. While the domestic
volumes changed by - 6%/+ 7% qoq/yoy, exports volume changed by +
EBITDA 12,612 13,620 -7% 10,830 16% 46%/+ 86% qoq/yoy. We expect realisations to be flat qoq. EBITDA
margins are expected to contract by 45bps qoq driven by lower operating
EBIT 10,803 11,795 -8% 9,144 18% leverage.
PAT 9,898 10,734 -8% 8,589 15%

EPS 49.5 53.7 -8% 43.0 15% Key Things to Look For: Margins and outlook on volumes
EBITDA Margin 13.6% 14.0% -45 13.0% 52
Maruti Suzuki 4QFY24E 3QFY24 QoQ (%) 4QFY23 YoY (%) Comments & Outlook
Net Sales 3,85,324 3,33,087 16% 3,20,480 20% Volume increased by + 17% qoq, + 13% yoy driven by strong sales in
entry and SUVs. We expect blended realisations to chg by - 1% qoq. We
EBITDA 47,780 39,079 22% 33,503 43% expect the margins to increase by 67bps qoq driven by higher operating
leverage and lower average discounts.
EBIT 39,853 31,562 26% 26,111 53%
PAT 38,041 31,300 22% 26,236 45%
EPS 126.0 103.6 22% 86.9 45% Key Things to Look For: Margins and volume outlook
EBITDA Margin 12.4% 11.7% 67 10.5% 195
Tyres
Apollo Tyres 4QFY24E 3QFY24 QoQ (%) 4QFY23 YoY (%) Comments & Outlook
Net Sales 63,851 65,954 -3% 62,473 2%

Standalone volumes are expected to be + 6% yoy while ASP are expected
to be flat qoq. European Operations sales are expected to remain flat
EBITDA 10,760 12,081 -11% 9,985 8% yoy. Margins are expected to decline 147bps qoq mainly driven lower
standalone margins owing to higher NR prices while European operations
margins would be impacted by seasonality.
EBIT 6,972 8,405 -17% 6,260 11%
PAT 4,399 5,117 -14% 4,048 9%
EPS 6.9 8.1 -14% 6.4 9% Key Things to Look For: India & Europe Volume growth, margins
EBITDA Margin 16.9% 18.3% -147 16.0% 87
Balkrishna
4QFY24E 3QFY24 QoQ (%) 4QFY23 YoY (%) Comments & Outlook
Indstries
Net Sales 24,782 23,158 7% 23,246 7% Volumes are expected to increase by + 5%/+ 5% qoq/yoy driven by
gradual recovery post inventory normalization by dealers. Realizations are
EBITDA 5,930 5,870 1% 4,942 20% expected to marginally fall which would be offset by increase in CB sales.
Margins are expected to fall 142bps qoq because of increase in freight
EBIT 4,240 4,279 -1% 3,427 24% cost due to red sea crisis.
PAT 3,502 3,091 13% 2,556 37%
EPS 18.1 16.0 13% 13.2 37% Key Things to Look For: Volume growth and margins
EBITDA Margin 23.9% 25.3% -142 21.3% 267
CEAT 4QFY24E 3QFY24 QoQ (%) 4QFY23 YoY (%) Comments & Outlook
Net Sales 31,012 29,490 5% 28,627 8% We expect the volume to increase by + 5%/+ 7% qoq/yoy mainly driven
by demand recovery in 2W/PV replacement market while TBR and exports
EBITDA 4,100 4,171 -2% 3,706 11% continue to remain slow. We expect realizations to be flat/ qoq/yoy. We
expect the margins to reduce by 182 bps qoq due to increase in RM
EBIT 2,766 2,898 -5% 2,453 13% prices.
PAT 1,635 1,767 -7% 1,406 16%

EPS 40.4 43.7 -7% 34.7 16% Key Things to Look For: Volumes, Margins
EBITDA Margin 13.2% 14.1% -92 12.9% 28
April 08, 2024| 17

MRF 4QFY24E 3QFY24 QoQ (%) 4QFY23 YoY (%) Comments & Outlook
Net Sales 61,621 60,478 2% 57,254 8%

We expect the volume to increase by + 3%/+ 8% qoq/yoy mainly driven
by demand recovery in 2W/PV replacement market. Realization expected
EBITDA 10,065 10,394 -3% 8,431 19%
to be flat both qoq/yoy. EBITDA margins expected to decrease 85bps qoq
driven by increase in natural rubber prices.
EBIT 6,107 6,803 -10% 5,146 19%
PAT 4,656 5,080 -8% 3,303 41%
EPS 1,098.0 1,198.2 -8% 779.1 41% Key Things to Look For: Volumes, Margins
EBITDA Margin 16.3% 17.2% -85 14.7% 161
Auto Ancillaries
Uno Minda 4QFY24E 3QFY24 QoQ (%) 4QFY23 YoY (%) Comments & Outlook
Net Sales 36,883 35,229 5% 28,890 28% Sales expected to increase + 5%/+ 28% qoq/yoy mainly driven by strong
EBITDA 4,192 3,796 10% 3,193 31% 4W sales. Margins expected to change by + 59bps qoq mainly driven
by higher operating leverage while product mix is expected to remain
EBIT 2,815 2,471 14% 2,110 33% stable.
PAT 2,341 1,935 21% 1,827 28%
EPS 4.1 3.4 21% 3.2 28% Key Things to Look For: India & Europe Volume growth, margins
EBITDA Margin 11.4% 10.8% 59 11.1% 31
Subros 4QFY24E 3QFY24 QoQ (%) 4QFY23 YoY (%) Comments & Outlook
Net Sales 8,231 7,325 12% 7,481 10% We expect the revenue to grow by + 12%/+10% qoq/yoy owing to
sequential improvement in MSIL volume by 17%. Margins are expected
EBITDA 741 596 24% 510 45%
to increase by + 87bps qoq mainly driven by higher operating leverage
EBIT 437 312 40% 231 89% while RM basket continues to remain stable.
PAT 331 268 23% 186 77%
EPS 5.1 4.1 23% 2.9 77% Key Things to Look For: Margins, Segment wise sales
EBITDA Margin 9.0% 8.1% 87 6.8% 218
FIEM 4QFY24E 3QFY24 QoQ (%) 4QFY23 YoY (%) Comments & Outlook
Net Sales 4,934 4,870 1% 4,362 13%

FIEM sales are expected to grow by + 1%/+ 13% qoq/yoy mainly driven
EBITDA 651 645 1% 602 8% by relatively better performance of its key customer HMSI, Suzuki and
E2Ws. We expect margins to remain flat qoq.
EBIT 493 501 -2% 444 11%
PAT 391 403 -3% 380 3%

EPS 29.7 30.6 -3% 28.9 3% Key Things to Look For: Segment wise sales and margins
EBITDA Margin 13.2% 13.2% -4 13.8% -60
Lumax 4QFY24E 3QFY24 QoQ (%) 4QFY23 YoY (%) Comments & Outlook
Net Sales 6,962 6,317 10% 6,081 14% Lumax sales are expected to increase by + 10%/+ 15% qoq/yoy owing
to volume growth of its key customers and ramp of its new plant. Margins
EBITDA 661 582 14% 489 35%
are expected to be increase + 28bps bps qoq owing to higher operating
EBIT 403 347 16% 277 45% leverage.
PAT 201 139 45% 110 83%
EPS 311.6 253.9 23% 321.6 -3% Key Things to Look For: Segment wise sales and margins
EBITDA Margin 9.5% 9.2% 28 8.0% 146
April 08, 2024| 18

Varroc
Engineering
Net Sales 18,360 18,846 -3% 16,901 9% Varroc sales are expected to change by - 3%/+ 9% qoq/yoy mainly due
to relatively slower growth of its key customer Bajaj Auto. We expect
EBITDA 1,855 1,756 6% 1,561 19%
margins to change by + 78bps driven by cost cuting measures and better
EBIT 961 863 11% 640 50% product mix.
PAT 569 648 -12% 400 42%
EPS 3.7 4.2 -12% 2.6 42% Key Things to Look For: Margins and volume outlook
EBITDA Margin 10.1% 9.3% 78 9.2% 86
Endurance
Technologies
We expect revenues to consolidated revenues to chg by +9% yoy/-5%
Net Sales 24,277 25,611 -5.2% 22,343 8.7%
qoq wherein we believe India revenues to chg by +15% yoy/-5% qoq
due to relatively lower volume of BJAUT sequentially while Europe
EBITDA 2,937 2,990 -1.8% 2,854 2.9%
business revenues are expected to degrow 9% yoy and 6% qoq owing to
slower Europe car sales. Overall EBITDAM is expected to increase by 40
EBIT 1,667 1,846 -9.7% 1,638 1.8%
bps qoq due to increase in standalone margins.
PAT 1,299 1,523 -14.7% 1,365 -4.8%
EPS 9.2 10.8 -14.7% 9.7 -4.8% Key Things to Look For: Margins and volume outlook
EBITDA Margin 12.1% 11.7% 42 12.8% -67
Rolex Rings 4QFY24E 3QFY24 QoQ (%) 4QFY23 YoY (%) Comments & Outlook
Net Sales 2,994 2,733 10% 2,995 0%
In 4QFY24, we expect sales to change + 10% qoq and remain flat yoy
EBITDA 635 527 21% 646 -2% as inventory destocking in domestic bearing business reduces. We expect
margins to improve by 196bps qoq driven by better operating levrage.
EBIT 545 458 19% 572 -5%
PAT 441 370 19% 464 -5%
EPS 16.2 13.6 19% 17.0 -5% Key Things to Look For: Segment wise sales and margins
EBITDA Margin 21.2% 19.3% 196 21.6% -34
Motherson Sumi
Wiring India Ltd.
Net Sales 22,656 21,173 7% 18,644 22%
We expect revenues to increase by + 7%/+ 22% qoq/yoy on the back
EBITDA 2,900 2,620 11% 2,093 39% of strong growth in PV industry. Margins are expected to go up by 43bps
on the back of higher operating leverage.
EBIT 2,561 2,190 17% 1,786 43%
PAT 0 0 0% 0 4%
EPS 0.1 0.1 3% 0.1 14% Key Things to Look For: Segment wise sales and margins
EBITDA Margin 12.8% 12.4% 43 11.2% 158
Suprajit
Engineering
Net Sales 7,422 7,242 2% 6,990 6%
We expect revenues to improve by + 3%/+ 6% qoq/yoy on the back of
EBITDA 873 873 0% 871 0% gradual recovery in Global business. Margins are expected to decline
29bps qoq owing to adverse business mix.
EBIT 621 614 1% 640 -3%
PAT 469 402 16% 410 14%
EPS 3.4 2.9 16% 3.0 14% Key Things to Look For: Segment wise sales and margins
EBITDA Margin 11.8% 12.1% -29 12.5% -70
April 08, 2024| 19

Amara Raja
Batteries
Net Sales 27,870 28,811 -3% 24,292 15% Automotive battery sales are expected to grow by + 11% yoy driven by
recovery in replacement volumes with continued growth expected in non
EBITDA 3,892 4,099 -5% 3,373 15%
auto business as well. EBITDAM is expected to decline by 26bps qoq
EBIT 2,732 2,955 -8% 2,228 23% owing to lower operating leverage while RM prices remain stable.
PAT 2,187 2,396 -9% 1,856 18%
EPS 12.8 14.0 -9% 10.9 18% Key Things to Look For: Volume growth and margins
EBITDA Margin 14.0% 14.2% -26 13.9% 8
Exide Industries 4QFY24E 3QFY24 QoQ (%) 4QFY23 YoY (%) Comments & Outlook
Net Sales 38,459 38,405 0% 35,430 9%

Auto segment revenue is expected to grow by 8% yoy while industrials
EBITDA 4,448 4,399 1% 3,672 21% are expected to grow by 10% yoy. EBITDA margins are expected to
improve 11bps qoq mainly driven by operating leverage.
EBIT 3,156 3,126 1% 2,479 27%
PAT 2,424 2,403 1% 2,078 17%
EPS 2.9 2.8 1% 2.4 17% Key Things to Look For: Volume growth and margins
EBITDA Margin 11.6% 11.5% 11 10.4% 120
April 08, 2024| 20

Building Materials
Outlook
• Recovery in residential and commercial real estate remains strong with existing RTM
inventories continuing to remain at low levels on one hand and new project launches getting
announced by the top players again hitting a historic high in FY24. However, sustained 2-3
yrs. demand generation for late stage Building materials, from new construction, is expected
to pick-up materially from 2HFY25 onwards. Post seeing very strong growth across all
categories in FY22/1HFY23 on back of spending by consumers, demand momentum across
building material products, from Retail/IHB, has witnessed a mix trend in last 4-5 quarters.
Demand has also remained volatile due to seasonality in construction stages, ban on
construction activities in some major markets due to pollution and continued challenges in
Labour availability.
• Demand for Ceramic companies (incl. unlisted ones) has remained muted in Domestic mkt.
in 4Q24 (expect mid-high single digit) while Exports for Morbi cluster saw volatility due to
Red Sea crisis and global seasonality impacting Jan’24 offtake. Plywood companies also saw
muted (mid-high single digit) demand while MDF segment saw good volume offtake but
supply glut together with threat of imports in Southern India, has led to 3-5% correction in
prices. The extension of BIS/QCO implementation will further increase competitive pressures
for next 2-3 quarters though overall MDF offtake in the country remains decent.
• Inflationary pressures and price volatility in RM costs (Plantation timber) remain a challenge
for Wood Panel companies while Ceramic industry saw stable Gas costs which should help
sustain margins.
• Plastic Pipe industry witnessed volume offtake better than earlier expectations in 4Q on back
of stability in PVC prices (prices have seen upward movement in last few months) together
with seasonality. Both Agri and Residential demand saw decent momentum. Channel checks
suggest that institutional demand is expected to have fared better as compared to retail
demand. EBITDAM should remain stable for few companies while other companies might
see qoq improvement in margins on back of higher contribution from CPVC pipes (due to
seasonality) and increased off-take from VAP. High supply of PVC resins from SE Asian
nations might see some moderation due to recent initiation of anti-dumping investigation by
GOI together with expected BIS/QCO implementation deadline which would be sometime
in 2HCY24.
Top Picks: Astral, Supreme Industries, APL Apollo, Kajaria Ceramics, Century Ply, Green Ply.
Kajaria Ceramics 4QFY24E 3QFY24 QoQ (%) 4QFY23 YoY (%) Comments & Outlook
Net Sales 14,130 11,518 22.70% 12,048 17.30% Domestic demand for Ceramic companies (incl. unlisted ones) continued
to remain relatively muted in 4Q24 and exports for Morbi cluster saw
EBITDA 2,284 1,788 27.70% 1,759 29.80%
some moderation due to continued Red Sea Crisis and and higher freight
EBIT 1,896 1,399 35.60% 1,416 33.90% charges. Margins to remain stable on back of low Gas costs.
PAT 1,493 1,042 43.30% 1,123 33.00% Key Things to Look For: Sustainability in demand recovery in real estate,
EPS 9.4 6.6 43.30% 6.8 38.20% Pricing strategy in industry on back of reducing gas costs, growth in allied
EBITDA Margin 16.20% 15.50% 64 bps 14.60% 156 bps bathware products.
Cera
Sanitaryware
Bathware industry witnessed some qoq recovery in demand during the
Net Sales 5,236 4,389 19.30% 5,325 -1.70%
quarter due to seasonality. Further, on back of expected normalisation in
A&P spends during the quarter, margin should improve. We continue to
EBITDA 859 614 39.90% 872 -1.50%
believe that Cera should continue to gain mkt. share in Faucets while in
Sanitaryware, its revamped strategy should help in gaining incremental
EBIT 768 518 48.30% 789 -2.60%
mkt. share.
PAT 672 509 32.10% 680 -1.20%
Key Things to Look For: Competititve scenario in Sanitaryware,
EPS 51.7 39.1 32.10% 48.4 6.70% contribution from Tiles and Faucets, Demand recovery in real estate,
improvement in distribution & network, change in management's strategy
EBITDA Margin 16.40% 14.00% 241 bps 16.40% 4 bps
April 08, 2024| 21

Century Plyboards 4QFY24E 3QFY24 QoQ (%) 4QFY23 YoY (%) Comments & Outlook
Plywood offtake for organized players was relatively decent on back of
Net Sales 10,405 9,343 11.40% 9,618 8.20%
mkt. share gains as RM inflation impacts the workings of unorganized
players though high timber prices remain a challenge for industry's
EBITDA 1,415 1,071 32.20% 1,626 -13.00% margins. MDF segment has seen decent volume off-take in 4Q though
imports are going to remain a challenge in the near term while supply
glut has led to correction in prices by 3-5% qoq. Laminate segment should
EBIT 1,191 855 39.30% 1,439 -17.20%
continue to deliver stable performance.
PAT 894 646 38.30% 1,126 -20.60% Key Things to Look For: Pickup in Plywood growth and traction in mid-
EPS 4 2.9 38.30% 5.1 -20.60% segment plywood, impact of competition from unorganized, impact of
EBITDA Margin 13.60% 11.50% 214 bps 16.90% -331 bps supply glut in MDF segment.
Somany Ceramics 4QFY24E 3QFY24 QoQ (%) 4QFY23 YoY (%) Comments & Outlook
Net Sales 7,265 6,121 18.70% 6,792 7.00% Domestic demand for Ceramic companies (incl. unlisted ones) continued
to remain relatively muted in 4Q24 and exports for Morbi cluster saw
EBITDA 716 590 21.30% 610 17.40%
some moderation due to continued Red Sea Crisis and and higher freight
EBIT 491 402 22.00% 423 16.10% charges. Margins to remain stable on back of low Gas costs.
PAT 327 209 56.70% 243 34.60%

Key Things to Look For: Sustainability in demand recovery in real estate,
EPS 7.7 5.2 47.50% 5.7 34.60% Pricing strategy in industry on back of reducing gas costs, growth in allied
bathware products.
Greenply 4QFY24E 3QFY24 QoQ (%) 4QFY23 YoY (%) Comments & Outlook
Company’s revenue performance is expected to be led by a healthy ramp
Net Sales 6,888 6,208 10.90% 4,692 46.80% up of its MDF division while Plywood offtake for organized players also
remain relatively decent on back of mkt. share gains. We are building
EBITDA 627 568 10.30% 476 31.70% topline growth of 47% yoy/11% qoq aided by contribution from new MDF
capacity. Inflationary pressures in RM costs (Plantation timber) will remain
EBIT 451 396 14.00% 373 21.10% a key near term challenge. Consolidated EBITDAM should remain stable
on back of increased contribution from higher margin MDF business.
Adj. PAT 240 180 33.50% 111 117.20%
Key Things to Look For: Mkt. share gain in mid/low segment plywood,
EPS 2 2.2 -10.50% 0.9 117.20%
strategy for Gabon operations, RM price movement
EBITDA Margin 9.10% 9.10% -5 bps 10.10% -104 bps
Greenlam 4QFY24E 3QFY24 QoQ (%) 4QFY23 YoY (%) Comments & Outlook
On yoy basis, Laminate offtake should remain relatively decent both in
Net Sales 6,039 5,634 7.20% 5,338 13.10%
exports and domestic market. Key RM prices remained stable which
should support margins. Turnaround in Engg. Floor division operational
EBITDA 773 711 8.60% 741 4.40%
performance will be a key monitorable while there might be slight
improvement in Deco veneer business margins. Expect EBITDAM to
EBIT 522 467 11.90% 572 -8.70%
remain flattish qoq.
PAT 329 252 30.60% 460 -28.40%
Key Things to Look For: Traction in exports, margin impact and quantum
EPS 2.6 2 30.60% 3.6 -28.40%
of losses in ED & EWF segments, pricing competition in laminates.
EBITDA Margin 12.80% 12.60% 17 bps 13.90% -107 bps
Greenpanel 4QFY24E 3QFY24 QoQ (%) 4QFY23 YoY (%) Comments & Outlook
MDF segment has seen decent volume off-take in 4Q though imports are
Net Sales 3,912 3,857 1.40% 4,414 -11.40%
going to remain a challenge in the near term while supply glut has led to
correction in prices by 3-5% qoq. Further, recent extension in
EBITDA 665 600 10.80% 770 -13.60%
implementation of BIS/QCO norms by Indian govt. will remain a near
term headwind. RM costs (Plantation timber) also continue to remain high
EBIT 484 421 15.00% 598 -19.10%
which might have some impact on EBITDAM.
PAT 357 265 34.70% 656 -45.60% Key Things to Look For: Sustainability of demand in MDF, capacity
EPS 2.9 2.3 28.90% 5.3 -45.60% utilization at South plant, competitive intensity in South due to rising
EBITDA Margin 17.00% 15.60% 144 bps 17.40% -44 bps imports and capacity addition.
April 08, 2024| 22

Apollo Pipes 4QFY24E 3QFY24 QoQ (%) 4QFY23 YoY (%) Comments & Outlook
Net Sales 2,505 2,216 13.10% 2,519 -0.60% Expect better volume growth momentum for the industry due to relatively
stable PVC prices and seasonality led pickup from Agri business.
EBITDA 248 201 23.20% 294 -15.70% Company is expected to see 13-14% yoy volume growth. Further,
EBITDAM should remain stable on back of reduced volatility in PVC
EBIT 169 126 34.20% 219 -22.50% prices.
PAT 126 91 38.80% 150 -16.20%
EPS 3.2 2.3 38.80% 3.8 -16.20% Key Things to Look For: PVC resin pricing trend, utilization levels
Prince Pipes 4QFY24E 3QFY24 QoQ (%) 4QFY23 YoY (%) Comments & Outlook
Expect better volume growth momentum for the industry due to relatively
Net Sales 7,056 6,186 14.10% 7,644 -7.70%
stable PVC prices and seasonality led pickup from Agri and Residential
business. Volume growth is expected to be 12-14% yoy in 4Q24 on back
EBITDA 929 757 22.80% 1,483 -37.40%
stable PVC prices along with price corrective action taken for CPVC
segment in previous quarters. EBITDAM might see some recovery on back
EBIT 697 527 32.00% 1,272 -45.20%
of product mix change.
PAT 537 376 42.70% 941 -42.90%
Key Things to Look For: PVC resin pricing trend, utilization levels, capex
EPS 4.9 3.4 42.70% 8.6 -42.90%
for Telangana plant.
Astral Pipes 4QFY24E 3QFY24 QoQ (%) 4QFY23 YoY (%) Comments & Outlook
Net Sales 17,155 13,702 25.20% 15,062 13.90% stable PVC prices and seasonality led pickup from Agri and Residential
business. Company has been outperforming industry growth and we
expect Pipe volumes to growth between 20-24% yoy on back of good
demand momentum and positive response for newly-launched VAP
EBITDA 3,133 2,051 52.70% 3,089 1.40% portfolio. Pipe EBITDAM should see improvement qoq on back of better
product mix and no inventory losses due to stable PVC prices. Bathware
segment might continue to see some losses. Adhesives + Paints revenue
expected to post stable performance. Combined EBITDAM is expected to
EBIT 2,681 1,550 73.00% 2,644 1.40% inch up qoq on expected increase in VAP sales in Pipes and recovery in
Adhesive margins.
PAT 2,027 1,135 78.60% 2,072 -2.20%
Key Things to Look For: CPVC resin pricing trend and volume growth,
EPS 7.5 4.2 78.60% 7.7 -2.20%
utilisation levels, key chemical prices
Finolex Industries 4QFY24E 3QFY24 QoQ (%) 4QFY23 YoY (%) Comments & Outlook
Net Sales 11,938 10,197 17.10% 11,411 4.60% Expect better volume growth momentum for the industry due to relatively
EBITDA 1,420 1,199 18.50% 2,174 -34.70% stable PVC prices and seasonality led pickup from Agri and Residential
EBIT 1,118 923 21.10% 1,936 -42.20% business. EBITDAM should see some improvement qoq.
PAT 1,090 892 22.20% 1,584 -31.10%

Key Things to Look For: PVC resin pricing trend and volume growth,
EPS 1.8 1.4 22.20% 2.6 -31.10%
utilisation levels, VCM-EDC spreads
April 08, 2024| 23

Supreme
Industries
Net Sales 26,866 24,491 9.70% 25,982 3.40%
stable PVC prices and seasonality led pickup from Agri and Residential
business. Company has been outperforming industry growth and we
EBITDA 4,241 3,793 11.80% 4,805 -11.70% expect Pipe volumes to growth between 20-25% yoy on back of good
demand momentum and positive response for newly-launched VAP
portfolio. Pipe EBITDAM should see improvement qoq on back of better
EBIT 3,503 3,021 16.00% 4,084 -14.20%
product mix and no inventory losses due to stable PVC prices.
PAT 2,838 2,474 14.70% 3,106 -8.60%
EPS 22.3 19.5 14.70% 24.5 -8.60% Key Things to Look For: RM Costs, price hikes, demand for new products
APL Apollo Tubes 4QFY24E 3QFY24 QoQ (%) 4QFY23 YoY (%) Comments & Outlook
Net Sales 47,431 41,778 13.50% 44,311 7.00%

Company has already reported historical high volume growth of 4% yoy/
EBITDA 3,061 2,796 9.50% 3,229 -5.20% 12% qoq for 4Q24. Realizations will remain under slight pressure due to
correction in Steel prices. EBITDAM might moderate slightly qoq.
EBIT 2,583 2,325 11.10% 2,761 -6.40%
PAT 1,892 1,655 14.30% 2,018 -6.30%

Key Things to Look For: RM Costs, price hikes, demand for new products,
EPS 7 6 14.30% 7 -6.30%
strategy behind acquisitions and entry into newer mkts.
April 08, 2024| 24

Cement
Outlook
• Led by the continued volume push throughout the quarter, Industry is expected to witness ~7-
8% yoy volume growth in 4Q24 (vs earlier expectations of ~5% yoy growth). While Jan’24
was relatively soft, we hear for healthy demand trends in Feb’24 and Mar’24. Regional trends
suggest that ex-East, all regions have witnessed comparable volume growth, while East still
continued to underperform other regions.
• Owing to this volume push, cement prices have spiraled down throughout Nov’23-Mar’24.
Effectively, 4Q24 prices are expected to be ~4-4.5% lower on qoq basis; with a profound
impact on East & South regions (~7% qoq decline) while other regions saw a decline of
~2.5-3.5% qoq. However, immediately post 4Q24, channel partners have been notified of
a price hike to the tune of Rs 25-35/bag on average All-India basis (~Rs 40/bag in East &
South while Rs 15-20/bag in rest of the regions), which should support the near-term
profitability. Albeit, going by the past 3 quarters’ trend, sustainability of this price hike still
remains a key monitorable.
• We believe some part of the lower realizations will be compensated by operating leverage
benefits and further 2-3% qoq dip in P&F cost/t. However, overall Industry-wide EBITDA/t is
still expected to come down ~Rs 100-125/t sequentially in 4Q24. While players based out
of South & East will report an average ~Rs 200/t sequential dip in EBITDA/t; rest players
would see an average qoq dip of Rs 80-100/t.
Top Picks: UTCEM & ACEM in large-caps, JKCE in mid-caps and BCORP & JKLC among small-caps..
Ultratech 4QFY24E 3QFY24 QoQ (%) 4QFY23 YoY (%) Comments & Outlook
Net Sales 2,01,521 1,67,400 20.40% 1,86,624 8.00% Expect company to deliver ~8% yoy volume growth, slightly above the
Industry growth. Channel checks suggest that avg pan-India prices
EBITDA 37,564 32,546 15.40% 33,225 13.10% spiraled down ~4-4.5% qoq in 4Q24, led by higher price cuts in East
and South regions. Expect EBITDA/t to dip ~8% qoq but come up ~5%
EBIT 29,562 24,711 19.60% 25,608 15.40% yoy.
PAT 21,877 17,690 23.70% 16,686 31.10%
Key Things to Look For: Sustainability of demand revival in core markets,
EPS 75.8 61.3 23.70% 57.8 31.10% Pricing trend, Input cost movement, cost moderation initiatives, status of
growth capex
EBITDA Margin 19% 19% -80 bps 18% 84 bps
Shree Cement 4QFY24E 3QFY24 QoQ (%) 4QFY23 YoY (%) Comments & Outlook
Net Sales 53,924 52,232 3.20% 51,002 5.70% Expect volumes to rise by 8% yoy/ 8% qoq with company’s core region of
North witnessing healthy demand trends. However, lower realizations and
EBITDA 11,662 12,640 -7.70% 8,892 31.20%
company's efforts towards newly launched branding campaign is expected
EBIT 6,840 8,201 -16.60% 4,164 64.30% to lead to 15% qoq dip in EBITDA/t.
PAT 5,701 7,019 -18.80% 5,252 8.50%

Key Things to Look For: Cement Pricing trend, capacity
EPS 158 194.5 -18.80% 145.6 8.50%
commercialization, cost moderation & Demand revival
ACC 4QFY24E 3QFY24 QoQ (%) 4QFY23 YoY (%) Comments & Outlook
Net Sales 50,354 49,144 2.50% 47,909 5.10% Volumes are likely to come up 7% yoy/ 2% qoq as growth in other regions
would be possibly offset by an expected de-growth in East region. With a
EBITDA 8,031 9,047 -11.20% 4,685 71.40% higher exposure to East and South markets, ACC should witness higher
dip in realisations in 3Q24, which should lead to 13% qoq dip in its
EBIT 5,656 6,695 -15.50% 2,918 93.90% EBITDA/t.
PAT 4,778 5,377 -11.10% 3,021 58.20%
Key Things to Look For: Cement Pricing trend, Cost moderation & Demand
EPS 25.4 28.6 -11.10% 16.1 58.20%
revival
April 08, 2024| 25

Ambuja 4QFY24E 3QFY24 QoQ (%) 4QFY23 YoY (%) Comments & Outlook
Net Sales 45,591 44,395 2.70% 42,563 7.10% While consolidated volumes are likely to rise 13-14% yoy (on higher
volumes from Sanghi), expect a standalone volume growth of ~8% yoy.
EBITDA 8,497 8,511 -0.20% 7,883 7.80% Despite a 3% qoq expected dip in realizations, company is expected to
deliver relatively better in EBITDA/t with expected qoq dip of just ~6% in
EBIT 6,113 6,176 -1.00% 5,836 4.80% EBITDA/t.
PAT 5,292 5,137 3.00% 5,831 -9.20%
Key Things to Look For: Cement Pricing trend, Cost moderation & Demand
EPS 2.7 2.6 3.00% 2.9 -9.20%
revival
Birla Corp 4QFY24E 3QFY24 QoQ (%) 4QFY23 YoY (%) Comments & Outlook
Net Sales 26,271 23,120 13.60% 24,626 6.70% We hear for a continued ramp-up of Mukutban plant, which should help
company deliver a ~10% yoy volume growth. Mukutban incentives are
EBITDA 4,015 3,785 6.10% 2,743 46.30%
also expected to start flowing in 4Q onwards, which should limit EBITDA/t
EBIT 2,539 2,337 8.70% 1,342 89.10% dip to just 8% qoq.
PAT 1,497 1,091 37.20% 666 124.60%

Key Things to Look For: Cement Pricing trend, cost moderation & Demand
EPS 19.4 14.2 37.20% 8.7 124.60%
revival
Ramco Cement 4QFY24E 3QFY24 QoQ (%) 4QFY23 YoY (%) Comments & Outlook
Net Sales 24,478 21,061 16.20% 25,697 -4.70% While South is expected to have delived well, continued slow down in East
market led to ~5% yoy overall volume growth for the company. With ~6-
EBITDA 4,023 3,954 1.70% 4,333 -7.20%
7% expected dip in realizations, we expect ~18% qoq dip in company's
EBIT 2,350 2,299 2.20% 2,927 -19.70% EBITDA/t.
PAT 1,067 934 14.20% 1,729 -38.30%
Key Things to Look For: Cement Pricing trend, capacity commercialization,
EPS 4.5 4 14.20% 7.3 -38.30%
cost moderation & Demand revival
EBITDA Margin 16% 19% -234 bps 17% -43 bps
JK Cement 4QFY24E 3QFY24 QoQ (%) 4QFY23 YoY (%) Comments & Outlook
Expect overall cement volumes to grow 12% yoy / 12% qoq. While grey
Net Sales 31,402 29,348 7.00% 27,779 13.00%
cement is expected to continue to do well on continued ramp up of panna
plant, we believe White cement volumes might witness some pressure
EBITDA 6,144 6,251 -1.70% 3,495 75.80%
amid on-going competition coming from paints players. Realisations are
expected to dip ~3% qoq while P&F cost/t is expected to come down 1%
EBIT 4,714 4,847 -2.80% 2,210 113.30%
qoq. This should lead to a 11% qoq dip in EBITDA/t.
PAT 2,957 2,838 4.20% 1,097 169.40%
Key Things to Look For: Cement Pricing trend, capacity commercialization,
EPS 38.3 36.7 4.20% 14.2 169.40%
cost moderation & Demand revival
Heidelberg 4QFY24E 3QFY24 QoQ (%) 4QFY23 YoY (%) Comments & Outlook
Net Sales 5,989 6,071 -1.30% 6,020 -0.50% Having exposure in Central region, expect company to post fllatish
EBITDA 643 655 -1.80% 691 -7.00% volumes owing to low aggression. Realizations are expected to come
EBIT 299 380 -21.30% 417 -28.20% down 3% qoq while we expect EBITDA/t to dip by 3% qoq on a low base.
PAT 233 315 -26.00% 350 -33.40%

EPS 1 1.4 -26.00% 1.5 -33.40%
April 08, 2024| 26

Prism Johnson 4QFY24E 3QFY24 QoQ (%) 4QFY23 YoY (%) Comments & Outlook
Expect cement volumes to grow ~1% yoy while EBITDA/t is expected to
Net Sales 18,586 17,283 7.50% 21,117 -12.00%
come down meaningfully. For the HRJ Segment, domestic demand for
Ceramic companies continued to remain relatively muted in 4Q24 and
EBITDA 1,160 1,336 -13.20% 1,472 -21.20%
exports for Morbi cluster saw some moderation due to continued Red Sea
Crisis and and higher freight charges. Margins to remain stable on back
EBIT 130 343 -62.00% 426 -69.50%
of low Gas costs.
PAT -167 -35 382.10% 69 -341.80% Key Things to Look For: Cement Pricing and utilization trends, demand
EPS -0.3 -0.1 382.10% 0.1 -341.80% recovery in tiles and RMC, recovery in WC in Tiles and improvement in
EBITDA Margin 6% 8% -149 bps 7% -73 bps EBITDAM
Dalmia Bharat 4QFY24E 3QFY24 QoQ (%) 4QFY23 YoY (%) Comments & Outlook
Net Sales 41,443 36,000 15.10% 39,120 5.90% While South is expected to have delived well, slow down continued in East
market. However, continued volumes from the tolling agreement, led to
EBITDA 7,571 7,750 -2.30% 7,070 7.10%
~13% yoy overall volume growth for the company. With ~6-7% expected
EBIT 3,611 4,050 -10.80% 3,710 -2.70% dip in realizations, we expect ~20% qoq dip in company's EBITDA/t.
PAT 2,660 2,660 0.00% 2,230 19.30%
EPS 14.5 14.5 0.00% 12.1 19.30%
Nuvoco Vistas 4QFY24E 3QFY24 QoQ (%) 4QFY23 YoY (%) Comments & Outlook
Net Sales 29,464 24,210 21.70% 29,285 0.60% Expect volumes to come flattish yoy owing to subdued demand conditions
in East market. Realisations are expected to come off meaningfully (down
EBITDA 4,306 4,104 4.90% 3,804 13.20%
~7% qoq) which will keep the EBITDA/t under pressure (expect a 19%
EBIT 1,896 1,792 5.80% 1,413 34.20% qoq dip in EBIDTA/t).
PAT 486 310 56.70% 2,011 -75.80%

EPS 1.4 0.9 56.70% 5.6 -75.80%
JK Lakshmi
Cement
Net Sales 19,624 17,028 15.20% 18,621 5.40% Expect volumes to come up ~10% yoy/ 20% qoq as the new clinker plant
is expected to start delivering 4Q24 onwards. Realisations are expected
EBITDA 3,102 3,021 2.70% 2,327 33.30%
to come off ~4% qoq with ~25% presence in East market. This will lead
EBIT 2,344 2,364 -0.90% 1,739 34.80% to EBITDA/t dip of ~14% qoq.
PAT 1,373 1,436 -4.40% 1,100 24.70%

EPS 11.7 12.2 -4.40% 9.4 24.70%
April 08, 2024| 27

Chemicals
Outlook
• We expect a mixed quarter for chemical companies as high channel inventory and destocking
has led to continued volume and pricing pressure on the industry. In addition to this,
continuous dumping by China and lower prices are further hurting profitability. PI remains
the only company who is likely to report a healthy growth on a yoy basis. Few companies are
likely to see a sequential improvement in earnings but given the seasonality 4Q is generally
strong for these companies.
Top Pick: PI Industries
Aarti Industries Ltd 4QFY24E 3QFY24 QoQ (%) 4QFY23 YoY (%) Comments & Outlook
Net Sales 18,000 17,320 3.9 16,560 8.7 We expect Aarti Industries to report a ~4% qoq increase in revenues to
Rs 18bn driven by ramp-up of MMA project and volume pick up a
EBITDA 2,950 2,600 13.5 2,520 17.1
seasonally strong quarter. We expect margins to improve by 138bps qoq
EBIT 1,960 1,630 20.2 1,680 16.7 to 16.4% with EBITDA increaseing by ~13.5% qoq to Rs 2.95bn.
PAT 1,314 1,240 6.0 1,490 -11.8
Key Things to Look For: Capex for FY25-26E, Demand Outlook, EBITDA
EPS 3.6 3.4 6.0 4.1 -11.8
bridge for FY25E to achieve the upper and lower end of guidance and
EBITDA Margin volume drivers for FY25E.
16.4 15.0 138 bps 15.2 117 bps
(%)
Astec Lifescience 4QFY24E 3QFY24 QoQ (%) 4QFY23 YoY (%) Comments & Outlook
We expect topline growth is approximately 22% yoy, reaching Rs 1.55bn,
Net Sales 1,550 508 205.2 1,270 22.1
fueled by the introduction of new products such as Metconazole,
Flazasulfuron, and Pyroxasulfoine. Furthermore, expansion in the core
EBITDA 93 -183 -150.7 54 72.2
CDMO business is expected, further bolstering overall revenue growth.
We expect margins to improve by 175bps yoy to 6.0%, notwithstanding
EBIT 6 -270 -102.2 -24 -125.4
the impact of R&D expenses on overall profitability
PAT -34 -243 -85.9 -50 -31.1

Key Things to Look For: Outlook on CRAMS, Inventory levels in key
EPS -1.8 -12.4 -85.9 -2.5 -31.1 products, Demand outlook for Tebuconazole and Propiconazole, Ramp-
up of newly commercialised molecules.
EBITDA Margin
6.0 -36.1 4209 bps 4.3 175 bps
(%)
Jubilant Ingrevia 4QFY24E 3QFY24 QoQ (%) 4QFY23 YoY (%) Comments & Outlook
We expect Ingrevia's revenues to decline by ~8.7% yoy to Rs 10.5bn as
Net Sales 10,450.0 9,664.0 8% 11,450 -9% lower acetic acid prices have a negative impact on the overall realisation
while high channel inventory in agrochemicals and China dumping has
further put pricing pressure on downstream derivatives which has a overall
EBITDA 1,031.6 955.7 8% 1,021 1%
impact on both Intermediates and Speciality Chemical Busines. Nutrition
Business is likely to see a healthy growth off a low base of 4QFY23. We
EBIT 676.6 613.3 10% 722 -6% expect EBITDA to decline by ~6.3% yoy to Rs 1bn in 4QFY23 with
margins up 96bps yoy to 9.9%.
PAT 458.9 385.6 19% 523.1 -12%

Key Things to Look For: Capacity utilisation across projects commissioned
in the past two years, Outlook for FY25E for all plants commissioned in
EPS 2.9 2.4 19% 3.3 -12%
FY23-24, Update on CDMO pipeline highlighted in 3QFY24 and Capex
EBITDA Margin for FY25-26E.
9.9 9.9 (2 bps) 8.9 96 bps
(%)
April 08, 2024| 28

Navin Fluorine Ltd 4QFY24E 3QFY24 QoQ (%) 4QFY23 YoY (%) Comments & Outlook
We expect NFIL's revenues to decline by ~21.1% yoy to Rs 5.5bn (+9.6%
Net Sales 5,500 5,018 10% 6,971 -21% qoq) in 4QFY24E. The yoy decline is largely on account of (1) Elevated
base of 4QFY24 driven by a purchase order in CDMO, Higher supplies
from Dedicated Plant and Higher volumes of BF3. While CDMO purchase
EBITDA 990 757 31% 2,018 -51%
orders have been deffered, revenues are likely to remain impacted and
negative operating leverage coupled with commissioning new capacities
EBIT 740 508 46% 1,942 -62% are likely to weight on margins. We expect margins to decline by 1094bps
yoy to 18%.
PAT 533.8 780 -32% 1,364 -61% Key Things to Look For: Capacity utilisation and outlook for projects
EPS 10.8 16 -32% 27.6 -61% commercialised in FY23, CDMO purchase orders for FY25-26E, Ramp-
EBITDA Margin (%) 18.0 15.1 292 bps 28.9 (1094 bps) up schedule of the dedicated fluoro intermediate plant.
PI Industries Ltd 4QFY24E 3QFY24 QoQ (%) 4QFY23 YoY (%) Comments & Outlook
Net Sales 20,524 18,975 8% 15,656 31% We expect PI's revenues to increase by ~31.1% yoy to Rs 20.5bn driven
by (1) 27.8% yoy growth in the CSM business to US$199mn as
contribution from new molecules have started kicking in, (2) Pharma
EBITDA 4,823 5,536 -13% 3,428 41% business contribution of US$16mn and (3) offset by a ~6% decline in the
domestic business. We expect margins to improve by 160bps yoy to
23.5% driven by change in product mix. We expect PI to report a ~36.5%
EBIT 4,023 4,753 -15% 2,851 41% yoy growth in EPS to 25.2%.
PAT 3,843 4,486 -14% 2,806 37% Key Things to Look For: Growth outlook for CSM & Pharma business for
EPS 25.2 30 -15% 18.5 37% FY25-26E, inventory levels in the domestic market and capex for FY25-
EBITDA Margin (%) 23.5 29.2 (568 bps) 21.9 160 bps 26E.
Rallis Ltd 4QFY24E 3QFY24 QoQ (%) 4QFY23 YoY (%) Comments & Outlook
We expect revenues to decline by ~12.2% yoy to Rs 4.6bn mainly driven
Net Sales 4,590 5,980 -23% 5,226 -12% by a ~35% yoy decline in the international busines due to impacts of high
channel inventory and sharp decline in prices while we expect this decline
EBITDA 92 620 -85% -653 -114% to be partially offset by a ~5% yoy growth in the domestic business. Limited
returns in the seed business and margin improvement in the domestic crop
EBIT -208.2 320 -165% -878.8 -76% care business should result in the company reporting positive EBITDA in a
seasonally weak quarter.
PAT -170.8 240 -171% -691.3 -75%
Key Things to Look For: Outlook for Kharif season for both crop care and
EPS -0.9 1 -171% -3.6 -75% seeds business, Updates on international business - pricing and volume
outlook, Capex for FY25-26E.
EBITDA Margins
2.0 10.4 (837 bps) -12.5 1449 bps
(%)
Sumitomo
Chemical
Net Sales 6,027 5,420 11% 6,516 -7% We expect revenues to decline by ~7.5% yoy to Rs 6bn as domestic and
export revenues to decline due to lower realisations. We believe volumes
EBITDA 874 658 33% 806 8% are likely to improve yoy in the export business which is likely to be offset
by lower pricing. On margins, we expect margins to improve by 213bps
EBIT 708.9 497 43% 665 7% yoy to 14.5% mainly due to improvment in domestic profitability.
PAT 724.0 547 32% 721 0%
Key Things to Look For: Project commissoning timelines, Capex updates,
EPS 1.5 1 32% 1.4 0%
Inventory situation, and Outlook for FY25E.
EBITDA Margin (%) 14.5 12.1 236 bps 12.4 213 bps
April 08, 2024| 29

SRF Ltd 4QFY24E 3QFY24 QoQ (%) 4QFY23 YoY (%) Comments & Outlook
We expect SRF to report ~1% yoy revenue growth in 4QFY24E driven by
Net Sales 38,110 30,530 25% 37,781 1% a ~30% growth in the speciality chemical business while the balance
chemical business is llikely to decline by ~25% yoy due to lower
realisations in ref gases and chloromethanes. We expect limited
EBITDA 8,575 5,839 47% 9,596 -11%
improvement in TTB and PFB while chemical business margins are likely
to improve sequentially by 290bps to 26% driven by higher ref gas
EBIT 6,975 4,150 68% 8,050 -13% shipments to US and positive operating leverage in the speciality chemical
business.
PAT 4,856 2,534 92% 5,625 -14% Key Things to Look For: (1) Outlook on the chemical business - (a) Ref
EPS 16.4 9 92% 19.0 -14% gas pricing and demand outlook and (b) demand trends in
EBITDA Margin agrochemicals. (2) Outlook on packaging film business - (a)
22.5 19.1 338 bps 25.4 (290 bps) commissoning of new lines, (b) demand-supply. (3) Capex outlook.
(%)
UPL Ltd 4QFY24E 3QFY24 QoQ (%) 4QFY23 YoY (%) Comments & Outlook
We estimate UPL's revenues to decline by ~28.6% yoy to Rs 118.3bn
Net Sales 1,18,362 98,870 20% 1,65,690 -29% driven by (1) 18-20% pricing impact (Including rebates) and (2) 8-9%
volume impact with India, North America and Brazil continuing to see
30%+ declines while Rest of the world and Europe are likely to see lower
EBITDA 13,020 4,300 203% 30,470 -57%
declines. Higher rebates and discounts on account of high cost inventory
adjustments are likely to impact gross profitability which should result in
EBIT 6,020 -2,460 -345% 23,200 -74% margins falling to 11%, down 739bps yoy. We expect UPL's EBITDA to
decline by ~57.3% yoy to Rs 13bn in 4QFY24E.
PAT -2,300 -12,170 -81% 7,920 -129%

Key Things to Look For: Inventory levels in Brazil and North America,
EPS -3.1 -16 -81% 10.56 -129% Expected Qunatum of Rebates in FY25E, Impact of Rating downgrade
on Finance costs and Volume growth in FY25E.
EBITDA Margin
11.0 4.3 665 bps 18.4 (739 bps)
(%)
April 08, 2024| 30

Construction
Outlook
• Given the revenue base and order book, majority of EPC players are looking to diversify and
build pre-qualifications in other segments. A few infrastructure players have already started
venturing into new segments like Ropeways, MMLP, Railways, Station Redevelopment, Solar
power etc., diversifying their revenue base. 4Q being one of the strongest quarters majority
of EPC companies are expected to report healthy growth. On account of increased
competition and a change in revenue mix operating margins are likely to be impacted.
However, given the stable interest rate regime and EPC players’ strategy of avoiding capital
intensive segment operating profits are likely to percolate to net profits.
• NHAI awarding negatively surprised in FY24 with no signs of revival in awarding during
4QFY24. Our channel checks indicate that NHAI has awarded projects of ~1250 kms
(~Rs326bn) during FY24. In terms of awarding mix -EPC - ~46% share, HAM - ~54% share.
Funding constraints, Delays in Land Acquisitions, and challenges in getting older projects
under execution are a few reasons for the delays in awarding. Competition seems to have
moderated as the number of players bidding has reduced due to tightening of certain bidding
norms by NHAI and challenges faced in getting financial closures of the projects. BOT is
likely to make a comeback with ~20% share in awarding in near to medium term which will
give an edge to players with strong balance sheet.
• ~8,000kms are yet to be awarded under BMP-1 and ~30,000kms in BMP-II which will
ensure road sector EPC companies will continue to witness healthy awarding in medium to
long term. Additionally, Maharashtra state has invited bids for projects worth ~Rs 460bn
which is likely to be awarded in near to medium term. Unlocking equity from HAM/BOT
assets would be a key monitorable. We continue to prefer companies with a lower order
book base, strong balance sheet (less risk of equity dilution) and better working capital
management.
Top picks: PNC Infratech, H G Infra Engineering, PSP Projects, RITES
Ahluwalia Contracts
(India) Limited
Net Sales 11,102 10,265 8.2% 8,631 28.6%

We expect a strong revenue growth momentum to continue. Operating
EBITDA 1,234 1,118 10.4% 1,103 12.0%
margin are expected to improve in-line with the management guidance.
EBIT 1091 983 11.0% 1000 9.1%
PAT 781 707 10.6% 722 8.2%
EPS 11.66 10.55 10.6% 10.78 8.2% Key Things to Look For: Execution in its key large projects; working capital
EBITDA Margin (%) 11% 11% 22 bps 13% -166 bps
Capacite
Infraprojects Limited
Net Sales 5,802 4,416 31.4% 4,389 32.2%
Execution is expected to ramp up given that funding challenges have
EBITDA 1,010 856 18.0% 835 21.0%
receded . EBITDAM is expected to at 16-18% levels.
EBIT 734 587 25.0% 563 30.4%
PAT 362 257 41.1% 210 72.1%
Key Things to Look For: Execution pace of big-ticket size CIDCO and
EPS 4.28 3.35 27.9% 3.10 38.1%
MHADA projects; Debt and working capital levels
EBITDA Margin (%) 17% 19% -197 bps 19% -161 bps
April 08, 2024| 31

G R Infraprojects
Limited
Net Sales 20,728 18,064 14.7% 19,949 3.9% We expect muted growth yoy on account of higher base and delays in
EBITDA 2,765 2,280 21.3% 2,898 -4.6% getting requisite approvals for new projects. Operating margirgin are
EBIT 2162 1,670 29.5% 2308 -6.3% expected to be in 13%-13.5% range.
PAT 1687 1,554 8.6% 1922 -12.2%
EPS 17.45 16.07 8.6% 19.88 -12.2% Key Things to Look For: New order inflows, Ramp up in other segments
HG Infra
Engineering Limited
Net Sales 15,836 13,464 17.6% 14,696 7.8% We expect a healthy revenue growth on the back of strong execution from
EBITDA 2,483 2,142 15.9% 2,377 4.4% its Ganga Expressway and other key projects. EBITDAM is expected to be
EBIT 2103 1,775 18.5% 2117 -0.6% ~15.5%-16% levels.
PAT 1467 1,138 28.8% 1477 -0.7%
Key Things to Look For: New order wins and operating performance for
EPS 22.51 17.47 28.8% 22.66 -0.7%
non-roads segment projects.
EBITDA Margin (%) 16% 16% -23 bps 16% -50 bps
ITD Cementation
India Limited 4QFY24E 3QFY24 QoQ (%) 4QFY23 YoY (%) Comments & Outlook
(Consolidated)
Net Sales 21,274 20,172 5.5% 16,314 30.4% ITCE is likely to report strong revenue growth given that its key large ticket
EBITDA 2,176 2,048 6.2% 1,466 48.4% size projects are on track. Operating margins are expected to improve
EBIT 1593 1,487 7.1% 1158 37.6% given the legacy orders are over leading to strong profit
PAT 755 786 -4.0% 377 100.5%
EPS 4.39 4.58 -4.0% 2.19 100.5% Key Things to Look For:Operating performance and debt levels
EBITDA Margin (%) 10% 10% 7 bps 9% 124 bps
KNR Constructions
Limited
Net Sales 12,309 9,054 35.9% 11,756 4.7% We expect a 5-7% growth yoy largely due to slower execution in irrigation
EBITDA 2,036 1,473 38.2% 2,119 -3.9% projects. Operating margin too would be impacted on account of revenue
EBIT 1683 1,148 46.5% 1719 -2.1% mix.
PAT 1250 855 46.1% 1286 -2.8%
EPS 4.44 3.04 46.1% 4.57 -2.8% Key Things to Look For: New order inflows; Irrigation project debtors
PNC Infratech
Limited
Net Sales 23,880 18,027 32.5% 21,146 12.9%
We expect a strong revenue growth as key projects are expected to
EBITDA 3,187 2,395 33.1% 2,810 13.4%
cotribute . Operating margins are likely to be in the range of 13-13.5%.
EBIT 2907 2,134 36.2% 2531 14.8%
PAT 2017 1,511 33.5% 1845 9.4%
Key Things to Look For: New order inflows and Execution of its water
EPS 7.86 5.89 33.5% 7.19 9.4%
segment projects.
April 08, 2024| 32

PSP Projects Limited 4QFY24E 3QFY24 QoQ (%) 4QFY23 YoY (%) Comments & Outlook
Net Sales 7,158 6,966 2.8% 7,274 -1.6% We expect a fllatish growth as UP Projects are nearing completion and new
EBITDA 783 714 9.7% 777 0.9% projects would be at initial stages. EBITDAM is expected to remain at
EBIT 567 527 7.7% 653 -13.1% ~10.5-11% as new projects would be yet to hit the margin threshold.
PAT 359 325 10.3% 463 -22.5%
Key Things to Look For: Outcome of SDB project arbitration, Execution of
EPS 9.97 9.03 10.3% 12.86 -22.5%
recently won projects; New order inflows.
Ircon International
Limited
Net Sales 31,343 27,921 12.3% 36,699 -14.6%
We expect healthy revenue growth qoq as key big ticket size projects are
EBITDA 1,871 1,741 7.5% 1,994 -6.2%
under execution . Operating margin are expected to stabilise at ~6-6.5%.
EBIT 1776 1,649 7.7% 1820 -2.5%
PAT 2221 1,851 20.0% 2482 -10.5%
Key Things to Look For: new order wins and monetisation of its road and
EPS 2.36 1.97 20.0% 2.64 -10.5%
other assets investments.
EBITDA Margin (%) 6% 6% -26 bps 5% 54 bps
Rites Limited 4QFY24E 3QFY24 QoQ (%) 4QFY23 YoY (%) Comments & Outlook
Net Sales 6,518 6,529 -0.2% 6,590 -1.1%

We expect muted growth yoy largely on account of low export segment
EBITDA 1,451 1,443 0.6% 1,705 -14.9%
revenues. Given the revenue mix margin is likely to be at 22%-24% range.
EBIT 1290 1,317 -2.1% 1557 -17.1%
PAT 1112 1,186 -6.2% 1384 -19.6%
Key Things to Look For: New Order Inflows from Exports and Consultancy
EPS 4.63 4.93 -6.2% 5.76 -19.6%
segment.
April 08, 2024| 33

Consumer Durables & Discretionary

Outlook
• W&C: While there was an anticipation of demand slowdown for cables, we expect trend of
strong cables demand to continue for 7th straight quarter driven by continued government
capex spending. Whereas wires continues to face some headwinds. However, going ahead
with inflationary pressures settling down and lot of real estate projects coming towards the
fag end of completion, we expect wires demand to improve during FY25. Within W&C space,
we expect POLYCAB to continue posting industry leading performance. Players like KEI and
RRKABEL are also likely to do well but if not for capacity constraints, we believe these players
could have done better. Players like FNXC with higher exposure to wires and lack of
aggression may continue its underperformance.
• RAC: Summer season started on a very good note in South markets with temperatures going
up leading to better secondary sales. Channel checks suggests strong demand within East
market as well largely led by West Bengal market. Channel checks do suggest that demand
from North & West markets remained bit subdued due to unfavourable weather condition.
However, in last few weeks demand seems to have improved pan-India offering comfort on
RAC sector. Overall, we believe that secondary growth for RAC space would have been
~25% during 4Q led by South & East. Within RAC, we expect players like BLSTR, VOLT and
Daikin to do well. Whereas players like LG, Samsung and Llyod seems to have
underperformed in our view. Despite higher exposure of VOLT in North (demand for which
remained muted) industry leading primary sales by VOLT was led by increased penetration in
alternate channels and weaker markets. Going ahead, with North demand picking up, we
expect significant market share gains on the secondary side.
• Other large appliances: Overall demand sentiment for other large appliances categories
continues to remain weak with refs demand likely to have declined in low single digit.
However, WM seems to have done well with mid-single digit kind of growth. Within large
appliances, we expect continued underperformance by WHIRL led by higher exposure from
entry level products, whereas players like IFBI can do well on topline as well margin side.
• FMEG: Within FMEG space, secondary fans demand continued to remain under pressure
due to late pickup of summers in few parts plus weak demand sentiment. But primary sales
for few players seems to have grown at faster pace as base was lower because channel was
reluctant in building up inventories post energy norms implementation. Whereas, on a lower
base of last year where summers started early, we expect strong growth to kick-in for water
heater biz. Within FMEG space, we expect players like HAVL, VGRD and CROMPTON to do
reasonably well in-light of the current challenging demand environment.
Top Picks: Voltas, Blue Star and Polycab
Amber Enterprises 4QFY24E 3QFY24 QoQ (%) 4QFY23 YoY (%) Comments & Outlook
On an extremely strong base of last year, when brand started building
Net Sales 28,059 12,948 117% 30,026 -7%
inventories in anticipation of good summer demand, we expect
standalone revenues to decline significantly as many brands have started
EBITDA 2,269 785 189% 2,035 12% in-house manufacturing. On the subsidiaries’ side we expect strong
topline growth led by strong growth in mobility biz plus acquisition of
ascent's biz. Despite lower scale, driven by favorable mix and RM
EBIT 1,799 319 463% 1,647 9%
softening margins are expected to improve.
PAT 1,120 -5 nm 1,040 8% Key Things to Look For: commentary on scaling up various product
EPS 33.2 0 nm 30.9 8% categories, Outlook for standalone and subsidiary business, outlook for
EBITDA Margin 8.0% 6.0% 202 bps 7.0% 131 bps newly acquired / formed entities.
April 08, 2024| 34

Bluestar ltd. 4QFY24E 3QFY24 QoQ (%) 4QFY23 YoY (%) Comments & Outlook
Driven by favorable weather condition in South market, we expect BLSTR
Net Sales 31,318 22,412 39.70% 26,238 19.40%
to post yet another quarter of better than industry topline performance in
AC and commercial refs. Backed by strong OB and executional
EBITDA 2,280 1,554 46.70% 1,792 27.20% capabilities, we expect strong topline growth to continue in MEP biz.
Backed by better scale and Sri city operational benefits we expect UP
margins to improve whereas we expect MEP margins to remain largely
EBIT 2,047 1,319 55.20% 1,565 30.80% stable on a yoy basis. However, 3Q margins of MEP biz doesn't seem
sustainable.
PAT 1,500 1,004 49.40% 545 175.40%
Key Things to Look For: Margin outlook, Demand / Execution outlook for
EPS 7.3 5 49.00% 11.6 -37.30%
RAC Space and EMP business
EBITDA Margin 7% 7% 35 bps 7% 45 bps
CCL Products 4QFY24E 3QFY24 QoQ (%) 4QFY23 YoY (%) Comments & Outlook
Net Sales 6,782 6,645 2.10% 5,201 30.40%

We expect strong volume growth for CCLP during the quarter driven by
EBITDA 1,302 1,109 17.40% 1,131 15.20% deferment of order from 3Q and the aggressive stance undertaken by
CCLP to push volumes. We expect steady EBITDA / kg.
EBIT 1,075 888 21.10% 1,029 4.40%
PAT 682 633 7.80% 853 -20.00%
Key Things to Look For: Order book for FY24, Margin outlook, Expansion
EPS 5.1 5 7.80% 6.4 -20.00% in other markets globally, ability to scale up B2C biz, ability to scale up
EBITDA / kg.
EBITDA Margin 19% 17% 251 bps 22% -254 bps
Finolex Cables 4QFY24E 3QFY24 QoQ (%) 4QFY23 YoY (%) Comments & Outlook
Net Sales 13,297 12,217 8.80% 12,243 8.60% We expect continued underperformance for FNXC in W&C biz driven by
its higher exposure to wires, where demand remains bit weak plus
EBITDA 1,597 1,331 20.00% 1,477 8.10% competition has been aggressive on the pricing front. We expect CCS
revenues to remain flattish sequentially. On a yoy basis we expect
EBIT 1,483 1,223 21.30% 1,326 11.90% marginal improvement in ECS led by scale benefit.
PAT 1,452 1,278 13.70% 1,346 7.90%
Key Things to Look For: Outlook on demand environment, update on
EPS 9.5 8 13.70% 8.8 7.90%
future capacity expansion plans, management issue resolution.
Havells 4QFY24E 3QFY24 QoQ (%) 4QFY23 YoY (%) Comments & Outlook
Ex. of Llyod we expect 14% growth in core biz largely led by strong
Net Sales 54,872 44,006 24.70% 48,496 13.10% performance in ECD (on a lower base of last year, where post
implementation of BEE norms channel was reluctant in terms of building
inventories). Wires is also likely to post better growth on a lower base of
EBITDA 5,658 4,326 30.80% 5,308 6.60% last year. With moderation in pricing aggression, for Llyod we build lower
than industry growth. Lighting and fixtures may continue to remain muted
driven by continued pricing aggression. For core biz, margins are likely to
EBIT 4,768 3,450 38.20% 4,534 5.20% decline slightly, whereas for Llyod we expect losses to come down as
pricing aggression seems to have moderated.
PAT 3,866 2,879 34.30% 3,617 6.90%
Key Things to Look For: Demand outlook for RAC and other core business
EPS 6.2 5 34.30% 5.8 6.80% segments, Status on channel inventory, Outlook on export market
opportunities.
IFB Industries 4QFY24E 3QFY24 QoQ (%) 4QFY23 YoY (%) Comments & Outlook
Net Sales 10,384 11,332 -8.40% 9,850 5.40% Driven by weak demand sentiment, we expect topline growth to remain bit
muted in home appliance biz. While we expect yoy margin improvement
EBITDA 589 632 -6.90% 283 108.20% in home appliances, qoq it is likely to remain flat due to higher
contribution from RAC biz. On the engineering side, we expect 7% topline
EBIT 273 320 -14.60% -50 nm growth with margin improvement on a yoy basis.
PAT 203 237 -14.40% -76 nm
Key Things to Look For: Demand outlook, Update on branded and thirty
EPS 4.9 6 -14.40% -1.8 nm party orders for RAC category, Supply chain update, margins trajectory
guidance.
April 08, 2024| 35

Jubilant
FoodWorks
Net Sales 13,249 13,551 -2.20% 12,523 5.80% Driven by weak demand sentiment, we expect yet another quarter of
negative SSSg (marginal SSSg degrowth of 1%). Overall revenue growth
EBITDA 2,676 2,827 -5.40% 2,522 6.10% is likely to be in the mid-single digit led by newer store openings. While
SSSg has been on declining trend (LFL likely to be flattish), led by cost
EBIT 1,214 1,362 -10.90% 1,240 -2.10% optimization initiatives margins are likely to remain flattish.
PAT 530 610 -13.10% 675 -21.50%

Key Things to Look For: Strategy to bring back SSSG growth, Demand /
EPS 0.8 1 -13.10% 1 -21.50%
Margin outlook.
KEI Industries 4QFY24E 3QFY24 QoQ (%) 4QFY23 YoY (%) Comments & Outlook
Net Sales 22,837 20,617 10.80% 19,545 16.80% While overall cables demand continues to remain very encouraging, we
expect topline growth for KEII to remain in the company guided range of
EBITDA 2,409 2,169 11.10% 2,038 18.20%
16-17%. We expect KEII to report steady state EBIDTAM during the
EBIT 2,249 2,015 11.60% 1,895 18.70% quarter.
PAT 1,684 1,507 11.80% 1,381 21.90%
Key Things to Look For: Demand outlook, Update on new capacity
EPS 18.7 17 11.80% 15.3 21.90% addition plans, export business outlook, key triggers to expand margins
profile.
Orient Electric 4QFY24E 3QFY24 QoQ (%) 4QFY23 YoY (%) Comments & Outlook
On a softer base of last year, we expect strong performance for ECD biz
Net Sales 8,066 7,519 7.30% 6,579 22.60%
driven by strong growth in water heaters plus benefits of DTM initiatives.
In the lighting biz, we expect industry outperformance to continue for OEL
EBITDA 681 489 39.20% 464 46.90%
driven by its strong foothold in B2B market. On margins, on a yoy basis
we expect marginal improvement in ECD biz, whereas lighting margins
EBIT 522 339 54.00% 326 60.00%
may improve a bit on sequential basis.
PAT 369 243 nm 246 49.90%
Key Things to Look For: Demand outlook, Margin outlook and pricing
EPS 1.7 1 nm 1.2 49.40% strategy, Update on new capacity addition plans, benefits from distribution
network rejig, update on new CEO.
Polycab India 4QFY24E 3QFY24 QoQ (%) 4QFY23 YoY (%) Comments & Outlook
Amidst strong industry demand sentiment for cables, we expect industry
Net Sales 53,403 43,405 23.00% 43,237 23.50%
leading topline growth to continue for Polycab for yet another quarter
mainly due to its strong operational capabilities. W&C margins are
EBITDA 7,090 5,695 24.50% 6,095 16.30% expected to remain around current levels only considering higher A&P
spending. While the base is lower in FMEG base, we dont expect
significant uptick for POLYCAB and losses are likely to increase on a yoy
EBIT 6,373 5,076 25.50% 5,561 14.60%
basis.
PAT 4,871 4,128 18.00% 4,247 14.70%
Key Things to Look For: Demand outlook for domestic and export markets,
EPS 32.5 28 18.00% 28.4 14.50% Update on new capacity addition plans, new launches in FMEG category,
uptick in FMEG margins.
Symphony 4QFY24E 3QFY24 QoQ (%) 4QFY23 YoY (%) Comments & Outlook
On a higher base of last year and amidst delayed summers in the West
Net Sales 3,287 2,470 33.10% 3,080 6.70%
and North market we expect 6% yoy growth in domestic biz. On the
subsidiary front we expect demand sentiments to improve gradually and
EBITDA 627 440 42.60% 230 172.80%
we model 10% yoy growth on a lower base of last year. Driven by RM
softening, gradual price hikes and reduction in CODB in overseas market,
EBIT 559 380 47.10% 160 249.30%
we expect margins to improve materially on a yoy basis.
PAT 504 410 23.00% 160 215.20%
Key Things to Look For: Update on CT and exports business, Outlook on
EPS 7.3 6 23.00% 2.3 219.80%
demand environment and pricing actions
April 08, 2024| 36

Voltas ltd. 4QFY24E 3QFY24 QoQ (%) 4QFY23 YoY (%)

We expect VOLT to post best in class performance (+46% yoy growth in
Net Sales 42,236 26,257 60.9% 29,568 42.8% UCP) during the quarter led by reach expansion in weaker markets and
increased penetration in alternate channels. In a recently filed, press release
VOLT has indicated 72% volume growth in AC biz during 4Q - which
EBITDA 3,358 284 1081.4% 2,182 53.9% remains extremely positive in our view. On a relatively softer base of last
year, we expect strong EMP performance to continue backed by strong OB.
Despite scale we model margin expansion in UCP biz, part of which could
have been offset by lower margins from alternate channels. In EMP while
EBIT 3,229 156 1972.5% 2,078 55.4%
we expect losses to continue but quantum is expected to reduce
sequentially.
PAT 2,261 (279) nm 1,442 56.8%
Key Things to Look For: Margin outlook, ability to secure / gain market
EPS 6.8 (0.8) nm 4.4 56.8%
shares, and new orders addition in project biz.
EBITDA Margin 8% 1% 687bps 7% 57bps
Whirlpool of India 4QFY24E 3QFY24 QoQ (%) 4QFY23 YoY (%) Comments & Outlook
On a lower base of last year, we expect mid-to-high single digit kind of
Net Sales 17,759 15,357 15.60% 16,727 6.20%
growth in standalone biz mainly due to weak demand sentiment for refs
(especially entry level SKUs). However, WM may have done relatively
EBITDA 1,137 627 81.30% 1,056 7.70%
better in our view. In the absence of scale, we model largely flattish
margins on a yoy basis. On the subs side, we model flattish growth
EBIT 653 153 327.90% 533 nm
considering weak demand sentiment for kitchen appliances.
PAT 690 280 146.60% 627 10.10%
Key Things to Look For: Demand & Margin outlook, ability to gain market
EPS 5.4 2 146.60% 4.9 10.10%
share in Refs & WM and pricing strategy
Crompton greaves
electricals ltd.
While yoy growth for CROMPTON may be lower compared to peers, it
has more to do with base where CROMPTON has higher base as they
Net Sales 19,374 16,927 14.50% 17,910 8.20%
didn’t push non-star rated inventories in 3QFY23. In ECD biz, we expect
early double digits growth for CROMPTON. On the lighting side we
expect a mid-single digit kind of decline due to continuous pricing erosion
in B2C lighting biz. Amidst weak demand sentiment and channel re-
EBITDA 1,808 1,498 20.70% 2,114 -14.50%
alignment work we expect BGAL revenues to remain flattish on a yoy basis.
On the margins side, we expect yoy decline in ECD margins due to under-
absorption of cost increase post BEE norms. In the absence of scale and
continued brand investment, we expect mid-single digit kind of EBITDAM
EBIT 1,482 1,173 26.30% 1,810 -18.10%
loss for BGAL, whereas lighting margins are likely to remain flattish on a
yoy basis.
PAT 1,099 860 27.70% 1,312 -16.20%
Key Things to Look For: Demand outlook, Update on new category
EPS 1.7 1 27.70% 2.1 -16.80% announcement, Scaling up and smooth transition of Butterfly Business and
getting lighting biz on the growth trajectory.
V-Guard
Industries Ltd
Ex. Sunflame we expect VGRD to post early double digits growth driven
Net Sales 12,598 11,654 8.10% 11,401 10.50% by strong performance in CD biz on a lower base of last year followed by
Electronics and Electricals biz. In Sunflame, despite weak demand
sentiment for kitchen appliances, we expect high single digit growth led
EBITDA 1,332 1,016 31.10% 987 35.10%
by reach expansion and strong execution. Likely led by scale benefit and
exhaustion of higher priced inventories, we expect CP margins to improve
EBIT 1,129 825 36.90% 796 41.90% materially. However, for Sunflame as guided earlier as well the company
is likely to investing back in the biz leading to yoy decline in margins.
PAT 811 582 39.30% 527 53.80%
Key Things to Look For: Demand outlook, Supply chain update, Sunflame
EPS 1.9 1 39.30% 1.2 53.40%
biz outlook.
April 08, 2024| 37

Bajaj Electricals
Ltd
Net Sales 12,447 12,288 1.30% 12,922 -3.70%

Excl EPC biz which is now demerged, we expect mid-single digit decline
EBITDA 527 550 -4.10% 976 -46.00% for BJE driven by weak rural and kitchen appliances demand sentiment for
CP biz and pricing erosion in the B2C lighting biz.
EBIT 245 261 -6.00% 768 -68.10%
PAT 226 379 -40.50% 597 -62.20% Key Things to Look For: Rural demand outlook, premiumization revenue
EPS 2 3 -40.50% 5.2 -62.20% contribution, margin expansion, demerger of EPC biz and in-house
EBITDA Margin 4% 5% -24 bps 8% -332 bps manufacturing
* Base quarter includes EPC as well which is now demerged.
Westlife
FoodWorld Ltd
On a higher base of last year, we expect mid-single digit kind of SSSg
Net Sales 6,003 6,147 -2.40% 6,115 -1.80%
decline mainly due to weak demand sentiment, middle east war related
crisis and some impact of Maharashtra FDA related hurdles. Overall
EBITDA 920 982 -6.30% 1,022 -10.00%
topline growth is likely to be pretty flattish driven by newer store openings.
We expect margins to decline on a yoy basis mainly due to higher
EBIT 465 543 -14.30% 636 -26.90%
contribution from newer stores and SSSg decline.
PAT 172 224 -22.90% 364 -52.60%
EPS 1.1 1 -21.80% 2.4 -53.70% Key Things to Look For: New Store opening, Menu innovation
Electronics Mart
India Ltd
Net Sales 15,741 17,887 -12.00% 13,278 18.50% We expect strong topline growth to continue for EMIL likely led by strong
summer demand for RAC. However, if not for weak demand sentiment for
EBITDA 1,144 1,153 -0.70% 909 25.80% Refs topline growth could have been even better in our view. On the
margins side, we expect 50bps of margin expansion led by scale, higher
EBIT 851 890 -4.40% 678 25.50% contribution from RAC and commission income.
PAT 422 458 -7.80% 361 16.90%
Key Things to Look For: New Store opening, Performance in Delhi-NCR
EPS 1.1 1 -7.80% 0.9 16.90%
market, impact on margin due to entry in Delhi - NCR market
R R Kabel Ltd 4QFY24E 3QFY24 QoQ (%) 4QFY23 YoY (%) Comments & Outlook
We believe RRKABEL to outperform other peers in wires market, however
Net Sales 17,233 16,335 5.50% 15,165 13.60%
if not for capacity constraints in cables and weak demand in wires, growth
could have been much higher. In FMEG on a relatively lower base, we
EBITDA 1,317 1,126 17.00% 1,004 31.20%
expect RRKABEL to do well. W&C margins are likely to improve mainly
due to scale benefit, whereas for FMEG we expect losses to narrow down
EBIT 1,142 961 18.90% 867 31.70%
sequentially due to scale benefit.
PAT 897 710 26.50% 653 37.50%
Key Things to Look For: Scaling up in cables biz, expansion in weaker
EPS 8 6 26.50% 6.8 16.60%
geos and scaling up FMEG biz.
April 08, 2024| 38

Consumer Staples
Outlook
• Our coverage universe is likely to post sales/EBITDA growth of c6%/12% (ex-aqua/agri).
Narrative for the staples remains similar to previous quarters with growth rates in low to mid
single digits driven by Urban markets but no incremental pick up in rural demand.
Moderation in pricing growth would support volume led growth for majority staples
companies. CLGT, JYL, MBFSL and GCPL would post better domestic volume growth than
the others in staples. Benign RM prices would aid Gross margin expansion thereby companies
posting steady profitability, partly offset by increase in A&P spends.
• We expect the volume growth for the Paint companies to be lower than earlier expectations.
Favorable TiO2 and monomer prices should lead to healthy margin performance even as
companies step up A&P spends. We have modelled a high single digit volume growth for
APNT and BRGR but recent price cuts would lead to LSD sales growth.
• Beer category volumes have been strong at an industry level driven by states such as
Karnataka, Telangana, West Bengal, Maharashtra, UP etc. UBBL’s volume growth rate is
likely to improve as it laps a favorable base which was impacted by operating model changes
in AP/TN offset by weak growth in core market of Karnataka. Margins would improve on
lower cost of Barley. Volume growth for IMFL/spirits is likely to moderate while margins would
also be kept in check due to firm ENA prices. UNSP is likely to post c4% volume growth in
P&A largely driven by BII/BIO and upper prestige portfolio while volume growth would remain
impacted in popular category and entry level P&A. RDCK should also report industry leading
growth in P&A volumes (c15% yoy), strong growth in non-IMFL (price hikes, additional
volumes from capex and sale of ENA) but soft performance in popular portfolio.
• We expect Safari industries to lead the growth in the Luggage space while VIP is expected to
post improved sales growth (low DD). Growth rates would moderate vs. earlier qtrs.
Profitability would be driven by lower RM prices and favorable procurement mix.
• Key monitorable: Broader demand trends, Commentary on rural markets, Pricing actions
post correction in key RM, Commentary on local competition.
Top Picks: Jyothy Labs, Mrs. Bectors Food Specialities, Godrej Consumer are likely to report relatively
better print amongst staples. Safari Industries (India) should do well in the discretionary pack.
Asian Paints Ltd. 4QFY24E 3QFY24 QoQ (%) 4QFY23 YoY (%) Comments & Outlook
Net Sales 89,283 91,031 -2% 87,873 2%

We expect APNT to post c5.5% volume growth on subdued demand
conditions. Price cuts (actioned already) and volume-value differental
EBITDA 18,857 20,561 -8% 18,648 1%
would lead to flattish topline growth. RM prices remain favorable which
will support GM. We pencil c21.1% EBITDA margin.
EBIT 16,435 18,357 -10% 16,446 0%
PAT 12,883 14,467 -11% 12,667 2%

Key Things to Look For: Volume mix, Demand outlook, Gross margin
EPS 13.4 15.1 -11% 13.2 2%
trends and Competitive landscape
Berger Paints
India Ltd.
We expect BRGR to post c4% topline growth supported by c8% domestic
Net Sales 25,512 28,818 -11% 24,436 4%
decorative paints volume growth. BRGR has consistently grown ahead of
the market in the last 7 qtrs and the outperformance could continue.
EBITDA 3,831 4,800 -20% 3,688 4%
Benign prices of TiO2 and other key RMs would support margins. We
expect step up in A&P spends to support demand and counter
EBIT 3,007 3,971 -24% 2,944 2%
competition.
PAT 2,337 2,997 -22% 1,857 26%
Key Things to Look For: Volume mix, Demand outlook, Gross margin
EPS 2 2.6 -22% 1.9 5%
trends and Competitive landscape
April 08, 2024| 39

Bajaj Consumer
Care Ltd.
Net Sales 2,551 2,358 8% 2,445 4% We expect BAJAJCONS to report a stable qtr. Topline growth would be
volume driven even as hair oil category remains under pressure amid a
EBITDA 437 373 17% 421 4% subdued rural demand. GM to besteady yoy while elevated A&P spends
behind brands and increasing saliency of low margin products would keep
EBIT 417 348 20% 398 5% margins in check (vs. earlier normalized levels)
PAT 423 377 12% 410 3%
Key Things to Look For: Demand outlook especially around rural markets,
EPS 3 2.6 12% 2.9 3%
Margin trends, Progress on new launches
Britannia
Industries Ltd.
Net Sales 41,153 42,563 -3% 40,232 2% BRIT would witness another qtr of soft topline growth as it laps a high base,
price cuts/grammage increases and pricing anniverserization. New
EBITDA 7,826 8,211 -5% 8,009 -2%
launches and distribution expansion would support the growth. GM and
EBIT 7,046 7,430 -5% 7,356 -4% EBITDAM to be largely steady qoq
PAT 5,435 5,595 -3% 5,587 -3%

Key Things to Look For: Demand outlook, Progress on new ventures, RM
EPS 22.6 23.2 -3% 23.2 -3%
scenario, Pricing actions
Colgate-Palmolive
(India) Ltd.
Net Sales 14,843 13,957 6% 13,506 10% We have pencilled c10% topline growth for CLGT (6.5% pricing; 3.5%
volume) off a favourable base. Price hikes in core CDC and other products
EBITDA 5,299 4,684 13% 4,519 17% should also support topline growth. GM would see sharp improvement
yoy due to favorable RM and price hikes. EBITDAM trajectory would
EBIT 4,865 4,270 14% 4,088 19% remain strong as guided by the management.
PAT 3,750 3,301 14% 3,181 18%
Key Things to Look For: Demand outlook, Share of Naturals in the overall
EPS 13.8 12.1 14% 11.7 18%
toothpaste, Progress on new launches, Margin profile
Dabur India Ltd. 4QFY24E 3QFY24 QoQ (%) 4QFY23 YoY (%) Comments & Outlook
Net Sales 28,102 32,551 -14% 26,778 5% Dabur would register volume led MSD topline growth. While HPC sales have
been steady, F&B and Healthcare sales would in be LSD. Adverse currency
EBITDA 4,460 6,678 -33% 4,098 9%
movements in International Business, high A&P spends and litigation costs
EBIT 3,468 5,709 -39% 3,078 13% would keep margins in check even as GM improves yoy.
PAT 3,342 5,142 -35% 2,981 12%

Key Things to Look For: Segmental performance in domestic business,
EPS 1.9 2.9 -35% 1.7 12% Commentary on rural demand, International business margin trends,
Update on Baadshah acquisition
EBITDA Margin 15.90% 20.50% -465 bps 15.30% 57 bps
Emami Ltd. 4QFY24E 3QFY24 QoQ (%) 4QFY23 YoY (%) Comments & Outlook
Net Sales 8,451 9,963 -15% 8,360 1% HMN is likely to post soft topline growth on a LTL basis even on a favorable
base. Healthcare range sales are likely to be soft due to delayed onset of
winter. Hair oil and Male grooming sales would also be soft. High saliency
EBITDA 1,997 3,149 -37% 1,998 0%
in rural market where demand conditions are improving albeit at a slower
pace and discretionary nature of portfolio would keep topline growth in
EBIT 1,508 2,691 -44% 1,358 11% check. Expect EBITDAM to compress marginally by 28bps yoy
PAT 1,452 2,643 -45% 1,444 1%

Key Things to Look For: Volume growth, demand outlook, rural market
EPS 3.3 6.1 -45% 3.3 2%
conditions
April 08, 2024| 40

Godrej Consumer
Products Ltd.
GCPL is likely to post industry leading volume growth in the domestic
Net Sales 33,771 36,596 -8% 32,002 6% business (HSD organic) across Home care and personal care despite
subdued demand conditions. Cosnolidate sales growth of MSD. RCCL
sales likely at Rs 1.6bn. Indonesia business is likely to post DD CC sales
EBITDA 7,172 8,407 -15% 6,409 12%
growth on a soft base. GAUM sales would grow in double digit in CC but
adverse currency translation in Nigeria and trade destocking in select geos
EBIT 6,524 7,868 -17% 5,723 14% would lead to DD sales decline in INR terms. We have built in EBITDA
margin on c21%
PAT 4,831 5,879 -18% 4,743 2%
Key Things to Look For: Progress on domestic HI, Demand outlook in
EPS 4.7 5.7 -18% 4.6 2% India and Indonesia markets, Progress on RCCL Acquisition, Africa
profitability
Jyothy Labs Ltd. 4QFY24E 3QFY24 QoQ (%) 4QFY23 YoY (%) Comments & Outlook
We expect JYL to continue post stong industry leading growth. We have
Net Sales 6,844 6,768 1% 6,159 11%
pencilled 11% topline growth driven by (a) Step up in execution in Personal
care (b) Steady growth in Dishwash despite price cuts/grammage increase
EBITDA 1,174 1,186 -1% 906 30% (c) Moderation in growth in Fabric care due to price cuts and a high base.
Expect another qtr of strong EBIDTAM expansion (+244bps yoy on a
favorable base) aided by steady RM prices and a soft base partly offset by
EBIT 1,041 1,058 -2% 787 32%
higher A&P spends.
PAT 880 909 -3% 590 49%
Key Things to Look For: Volume growth trend, Demand and margin
EPS 2.4 2.5 -3% 1.6 49%
outlook, Update on rural demand.
Mrs. Bectors Food

Specialities Ltd
Net Sales 4,032 4,289 -6% 3,461 17%

MBFSL is likely to post industry leading and broad based qtr with a topline
growth of 17% yoy driven by improved execution. Watch out for
EBITDA 593 612 -3% 482 23%
commentary on distribution expansion initiatives. Margin profile is likely to
remain steady as RM basket remains benign qoq.
EBIT 405 450 -10% 348 16%
PAT 305 346 -12% 276 10%

Key Things to Look For: Demand outlook, Progress on distribution
EPS 5.2 5.9 -12% 4.7 10%
expansion, Margin profile, New capacity
Marico Ltd. 4QFY24E 3QFY24 QoQ (%) 4QFY23 YoY (%) Comments & Outlook
We expect MRCO to report a soft qtr. Domestic growth would be restricted
Net Sales 22,814 24,220 -6% 22,400 2%
by major price cuts in Parachute and especially Saffola edible oil portfolio
while VAHO growth is likely to be tepid agian due to lower lifting.
EBITDA 4,369 5,130 -15% 3,930 11% International business growth in CC terms would be steady. Foods and
new age portfolios would continue to scale up well. Soft copra and edible
oil prices should lead to robust gross margin expansion while higher A&P
EBIT 3,929 4,710 -17% 3,500 12%
spends would lead to low double digit profitability.
PAT 3,213 3,830 -16% 3,020 6%
Key Things to Look For: Demand outlook, RM price trends, Progress of
EPS 2.5 3 -16% 2.3 6%
new launches
April 08, 2024| 41

Nestle India Ltd. 1QCY24E 4QCY23 QoQ (%) 1QCY23 YoY (%) Comments & Outlook
Net Sales 52,063 46,004 13% 48,305 8% NEST is likely to register c8% yoy topline growth driven by volumes and
pricing, 5%/3%. Urban nature of portfolio has helped in better absorption
EBITDA 13,278 11,095 20% 11,068 20% of price hikes. Moreover, distribution expansion in rural markets will
continue to aid growth for NEST. Favorable RM prices would aid ~260bps
EBIT 12,148 9,864 23% 9,938 22% yoy EBITDAM expansion.
PAT 9,138 7,629 20% 7,366 24%

Key Things to Look For: Volume growth, demand trends, RM scenario,
EPS 9.5 7.9 20% 7.6 24%
Distribution expansion update
Procter & Gamble

Hygiene & Health 3QFY24E 2QFY23 QoQ (%) 3QFY23 YoY (%) Comments & Outlook
Care Ltd.
Net Sales 9,568 11,334 -16% 8,831 8% We have modelled c8% topline growth for PGHH, off a favorable base,
driven volumes and premiumization even as price hikes anniverserize. RM
EBITDA 2,220 3,097 -28% 1,493 49%
prices have eased significantly over the last six to eight months which
EBIT 2,069 2,955 -30% 1,347 54% should lead to healthy profitability growth on a favorable base.
PAT 1,599 2,289 -30% 1,650 -3%

Key Things to Look For: Growth in Sanitary Napkins & Gross margin
EPS 49.3 70.5 -30% 50.8 -3%
trends
Tata Consumer
Products Ltd.
We model consolidated sales growth of 10% (organic) for TACN. India
Net Sales 39,727 38,039 4% 36,187 10%
business to post c9% sales growth(organic). Salt business growth is likely
to come off on anniverserization of price hikes while domestic tea business
EBITDA 5,960 5,724 4% 5,117 16% would see a marginal pick up. Nourishco, Sampann and Soulful are likely
to post strong growth. International tea to post soft growth on LTL basis
while US coffee to see mid single digit decline. EBITDAM would see a yoy
EBIT 5,106 4,869 5% 4,288 19%
improvement.
PAT 3,737 3,669 2% 2,262 65%
Key Things to Look For: Segmental performance in domestic business,
EPS 4.1 4 2% 2.5 65%
Update on growth businesses, Margin outlook
Safari Industries
(India) Ltd.
Net Sales 3,569 3,883 -8% 3,027 18% Safari is likely to post industry leading sales growth driven by Unorganised
EBITDA 601 682 -12% 583 3% to organised shift, wedding/festive based purchases and a superior
EBIT 488 553 -12% 491 -1% execution. Expect EBITDAM to shrink 240bps yoy.
PAT 383 429 -11% 381 0%

Key Things to Look For: Demand outlook, margin outlook, commentary
EPS 8.1 9.1 -11% 8 0%
on unorganised sector
V.I.P.Industries
Ltd.
Net Sales 5,039 5,464 -8% 4,506 12% VIP's growth trajectory is likely to improve to DD vs. MSD earlier friven by
EBITDA 427 522 -18% 643 -34% recent management initiatives. Higher procurement from Bangladesh,
benign RM should lead to robust gross margin expansion but higher
EBIT 162 257 -37% 447 -64% inventory and activation costs would keep margins in check
PAT 61 71 -14% 430 -86%
Key Things to Look For: Demand outlook, Margin outlook, commentary
EPS 0.4 0.5 -14% 3 -86%
on mid-range brands VIP & Skybags, Update on management change
April 08, 2024| 42

Radico Khaitan
Ltd.
RDCK would continue to post industry leading growth driven by strong
Net Sales 11,676 11,609 1% 8,318 40% growth in P&A segment (we expect +15% yoy volume growth). Popular
volumes are likely to decline by c12% while non-IMFL business would
witness another qtr of strong growth aided by (a) price hikes in UPML, (b)
EBITDA 1,495 1,429 5% 789 89%
additional volumes of UPML due to commencement of new bottling lines
and (c) ENA sales from operation of the new sitapur plant. Expect
EBIT 1,170 1,111 5% 590 98% EBITDAM to be c13% due to firm ENA prices and new plant related costs.
Further, higher interest costs would also keep profitability in check.
PAT 805 739 9% 373 116%
Key Things to Look For: Volume growth trends, P&A shift, RM prices,
EPS 6 5.5 9% 2.8 116%
Progress on new launches and new plant, Competitive intensity
United Breweries
Ltd.
We expect UBBL to post c7% volume growth and a c5% realization growth.
Net Sales 19,717 18,227 8% 17,645 12%
Volumes would recover on (a) a favorable base as operating model
change impact in TN anniverserizes (b) growth recovery in other states.
EBITDA 1,775 1,456 22% 535 232%
Lower priced Barley should aid margins but infusion of new glass bottles
would keep margins in check vs. pre covid levels. We expect EBITDAM of
EBIT 1,234 938 32% 28 4291%
9%, as on a very favorable base.
PAT 957 849 13% 97 883%
Key Things to Look For: Volume growth trends in key states, Update on
EPS 3.6 3.2 13% 0.4 883%
operating model changes, Demand outlook and RM prices
United Spirits Ltd. 4QFY24E 3QFY24 QoQ (%) 4QFY23 YoY (%) Comments & Outlook
Moderation in UNSP’s P&A growth would continue. We expect c8%
Net Sales 26,807 29,893 -10% 24,938 7%
growth in P&A driven by 4% volume growth and 4% growth in net
realization per case. UNSP’s Popular category volumes are likely to be
EBITDA 3,887 4,914 -21% 3,380 15% impacted and we forecast a 15% decline. Growth in BIO/BII portfolio
would remain strong along with RC american pride while entry level P&A
would continue to witness soft growth. Overall topline to grow by c7%.
EBIT 3,238 4,286 -24% 2,696 20%
Gross Margins to remain soft qoq.
PAT 2,581 3,481 -26% 2,152 20%
Key Things to Look For: Volume growth trends, RM prices, P&A shift,
EPS 3.6 4.8 -26% 3 20%
Festive demand outlook
Gujarat Ambuja
Exports Ltd.
Net Sales 15,313 13,018 18% 14,285 7% We estimate stable growth in maize segment and recovery in agro
EBITDA 1,402 1,255 12% 1,069 31% processing division revenue. Margins are expected to moderate on qoq
EBIT 1,078 955 13% 836 29% basis, primarly on account of increase in prices of maize.
PAT 1,106 1,008 10% 695 59%

Key Things to Look For: Commodity price trend, share of VAP in sales mix
EPS 4.8 4.4 10% 3 59%
and scheduled execution of Capex
Avanti Feeds Ltd. 4QFY24E 3QFY24 QoQ (%) 4QFY23 YoY (%) Comments & Outlook
Net Sales 11,698 12,532 -7% 10,930 7% We estimate feeds segment sales to grow by ~11% yoy with early
harvesting season. However, with moderation in farmgate prices, exports
EBITDA 909 970 -6% 1,335 -32%
of shrimp are expected to remian muted. Firm RM prices would keep
EBIT 763 826 -8% 1,213 -37% margins in check.
PAT 719 725 -1% 995 -28% Key Things to Look For: Update on the RM prices and the price hikes,
EPS 5.3 5.3 -1% 6.8 -23% update on the international demand and domestic supply and update on
EBITDA Margin 7.80% 7.70% 3 bps 12.20% -444 bps capex plans
April 08, 2024| 43

Financial Services
Outlook
• Key theme for 4QFY24 will be a) trends on NIM compression (5-20 bps across banks) given
deposits repricing upwards, b) Trends in deposit (Esp. Retail) growth, c) asset quality trends
in credit card and other unsecured retail - however overall credit cost trends are likely to be
benign , d) Trends on incremental LDR as banks look to boost up deposit growth, e) elevated
opex in SOE Banks and select regional banks on account of IBA wage revision impact, f)
contributions from treasury is likely to be lower
• Systemic credit/deposit growth up to the fortnight of 22nd March (Ex-eHDFC Ltd) has been
robust at ~16%/~12% yoy. Growth to be largely driven by retail and business banking
segments. Corporate growth could look up qoq.
• Asset quality trends to remains comforting with contained slippages and credit costs.
However, SBICARD had guided to higher than ‘business as usual slippages for 4QFY24.
• Opex trends to remain elevated as banks continue to invest in technology and distribution.
For SOE Banks and regional banks under IBA, opex can moderate qoq as a large part of
wage revision linked provisions were done in 3Q.
• Overall we expect softness in PPOP growth.
Key things to look for:

• Guidance on NIM wrt extent of incremental NIM compression expectations.
• Comments on trends in retail disbursements and early delinquency trends. Additionally given
RBI’s recent suggestions to banks to be cautious on unsecured retail, banks incremental
approach towards this segment.
• Comments around capex cycle in wholesale business and working capital utilization levels.
• Mix of loan growth across banks
• Comments upon competitive environment in deposits.

Top Picks: HDFC Bank, Axis Bank
AU Small Finance
Bank
Net Interest
13,740 13,249 3.7% 12,132 13.3%
Income Expect Healthy disbursements in 4Q to continue driving robust AUM
growth. Traction in deposit to improve. CASA ratio to decline on a qoq
PPI 6,623 6,571 0.8% 5,709 16.0%
basis. Expect ~20bps NIM compression on account of uptick in deposit
costs. Expect slippages to remain flattish sequentially.
PAT 3,764 3,752 0.3% 4,246 -11.4%
EPS 5.5 5.61 -1.8% 6.6 -15.9%

Key Things to Look For: i) Merger updates and business outlook for the
combined entity, ii) Portfolio behaviour, iii) Outlook on NIMs/ Growth
NIM (%) 5.3% 5.5% -18bps 6.1% -78bps
City Union Bank 4QFY24E 3QFY24 QoQ (%) 4QFY23 YoY (%) Comments & Outlook
Net Interest
5,461 5,159 5.8% 5,143 6.2%
Income
Expect loan book growth at ~6% yoy. Expect NIMs to improve by
PPI 4,113 3,640 13.0% 4,170 -1.4%
~10bps. Expect slippages to increase seqentially
PAT 2,554 2,530 0.9% 2,180 17.2%
EPS 3.4 3.4 1.0% 2.9 17.1% Key Things to Look For: i) Outlook on SME/MSME Asset quality, ii)
guidance on growth in advances and deposits, iii) Collections and
NIM (%) 3.6% 3.5% 10bps 3.7% -5bps recovery in the ECLGS and restructured book.
April 08, 2024| 44

DCB Bank 4QFY24E 3QFY24 QoQ (%) 4QFY23 YoY (%) Comments & Outlook
Net Interest
4,858 4,740 2.5% 4,860 0.0%
Income
Expect Loan/Deposit growth of 4.2%/3.3% qoq. NIMs to decline by
PPI 2,249 2,115 6.3% 2,439 -7.8%
~8bps qoq.
PAT 1,350 1,266 6.7% 1,422 -5.0%
EPS 4.2 4.1 2.5% 4.6 -8.8% Key Things to Look For: Asset quality and profitability trends, CEO
NIM (%) 3.4% 3.5% -7bps 4.2% -77bps succession plans
HDFC Bank 4QFY24E 3QFY24 QoQ (%) 4QFY23 YoY (%) Comments & Outlook
Net Interest
2,84,744 2,84,713 0.0% 2,33,518 21.9%
Income
Expect loan growth at ~2% qoq, deposits at ~7% qoq. We expect NIMs
PPI 2,33,857 2,36,473 -1.1% 1,86,209 25.6%
to decline by ~10bps qoq. Asset quality to remain steady
PAT 1,56,993 1,63,725 -4.1% 1,20,475 30.3%
EPS 20.7 21.6 -4.4% 21.7 -4.6% Key Things to Look For: Updates on trends post merger, Strategy to
NIM (%) 3.3% 3.4% -11bps 4.1% -82bps improve the CD ratio
ICICI Bank 4QFY24E 3QFY24 QoQ (%) 4QFY23 YoY (%) Comments & Outlook
Net Interest
1,88,509 1,86,786 0.9% 1,76,668 6.7%
Income
Expect robust advances/deposit growth at 19%/17% yoy. Expect Loan
PPI 1,49,675 1,47,236 1.7% 1,38,264 8.3% growth to be driven by retail segment. Expect NIMs to decline by ~10bps
qoq. Contained credit cost trends to continue.
PAT 1,05,719 1,02,715 2.9% 91,219 15.9%
EPS 15.8 15.3 2.9% 13.1 20.6% Key Things to Look For: Comments on trends in housing loan business as
NIM (%) 4.3% 4.4% -10bps 4.9% -57bps well as Capex cycle, expected growth and trends in retail NPAs
Indusind Bank 4QFY24E 3QFY24 QoQ (%) 4QFY23 YoY (%) Comments & Outlook
Net Interest
54,409 52,956 2.7% 46,695 16.5%
Income
Expect Steady business growth with Advances/Deposit growth of 5%/4%
PPI 41,687 40,423 3.1% 37,575 10.9%
qoq. NIMs to remain stable.
PAT 23,384 23,014 1.6% 20,434 14.4%
EPS 31.9 31.4 1.6% 27.9 14.4% Key Things to Look For: Trends in collections in VF/MFI, Strategy around
liabilities and progress there, outlook on VF business growth and trends in
NIM (%) 4.3% 4.3% 3bps 4.3% 4bps slippages across verticals.
Karur Vysya Bank 4QFY24E 3QFY24 QoQ (%) 4QFY23 YoY (%) Comments & Outlook
Net Interest
9,715 10,013 -3.0% 8,926 8.8%
Income
Expect advances growth to be around ~2% qoq and Deposit growth to
PPI 6,262 6,759 -7.4% 7,391 -15.3% be ~4% qoq. Expect ~30 bps NIMs Compression. Asset quality likely to
remain stable.
PAT 3,701 4,116 -10.1% 3,378 9.6%
EPS 4.6 5.1 -9.7% 4.2 9.6% Key Things to Look For: Strategy/Guidance for growth and NIMs in next
NIM (%) 4.1% 4.4% -28bps 4.1% -3bps 2-3 quarters as TD reprice
RBL Bank 4QFY24E 3QFY24 QoQ (%) 4QFY23 YoY (%) Comments & Outlook
Net Interest
16,084 15,459 4.0% 13,570 18.5%
Income
Expect sustained advances growth in 4Q and a healthy uptick in deposit
PPI 7,932 7,653 3.6% 5,931 33.7%
growth. Expect NIM to remain stable sequentially.
PAT 3,291 2,331 41.2% 2,704 21.7%
EPS 5.4 3.9 40.9% 4.5 20.8% Key Things to Look For: Growth trends in retail advances (secured) and
NIM (%) 5.5% 5.5% +1bps 5.6% -9bps small ticket deposits on the liability side.
April 08, 2024| 45

South Indian Bank 4QFY24E 3QFY24 QoQ (%) 4QFY23 YoY (%) Comments & Outlook
Net Interest
8,377 8,190 2.3% 8,572 -2.3%
Income
Expect advances/ deposits growth of ~11%/11% yoy for 4QFY24. Expect
PPI 4,410 4,835 -8.8% 5,616 -21.5% NIMs to remain flat sequentially. Expect provisions towards improving PCR
PAT 2,798 3,054 -8.4% 3,339 -16.2%
EPS 0.4 0.4 -8.4% 0.4 -10.1% Key Things to Look For: NIM Outlook, Growth strategy, Progress on Core
NIM (%) 3.3% 3.3% -3bps 3.7% -44bps fees, Trends in retail asset quality
Axis Bank 4QFY24E 3QFY24 QoQ (%) 4QFY23 YoY (%) Comments & Outlook
Net Interest
1,27,275 1,25,322 1.6% 1,17,422 8.4%
Income
Expect business growth to be better than systemic levels. NIMs to
PPI 93,970 91,412 2.8% 91,676 2.5%
marginally compress by 10bps. Expect Asset quality to remain stable.
PAT 62,930 60,711 3.7% 67,614 -6.9%
EPS 21.4 20.6 3.7% -19.5 -209.9% Key Things to Look For: i) Update on Citi integration synergies. ii)
Approach for incremental business over next 3-4 quarters. iii) Trends in
NIM (%) 3.9% 4.0% -8bps 4.2% -29bps home loan and other retail loans
IDFC First Bank 4QFY24E 3QFY24 QoQ (%) 4QFY23 YoY (%) Comments & Outlook
Net Interest
44,576 42,866 4.0% 35,968 23.9%
Income Expect Loan growth to be ~5.0% qoq driven by healthy loan growth in
retail loans. We expect calculated NIMs to remain broadly stable qoq.
PPI 16,235 15,625 3.9% 15,587 4.2%
Opex to remain high on account of strong business growth and credit cost
likely to be better than steady state at ~1.3%.
PAT 7,296 7,157 1.9% 8,026 -9.1%
EPS 1.0 1.0 1.9% 1.2 -13.5% Key Things to Look For: i) Comments on Asset Quality, ii) Outlook for
NIM (%) 0.1 0.1 2bps 0.1 16bps FY25 with respect to growth and increasing operating efficiency
SBI 4QFY24E 3QFY24 QoQ (%) 4QFY23 YoY (%) Comments & Outlook
Net Interest
4,09,265 3,98,157 2.8% 4,03,925 1.3%
Income
We expect SBI's advances growth to be ~2% qoq. NIMs likely to decline
PPI 1,93,034 2,03,361 -5.1% 2,46,211 -21.6%
by ~5bps qoq. Expect credit costs to remain benign.
PAT 1,36,145 1,62,640 -16.3% 1,66,945 -18.4%
EPS 15.3 10.3 48.6% 18.7 -18.4% Key Things to Look For: Comments on underlying trends in the economy,
NIM (%) 3.2% 3.2% -4bps 3.6% -42bps Traction in Deposits
April 08, 2024| 46

Non-lending financials
Outlook
• During the quarter, broader equity indices increased by ~5% on a closing basis while on
average basis, it increased by ~11% qoq. Monthly flows indicate that gross flows in equity
schemes have remained healthy and SIP flows have remained buoyant (close to Rs 192bn on
a monthly basis). We expect SIPs to increase steadily with the rising participation in retail
investors and financialization of savings.
• Overall MF QAAUM at the end of 4QFY24 stood at ~Rs 54.1tn (+33.6% yoy/+10.0%
qoq). Within listed AMCs, we expect NAM/HDFCAMC to gain market share while other listed
peers are expected to lose market share due to lower growth in equity schemes. We believe
improved performance of HDFCAMC/NAM's major equity schemes are translating to market
share gains. Based on monthly AUM data of Feb'24, HDFCAMC/NAM has gained market
share of 12bps/6bps as compared to Dec'23 market share in equity segment. Also, based
on calculations, estimated net flow market share in major equity schemes for
HDFCAMC/NAM has been higher than AUM market share in Jan'24/Feb'24.
• Due to the strong growth in AUM, we expect AMCs to report healthy sequential revenue and
EBITDA growth. Among listed AMCs, we expect NAM to report the highest sequential EBITDA
growth of ~14% (+42% yoy)
• We expect Prudent also to report strong average AUM growth (~11% qoq growth) driven by
healthy net inflows and MTM gains. We also expect SIPs to increase for Prudent, broadly in-
line with the industry trends and cross Rs 7bn per month. However, we are building in ~3bps
compression in gross yield on account of absence in B-30 commissions. Expect insurance
business to improve sequentially on account of seasonally strong quarter. For Anand Rathi,
We expect MF AUM growth to be strong due to MTM gains and build in ~6% qoq growth.
Expect MLD issuance to be broadly similar to the previous quarter. We expect earnings growth
for Anand Rathi to remain strong at ~34% yoy.
• For RTAs, we expect AUM growth to be similar to the industry growth of ~10% in the mutual
fund business within which KFINTECH is likely to have better AUM growth of ~11% whereas
CAMS AUM growth is expected to be around 9.5%. Expect marginal pressure on MF revenue
yield on account of structural pressures. Owing to the strong growth in the MF AUM, we
expect EBITDA margins for both CAMS and KFINTECH to remain around the current levels
of ~45%.
Key things to look for: i) Comments on pressure on revenue yields; ii) Outlook for FY25 in terms of
fresh flows and AUM growth; iii) traction in newer businesses in RTAs
Top Picks: PRUDENT, HDFCAMC
Aditya Birla AMC 4QFY24E 3QFY24 QoQ (%) 4QFY23 YoY (%) Comments & Outlook
Revenue from
3,607 3,415 5.6% 2,970 21.5% Expect QAAUM to increased by 6.5% qoq driven by MTM gains in equity
Operations
AUM. Expects market share loss in equity AUM on account of weaker
Core EBITDA 2,079 1,943 7.0% 1,580 31.6% performance. Due to the increasing share of equity QAAUM, pressure on
revenue yield is likely to be limited at 0.3bps qoq. Expect sequential
PAT 1,842 2,093 -12.0% 1,356 35.9% EBITDA growth to be marginally higher than AUM growth.
EPS 6.8 7.3 -6.3% 4.7 44.7%

Key Things to Look For: i) Comments on scheme performance and market
Revenue Yield share; ii) Outlook for FY25 in terms of fresh flows and AUM growth
43.5 43.8 -0.3bps 43.2 0.3bps
(bps of QAAUM)
HDFC AMC 4QFY24E 3QFY24 QoQ (%) 4QFY23 YoY (%) Comments & Outlook
Revenue from We are building in ~11% qoq increase in QAAUM led by healthy MTM
7,350 6,713 9.5% 5,410 35.9%
Operations gains and better inflows on account of improved scheme performances as
Core EBITDA 5,698 5,114 11.4% 4,106 38.8% compared to peers. Expect share of equity QAAUM to increase on
account of healthy MTM gains, which will help in limiting the revenue yield
PAT 4,997 4,897 2.0% 3,762 32.8% pressure. Expect other income to remain healthy at Rs 1.1bn.
EPS 23.4 22.9 2.0% 17.6 32.7%
Key Things to Look For: i) Comments on Pressure on Yields; ii) Outlook
Revenue Yield for FY25 in terms of fresh flows and AUM growth
48.0 48.7 -0.7bps 48.1 -0.1bps
(bps of QAAUM)
April 08, 2024| 47

Nippon AMC 4QFY24E 3QFY24 QoQ (%) 4QFY23 YoY (%) Comments & Outlook
Revenue from Expect QAAUM to increase ~14% qoq driven by growth in equity and
4,677 4,233 10.5% 3,483 34.3% passive schemes led by MTM gains and healthy inflows. We expect NAM
Operations
to continue to see healthy trends in net inflows in 4QFY24 on account of
Core EBITDA 2,961 2,592 14.2% 2,088 41.8% strong equity scheme performances. We are building revenue yield
decline of 1.5bps qoq on account of the structural pressure: a) increase
PAT 2,706 2,840 -4.7% 1,977 36.9% in share of passive AUM, b) decline in equity yields. Expects EBITDA qoq
growth to be higher than QAAUM growth
EPS 4.3 4.6 -4.8% 3.2 36.6% Key Things to Look For: i) Comments on pressure on Yields; ii) Flows in
Revenue Yield EPFO business; iii) Outlook for FY25 in terms of fresh flows and AUM
43.4 44.8 -1.5bps 47.5 -4.1bps growth
(bps of QAAUM)
Anand Rathi 4QFY24E 3QFY24 QoQ (%) 4QFY23 YoY (%) Comments & Outlook
Revenue from
1,824 1,826 -0.1% 1,380 32.2% We expect MF AUM growth to be strong due to MTM gains and are
Operations
building in ~6% qoq growth. Expect MLD issuance to be broadly similar
EBITDA 798 775 3.0% 617 29.3% to the previous quarter. We are building in ~34% earnings growth driven
PAT 580 577 0.6% 432 34.3% by strong revenue growth of ~32%.
EPS 13.9 13.8 0.6% 10.4 34.3%

Key Things to Look For: Trends in Opex, AUM mix. Outlook for FY25 in
Revenue Yield terms of gross mobilization of structured products
145.4 165.5 -20.1bps 150.7 -5.3bps
(bps of QAAUM)
UTIAM 4QFY24E 3QFY24 QoQ (%) 4QFY23 YoY (%) Comments & Outlook
Revenue from Expect QAAUM to increase by 6.6% qoq led by growth in equity and
2,897 2,916 -0.7% 2,836 2.2%
Operations passive AUM. Expect market share loss in debt/liquid AUM as well as in
Core EBITDA 1,142 1,191 -4.1% 1,225 -6.8% equity AUM. We expect MF revenue yields to decline marginally by 0.3bps
qoq on account of increasing share of passive AUM. Due to lower
PAT 1,521 1,828 -16.8% 604 151.7% sequential other income, earnings are expected to decline sequentially.
EPS 12.0 14.4 -16.8% 4.8 151.7%
Key Things to Look For: i) Comments on scheme performance and market
Revenue Yield share; ii) Outlook for FY25 in terms of fresh flows and AUM growth
42.5 43.7 -1.3bps 47.1 -4.6bps
(bps of QAAUM)
Prudent Corporate 4QFY24E 3QFY24 QoQ (%) 4QFY23 YoY (%) Comments & Outlook
Revenue from We expect Prudent also to report strong average AUM growth (11% qoq
2,236 2,084 7.3% 1,756 27.4%
Operations growth) driven by healthy net inflows and MTM gains. We also expect SIPs
to increase for Prudent, broadly in-line with the industry trends and cross
EBITDA 500 485 3.1% 571 -12.5%
Rs 7bn per month. We are building in ~3bps compression in gross yield
on account of absence in B-30 commissions. Expect insurance business
PAT 371 357 3.9% 412 -10.1%
to improve sequentially.
EPS 9.0 8.6 4.0% 10.0 -9.9%
Key Things to Look For: i) Trends in Gross revenue yields and Opex; ii)
Revenue Yield Trends in new fund flows
88.5 91.9 -3.4bps 94.3 -5.8bps
(bps of QAAUM)
CAMS 4QFY24E 3QFY24 QoQ (%) 4QFY23 YoY (%) Comments & Outlook
Revenue from
3,087 2,897 6.6% 2,492 23.8% We expect MF AAUM growth to be healthy at ~9% qoq on account of
Operations
MTM gains. Expect AIF/PMS AUM to grow ~4% sequentially. MF revenue
EBITDA 1,387 1,294 7.2% 1,091 27.1% yields to decline marginally on account of telescopic pricing. Non-MF
revenue to grow faster than the MF linked revenues. We expect EBITDA
PAT 946 885 6.9% 744 27.3% margins to be in the range of ~45%.
EPS 19.3 18.1 6.6% 15.2 26.9%

Key Things to Look For: i) Pressure on MF revenue yields, ii) traction in
MF Revenue Yield newer businesses
2.5 2.5 0.0bps 2.7 -0.2bps
(bps of QAAUM)
KFin Technologies 4QFY24E 3QFY24 QoQ (%) 4QFY23 YoY (%) Comments & Outlook
Revenue from
2,330 2,187 6.5% 1,831 27.2% We expect MF AAUM growth to be strong at ~11% qoq on account of
Operations
MTM gains. Expect issuer solution business to remain broadly flat
EBITDA 1,050 979 7.3% 838 25.3% sequentially. MF revenue yields to decline marginally on account of
telescopic pricing. We expect EBITDA margins to remain broadly similar
PAT 743 668 11.2% 570 30.3% to the previous quarter.
EPS 4.4 3.9 10.5% 3.4 29.5%

Key Things to Look For: i) Pressure on MF revenue yields, ii) traction in
MF Revenue Yield international business
3.8 3.8 0.0bps 3.9 -0.1bps
(bps of QAAUM)
April 08, 2024| 48

Protean 4QFY24E 3QFY24 QoQ (%) 4QFY23 YoY (%) Comments & Outlook
Revenue from
2,390 2,039 17.2% 2,320 3.0% Expect healthy qoq growth in revenue and core EBITDA. Expect Identity
Operations
services business to show robust growth and modest qoq growth in
Core EBITDA 401 208 92.8% 416 -3.6% PAN/NPS business. ECL charge wrt reversal of PAN card storage business
remains a key monitorable.
PAT 262 152 72.4% 316 -17.1%
EPS 25.9 15.1 71.5% 31.3 -17.3%

Key Things to Look For: Growth trends in new business verticals, guidance
Core EBITDA on revenue growth and profitability
16.8% 10.2% 660 17.9% -110
Margin
April 08, 2024| 49

NBFC
Outlook
• We expect most NBFCs to see healthy loan growth while the SFBs are expected to see some
moderation in loan growth for 4QFY24. In terms of hierarchy, we expect the highest YoY
growth numbers for 1) Diversified financiers (including Vehicle financiers), 2) Housing
Financiers (excl. Can Fin), 3) MFIs and 4) Power Financiers and Gold Financiers and 5) SME
and
• Consumer financier. We cover MUTH, MGFL and FEDFINA amongst the gold financiers and
expect ~18%/~20%/~30% yoy growth on the back of strong increase in gold prices and
benefiting from the shutdown of IIFL business.
• Our coverage companies are expected to see loan growth ranging between 12%-54% yoy.
LTFH will start having sequential growth in the loan book broadly driven by the retail segment
– delivering 31-32% yoy growth. We expect AAVAS and CANF to see revival in disbursement
trend in 4QFY24 - a key monitorable for both the companies.
• With 4Q being typically a tight quarter on liquidity and the impact of increased risk weights
(non-MFI and non-HFCs) - we expect the CoF increase for most NBFCs & SFBs. This is likely
to impact margins for most players.
• We expect the overall Opex/asset and C/I ratio to be elevated on the back of branch
expansion and healthy business related expenses. Typically, 4Q has highest business
momentum.
• On asset quality side, we expect improvement for HFCs, VFs, Power financiers and gold
financiers. However, expect some deterioration for MFIs given the increased PAR number
trend observed in latest MFIN report. However, we don't see uptick in credit cost for our
coverage companies (except for MFI - where there could be some increase on qoq basis).
Key things to look for : 1) Management commentary on margin and CoF given the tightened liquidity
market and increased competitive landscape and 2) Commentary on business momentum and Loan
growth each segment.
Top Picks: Muthoot Finance, Manappuram Finance and Aavas Financiers
SBI Cards 4QFY24E 3QFY24 QoQ (%) 4QFY23 YoY (%) Comments & Outlook
Net Interest
13,977 13,870 0.8% 11,651 20.0%
Income Expect New card origination to improve qoq. Expect spends to grow
PPI 16,021 16,205 -1.1% 14,294 12.1% ~30% yoy. Credit costs to remain elevated. Expect NIM to compress by
~50bps driven by increased CoF and normalised YoA
PAT 5,464 5,491 -0.5% 5,965 -8.4%
EPS 5.7 5.8 -0.6% 6.3 -9.0% Key Things to Look For: i) Comments on asset quality, ii) Trends in revolve
NIM (%) 10.8% 11.3% -53 11.5% -73 rates iii) Trends in cost of funds
Aavas Financiers 4QFY24E 3QFY24 QoQ (%) 4QFY23 YoY (%) Comments & Outlook
Net Interest
2,330 2,208 5.5% 2,211 5.4% Expect AUM growth of ~22% yoy/~7% qoq during 4QFY24. Expect
Income
marginal drop in NIM on sequential basis while spreads are likely to be
PPI 1,614 1,577 2.4% 1,649 -2.1% defended at 3Q levels. Opex/AUM should start seeing improving as most
PAT 1,209 1,166 3.7% 1,268 -4.6% of the IT projects are already implemented.
EPS 15.3 14.7 3.8% 16.0 -4.6% Key Things to Look For: 1) Loan growth momentum in non-core
NIM - Calc (%) 5.6% 5.6% -4 6.5% -91 geographies 2) Attrition at mid-lower level teams 3) Comments on Margin
CanFin Homes 4QFY24E 3QFY24 QoQ (%) 4QFY23 YoY (%) Comments & Outlook
Net Interest Disbursement are likely to improve from 3Q levels leading to 12-13% yoy
3,346 3,288 1.7% 2,613 28.1%
Income loan growth. Expect marginal dip in NIM on account of increased CoF.
PPI 2,760 2,865 -3.7% 2,218 24.5% Opex is expected to be elevated as management focuses on upgrading IT
infrastructure. Credit cost to stabilize aiding the profitability. GNPAs are
PAT 2,019 2,001 0.9% 1,658 21.8% expected to improve on qoq basis
EPS 15.2 15.0 0.9% 12.5 21.8% Key Things to Look For: 1) Update on implementation of new processes
NIM - Cal (%) 3.7% 3.8% -4 3.3% 45 & IT initiatives 2) loan growth momentum in the new geographies
April 08, 2024| 50

LTFH 4QFY24E 3QFY24 QoQ (%) 4QFY23 YoY (%) Comments & Outlook
Net Interest
19,552 18,330 6.7% 16,780 16.5% Retail loan segment to continue seeing healthy growth - expect ~31% yoy
Income
growth. With the wholesale book rundown continuing, expect the overall
PPI 13,971 13,380 4.4% 12,390 12.8% loan book to see ~6% yoy growth, Share of retail to increase to ~93% at
FY24-end. Margins to improve as share of retail is increasing . No surprise
PAT 6,616 6,400 3.4% 5,010 32.1% in Opex and credit cost.
EPS 2.7 2.6 3.4% 2.0 32.1% Key Things to Look For: 1) Update on Overall loan growth momentun 2)
NIM - cal (%) 9.3% 9.1% 18 7.9% 139 Credit cost guidance as retail portfolio matures
PFC 4QFY24E 3QFY24 QoQ (%) 4QFY23 YoY (%) Comments & Outlook
Net Interest
42,074 41,578 1.2% 34,760 21.0%
Income Disbursement likely to be pretty decent during the quarter. Expect loan
growth to be healthy at ~14% yoy. Margins likely to see marginal dip on
PPI 43,378 44,121 -1.7% 37,870 14.5%
qoq basis. NPA resolutions during the quarter would benefit the credit
cost.
PAT 35,200 33,772 4.2% 34,922 0.8%
EPS 10.7 10.2 4.3% 13.2 -19.4% Key Things to Look For: 1) Cummulative sanction book 2) Strategy for
scaling up non-power lending segments 3) Update on NPA accounts
NIM - cal (%) 3.5% 3.6% -7 3.4% 17 which are in advance stages of resolution
REC 4QFY24E 3QFY24 QoQ (%) 4QFY23 YoY (%) Comments & Outlook
Net Interest
44,402 42,907 3.5% 34,972 27.0%
Income
REC is expected to see healthy loan groth momentum of 19% - 20% yoy.
PPI 44,385 41,701 6.4% 34,916 27.1% Margins are likely to see some moderation on qoq basis. NPA resolutions
would keep the credit cost under check and therefore aid profitability.
PAT 33,517 32,693 2.5% 30,009 11.7%
EPS 12.7 12.4 2.5% 11.4 11.7% Key Things to Look For: 1) Key trends in the renewable power segment 2)
Strategy for scaling up infrastructure & Logistic segment 3) Update on NPA
NIM (%) 3.5% 3.6% -4 3.4% 16 resolutions
Cholamandalam 4QFY24E 3QFY24 QoQ (%) 4QFY23 YoY (%) Comments & Outlook
Net Interest
23,229 21,709 7.0% 17,649 31.6%
Income We expect CIFC to deliver ~35% yoy AUM growth - this would be driven
by decent momentum across product segments. We expect NIM to
PPI 15,877 15,157 4.7% 12,731 24.7%
broadly remain stable qoq. Opex run-rate is expected to remain high
whereas credit cost is estimated to be ~1.1%.
PAT 8,827 8,762 0.7% 8,528 3.5%
EPS 10.6 10.5 0.7% 10.4 2.4% Key Things to Look For: 1) Business trends in Vehicle and New businesses
2) Commentary on margins & credit cost 3) Asset quality trends in the new
NIM - cal (%) 6.6% 6.6% 4 6.9% -23 business segment
Shriram Finance Comments & Outlook

4QFY24E 3QFY24 QoQ (%) 4QFY23 YoY (%)
(Merged)
Net Interest
52,714 49,110 7.3% 41,810 26.1%
Income We expect Shriram Finance to register an AUM growth of >22% yoy.
Margins are likely to improve on qoq basis. Credit cost is expected be
PPI 40,139 36,893 8.8% 30,810 30.3%
~2.5%. Update on the cross-sell opportunies among the vehicle and retail
segment customers.
PAT 20,199 18,183 11.1% 13,083 54.4%
EPS 53.9 48.4 11.4% 34.9 54.4% Key Things to Look For: 1) Commentary on margins & credit cost 3) Cross-
NIM - cal (%) 8.6% 8.6% 8 8.1% 56 sell opportunity amongst the different products
Poonawalla
Fincorp - (Consol)
Net Interest
5,433 4,907 10.7% 3,798 43.1%
Income Growth momentum is expected to be robust on the back of a healthy
disbursements of Rs 96.8bn - translating into an AUM growth of ~54%
PPI 3,965 3,502 13.2% 2,016 96.7%
yoy/~13% qoq. We expect broadly stable NIM on qoq basis. Credit cost
to normalize , improvement in cost to income ratio to aid profitability
PAT 2,871 2,651 8.3% 1,807 58.9%
EPS 3.7 3.5 8.3% 2.4 58.9% Key Things to Look For: 1) Business momentum update in newer
NIM - cal (%) on products/organic sourcing 2) Asset quality update on the newly originated
9.3% 9.3% -1 10.1% -80 book
AAUM
April 08, 2024| 51

Ujjivan Small
Finance Bank
Net Interest
9,134 8,599 6.2% 7,380 23.8%
Income Loan growth to moderate ~24% yoy while share of secured book to
increase ~30%. Disbursements likely to be at Rs ~66.8bn for the
PPI 5,165 4,573 12.9% 4,106 25.8%
quarter.Deposits to grow inline with advances. We expect NIM to improve
on sequential basis for the bank. No impact on CoF during the quarter.
PAT 3,149 3,001 5.0% 3,095 1.7%
EPS 1.4 1.4 -0.1% 1.6 -12.2% Key Things to Look For: 1) Strategy update on Non-MFI product segments
2) Commentary on moderation of growth and 3) Reverse merger related
NIM - cal (%) 9.3% 9.1% 19 9.6% -30 update
Equitas SFB 4QFY24E 3QFY24 QoQ (%) 4QFY23 YoY (%) Comments & Outlook
Net Interest
8,144 7,851 3.7% 7,070 15.2% Business momentum to moderate on a higher base . Disbursements are
Income
expected to be at Rs ~74.3bn leading to loan growth of ~23% yoy.
PPI 3,747 3,603 4.0% 3,864 -3.0% Strong deposit growth at ~42% yoy/~11% qoq. CASA ratio to further
decline sequentially. Opex continue to remain elevated leading to C/I
PAT 2,097 2,020 3.8% 1,900 10.3% ratio of ~63%. Expect profitability performance to be on improving trend.
EPS 1.9 1.8 5.7% 1.7 10.3% Key Things to Look For: 1) Reason for moderation in growth 2) Update
on technological transformation 3) Margin & Credit cost related
NIM - cal (%) 7.8% 8.0% -19 8.8% -98 commentary 4) Update on timeline for Universal Banking license
CreditAccess
Grameen
Net Interest
8,435 8,029 5.1% 6,192 36.2% Loan growth to moderate yoy at ~23% , NIMs to decline on account of
Income
rate cut in Dec'23. Opex is likely to be elevated given the branch
PPI 6,437 6,018 7.0% 5,029 28.0% expansion and healthy business momentum. Credit cost is expected to
have slight increase on qoq basis as most of the non-KA states have seen
PAT 3,771 3,533 6.7% 2,966 27.2% a increase in PAR numbers. Expect overall profitability to be decent
EPS 23.7 22.2 6.9% 18.7 27.1% Key Things to Look For: 1) Business momentum in new geos, 2) Update
NIM - cal (%) 13.7% 14.0% -30 12.8% 94 on non-MFI products 3) Commentary on credit cost guidance
Spandana
Sphoorty
Net Interest
3,525 3,161 11.5% 2,703 30.4% Expect disbursement to be strong laeding to loan growth of ~40% yoy.
Income
NIMs to improve qoq on the back of credit rating benefit on CoF.
PPI 2,499 2,405 3.9% 2,608 -4.2% However, the Opex is expected to elevated given the branch expansion
and employee addition phase. Credit cost also expected to remain at
PAT 1,252 1,274 -1.8% 1,055 18.6% similar levels seen in 3Q.
EPS 17.6 17.9 -1.5% 14.9 18.6%

Key Things to Look For: 1) Performance/status update on project
NIM - cal on AUM parivartan 2) Update on project parivatan 3) Pricing policy in new geos
14.0% 13.8% 17 15.2% -116
(%)
Bandhan Bank 4QFY24E 3QFY24 QoQ (%) 4QFY23 YoY (%) Comments & Outlook
Net Interest
26,419 25,254 4.6% 24,718 6.9% Gross loan growth is estimated to be healthy during the quarter at 18-
Income
19% yoy. MFI disbursements are likely to be healthy leading to healthy
PPI 18,165 16,553 9.7% 17,957 1.2% overall loan growth. Deposits are estimated to grow at ~25% yoy -
backed by healthy TD growth. We expect NIMs to broadly remain stable
PAT 8,764 7,327 19.6% 8,083 8.4% qoq. Credit cost is estimated to see moderation.
EPS 5.4 4.5 19.6% 5.0 8.4% Key Things to Look For: 1) Update on Forensic audit 2) Update on actual
recoverable from various schemes such as CGMFU & Assam government
NIM - cal (%) 7.4% 7.4% -4 7.6% -24 scheme 3) Performance of Housing segment
Manappuram
Finance - (Consol)
Net Interest
15,260 14,524 5.1% 11,250 35.7%
Income We expect overall AUM growth at Consol level to moderate around ~20%
, Gold loan AUM to grew by 11-12% yoy .Margins are expected to remain
PPI 9,581 9,361 2.4% 6,139 56.1%
stable qoq basis. We expect overall profitability to be remain healthy on
the back of healthy growth.
PAT 5,875 5,753 2.1% 4,153 41.5%
EPS 6.9 6.8 2.1% 4.9 41.5% Key Things to Look For: 1) Update on Asirvad IPO 2) Growth momentum
NIM - cal (%) 15.3% 15.3% 1 13.9% 140 on account of RBIs action on IIFL
April 08, 2024| 52

HFFC 4QFY24E 3QFY24 QoQ (%) 4QFY23 YoY (%) Comments & Outlook
Net Interest
1,433 1,344 6.7% 1,118 28.2%
Income AUM growth is estimated to be healthy for HFFC at ~35% yoy/~7% qoq
on the back of healthy business momentum. Expect margins to remain
PPI 1,149 1,097 4.7% 910 26.3%
stable qoq. We expect credit cost (Annl.) to be contained at 40bps of
AUM.
PAT 830 788 5.3% 640 29.6%
EPS 9.4 8.9 5.4% 7.3 29.5% Key Things to Look For: 1) Strategy on the levers to support spreads 2)
NIM - cal (%) 6.1% 6.2% -5 6.4% -28 Update on co-lending portfolio strategy 3) Growth in MP/UP/GJ
Muthoot Finance 4QFY24E 3QFY24 QoQ (%) 4QFY23 YoY (%) Comments & Outlook
Net Interest
19,817 19,057 4.0% 18,533 6.9% Expect loan book to grow ~18% yoy on the back of 1) gold price increase,
Income
2) benefit of IIFL business shutdown and 3) 4Q being typically a good
PPI 14,429 13,942 3.5% 12,917 11.7% quarter. Margins are expected to improve on the back of ability to pass
on the increased rate. Expect improved profitability broadly driven by
PAT 10,892 10,273 6.0% 9,027 20.7% improved business growth.
EPS 27.1 25.6 6.0% 22.5 20.7% Key Things to Look For: 1) Update on pricing related strategies and
landscape on competion 2) Impact of rising gold prices on demand and
NIM - cal (%) 10.9% 10.9% 0 12.3% -138 3) Update on RBI action regulation
Fedbank Financial
ServicesLimited
Net Interest
2,243 2,166 3.6% 1,765 27.1%
Income Fedbank Financial is expected to deliver ~32% yoy/~12% qoq loan
growth. Margins are likely to see some dip on the back of CoF increase.
PPI 1,264 1,105 14.4% 821 53.9%
C/I ratio is expected to ~55%. Credit cost is expected to me stable on
qoq basis.
PAT 767 654 17.3% 544 40.9%
EPS 2.1 1.9 7.7% NM Key Things to Look For: 1) Implications of RBI action on IIFL 2) Strategy
NIM - cal (%) 8.4% 8.6% -26 8.2% 11 on growing the mortgage segment and 3) Margin related visibility
April 08, 2024| 53

Industrials
Outlook
Based on the macro statistics we have observed, new projects announcements were robust in FY23
(however, softened in 9MFY24 and then picked up again in 4QFY24) and should be visible in fresh
orders in FY25/26. While orders would post a healthy growth on Yoy basis in 4Q for our coverage
universe, they could be flattish Qoq as pricing would not increase following a softness in the commodity
prices. Based on our industry interactions, execution of ongoing projects would not slow down despite
General Elections in 1QFY25; it will be helped by (a) softening of commodity inflation (projects which
were held back have now started moving), (b) easing of supply chain bottlenecks, and (c) recent surge
in OBs. We expect continued strong margin performance for product-based companies (ABB,
CGPOWER, TRIV, ELEQ etc.) as they have already absorbed RM inflation through adequate price hikes
so far. Industrial consumables (GWN, CU, SKF, SCHFL) companies should post strong gross margins
as they have not taken any price cuts yet. There shouldn't be any incremental negative impact from
normalisation of Chinese supplies as they have already come in the base. KECI's margins should start
to post a recovery as commodity prices have moderated and all loss making EPC projects in SAE
Towers are now completed. 4Q is the best quarter in terms of execution for Defence companies (BEL,
HAL, BDL). Based on provisional performance releases, BEL and HAL should post healthy set of nos
backed by structural tailwinds and rising OBs. BDL would continue to perform poorly. Working capital
movement would be a key monitorable for defence companies.
Key things to look for would be (a) trend in ordering activities in large projects (power generation, T&D,
hydrocarbon, railways, metros, irrigation, smart cities, metals, defence etc.) and (b) management
commentary on margin outlook and exports as there is a visible slowdown in the global demand.
Our top picks are (1) Carborundum Universal (resurgence in ceramics performance in next 1-2
quarters, improvement in abrasives margins esp. in German subsidiaries and continued strong
performance in Russia electrominerals business) and (2) Schaeffler India (medium-to-long term
structural drivers for exports, outperformance in industrial bearings vs competition, and rising content
per vehicle in automotive).
ABB India 1QCY24E 4QCY23 QoQ (%) 1QCY23 YoY (%) Comments & Outlook
Net Sales 26,464 27,575 -4% 24,112 10% We estimate 1QCY24 revenues to grow by 10% Yoy off a high base due
to (a) continued healthy demand scenario across segments, and (b) OB
EBITDA 3,462 4,172 -17% 2,853 21% accretion in recent quarters. Margins would moderate from very high
levels achieved in last two quarters. EL and MO margins would come off
EBIT 3,135 3,843 -18% 2,578 22% from the unsustainable levels achieved in 3QCY23 and 4QCY23.
PAT 2,951 3,452 -15% 2,452 20%

Key Things to Look For: 1) Order inflow trajectory given stable prices and
slowing global demand, 2) Commentary on exports and services
EPS 13.9 16.3 -15% 11.6 20%
performance, 3) Impact of moderation in commodity inflation and pricing
EBITDA Margin actions on margins.
13.1% 15.1% -205 bps 11.8% 125 bps
(%)
Siemens Ltd 2QFY24E 1QFY24 QoQ (%) 2QFY23 YoY (%) Comments & Outlook
Net Sales 54,463 48,252 13% 48,578 12% We expect a healthy Yoy revenue growth on a high base driven by Smart
Infrastructure and Mobility segments. Digital Industries would come off
EBITDA 6,864 5,961 15% 6,212 10%
due to soft order intake of FY23. EBITDA margins would remain in the
EBIT 6,004 5,176 16% 5,427 11% range of ~12.5-13.0% in the near-term.
PAT 5,299 5,054 5% 4,714 12%
Key Things to Look For: 1) Commentary on tendering and awarding
EPS 14.9 14.2 5% 13.2 12% activities of the large projects, 2) Plans to increase localization levels, 3)
Impact of moderation in commodity prices and pricing actions on gross
EBITDA Margin margins, 4) Update on divestment of LV Motors business.
12.6% 12.4% 25 bps 12.8% -18 bps
(%)
April 08, 2024| 54

Honeywell
Automation
Net Sales 10,706 10,710 0% 8,497 26% We expect revenues to grow sharply off a weak Yoy base. Domestic
revenue growth would continue to outpace exports growth. Margins
EBIDTA 1,908 1,606 19% 1,388 37% (hightly related with exports and operating leverage) would improve off a
weak base both Yoy and Qoq; however, it would take reasonably long
EBIT 1,772 1,478 20% 1,253 41% time to reach FY20/21 levels.
PAT 1,587 1,279 24% 1,120 42%
Key Things to Look For: 1) Uptick in the exports of engineering services,
EPS 179.5 144.7 24% 126.7 42% 2) Commentary on Parent's order intake/sales in Process Solutions and
Building Automation, 3) Demand outlook from the domestic process
EBITDA Margin industries.
17.8% 15.0% 283 bps 16.3% 149 bps
(%)
CG Power and
Industrial 4QFY24E 3QFY24 QoQ (%) 4QFY23 YoY (%) Comments & Outlook
Solutions
Net Sales 19,810 19,788 0% 19,028 4% We estimate both Power Systems and Industrial Systems to post flattish
revenues on Qoq basis. Margins of Power Systems to moderate Qoq while
EBIDTA 2,837 2,607 9% 2,753 3% Industrial Systems should improve Qoq off a weak base. Overall margins
in last 5-6 quarters have benefitted from softening of commodity prices,
EBIT 2,565 2,370 8% 2,506 2% improved sales realizations, and higher volumes.
PAT 2,097 1,964 7% 2,411 -13%
Key Things to Look For: 1) Any further market share gains in Motors, 2)
EPS 1.4 1.3 7% 1.6 -13% Ramp up of Drives business in India, 3) Progress on capacity expansion
and new product development plans across product categories, 4) Pricing
EBITDA Margin actions in both segments.
14.3% 13.2% 114 bps 14.5% -15 bps
(%)
Hitachi Energy
India
We estimate a healthy revenue uptick both on Yoy and Qoq basis backed
Net Sales 14,568 12,742 14% 13,340 9%
by an uptick in the OB in recent quarters. Order inflows should be robust
over near-to-medium term led by a (a) strong inter-state T&D and HVDC
EBITDA 1,132 680 66% 951 19%
pipeline and (b) continued momentum in Railways ordering. EBITDA
margins would take 4-5 quarters to reach back to the historical levels of
EBIT 895 453 98% 740 21%
~10%.
PAT 656 230 186% 508 29%
Key Things to Look For: 1) Commentary on new HVDC and STATCOM
EPS 15.5 5.4 186% 12.0 29% orders, 2) Commentary on potential market share gains from Chinese
suppliers, 3) Gross margin trajectory given commodity inflation has
EBITDA Margin cooled off.
7.8% 5.3% 243 bps 7.1% 64 bps
(%)
Carborundum
Universal
We estimate 4QFY24 revenues to grow marginally Yoy. While Abrasives
Net Sales 12,157 11,514 6% 11,996 1%
and Ceramics would post a mid-single growth Yoy, Electrominerals could
be flattish due to pressure on realizations. Margins would start to recover
EBIDTA 1,785 1,925 -7% 1,903 -6%
from 1QFY25 helped by (a) moderation in input costs, (b) increasing
share of ceramics in the mix and (b) gradual improvement in margins of
EBIT 1,315 1,443 -9% 1,376 -4%
German subsidiaries.
PAT 1,146 1,113 3% 1,122 2%
Key Things to Look For: 1) Performance of German acquisitions, 2)
EPS 6.0 5.9 3% 5.9 2% Progress on Ceramics supplies in alternate energy and EV industries, 3)
Impact of pricing decline on Electrominerals margins, 4) Impact of
EBITDA Margin RUB/EURO/INR fluctuations on P&L.
14.7% 16.7% -203 bps 15.9% -118 bps
(%)
Grindwell Norton 4QFY24E 3QFY24 QoQ (%) 4QFY23 YoY (%) Comments & Outlook
Net Sales 6,959 6,599 5% 6,648 5% We estimate 4Q revenues to grow 5% Yoy on a high base. C&P growth
has moderated in recent times from the high levels of last 2-3 years;
EBIDTA 1,382 1,278 8% 1,293 7% Abrasives growth would now start improving since all negative factors
have come in the base. Both abrasives and C&P margins would expand
on Qoq basis. Overall EBITDA margins would stabilize ~20% in the near-
EBIT 1,208 1,102 10% 1,140 6%
term.
PAT 990 925 7% 992 0%

Key Things to Look For: 1) Any movement in domestic abrasives market
shares, 2) Effect of increased localization initiatives (esp. in PPL) on
EPS 8.9 8.4 7% 9.0 0%
margins, 3) New product introductions in Ceramics & Plastics, 4)
EBITDA Margin Performance of PRS Permacel portfolio post the acquisition.
19.9% 19.4% 49 bps 19.4% 41 bps
(%)
April 08, 2024| 55

SKF India 4QFY24E 3QFY24 QoQ (%) 4QFY23 YoY (%) Comments & Outlook
We expect 4QFY24 revenues to grow 3% Yoy mainly driven by the
Net Sales 11,300 10,923 3% 10,947 3%
Industrial segment. Almost entire growth would come from volumes as
pricing has been broadly stagnant. Despite a normalisation of the Chinese
EBITDA 1,839 1,725 7% 1,670 10%
imports and a decline in the RM cost, pricing has remained stable at least
in the distribution market. Margins would stabilise at ~16.5-17.0% in the
EBIT 1,648 1,536 7% 1,501 10%
near term.
PAT 1,371 1,322 4% 1,229 12%

Key Things to Look For: 1) Management commentary on industrial
EPS 27.7 26.7 4% 24.8 12% segment outlook, 2) Any fast-tracked localization plans, 3) Outlook on
pricing and margins given softening of Steel prices.
EBITDA Margin
16.3% 15.8% 49 bps 15.3% 102 bps
(%)
Schaeffler India 1QCY24E 4QCY23 QoQ (%) 1QCY23 YoY (%) Comments & Outlook
We expect 1QCY24 revenues to grow ~15% Yoy as a de-growth in
Net Sales 19,419 18,746 4% 16,936 15%
exports would be more than offset by a strong growth in both Industrial
and Automotive. Industrial should fare better than Automotive driven by
EBITDA 3,597 3,241 11% 3,147 14%
Railways and Wind segments. Margins would be helped by soft commodity
prices (partly offset by adverse mix) and would stabilise at ~18.5%-19.0%
EBIT 2,920 2,637 11% 2,622 11%
in the near term.
PAT 2,393 2,143 12% 2,194 9% Key Things to Look For: 1) Management commentary on Content per
Vehicle (CPV), 2) Progress in fast-tracked localization plans on both
EPS 15.3 13.7 12% 14.0 9% automobile and industrial fronts, 3) Outlook on margins given softening
of Steel prices, 4) Performance of exports business given global
EBITDA Margin uncertainities.
18.5% 17.3% 123 bps 18.6% -6 bps
(%)
Harsha
Engineers
Net Sales 3,379 3,245 4% 3,437 -2% We expect 4QFY24 Engineering revenues to grow 5% Qoq mainly driven
by domestic volumes and exports from India. Sales from Romania and
EBITDA 474 398 19% 508 -7% China facilities would remain under pressure. EBITDA margins would
recover sharply on Qoq basis helped by an improvement in subsidiary
EBIT 371 297 25% 417 -11% (Romania and China) margins and a higher share of India in the mix.
PAT 318 297 7% 326 -2%

Key Things to Look For: 1) Management commentary on outlook in
EPS 3.5 3.3 7% 3.6 -2% Romania and China, 2) Benefits from localization plans of SKF, SCHFL
and TMKN, 3) Ramp up in the bronze bushings business, 4) Outlook on
EBITDA Margin prices and margins given softening of Steel prices.
14.0% 12.3% 177 bps 14.8% -76 bps
(%)
Bharat Electronics 4QFY24E 3QFY24 QoQ (%) 4QFY23 YoY (%) Comments & Outlook
Net Sales 83,809 41,622 101% 64,791 29%

Based on the FY24 provisional performance release, 4Q revenues would
grow by 29% Yoy. FY24 orders at ~Rs 350bn (vs guidance of Rs 200bn)
EBIDTA 20,032 10,725 87% 18,318 9%
have jumped >70% Yoy. While 4Q usually posts the strongest margin
performance, full year EBITDA margins would come ~23.5-24.0%.
EBIT 18,833 9,650 95% 17,179 10%
PAT 14,901 8,596 73% 13,820 8%

Key Things to Look For: 1) Outlook on FY25/FY26 order intake esp. large
ticket size items like QRSAM and MRSAM, 2) Ramp up of Non-defense
EPS 2.0 1.2 73% 1.9 8%
and exports businesses, 3) Any further improvement on working capital
EBITDA Margin front.
23.9% 25.8% -187 bps 28.3% -437 bps
(%)
Hindustan
Aeronautics
Net Sales 1,41,373 60,613 133% 1,24,947 13% Based on the FY24 provisional performance release, 4Q revenues would
grow by 13% Yoy. Expect a strong margin performance due to unsually
EBIDTA 41,962 14,354 192% 38,210 10% high share of ROH in the revenue mix. We expect FY24 margins to come
~27% and then gradually come down given increasing share of
EBIT 35,020 12,232 186% 21,902 60% manufacturing in the mix.
PAT 28,728 12,614 128% 28,312 1%
Key Things to Look For: 1) Timeline of orders acquisition for 12 LUH, 12
EPS 43.0 18.9 128% 42.3 1% Su-30, Su-30 engines, >150 LCH and additional LCA Mk1A, 2) Any
further improvement on working capital front, 3) Progress on development
EBITDA Margin projects.
29.7% 23.7% 600 bps 30.6% -90 bps
(%)
April 08, 2024| 56

Bharat Dynamics 4QFY24E 3QFY24 QoQ (%) 4QFY23 YoY (%) Comments & Outlook
Net Sales 8,361 6,016 39% 7,983 5% Based on the FY24 provisional performance release, 4Q revenues would
grow only by 5% Yoy and full FY24 revenues at ~Rs 23.5bn would be
EBIDTA 1,320 1,187 11% 1,834 -28% much lower than FY17/18 levels of >Rs 45bn. Quarterly margins have
been extremely volatile in the recent past. Company has guided for full
EBIT 967 1,023 -5% 1,695 -43% year EBITDA Margins of 20-23% (unlikely to achieve in FY24).
PAT 1,301 1,350 -4% 1,528 -15%
EPS 7.1 7.4 -4% 8.3 -15% Key Things to Look For: 1) Outlook on FY25/FY26 order intake, 2)
Progress on in-house R&D on ATGMs.
EBITDA Margin
15.8% 19.7% -395 bps 23.0% -719 bps
(%)
KEC International 4QFY24E 3QFY24 QoQ (%) 4QFY23 YoY (%) Comments & Outlook
We estimate sales to grow by 3% Yoy in 4QFY24 as healthy performance
Net Sales 56,944 50,067 14% 55,250 3%
in domestic T&D and Civil would be offset by weakness in Railways and
SAE. Margins should post both Yoy and Qoq recovery as commodity prices
EBITDA 4,926 3,079 60% 2,835 74%
have moderated and all loss making EPC projects in SAE are now
completed. KECI has announced FY24 orders of ~Rs 180bn against target
EBIT 4,477 2,591 73% 2,420 85%
of Rs 250bn (FY23: Rs 224bn).
PAT 2,317 969 139% 722 221% Key Things to Look For: 1) Order intake and execution guidance for FY25
(especially on T&D and Civil fronts), 2) Performance of SAE Towers which
EPS 9.0 3.8 139% 2.8 221%
went through a difficult time in last few years, 3) Guidance on margins
EBITDA Margin (%) 8.7% 6.1% 250 bps 5.1% 352 bps given commodity inflation has cooled off substantially from the peak.
Triveni Turbine 4QFY24E 3QFY24 QoQ (%) 4QFY23 YoY (%) Comments & Outlook
Net Sales 4,526 4,317 5% 3,698 22% We estimate 4QFY24 revenues to post a solid growth of 22% Yoy backed
by a surge in OB in recent times. Order intake momentum should continue
EBITDA 871 837 4% 663 31%
to remain healthy; however, a sequential tapering could not be ruled out.
EBIT 816 782 4% 614 33% EBITDA margins should stabilise at ~19.0-19.5% in the near term.
PAT 693 682 2% 555 25%
Key Things to Look For: 1) Management commentatory on pick up in
EPS 2.2 2.1 2% 1.7 25% export orders/deliveries, 2) Traction in the Aftermarket business (especially
in exports markets), 3) Impact of value engineering initiatives on gross
EBITDA Margin margins, 4) Traction in Drive Turbines business.
19.2% 19.4% -15 bps 17.9% 130 bps
(%)
ELGI Equipments 4QFY24E 3QFY24 QoQ (%) 4QFY23 YoY (%) Comments & Outlook
Net Sales 8,522 8,218 4% 8,357 2% We estimate 4QFY24 compressors revenues to remain flattish Yoy as a
single digit growth in the domestic market would be offset by weak
EBITDA 1,293 1,294 0% 1,274 1% overseas geos. We expect ELEQ to continue to gain market share in North
America and Europe. We estimate EBITDA margins to normalize at
EBIT 1,090 1,099 -1% 1,079 1% ~15.0-15.5% in the near term.
PAT 926 839 10% 868 7%

Key Things to Look For: 1) Performance of the overseas subsidiaries
EPS 2.9 2.6 10% 2.7 7% (especially USA, Italy and Australia), 2) Traction in the Oil-free
compressors business, 3) Commentary on the revival of large projects in
EBITDA Margin the domestic market.
15.2% 15.7% -57 bps 15.2% -7 bps
(%)
Greaves Cotton 4QFY24E 3QFY24 QoQ (%) 4QFY23 YoY (%) Comments & Outlook
6,559 6,654 -1.4% 8,269 -20.7%
Net Sales
Revenue is expected to decline 1%/21% qoq/yoy due to falling E2W sales.
388 354 9.8% 490 -20.7%
EBITDA Margins are expected to improve 60bps qoq owing to relatively faster
growth in non E-Mobility business.
187 150 24.6% 338 -44.5%
EBIT
PAT 324 109 198.3% 386 -16.0%
EPS 1.4 0.5 198.3% 1.7 -16.0%

Key Things to Look For: Margins
EBITDA Margin 5.9% 5.3% 61 5.9% 0
(%)
April 08, 2024| 57

AIA Engineering 4QFY24E 3QFY24 QoQ (%) 4QFY23 YoY (%) Comments & Outlook
12,789 11,692 9.4% 12,736 0.4%
Net Sales
We expect volumes to increase + 8%/+ 9% while we expect ASP to
3,029 3,112 -2.7% 3,157 -4.1% change by + 1%/- 8% qoq/yoy. We exepct margins to chg. by -293bps/-
EBITDA
111bps qoq/yoy.
2,749 2,842 -3.3% 2,925 -6.0%
EBIT
PAT 2,613 2,791 -6.4% 2,677 -2.4%
EPS 27.7 29.6 -6.7% 28.4 -2.5%

Key Things to Look For: Volumes
EBITDA Margin 23.7% 26.6% -293 24.8% -111
(%)
April 08, 2024| 58

Information Technology
Outlook
• Another soft quarter for most of the top-6 large caps: We expect sluggish sales performance
in most of the top-6 large caps (TCS and HCLT-Services to report heathy growth) during 4Q
given lacklustre discretionary IT spend pick up and continuation of some furloughs beyond
3Q for some companies. We expect top-6 large caps to register qoq dip of 1.2% to growth
of 1.3% in US$ sales in CC terms during 4QFY24E. We expect marginal cross currency
movements across top-6 large caps (except for Wipro for which we expect tailwind of c.50bps
qoq). We expect healthier sales performance from midcaps (vs. large caps) with healthy CC
US$ Sales growth expected in KPIT, LTTS, PSYS, Coforge, Mphasis, BSOFT and Zensar in the
range of 1.6-5.6% qoq (with LTTS at the upper end due to seasonal strength in SWC and
Zensar at the lower end). Considering tailwinds from benign supply-side issues and cost
optimisation, we expect relatively better Adj. EBITM performance with movement of (-)161bps
to (+)50bps qoq in top-6 large caps (HCLT at the lower end given seasonal softness in P&P
business).
• Demand commentary unlikely to imply material improvement: We expect demand

commentary to remain sluggish regarding discretionary IT spend pick up. However, we expect
many companies may estimate better sales performance (both on qoq and yoy basis) entering
FY25E given expected ramp up in cost optimisation led large deals (whose ramp up got
delayed for some companies in FY24E). We expect stable to healthy order TCV trends across
many of the large caps.
• FY25E Sales guidance expected to show growth pick up but unlikely to please; buyback
announcement possible from Infosys & eClerx: We expect Infosys to guide for FY25E CC US$
Sales growth of 2.5-5.5% with no change in its EBIT margin guidance of 20-22%. We expect
HCLT to guide for FY25E CC US$ Sales growth of 4.0-6.0% for its Services business with
consolidated EBIT margin guidance of 18-19%. We expect Wipro to guide for dip of 1% to
growth of 1% qoq in IT Services US$ sales in CC terms for 1QFY25E. We do not rule out
possibility of announcement of buyback from Infosys and eClerx given mandatory gap of 12-
months (post last buyback conclusion) ending by Mar 2024.
• Remain selective: Accenture’s (Not Rated) recent downgrade in FY24E sales growth guidance
implies delay in meaningful pick-up of discretionary IT spend which in our view implies likely
moderate growth pick up for most of the Indian IT vendors in FY25E (vs. FY24E). This will
keep the sector valuation under check at least in the near term. However, on medium to long
term basis, we still believe that growth catalysts exist given expected increase in i) cloud
adoption and penetration, ii) application modernisation, iii) AI adoption and data
analytics/engineering and iv) cyber security adoption. Hence, we believe that sector growth
rates are likely to improve further starting FY26E (vs. FY25E) unless new major macro events
unfold in US/Europe. Hence, we continue believe that Nifty IT index will find support around
5-year mean. We continue believe that any major delay in meaningful growth revival will
result into unfavourable risk-reward (Growth rebound crucial post recent uptick in sector
valuations ). Hence, we reiterate being selective in the sector and selecting stocks which has
decent growth visibility (through robust order book etc.) and available at reasonable
valuations. We prefer Infosys, HCLT and TechM (TechM as turnaround play) amongst large
caps and prefer Mphasis, Zensar, BSOFT and Cyient amongst midcaps.
Top Picks: Infosys, HCLT and TechM (TechM as turnaround play) amongst large caps and Mphasis,
Zensar, BSOFT and Cyient amongst midcaps.
April 08, 2024| 59

Birlasoft (in Mn) 4QFY24E 3QFY24 QoQ (%) 4QFY23 YoY (%) Comments & Outlook
US $ Revenue 165 161 2.3% 149 10.7%

We expect US$ revenue to grow 2.3% qoq (CC: +2.3%) on base of healthy
Net Sales(Rs.) 13,722 13,430 2.2% 12,264 11.9% 1.8% CC growth qoq in 3QFY24. Expect EBIT margins to improve by
EBIDTA 2,213 2,143 3.3% 1,670 32.5% 19bps qoq largely led by cost optimisation efforts. Expect healthy order
intake to continue.
EBIT 2,000 1,932 3.5% 1,460 37.0%
PAT 1,622 1,611 0.7% 1,122 44.6% Key things to look for: Any further update on strategy under newly
appointed CEO, order wins details and deal pipeline (esp. for large deals
EPS 5.9 5.8 0.6% 4.1 44.0%
and deals in enterprise solutions), update on growth and margin outlook
EBIT Margin 14.6% 14.4% 19 11.9% 267 for FY25E, impact of macro concerns on demand/its clients.
Coforge (in Mn) 4QFY24E 3QFY24 QoQ (%) 4QFY23 YoY (%) Comments & Outlook
US $ Revenue (ex.
289 282 2.6% 264 9.4%
Fx) We expect US$ sales (ex. Fx) to grow 2.6% qoq (CC: +2.2%) led by ramp
Net Sales(Rs.) - ex. up of deal wins. EBIT margins (ex. Fx) are expected to improve by 136bps
24,016 23,283 3.1% 21,845 9.9%
Fx qoq due to cost efficiencies and operating leverage. Expect adj. EBITDA
(incl. Fx but excl. ESOP cost) margins to improve by around 159bps qoq
EBIDTA - ex. Fx 4,496 4,062 10.7% 4,221 6.5% to 19.5%. We expect Fx gain through hedges vs. loss qoq. Expect higher
tax rate qoq and healthy order intake to continue.
EBIT - ex. Fx 3,679 3,251 13.2% 3,504 5.0%
PAT (Recurring) 2,642 2,380 11.0% 2,327 13.5% Key things to look for: Demand trends across its focused industries, sales
growth and margin guidance update for FY25E, pricing/attrition trends,
EPS (Recurring) 42.8 38.54 10.9% 38.1 12.2% deal pipeline/order book and client decision making for same, FCF
generation and capital allocation strategy. Any further details regarding
EBIT Margin - ex.
15.3% 14.0% 136 16.0% -72 recent money raising announcement.
Fx
Cyient (in Mn) 4QFY24E 3QFY24 QoQ (%) 4QFY23 YoY (%) Comments & Outlook
US $ Revenue 224 219 2.5% 213 5.2% We expect 2.5% growth in US$ sales qoq (CC: 2.1% qoq growth) with
expected US$ sales growth of 1.8% in DET - Services revenues (CC:
Net Sales(Rs.) 18,616 18,215 2.2% 17,514 6.3% +1.4% qoq vs. implied guidance of 0.7-2.5% qoq growth) and qoq
EBIDTA 3,333 3,261 2.2% 3,220 3.5% growth of 5.8% in DLM. Consol. EBIT margins are expected to remain
largely flat with expectations of flat DET - Services EBIT margins at 16.0%
EBIT 2,662 2,600 2.4% 2,494 6.7% qoq.
PAT (Recurring) 1,904 1,858 2.5% 1,760 8.2% Key things to look for: Growth and margin outlook for FY25E for DET.
Update on DLM growth prospects, deal pipeline (esp. large size deals) in
EPS (Recurring) 17.2 16.8 2.5% 15.9 7.9% services/DLM, client decision making for same and any large client
specific issues. Demand outlook in Aero / Medical / SIA / Communication
EBIT Margin 14.3% 14.3% 2 14.2% 6 / Railways / other segments.
eClerx (in Mn) 4QFY24E 3QFY24 QoQ (%) 4QFY23 YoY (%) Comments & Outlook
US $ Revenue 91 91 0.8% 86 6.5%
We expect US$ sales to increase by 0.8% qoq (CC growth of c.0.8% qoq).
Net Sales(Rs.) 7,606 7,528 1.0% 6,931 9.7% Expect muted sales growth given expected insourcing in one of the
EBIDTA 2,064 2,072 -0.4% 2,069 -0.3% Personiv's clients. We expect EBIT margins to dip marginally 9bp largely
led by ongoing investments.
EBIT 1,748 1,737 0.6% 1,751 -0.1%
Key things to look for: Any update on new growth strategy under the
PAT 1,381 1,405 -1.7% 1,325 4.2%
leadership of new CEO, demand trends across business segments esp. in
CLX/Europe given increasing macro concerns, impact of insourcing and
EPS 28.6 29.1 -1.7% 27.6 3.8%
GenAI/automation if any, growth and margins outlook for FY25E and
beyond, deal pipeline/closures, capital allocation policy and client
EBIT Margin 23.0% 23.1% -9 25.3% -227 specific issues.
April 08, 2024| 60

HCL Tech (in Mn) 4QFY24E 3QFY24 QoQ (%) 4QFY23 YoY (%) Comments & Outlook
US $ Revenue 3,437 3,415 0.7% 3,235 6.3% We expect US$ revenue growth of 0.7% qoq (CC: +0.7%). We expect
17.2% qoq dip in P&P sales given seasonal weakness with expected CC
Net Sales(Rs.) 2,85,755 2,84,460 0.5% 2,66,060 7.4% growth of 3.0% qoq in services business (vs. implied CC growth guidance
of 1.6-3.5% qoq for Services business). EBIT margins are expected to dip
161bps qoq led by seasonal dip in high margin P&P business and partial
EBIDTA 62,364 67,580 -7.7% 58,630 6.4% wage hikes. We expect HCLT to guide for FY25E CC US$ sales growth of
4.0-6.0% for services business with EBIT margin of 18-19% for
EBIT 51,793 56,150 -7.8% 48,360 7.1% consolidated business for FY25E.
PAT (Recurring) 40,714 43,500 -6.4% 39,830 2.2% Key things to look for: Demand outlook for ER&D services, P&P, business
application, IMS and digital services in FY25E. Impact from ongoing
EPS (Recurring) 15.0 16.0 -6.4% 14.7 2.2% macro issues on HCLT growth/margin outlook or on its clients, if any. Any
update on the acquisition strategy in the medium term, capital allocation
EBIT Margin 18.1% 19.7% -161 18.2% -5 policy and deal pipeline/wins.
Infosys (in Mn) 4QFY24E 3QFY24 QoQ (%) 4QFY23 YoY (%) Comments & Outlook
US $ Revenue 4,632 4,663 -0.7% 4,554 1.7%

US$ sales are expected to decline by 0.7% (CC: 0.7% qoq dip) led by
seasonal softness and expected lower pass through sales. EBIT margins
Net Sales(Rs.) 3,85,071 3,88,210 -0.8% 3,74,410 2.8% are expected to see marginal increase of 17bps qoq led by absence of
one time cyber security related cost incurred in 3Q, expected better
EBIDTA 91,347 91,370 0.0% 89,980 1.5% utilisations rates to be partly compensated by wage hikes (eff Nov 2023)
and seasonal visa cost. We expect Infosys to guide CC US$ Sales growth
guidance of 2.5-5.5% with EBIT margin guidance of 20-22% for FY25E.
EBIT 79,602 79,610 0.0% 78,770 1.1%
PAT 60,783 61,060 -0.5% 61,280 -0.8%

Key things to look for: Demand outlook in FY25E, deal pipeline esp. for
large/mega size deals, client decision making, any major supply-side
EPS 14.7 14.8 -0.5% 14.8 -0.9%
issues/attrition trends and pricing trends, details on FY25E sales and
margin guidance.
EBIT Margin 20.7% 20.5% 17 21.0% -37
KPIT Technologies
(in Mn)
US $ Revenue 155 149 3.9% 124 25.2%
We expect US$ revenue to grow 3.9% qoq (CC growth of around 4.2%
Net Sales(Rs.) 12,887 12,570 2.5% 10,174 26.7% qoq) led by ramp-up of earlier won deals. EBIT margins are expected to
EBIDTA 2,656 2,585 2.7% 1,943 36.7% improve marginally by 12bps qoq. We expect other income to dip qoq
with expectations of lower Fx income.
EBIT 2,153 2,085 3.2% 1,520 41.6%
PAT 1,604 1,553 3.2% 1,116 43.7% Key things to look for: Update on FY25E sales growth (details on organic
and inorganic) and margin guidance, deal pipeline, order wins and client
decision making esp. for large deals. Any major client specific issues (esp.
EPS 6 6 3.2% 4 43.2%
from Europe) given ongoing geopolitical concerns and rising macro
issues. Outlook across practices, key markets and update on recently
EBIT Margin 16.7% 16.6% 12 14.9% 176 announced M&As and future inorganic/capital allocation policy.
L&T Technology
Services (in Mn)
US $ Revenue 307 291 5.6% 255 20.4%
We expect US$ revenue to grow 5.6% qoq (CC: +5.6%) led by expected
Net Sales(Rs.) 25,536 24,218 5.4% 20,962 21.8% seasonal strength in SWC business and ramp up of earlier won deals. EBIT
EBIDTA 5,098 4,877 4.5% 4,492 13.5% margins to dip marginally by 12bps qoq due to expected higher growth
in low margin SWC business.
EBIT 4,357 4,162 4.7% 3,927 11.0%
PAT 3,444 3,362 2.4% 3,096 11.2% Key things to look for: Details on likely FY25E revenue/margin
outlook/guidance. Deal pipeline, order wins and client decision making
EPS 32.6 31.8 2.4% 29.3 11.1% esp. for large deals. Any major client specific issues esp. resulting from
ongoing macro/geopolitical concerns. Outlook across businesses and
strategic growth units.
EBIT Margin 17.1% 17.2% -12 18.7% -167
April 08, 2024| 61

LTIMindtree (in
Mn)
US $ Revenue 1,079 1,084 -0.5% 1,058 2.0%
We expect US$ revenue to decline by 0.5% qoq (CC: dip of 0.5% qoq)
Net Sales(Rs.) 89,662 90,166 -0.6% 86,910 3.2% largely led by lumpiness in pass-thru sales. Expect EBIT margins to decline
EBIDTA 15,460 15,849 -2.5% 16,037 -3.6% by 33bps qoq led by investments. We expect order intake to remain
healthy.
EBIT 13,487 13,859 -2.7% 14,214 -5.1%
Key things to look for: Growth and margin outlook for FY25E, impact of
PAT 11,545 11,689 -1.2% 11,137 3.7%
geopolitical/macro concerns on LTIMindtree/clients (with any update on
exposure to troubled banks in US/Europe), deal pipeline & order wins
EPS 39.0 39.5 -1.2% 37.6 3.6%
(esp. for large deals) and client decision making esp. for large deals and
any increase in leadership attrition, demand outlook across segments and
EBIT Margin 15.0% 15.4% -33 16.4% -131 from top clients.
Mphasis (in Mn) 4QFY24E 3QFY24 QoQ (%) 4QFY23 YoY (%) Comments & Outlook
US $ Revenue - Ex
411 402 2.2% 412 -0.2%
Fx
Net Sales(Rs.) - We expect US$ sales (ex. Fx) to grow by 2.2% qoq (+2.2% qoq in CC
34,106 33,380 2.2% 33,612 1.5%
Incl Fx terms) with expectation of recoup of large part of furloughs witnessed in
3Q and growth in the rest of the business. Reported EBIT margins (incl.
EBIDTA - Incl Fx 6,111 6,007 1.7% 5,987 2.1% Fx) are expected to dip marginally by 8bps qoq to 14.8%.
EBIT - Incl. Fx 5,054 4,972 1.6% 5,152 -1.9%
Key things to look for: FY25E/CY24E revenue/margin/IT Budget outlook,

PAT 3,822 3,736 2.3% 4,053 -5.7%
impact of macro concerns on demand /Mphasis' clients (update on client
specific issues), order pipeline and wins, ramp up of already won deals,
EPS 20.2 19.8 2.3% 21.5 -5.9%
growth outlook in DXC, Direct International incl. Digital Risk (given high
interest rates), Blackstone Channel and Direct Core. Update on capital
EBIT Margin 14.8% 14.9% -8 15.3% -51 allocation and cash distribution.
Persistent (in Mn) 4QFY24E 3QFY24 QoQ (%) 4QFY23 YoY (%) Comments & Outlook
US $ Revenue 311 301 3.4% 275 13.2%
We expect US$ sales to grow 3.4% qoq (CC: +3.4%) led by ramp up of
Net Sales(Rs.) 25,829 24,982 3.4% 22,545 14.6% earlier won deals. Recurring EBIT margins are expected to increase by
EBIDTA 4,652 4,418 5.3% 4,163 11.7% 37bps qoq largely led by operating leverage. We expect healthy order
intake to continue.
EBIT 3,849 3,631 6.0% 3,466 11.1%
PAT (Recurring) 3,031 2,861 5.9% 2,515 20.5%

Key things to look for: Sales and margin outlook for FY25E, impact of
EPS (Recurring) 39.4 37.2 5.9% 32.9 19.7% macro concerns on Persistent/clients, deal pipeline, wins and clients'
decision making for same. Update on any client specific issues if any.
EBIT Margin
14.9% 14.5% 37 15.4% -47
(Recurring)
TCS (in Mn) 4QFY24E 3QFY24 QoQ (%) 4QFY23 YoY (%) Comments & Outlook
US $ Revenue 7,377 7,281 1.3% 7,195 2.5%

US$ revenue is expected to grow by 1.3% qoq (CC: +1.3%) largely led
Net Sales(Rs.) 6,13,369 6,05,830 1.2% 5,91,620 3.7% by ramp up of large deal wins in domestic market and expect growth
softness to continue in Int'l markets. EBIT margins are likely to improve by
EBIDTA 1,68,940 1,63,880 3.1% 1,57,730 7.1% 50bps qoq largely due to operating leverage and cost efficiencies. We
expect healthy order intake to continue.
EBIT 1,56,519 1,51,550 3.3% 1,44,880 8.0%
Recurring PAT 1,21,874 1,17,350 3.9% 1,13,920 7.0%

Key things to look for: Demand outlook in BFSI, retail, communication,
hi-tech and other key segments, impact of macro concerns on demand/its
Recurring EPS 33.7 32.4 3.9% 31.1 8.2% clients, deal pipeline esp. for large/mega size deals, client decision
making and pricing trends, outlook on CY24E/FY25E IT budgets and any
new strategy update under the leadership of newly appointed CEO.
EBIT Margin 25.5% 25.0% 50 24.5% 103
April 08, 2024| 62

Tech Mahindra (in

Mn)
US $ Revenue 1,554 1,573 -1.2% 1,668 -6.8% We expect qoq dip of 1.2% in US$ sales (CC: qoq dip of 1.2%) led by
demand softness continuing in communication and certain one time sales
Net Sales(Rs.) 1,29,199 1,31,013 -1.4% 1,37,182 -5.8% booked in 3QFY24. EBIT margins are expected to improve by 201bps
qoq on reported basis while on adjusted basis it is expected to improve by
EBIDTA 13,922 11,464 21.4% 20,205 -31.1% c.40bps qoq largely led by cost optimisation efforts in our view. We expect
improvement in deal TCV on qoq basis. Our estimates for 4QFY24E are
EBIT 9,529 7,030 35.5% 15,303 -37.7% excluding any one off items/non recurring charges, if any.
Key things to look for: FY25E sales growth & margin outlook, impact of
PAT 7,734 5,104 51.5% 11,176 -30.8%
ongoing geopolitical/macro concerns on TechM/clients,
Telecom/Enterprise segment's demand outlook, demand commentary
EPS 8.7 5.7 51.9% 12.8 -31.7% related to 5G technology, new business TCV wins, deal pipeline and client
decision making for same. Update on capital allocation policy and
strategy roadmap under the leadership of newly appointed CEO
EBIT Margin 7.4% 5.4% 201 11.2% -378
designate.
Wipro (in Mn) 4QFY24E 3QFY24 QoQ (%) 4QFY23 YoY (%) Comments & Outlook
US $ Revenue (IT
2,660 2,656 0.1% 2,840 -6.3%
Services) We expect IT services US$ sales to decline by 0.3% qoq in CC terms (vs.
Net Sales (Rs.- guidance of qoq dip of 1.5% to growth of 0.5% qoq in CC terms).
2,21,431 2,22,051 -0.3% 2,31,903 -4.5% Recurring IT services EBIT margins are expected to dip by 18bps led by
Consolidated)
EBIDTA soft sales performance and impact from wage hikes eff. 01st Dec 2023.
43,566 41,919 3.9% 45,053 -3.3% We expect Wipro to guide for a decline of 1% qoq to growth of 1% qoq
(Consolidated)
in IT services' US$ sales in CC terms for 1QFY25E.
EBIT (IT Services) 34,906 35,426 -1.5% 37,666 -7.3%
PAT Key things to look for: IT services US$ sales growth and margin outlook
28,795 26,942 6.9% 30,745 -6.3% esp. for 1QFY25E and beyond, margin outlook for near term as well as
(Consolidated)
medium to long term, any portfolio/client specific issues esp. resulting
EPS from ongoing geopolitical/macro concerns, update on deal pipeline (esp.
5.5 5.2 6.9% 5.6 -1.6%
(Consolidated) for mega deals), client decision making and order book for 4Q and
beyond, further sizable M&A plans post big M&A of Capco & Rizing and
EBIT Margin (IT plans to drive synergy benefits from Capco/Rizing and capital allocation
15.8% 16.0% -18 16.3% -43
Services) plans.
Zensar
Technologies (in 4QFY24E 3QFY24 QoQ (%) 4QFY23 YoY (%) Comments & Outlook
Mn)
US $ Revenue 147 145 1.6% 147 -0.4% US$ revenues are expected to grow by 1.6% qoq in US$ terms (+1.6%
qoq in CC terms) largely led by some recoup of furloughs and deal ramp
Net Sales(Rs.) 12,214 12,041 1.4% 12,127 0.7% up. EBIT margins are expected to decline by 29bps qoq led by absence of
EBIDTA 2,072 2,076 -0.2% 1,758 17.9% certain one time reversals accounted in 3Q which will be partly
compensated by some recoup of furloughs. Expect healthy order intake to
EBIT 1,754 1,764 -0.6% 1,407 24.7% continue qoq.
Recurring PAT 1,570 1,617 -2.9% 1,192 31.7% Key things to look for: Strategic roadmap under newly appointed CEO &
MD, order wins details and deal pipeline, update on growth and margin
Recurring EPS 6.9 7.1 -2.9% 5.3 31.7%
outlook for FY25E, impact of macro concerns on demand/its large clients
EBIT Margin 14.4% 14.7% -29 11.6% 276 and any update on exposure to any troubled banks in US/Europe.
Netweb
Technologies (in 4QFY24E 3QFY24 QoQ (%) 4QFY23 YoY (%) Comments & Outlook
mn)
Net Sales(Rs.) 1,832 2,534 -27.7% 1,234 48.5%
Expect revenues to improve by 48.5% yoy driven by ramp up of earlier
won deals given robust order intake Netweb reported at the end of
EBIDTA 238 342 -30.5% 161 47.8%
3QFY24. Expect EBITDA/EBIT margins to remain largely flat yoy. Expect
healthy order intake to continue.
EBIT 219 324 -32.6% 149 47.1%
Recurring PAT 181 260 -30.4% 105 72.1% Key things to look for: Growth and margin outlook for FY25E, details on
order pipeline (incl. L1) and order book (esp. on large deals wins if any
Recurring EPS 3 5 -30.4% 2 53.9% and AI related deals pipeline and/or wins), status update on revenue scale
up in telecom related products, capex/expansion plans and working
EBIT Margin 11.9% 12.8% -87 12.0% -11 capital cycle.
April 08, 2024| 63

Metals & Mining

Outlook
• We expect volume for steel companies under our coverage universe to decline by 0.7% yoy
to 11.9mt in 4QFY24E. We expect EBITDA/t for our coverage universe to decline by 18-50%
qoq driven by (1) lower steel realisations in the domestic market, (2) Higher iron ore costs for
non-integrated players and (3) higher coking coal costs. We expect Tata Steel to continue to
report EBITDA loss in Europe. For mining companies we expect (1) iron ore miners to report
a sequential improvement in realisations and profitability on back of price hikes taken during
the quarter while (2) for Coal India we expect E-auction premiums to decline to 40% in
4QFY24E which is likely to impact E-auction profitability.
• Top Picks: Godawari Power and Ispat Limited, JSPL
Coal India 4QFY24E 3QFY24 QoQ (%) 4QFY23 YoY (%) Comments
Sales Volume (mt) 201.7 191.2 5% 186.9 8% Coal India production increased by 7.9% yoy to 241.8mt while dispatches
increased by 7.9% yoy to 201.7mt in 4QFY24. We expected blended
Net Revenue 3,71,203 3,61,540 3% 3,81,523 -3% reasliations to decline by ~9.9% yoy to Rs 1,840/t driven by lower E-
auction premiums. We assume E-auction premiums at 40% of FSA prices
EBITDA 99,816 1,13,731 -12% 68,981 45% in 4QFY24E vs 183.8% in 4QFY23.
EBIT 87,116 1,01,127 -14% 55,557 57%
PAT 82,175 88,080 -7% 54,560 51%

We estimate adjusted EBITDA/t to increase by ~26.3% yoy to Rs 584/t (-
EPS (Rs/share) 13.3 14.3 -7% 8.9 51% 6.4% qoq) with E-auction EBITDA share falling to 14% in 4QFY24E vs
27% in 3QFY24.
Adjusted EBITDA
584.11 624 -6% 462.42 26%
(Rs/t)
EBITDA (Rs/t) 495 595 -17% 369 34%
Hindalco
4QFY24E 3QFY24 QoQ (%) 4QFY23 YoY (%) Comments
(Standalone)
Net Revenue 2,10,090 2,02,890 4% 1,99,950 5% We estimate India aluminum EBITDA to decline by 20.7% yoy to Rs
17.7bn driven by lower LME prices which is partially offset by 5.3% yoy
EBITDA 19,791 19,690 1% 17,690 12% increase in volumes to 340kt. We expect copper business to report flat
volumes and profitability sequntially leading to overall India EBITDA
EBIT 14,691 14,800 -1% 12,650 16% coming in at Rs 24.2bn, up 0.6% qoq.
PAT 8,517 8,380 2% 8,320 2%
EPS (Rs/share) 3.8 3.8 2% 3.7 2%
Aluminum (kt) 340 336 1% 323 5%
Copper Cathodes
119 119 0% 117 2%
(kt)
Aluminum EBITDA
17,686 17,500 1% 22,290 -21%
(incld Utkal)
We expect Novelis shipments to improve by 1.5% qoq to 950kt while
Copper EBITDA 6,522 6,560 -1% 5,980 9% EBITDA to improve by ~15.7% qoq to US$525/t in line with management
guidance of exit EBITDA at US$525/t.
Novelis (US$ mn) QoQ (%) YoY (%)
Shipments (kt) 950 910 4% 936 1%
Revenue 4,136 3,935 5% 4,397 -6%
Adjusted EBITDA 499 387 29% 378 32%
EBITDA (US$/t) 525 454 16% 432 22%
April 08, 2024| 64

JSPL 4QFY24E 3QFY24 QoQ (%) 4QFY23 YoY (%) Comments

Volume (mt) 1.9 1.8 5% 2.0 -6%
Net Revenue 1,16,804 1,17,013 0% 1,36,919 -15% We estimate sales volume to decline by 6.4% yoy to 1.9mt (+5% qoq)
while realisations are likely to decline by 4.1% qoq as both HRC/ Rebar
EBITDA 24,473 28,426 -14% 22,403 9%
has seen a sharp correction in the domestic market. We expect standalone
EBIT 18,073 22,069 -18% 13,674 32% EBITDA to decline by ~15.1% qoq to Rs 12,756/t.
PAT 15,202 19,279 -21% 4,657 226%
EPS 14.9 19.1 -22% 4.6 222%

Key Things to Look For: Volume guidance for steel and coal for FY25E,
Standalone
12,756 15,021 -15% 10,730 19% timelines on capacity ramp-up over FY25-26E and outlook on overseas
EBITDA (Rs/t)
assets.
Consolidated
12,881 15,705 -18% 11,036 17%
EBITDA (Rs/t)
JSW Steel 4QFY24E 3QFY24 QoQ (%) 4QFY23 YoY (%) Comments
Standalone We estimate JSTL's standalone volumes to remain flat yoy at 5.68mt

5.7 5.2 9% 5.7 0%
Volume (mt) (+9.2% qoq) while realisations are likely to decline by 2.7% qoq. In
addition to this, higher cost of coking coal and iron ore are further likely
Net Revenue 4,46,628 4,19,400 6% 4,69,620 -5% to impact profitability. We estimate a ~24.3% qoq decline in standalone
profitability in 4QFY24E.
EBITDA 56,850 71,800 -21% 79,390 -28%
EBIT 35,350 51,210 -31% 59,300 -40%

Key Things to Look For: Volume guidance for FY25E, capex outlook for
PAT 11,308 24,660 -54% 37,490 -70% FY25-26E, Next phase of capacity expansion and Debt guidance for
FY25E.
EPS (Rs/share) 4.7 10.2 -54% 15.6 -70%
Standalone
8,413 11,113 -24% 10,998 -24%
EBITDA (Rs/t)
NMDC 4QFY24E 3QFY24 QoQ (%) 4QFY23 YoY (%) Comments

NMDC's iron ore production declined by ~5.7% yoy to 12.5mt while
Sales Volume (mt) 12.5 11.4 10% 12.4 1% dispatches increased by 0.8% yoy to 12.5mt (+9.8% qoq). Production
decline was mainly on back of lower production in Karnataka as the
company had exhausted its EC clearance in 9MFY24 as the company
Net Revenue 67,015 54,099 24% 58,514 15% expected Kumaraswamy mining capacity approval in 4QFY24E. However,
given the delay in reciving the approval, volumes remained muted in
4QFY24E.
EBITDA 25,465 20,297 25% 21,654 18%
EBIT 24,645 19,478 27% 20,722 19%
Domestic iron ore prices increased by ~Rs 580-620/t in 4QFY24 despite
PAT 20,747 14,927 39% 22,773 -9% price cuts witnessed in Mar'24. We estimate EBITDA/t to increase by
~16.7% yoy to Rs 2,036/t (+14.3% qoq) in 4QFY24E.
EPS (Rs/share) 7.1 5.1 39% 7.8 -9%
EBITDA (Rs/t) 2,036 1,781 14% 1,745 17%
SAIL 4QFY24E 3QFY24 QoQ (%) 4QFY23 YoY (%) Comments

We estimate sales volume to increase by ~13% yoy to 4.7mt on a
Volume (mt) 4.7 3.8 23% 4.7 0% favorable base. We expect realisations to decline by ~4.7% qoq driven
by lower prices in the domestic market and unfavorable product mix. In
addition to this, higher coking coal costs is likely to further impact
Net Revenue 2,74,369 2,33,455 18% 2,91,306 -6% profitability which is likely to be offset by operating leverage resulting in a
~50% qoq EBITDA decline to Rs 2,818/t.
EBITDA 13,246 21,402 -38% 29,139 -55%
EBIT 46 8,196 -99% 15,495 -100%
Key Things to Look For: Guidance on volumes, employee cost for FY25-
PAT -3,258 3,314 -198% 10,490 -131%
26E, capex plans over FY25-30E.
EPS (Rs/share) -0.8 0.8 -198% 2.5 -131%
EBITDA (Rs/t) 2,818 5,617 -50% 6,226 -55%
April 08, 2024| 65

Tata Steel 4QFY24E 3QFY24 QoQ (%) 4QFY23 YoY (%) Comments
India Volume (mt) 5.30 4.88 9% 5.28 0% We expect India volumes to remain flat at 5.3mt (+8.6% qoq) in 4QFY24E
while standalone realisations are likely to decline by ~4% qoq driven by
Europe Volume (mt) 1.80 1.94 -7% 2.16 -17% lower steel prices in both domestic and export market. In addition to this,
higher coking coal costs are likely to further impact profitability and we
Net Revenue 5,22,639 5,53,119 -6% 6,29,615 -17% estimate a ~22.5% qoq decline in standalone EBITDA to Rs 13,088/t. We
estimate Europe EBITDA losses to narrow to US$105/t in 4QFY24E vs
EBITDA 59,356 62,636 -5% 72,192 -18% US$178/t in 3QFY24.
EBIT 34,856 38,415 -9% 48,370 -28%

PAT 14,343 4,487 220% 14,700 -2%
Key Things to Look For: Guidance on KPO-II ramp-up over FY25-26E,
EPS (Rs/share) 1.6 0.4 279% 1.3 25% Expansion plans in India over the next 2-3 years, UK transition and outlook
India EBITDA (Rs/t) 13,088 16,885 -22% 16,786 -22% for FY25-26E and capex guidance for the next two years.
Europe EBITDA
-105 -178 -41% -91.9605 14%
(US$/t)
Godawari Power
and Ispat Limited
We expect GPIL to report a modest increase in revenues driven by higher
Net Revenue 15,555 12,910 20% 14,630 6% pellet prices in the domestic market. However, lower prices and muted
demand in semi finished products are likely to partially offset the increase
EBITDA 3,700 3,614 2% 1,731 114% and result in EBITDA remaining flat sequntially. On a yoy basis, EBITDA is
expected to increase by ~109% yoy on a favorable base as iron ore and
EBIT 3,345 3,266 2% 1,401 139% pellet prices were impacted due to export duties imposed by GoI during
9MFY23.
PAT 2,503 2,452 2% 1,234 103% Key Things to Look For: Outlook on global iron ore prices, Mining
EPS (Rs/share) 18.3 18.0 2% 9.4 95% capacity approval, Pellet expansion, Details on steel plant capex.
Godawari Power
and Ispat Limited
We expect GPIL to report a modest increase in revenues driven by higher
Net Revenue 15,555 12,910 20% 14,630 6% pellet prices in the domestic market. However, lower prices and muted
demand in semi finished products are likely to partially offset the increase
EBITDA 3,700 3,614 2% 1,731 114% and result in EBITDA remaining flat sequntially. On a yoy basis, EBITDA is
expected to increase by ~109% yoy on a favorable base as iron ore and
EBIT 3,345 3,266 2% 1,401 139% pellet prices were impacted due to export duties imposed by GoI during
9MFY23.
PAT 2,503 2,452 2% 1,234 103% Key Things to Look For: Outlook on global iron ore prices, Mining
EPS (Rs/share) 18.3 18.0 2% 9.4 95% capacity approval, Pellet expansion, Details on steel plant capex.
Lloyds metal and

energy Limited
Iron Ore Volume
1.8 2.6 -31% 1.1 64% LMEL iron ore sales stood at 1.8mt, up 63.6% yoy while volumes declined
(mt)
by ~30.8% sequentially due to capacity challenges as the company has
Net Revenue 12,762 19,105 -33% 8,763 46% exhausted its of 10mt annual capacity. We expect realisations to increase
by ~14% qoq as the company has taken price hikes during Dec-Feb'24.
EBITDA 3,359 4,477 -25% 1,646 104% We expect EBITDA to increase by ~104.1% yoy to Rs 3.4bn in 4QFY24E.
EBIT 3,209 4,330 -26% 1,577 103%

Key Things to Look For: Volume guidance for FY25-26E, Timelines for
PAT 2,542 3,315 -23% 2,690 -5%
55mtpa EC approval, Capex plans for FY25-29E
EPS (Rs/share) 5.0 6.6 -23% 5.3 -5%
April 08, 2024| 66

Oil & Gas

• Brent: $ 81.7/bbl (down 1% qoq) | Sing GRM: $ 8.8/bbl (up 7%) | Spot LNG : $ 9.5/mmbtu
(down 40% qoq)
• Marketing Margins est: Petrol - Rs 5.46/lit (vs Rs 9.45/lit in 3Q) | Diesel: Rs 4.13/lit (vs Rs
2.06/lit in 3Q)
• Transmission Companies: Owing to the sharp decline in LNG prices, transmission comapnies
should record a healthy uptick in volumes. GSPL volumes recovere to 31mmscmd on
improved demand from power & refining sectors. Nevertheless, tariffs to remain elevated
owing to IOCL Panipat volumes. GAIL should witness solid profitability led by (i) Decent
growth in core transmission segment volumes (ii) recovery in LPG price. (iii) Better profitability
from the tradnig segmen
• Petronet LNG: Volumes to recover sequentially. Expect one-offs from take or pay revenues.
• CGDs : GGAS: Both volumes and margins to witness a strong uptick driven by higher
industrial demand | IGL - Expect a modest volume growth of 3% yoy but healthy uptick in
EBITDA/scm to 8.4/scm | MGL: Strong volume growth but EBITDA/scm to moderate from
highs.
• Reliance Industries: Expect healthy performance from Jio and Retail, while E&P/O2C
segment's profitability stabilizes.
• APAR Industries: Expect moderation in conductor segment margins and cable segment growth
owing to pressures in global markets, while TSO should report higher profitability.
Top Pick: GSPL & GGAS
GAIL 4QFY24E 3QFY24 QoQ (%) 4QFY23 YoY (%) Comments & Outlook
Net Sales 3,54,438 3,42,365 3.5% 3,28,432 7.9%

GAIL will see qoq improvement in transmission volume and stable tariff.
EBITDA 35,584 38,226 -6.9% 3,072 1058.5% LPG realization will improve sharply on higher prices. Petchem will have
improvement in volume and also profitability.
EBIT 28,241 30,383 -7.1% -3,360 -940.5%
PAT 25,375 28,426 -10.7% 6,035 320.5%
EPS 3.9 4.3 -10.7% 0.9 320.5% Key Things to Look For: Tariff implementation, Trading Margin
EBITDAM 10% 11% -113 1% 910
GSPL 4QFY24E 3Q24 QoQ (%) 4Q23 YoY (%) Comments & Outlook
Net Sales 4,284 5,542 -22.7% 4,430 -3.3%

GSPL transmission volume will be up 6% qoq to 31mmscmd driven by
EBITDA 3,632 3,796 -4.3% 3,105 17.0% CGD and refinery segment. Transmission tariff will remain high due to
swapping of IOC Panipat volume but will be lower qoq.
EBIT 3,104 3,308 -6.2% 2,622 18.3%
PAT 2,482 2,622 -5.3% 2,401 3.3%
EPS 4.4 4.7 -5.3% 4.0 10.6% Key Things to Look For: Volume growth & Tariff guidance
EBITDAM 85% 68% 1631 70% 1470
Gujarat Gas 4QFY24E 3Q24 QoQ (%) 4Q23 YoY (%) Comments & Outlook
Net Sales 40,541 39,291 3.2% 39,286 3.2%

Volume will improve qoq on higher industrial volume driven by Morbi.
EBITDA 6,077 4,007 51.7% 5,603 8.4%
Margin will sharply improve on falling spot LNG price.
EBIT 4,971 2,806 77.1% 4,509 10.2%
PAT 3,980 2,203 80.7% 3,692 7.8%
Key Things to Look For: Outlook on volume recovery, Morbi competition
EPS 5.8 3.2 80.7% 5.4 7.8%
with Propane price
EBITDAM 15% 10% 479 14% 73
April 08, 2024| 67

Mahanagar Gas 4QFY24E 3Q24 QoQ (%) 4Q23 YoY (%) Comments & Outlook
Net Sales 15,578 15,688 -0.7% 16,105 -3.3%

Volume to grow at 10% yoy driven by CNG. EBITDA/scm to witness
EBITDA 4,375 4,487 -2.5% 3,897 12.3%
sequential moderation on account of price cuts.
EBIT 3,684 3,804 -3.2% 3,259 13.1%
PAT 3,128 3,172 -1.4% 2,688 16.4%
EPS 31.7 32.1 -1.4% 27.2 16.4% Key Things to Look For: Outlook on volume and Ramp-up in Raigadh
EBITDAM 28% 29% -52 24% 389
Indraprastha Gas 4QFY24E 3Q24 QoQ (%) 4Q23 YoY (%) Comments & Outlook
Net Sales 35,115 35,562 -1.3% 36,872 -4.8%

Expect volume growth to moderate at 3% yoy growth at 8.5mmscmd.
EBITDA 6,391 5,641 13.3% 4,663 37.1%
Expect EBITDA/scm to improve qoq on falling spot LNG price
EBIT 5,348 4,623 15.7% 3,725 43.6%
PAT 4,464 3,921 13.9% 3,298 35.4%
Key Things to Look For: Outlook on volume and Ramp-up in
EPS 6.4 5.6 13.9% 4.7 35.4%
Gurgaon/Rewari
EBITDAM 18% 16% 234 13% 555
Petronet LNG 4QFY24E 3Q24 QoQ (%) 4Q23 YoY (%) Comments & Outlook
Net Sales 1,47,573 1,47,472 0.1% 1,38,739 6.4%

EBITDA 12,685 17,060 -25.6% 9,431 34.5% Volume to improve 3% qoq. Likely few one-off related to take-or-pay
EBIT 10,537 15,105 -30.2% 7,545 39.7%
PAT 8,023 11,907 -32.6% 6,142 30.6%
EPS 5.3 7.9 -32.6% 4.1 30.6% Key Things to Look For: Capex on various initiatives
EBITDAM 9% 12% -297 7% 180
Reliance Ind
4QFY24E 3Q24 QoQ (%) 4Q23 YoY (%) Comments & Outlook
(Consol)
Net Sales 22,95,986 22,50,860 2.0% 21,29,450 7.8%
Profitability to improve sequentially on better O2C earnings. Jio and
EBITDA 4,22,322 4,06,560 3.9% 3,84,400 9.9% Retail should continue to deliver robust performance, while E&P should
witness steady realization
EBIT 2,91,345 2,77,530 5.0% 2,69,840 8.0%
PAT 2,43,055 1,94,880 24.7% 2,12,960 14.1%
EPS 35.9 28.8 24.7% 31.5 14.1% Key Things to Look For: Margin outlook in refinery and petchem
EBITDAM 18% 18% 33 18% 34
Apar Ind 4QFY24E 3Q24 QoQ (%) 4Q23 YoY (%) Comments & Outlook
Net Sales 47,433 40,132 18.2% 40,886 16.0%

Conductor to see some drop-in margin on qoq. TSO to witness improve
EBITDA 3,848 4,050 -5.0% 4,239 -9.2% profitability. Cable segment to report slowing growth on account of weak
export
EBIT 3,461 3,762 -8.0% 3,966 -12.7%
PAT 2,022 2,177 -7.1% 2,428 -16.7%
Key Things to Look For: Outlook in Transformer oil and Order flow in
EPS 52.5 56.5 -7.1% 63.1 -16.7%
Conductor
EBITDAM 8% 10% -198 10% -225
April 08, 2024| 68

BPCL 4QFY24E 3Q24 QoQ (%) 4Q23 YoY (%) Comments & Outlook
Expect a sharp QoQ improvement in profitability owing to
Net Sales 11,32,318 11,54,942 -2.0% 11,81,121 -4.1% (i) higher Refining Margins
(ii) Improved marketing margins on Diesel (up from Rs 2/lit in 3Q to Rs
4/lit in 4Q)
EBITDA 91,061 62,262 46.3% 1,11,537 -18.4%
along with inventory gains (vs loss earlier).
Our estimates factor in GRMs of $14/bbl (incl of inventory gains) while
EBIT 71,889 44,018 63.3% 95,579 -24.8% throughput imrpves sequentially. Expect a marginal uptick in Marketing
volumes by 2% yoy.
PAT 50,226 33,973 47.8% 78,377 -35.9%
EPS 23.6 16.0 47.8% 36.8 -35.9% Key Things to Look For: Debt levels, capex progress
EBITDAM 8% 5% 265 9% -140
HPCL 4QFY24E 3Q24 QoQ (%) 4Q23 YoY (%) Comments & Outlook
EBITDA growth of ~2.8x QoQ on a low base as throughput revives
Net Sales 10,29,761 11,13,063 -7.5% 10,79,278 -4.6% sharply after maintainence along with better margins.
We factor in
EBITDA 59,949 21,636 177.1% 47,986 24.9% (i) Highest ever Throughput of 6.1 MMT along with GRMs of $ 10.4/bbl
(incl of inventory gasin of $1.5/bbl)
EBIT 45,744 8,258 454.0% 37,544 21.8% (ii) Marketing Volumes inches up 1% sequentially but higher retailing
margins on HSD to drive the profitability
PAT 34,289 5,290 548.2% 32,226 6.4%
EPS 24.2 3.7 548.2% 22.7 6.4% Key Things to Look For: Debt levels, capex progress
EBITDAM 6% 2% 388 4% 138
IOC 4QFY24E 3Q24 QoQ (%) 4Q23 YoY (%) Comments & Outlook
Largely flattish Profitability on YoY/QoQ basis mainly due decling
Net Sales 19,13,279 19,91,040 -3.9% 20,29,941 -5.7% throughput and marketing volumes. While marketing profitability
improves a sequential dip in GRMs (no major inventory gains) should
EBITDA 1,62,806 1,54,887 5.1% 1,53,403 6.1% keep a lid on the profitability.
We factor
(i) Throughput of 18 MMT down 6% yoy and GRMs of $ 12/bbl
EBIT 1,20,820 1,11,474 8.4% 1,23,886 -2.5%
(ii) Marketing Volumes of 21.9MMT down 3% yoy
PAT 87,840 80,634 8.9% 1,00,587 -12.7%
EPS 6.4 5.9 8.9% 7.3 -12.7% Key Things to Look For: Debt levels, capex progress
EBITDAM 9% 8% 73 8% 95
April 08, 2024| 69

Healthcare
Outlook
• Strong quarter for multiple companies as few companies will resume their gRevlimid supplies
as per the revised volumes. Meantime, 4Q phenomenon will play out for few owing to lower
domestic biz and higher opex (seen historically). Dr Reddy’s could negatively surprise as it
could see sequential decline in contribution from gRevlimid. Domestic universe will show a
resilient quarter with low double-digit growth and margins expansion.
Top Picks: Alkem Laboratories, Torrent Pharma
Lupin 4QFY24E 3QFY24 QoQ (%) 4QFY23 YoY (%) Comments & Outlook
Net Sales 50,547 51,974 -3% 44,301 14%

Expecting sequentially a flattish quarter as decline in gPrezista and
EBITDA 10,087 10,220 -1% 6,041 67% gSuprep will be completely offset by higher launch of gNascobal and
gProlensa under 180 day exclusivity.
EBIT 7,487 7,648 -2% 3,401 120%
PAT 5,401 6,131 -12% 2,360 129%
EPS 12 13 -8% 5 140% Update on gJynarque launch and gRevlimid

EBITDA Margin
20% 20% 29 14%
(%) 632
Alembic 4QFY24E 3QFY24 QoQ (%) 4QFY23 YoY (%) Comments & Outlook
Net Sales 15,621 16,306 -4% 14,065 11%

Sequential decline owing to dearth of new launches, lower domestic biz
EBITDA 2,320 2,664 -13% 2,232 4%
(seasonality). Lower doemstic biz will also have a drag on margins.
EBIT 1,607 1,969 -18% 1,491 8%
PAT 1,214 1,805 -33% 1,526 -20%
EPS 6.00 9 -33% 8 -25% Update on high value launches and filing from new plants.
EBITDA Margin
15% 16% -100 16% -100
(%)
Ajanta Pharma 4QFY24E 3QFY24 QoQ (%) 4QFY23 YoY (%) Comments & Outlook
Net Sales 9,864 11,052 -11% 8,818 12%

Yoy growth to be led by strong growth in Africa and Asia, India growth will
EBITDA 2,158 3,141 -31% 1,494 44%
remain strong with 10% yoy growth.
EBIT 1,816 2,798 -35% 1,164 56%
PAT 1,450 2,100 -31% 1,223 19%
EPS 12 17 -29% 10 20% Update on new therapies, commentary on new launches in the US,
commentary on Domestic growth outlook
EBITDA Margin
22% 28% -600 17% 500
(%)
Dr Reddy's Labs 4QFY24E 3QFY24 QoQ (%) 4QFY23 YoY (%) Comments & Outlook
Net Sales 63,696 72,148 -12% 60,328 6%

Expecting sharp sequential decline owing to gRevlimid where we believe
EBITDA 14,294 20,180 -29% 12,649 13% company would have supplied large part of the volumes in the previous
quarter, additional comeptition in gCiprodex and erosion in gVascepa
EBIT 10,431 16,300 -36% 9,459 10%
PAT 8,617 13,789 -38% 9,592 -10%
EPS 52 83 -37% 58 -10% Key Things to Look For: Commentary on gIxempra launch, outlook on ex.
Revlimid margin.
EBITDA Margin
22% 28% -600 21% 100
(%)
April 08, 2024| 70

Cipla Ltd 4QFY24E 3QFY24 QoQ (%) 4QFY23 YoY (%) Comments & Outlook
Net Sales 62,977 66,038 -5% 57,393 10% Expecting flattish sequentially as US to remain flattish on the account of
dearth of new launches and gRevlimid will brodly remain constant.
EBITDA 13,874 17,475 -21% 11,737 18%
Moreover, owing to lower domestic biz and higher opex, margins will be
EBIT 11,152 15,141 -26% 8,275 35% under pressure
PAT 8,724 10,559 -17% 5,257 66%
EPS 11 16 -31% 9 22% Key Things to Look For: Update on Lanreotide market-share, ex. Revlimid
base margin, update on inhaler filings
EBITDA Margin
22% 26% -400 20% 200
(%)
Aurobindo
Pharma
Net Sales 73,332 73,518 0% 64,730 13%
Lower US biz owing to supply disruptions in Unit-4 will be completely offset
EBITDA 15,241 16,013 -5% 10,022 52%
by higher API revenues. Consequently hitting the margins.
EBIT 11,041 11,780 -6% 6,566 68%
PAT 9,557 9,389 2% 5,059 89%
EPS 16 16 0% 9 78% Key Things to Look For: Update on high value launches, Depo filings,
commentary on Unit 4 remediation.
EBITDA Margin
21% 22% -100 15% 600
(%)
Zydus Lifesciences 4QFY24E 3QFY24 QoQ (%) 4QFY23 YoY (%) Comments & Outlook
Net Sales 52,661 45,052 17% 50,106 5%

Strong sequnetial increase is on the back of resumption of new supplies
EBITDA 15,324 10,818 42% 13,141 17% for gRevlimid, residual US biz will remain flattish owing to dearth of new
launches.
EBIT 13,526 11,355 19% 11,355 19%
PAT 10,869 10,163 7% 2,966 266%
EPS 10.00 8 25% 9 11% Key Things to Look For: Margins ex Revlimid, commentary on Asacol HD
competition.
EBITDA Margin
29% 24% 500 26% 300
(%)
Ipca Labs 4QFY24E 3QFY24 QoQ (%) 4QFY23 YoY (%) Comments & Outlook
Net Sales 20,719 20,529 1% 15,116 37%

Yoy growth to be led by strong growth in domestic biz and acquisition of
EBITDA 3,083 3,313 -7% 1,810 70%
Unichem laboratories.
EBIT 2,079 2,318 -10% 1,115 86%
PAT 1,190 1,799 -34% 765 56%
EPS 5.00 4 25% 3 67% Key Things to Look For: Commentary on domestic biz, outlook on API
biz and update on US approvals following facilities clearance
EBITDA Margin
15% 16% -100 12% 300
(%)
Torrent Pharma 4QFY24E 3QFY24 QoQ (%) 4QFY23 YoY (%) Comments & Outlook
Net Sales 28,275 27,320 3% 24,910 14%

Strong growth to be led by domestic biz, Brazil and Germany. Germany
EBITDA 9,066 8,690 4% 7,270 25%
shall see benefit of supplies of new contracts awarded over last quarters.
EBIT 6,923 6,560 6% 5,310 30%
PAT 4,223 4,430 -5% 2,870 47%
EPS 12.00 13 -8% 8 50% Key Things to Look For: Growth in domestic biz, commentary on approvals
from dahej, Onco launch plans.
EBITDA Margin
32% 32% 0 29% 300
(%)
April 08, 2024| 71

Natco 4QFY24E 3QFY24 QoQ (%) 4QFY23 YoY (%) Comments & Outlook
Net Sales 9,723 7,586 28% 8,979 8%
Strong sequential growth on the back of resumption of supplies for
EBITDA 3955 2,681 48% 3,391 17%
gRevlimid following volumes revision.
EBIT 3504 2,239 56% 2981 18%
PAT 2767 2,127 30% 2758 0%
EPS 15 12 25% 15 0% Key Things to Look For: Commentary on high value launches beyond
gRevlimid
EBITDA Margin
41% 35% 600 38% 300
(%)
Sun
Pharmaceutical
Net Sales 1,22,237 1,23,807 -1% 1,09,307 12%
Pick up in Ciprodex, specialty biz and contribution from gRevlimid to aid
EBITDA 32,799 33,523 -2% 28,293 16%
the quarter over 3Q which was benfitted by US$ 20mn milestone income.
EBIT 26,226 27,301 -4% 21,578 22%
PAT 22,798 25,238 -10% 19,845 15%
EPS 10 11 -9% 8 25% Key Things to Look For: Specialty business margins, commentrary on
complex generics.
EBITDA Margin
27% 27% 0 26% 100
(%)
Divis 4QFY24E 3QFY24 QoQ (%) 4QFY23 YoY (%) Comments & Outlook
Net Sales 19,348 18,550 4% 19,508 -1%
Expecting supplies of Contrast media products from December to aid
EBITDA 5,452 4,890 11% 4,876 12%
topline and margins.
EBIT 4,505 3,940 14% 4,006 12%
PAT 4,176 3,580 17% 3,210 30%

Key Things to Look For: Update on approvals for additional capacity,
EPS 16 13 23% 12 33% commissioning of additional lines in custom synthesis capex, and progress
towards manufacturing 10 new molecules.
EBITDA Margin
28% 26% 25% 300
(%)
Abbott India 4QFY24E 3QFY24 QoQ (%) 4QFY23 YoY (%) Comments & Outlook
Net Sales 14,640 14,371 2% 13,431 9% Expecting growth across portfolio with a) partial benefit of price hikes and
b) ant-diabetic and GI products posting a strong yoy growth. Impact of
EBITDA 3834 3877 -1% 2801 37%
Duphaston has been already hit; so not expecting any incremental
EBIT 3654 3697 -1% 2628 39% pressure there.
PAT 3036 3110 -2% 2314 31%
EPS 143 146 -2% 109 31% Key Things to Look For: commentary on new launches
EBITDA Margin
26% 27% -100 21% 500
(%)
Gland Pharma 4QFY24E 3QFY24 QoQ (%) 4QFY23 YoY (%) Comments & Outlook
Net Sales 14,670 15,452 -5% 7,850 87%
EBITDA 3,362 3,564 -6% 1,684 100% Dearth of new launches and lower milestone income to hit the quarter.
EBIT 2,362 2,510 -6% 1,309 80%
PAT 1,961 1,919 2% 787 149%
Key Things to Look For: Update on China expansion, timelines for complex
EPS 12 12 0% 5 140%
launches
EBITDA Margin (%) 23% 23% 0 21% 200
Alkem Laboratories 4QFY24E 3QFY24 QoQ (%) 4QFY23 YoY (%) Comments & Outlook
Net Sales 32,883 33,239 -1% 29,026 13%
Strong growth yoy as Jan and Feb had higher incidence of infections/cold
EBITDA 5,329 7,076 -25% 3,533 51% and cough. While we are factoring margins to decline sequentially owing
to changes undertaken in the company, we see risk of upside surprise.
EBIT 4,492 6,380 -30% 2,749 63%
PAT 4,089 5,950 -31% 710 476%
Key Things to Look For: commentary on margins and opex control
EPS 34 50 -32% 6 467%
measures.
EBITDA Margin (%) 16% 21% -500 12% 400
April 08, 2024| 72

Dr Lalpathlabs 4QFY24E 3QFY24 QoQ (%) 4QFY23 YoY (%) Comments & Outlook
Net Sales 5,492 5,389 2% 4,910 12% W expect moderate growth of 6% in volumes. Yoy revenue growth will be
EBITDA 1,389 1,406 -1% 1,156 20% aided by realizations as company had taken price increase at the beginning
1,001 of the year.
EBIT 1,046 -4% 780 28%
PAT 849 813 4% 567 50%
EPS 10 10 0% 7 43% Things to watch out: Realizations; volume growth and competition outlook.
EBITDA Margin (%) 25% 26% -100 24% 100
Metropolis 4QFY24E 3QFY24 QoQ (%) 4QFY23 YoY (%) Comments & Outlook
Net Sales 2,936 2,911 1% 2,825 4%
Owing to discountinuation of Instituional biz, we are expecting flattish no
EBITDA 658 648 2% 703 -6% yoy. However, core volumes ex COVID is expected to grow at 4% despite
no inti biz.
EBIT 407 399 2% 469 -13%
PAT 321 272 18% 334 -4%
Things to watch out: Realizations (ex Insti), outlook on competition and
EPS 6 5 20% 7 -14%
pricing.
EBITDA Margin (%) 22% 22% 0 25% -300
Krsnaa Diagnostics 4QFY24E 3QFY24 QoQ (%) 4QFY23 YoY (%) Comments & Outlook
Net Sales 1,700 1,583 7% 1,332 28%
We believe Odisha ramp-up to margins as its losses at GM level will be
EBITDA 426 374 14% 345 23% offset by it. While yoy growth will be delivered by execution of recently
awarded contracts and ramp-up of base biz.
EBIT 226 162 40% 199 14%
PAT 170 130 31% 189 -10%
EPS 5 4 25% 6 -17% Update on Rajasthan, commentary on new contracts under process
EBITDA Margin (%) 25% 24% 100 26% -100
Apollo Hospitals 4QFY24E 3QFY24 QoQ (%) 4QFY23 YoY (%) Comments & Outlook
Net Sales 49,370 48,506 2% 43,022 15%
Strong revenue growth yoy on the account of strong growth in pharmacy
EBITDA 6,248 6,137 2% 4,882 28% biz and improving occupancy in hospitals. 24/7 cost will be the key catalyst
for the margins.
EBIT 4,560 4,467 2% 3,291 39%
PAT 2,695 2,453 10% 1,445 87%
Key Things to Look For: Occupancy improvement, costs reduction in Apollo
EPS 19 17 12% 10 90%
24/7 and update on stake sale in AHL
EBITDA Margin (%) 13% 13% 0 11% 200
HCG 4QFY24E 3QFY24 QoQ (%) 4QFY23 YoY (%) Comments & Outlook
Net Sales 4,979 4,690 6% 4,410 13%
Strong momentum to continue with improving ARPOB and better
EBITDA 863 777 11% 756 14%
occupancy will lead to positive operating leverage.
EBIT 437 336 30% 334 31%
PAT 204 57 258% 84 143%
EPS 1 0 - 1 0% Key Things to Look For: FCF, Occupancy of new hospitals.
EBITDA Margin (%) 17% 17% 0 17% -
KIMS 4QFY24E 3QFY24 QoQ (%) 4QFY23 YoY (%) Comments & Outlook
Net Sales 6,293 6,058 4% 5,759 9%
Increase in occupancy to deliver healthy growth. Pick-up in Sunshine to aid
EBITDA 1,601 1,471 9% 1,632 -2% further. As Sunshine old premises cost are susiding, expecting margin
improvement in the biz
EBIT 1214 1,117 9% 1,278 -5%
PAT 740 718 3% 933 -21%
Key Things to Look For: Thane hospital update, improvement in Nagpur,
EPS 9 9 0% 12 -25%
commentary on Thane Hospital
EBITDA Margin (%) 25% 24% 100 28% -300
April 08, 2024| 73

Narayana
Hrudayalaya
Net Sales 12,902 12,036 7% 12,216 6%
Strong growth to be led by improevement in Occupancy in Flagship
EBITDA 2,943 2,789 6% 2,757 7%
hospitals.
EBIT 2290 2,158 6% 2,194 4%
PAT 1746 1,880 -7% 1,731 1%
EPS 9 9 0% 8 13% Key Things to Look For: Update on expansion and Cayman capex update.
EBITDA Margin (%) 23% 23% 0 23% -
April 08, 2024| 74

Ports & Logistics

Outlook
• Major Port volumes: Major ports volume during Jan’24 and Feb’24 increased by
2.9% YoY to 139.5MMT.
• Major Port container volumes: During Jan’24 and Feb’24, Container volumes (tons)
at major ports were up 2.9% YoY to 29.8MMT. Container volumes (TEUs) at major
ports were up 7.0% YoY to 2,061 TEUs (‘000).
• Non-major Port volumes: Non-major ports volume during Jan’24 and Feb’24
increased by 15.4% YoY to 124.6MMT.
• Non-major Port container volumes: During Jan’24 and Feb’24, Container volumes
(tons) at non-major ports were up 31.4% YoY to 25.2MMT. During Jan’24 and
Feb’24, Container volumes (TEUs) at non-major ports were up 11.9% YoY to 1647
TEUs.
• E-way bill data: During Jan’24 and Feb’24, E-way bills generated were up 17.6%
YoY.
• LPG Imports: During Jan’24 and Feb’24, India’s LPG import was stable YoY to
3.3MMT while India’s LPG consumption was up 8.0% YoY to 5.3MMT.
• Volumes for Road Logistics players (LTL and Express) are expected to have grown in
the range of 10-12% yoy. There has been strong growth expected in the month of
March with the financial year ending. We expect operating margin pressure to
continue for these players, though the reduction in diesel prices in the second half
of March will provide some breather to margins.
• We believe with the most of part of the western DFC has commissioned, there could
be gradual shift of few of the commodities to the rail from the road over near to
medium term.
• EXIM rail container segment is expected to witness flattish trend on YoY and QoQ
basis in terms of volume.
Top picks: Gateway Distriparks, Aegis Logistics and Gujarat Pipavav Port
Adani Ports and
Special Economic 4QFY24E 3QFY24 QoQ (%) 4QFY23 YoY (%) Comments & Outlook
Zone Limited
Net Sales 69,964 69,201 1.1% 57,969 20.7%
Total volume handled at ADSEZ during 4QFY24 stands at 108.5MMT
EBITDA 42,122 41,860 0.6% 32,713 28.8% leading to healthy jump in revenues yoy . We expect operating margins
to be in the range of ~59%-60% given the revenue mix.
EBIT 32,262 32,006 0.8% 24,265 33.0%
PAT 21,296 22,084 -3.6% 24,323 -12.4%
Key Things to Look For: Global container trade, Performance of

EPS 9.86 10.22 -3.6% 11.09 -11.1%
international ports etc
EBITDA Margin
(%)
60% 60% -29 bps 56% 377 bps
Gujarat Pipavav
Port Limited
Net Sales 2,391 2,696 -11.3% 2,347 1.9%
Total volume handled by GPPV during 4Q was down 2.5% yoy and 10%
EBITDA 1,391 1,593 -12.7% 1,299 7.1% qoq impacted on account of red sea related disruptions.EBITDAM is
expected to be in 58%-59% range.
EBIT 1,101 1,301 -15.4% 1024 7.6%
PAT 1045 1,104 -5.3% 890 17.4%
Key Things to Look For: Sustainability of container volumes and clarity on

EPS 2.16 2.28 -5.3% 1.84 17.4%
concession agreement extension
EBITDA Margin
(%)
58% 59% -89 bps 55% 283 bps
April 08, 2024| 75

TCI Express
Limited
Net Sales 3,305 3,119 6.0% 3,263 1.0%
We expect TCIEXP's volume to grow 6% qoq / flat yoy. Overall, TCIEXP's
EBITDA 515 456 13.0% 541 -5.0% revenues are expected to be up 6% yoy / up 1% qoq while the margins
are expected to be in the range of 15.6% - 16%.
EBIT 465 408 14.0% 499 -7.0%
PAT 355 322 10.0% 385 -8.0%
Key Things to Look For: 1) Performance of newer segments; 2) Fleet
EPS 9.26 8.40 10.0% 10.04 -8.0% utilisation; 3) Update on ongoing capex plan and 4) Margin outlook
EBITDA Margin with automation benefit flowing in
16% 15% 97 bps 17% -101 bps
(%)
Mahindra
Logistics Limited
Net Sales 14,776 13,972 6.0% 12,725 16.0% M&M auto and farm volumes was up 2.9% yoy / down 8.4% qoq in
EBITDA 603 522 15.0% 637 -5.0% 4QFY24. We estimate MLL's revenue to grow 16% yoy / 6% qoq. We
EBIT 78 8 911.0% 85 -8.0% expect EBITDAM of hover at ~4-4.5%.
PAT -44 -212 -79.0% -8 439.0%

Key Things to Look For: 1) MLL's express business (Rivigo) ramp-up and
EPS -0.61 -2.95 -79.0% -0.11 439.0%
margin outlook ; 2) Outlook on the M&M business and the warehousing
EBITDA Margin demand; 3) New order wins and 4) Auto sector trends
4% 4% 34 bps 5% -93 bps
(%)
VRL Logistics
Limited
Net Sales 7,708 7,367 5.0% 6,982 10.0% We expect VRLL's volume to grow 11% yoy / 5% qoq. Overall, VRLL's
EBITDA 1,032 943 9.0% 1,141 -10.0% revenues are expected to be up 10% yoy / 5% qoq while the margins
EBIT 455 376 21.0% 688 -34.0% are expected to be in the range of 13-13.5%
PAT 235 137 72.0% 610 -62.0% Key Things to Look For: 1) Status of capex (new truck addition), 2)
EPS 2.68 1.56 72.0% 6.9 -61.0% Outlook on operating margins, 3) Performance of newly added
EBITDA Margin branches in North and East India, 4) Demand pickup across sectors and
13% 13% 58 bps 16% -296 bps 5) Diesel procurement from refineries vs retail
(%)
Aegis Logistics
Limited
Net Sales 17,212 18,734 -8.0% 21,545 -20.0%
LPG imports was stable yoy in the months of January and February. We
EBITDA 2,188 2,118 3.0% 2,026 8.0%
expect AGIS EBITDA to increase 8% yoy / 3% qoq.
EBIT 1,832 1,773 3.0% 1,734 6.0%
PAT 1,349 1,301 4.0% 1,409 -4.0%
EPS 3.84 3.71 4.0% 4.01 -4.0% Key Things to Look For: 1) Update on capex plans and 2) Update on its
EBITDA Margin JV with Vopak
13% 11% 141 bps 9% 331 bps
(%)
Gateway
Distriparks Limited
Net Sales 3,955 3,929 1.0% 3,770 5.0%
Overall revenues are estimated to be up 5% yoy / 1% qoq. Margins are
EBITDA 1,010 978 3.0% 933 8.0%
expected to be in the range of 25.5-26%.
EBIT 770 741 4.0% 674 14.0%
PAT 763 633 21.0% 685 11.0%
EPS 1.53 1.27 21.0% 1.37 11.0% Key Things to Look For: 1) Volume from recently acquired ICD Kashipur;
EBITDA Margin 2) Status of ICD Jaipur and 3) Status of new ICD additions
26% 25% 66 bps 25% 78 bps
(%)
Transport
Corporation of 4QFY24E 3QFY24 QoQ (%) 4QFY23 YoY (%) Comments & Outlook
India Limited
Net Sales 10,743 10,020 7.0% 9,793 10.0%
Overall revenues are estimated to be up 5% yoy / 1% qoq. Margins are
EBITDA 1,115 999 12.0% 1080 3.0%
expected to be in the range of 25.5-26%.
EBIT 778 668 16.0% 769 1.0%
PAT 945 794 19.0% 815 16.0%
EPS 12.17 10.13 19.0% 10.52 16.0% Key Things to Look For: 1) Volume from recently acquired ICD Kashipur;
EBITDA Margin 2) Status of ICD Jaipur and 3) Status of new ICD additions
20% 10% 41 bps 11% -65 bps
(%)
April 08, 2024| 76

Container
Corporation of 4QFY24E 3QFY24 QoQ (%) 4QFY23 YoY (%) Comments & Outlook
India Limited
Net Sales 22,010 22,051 0.0% 21,660 2.0%
Overall revenue are estimated to be up 2% yoy / flat qoq. Margins are
EBITDA 4,994 5,117 -2.0% 4,447 12.0%
expected to be at ~22.5-23%.
EBIT 3,417 3,574 -4.0% 2,539 35.0%
PAT 3,128 3,344 -6.0% 2,797 12.0%
EPS 5.13 5.49 -6.0% 4.59 12.0% Key Things to Look For: 1) Update on divestment; 2) Update on market
share across regions; 3) update capex plans and 4) LLF provisioning.
EBITDA Margin
23% 23% -52 bps 21% 216 bps
(%)
April 08, 2024| 77

Retail & Textiles

Outlook
• A continued weakness in demand trends to result in muted performance for most apparel &
footwear players, though network addition & low base of last year to make revenue numbers
optically higher. Trent & Metro brands, despite strong base, are expected to lead in respective
segments. Mass retailer like V-Mart is too expected to see decent pickup led by improving
SSSG.
• Home Textile exporters should report largely flattish performance in absence of strong volume
growth. Gokaldas & KPR should post strong performance led by steady garment volumes &
improving yarn & sugar margins.
Top Picks: Gokaldas Exports, KPR Mills, Metro Brands, Go Fashion
ABFRL 4QFY24E 3QFY24 QoQ (%) 4QFY23 YoY (%) Comments & Outlook
Net Sales 34,818 41,667 -16.4% 28,797 20.9% Amidst seasonally weak quarter & muted demand, we expect sluggish
performance in both lifestyle & Pantaloons. Several cost control
EBITDA 3,562 5,533 -35.6% 1,928 84.7% measures & concious lower discounting (continued from last quarter) to
see improved Pantaloons profitability on yoy basis. Expect consol.
EBIT -748 1,092 NA -1,557 -52.0% EBITDA margin of 10.2% on weak base.
PAT -2,127 -1,149 NA -1,969 8.0%
EPS -2.27 -1.22 NA -2.10 8.0% Key things to look for: Demand growth, stores additions, SSSG.
EBITDAM 10.2% 13.3% -305 6.7% 353
TRENT 4QFY24E 3QFY24 QoQ (%) 4QFY23 YoY (%) Comments & Outlook
Net Sales 32,243 33,125 -2.7% 20,772 55.2% Trent will continue to outperform the apparel peers with industry leading
performance led by mid-single digit SSSG & strong store additions.
EBITDA 4,466 6,232 -28.3% 2,120 110.6% Expect ~55% yoy growth in revenues with EBITDA margins expanding
~364bps yoy at 13.9% (on low base) owing to better operating
EBIT 2,831 4,656 -39.2% 839 237.3% leverage.
PAT 2,265 3,436 -34.1% 1,051 115.4%
EPS 6.37 9.67 -34.1% 2.96 115.4% Key things to watch for: Demand growth trends & store openings
EBITDAM 13.9% 18.8% -496 10.2% 364
Page Ind 4QFY24E 3QFY24 QoQ (%) 4QFY23 YoY (%) Comments & Outlook
Net Sales 11,033 12,288 -10.2% 9,691 13.9% On a weak base of last year, expect ~14% yoy growth in revenues led
by continued weakness in athleisure & innerwear demand. Margins are
EBITDA 2,064 2,297 -10.1% 1,343 53.7%
expected to remain largely flattish on qoq basis with continued benefit
EBIT 1,828 2,070 -11.7% 1,130 61.8% from cost control measures undertaken in previous quarters.
PAT 1,298 1,524 -14.8% 784 65.7%
EPS 116.37 136.59 -14.8% 70.25 65.7% Key things to watch: Volume growth, stores expansion, segment growth
EBITDAM 18.7% 18.7% 2 13.9% 485
V-mart 4QFY24E 3QFY24 QoQ (%) 4QFY23 YoY (%) Comments & Outlook
Net Sales 6,681 8,891 -24.9% 5,939 12.5% As per the business update, a 12.5% yoy revenue growth for 4Q is likely
led by improved SSSG (V-Mart: 4%, UL: 13%) coupled with improved
EBITDA 402 1,197 - 229 75.5% revenue per store as closure remained high, but in-line with guidance.
Margins to improve on yoy base led by better product mix & scale
EBIT -161 614 - -255 -36.9% benefits.
PAT -339 282 - -370 -8.2%
EPS -17.18 14.29 - -18.71 -8.2% Key things to watch: Demand recovery, store additions, capex progress
EBITDAM 6.0% 13.5% -744 3.9% 216
April 08, 2024| 78

Metro Brands 4QFY24E 3QFY24 QoQ (%) 4QFY23 YoY (%) Comments & Outlook
Net Sales 6,064 6,355 -4.6% 5,441 11.4% As guided, on a strong base, 4Q revenues for Metro brands should grow
at 11% yoy (incl. Cravatex) led by strong store additions & a weak SSSG.
EBITDA 1,638 1,990 -17.7% 1,432 14.4%
Margins to remain range-bound at ~27% owing to store store
EBIT 1,038 1,403 -26.0% 930 11.7% economics but lower scale benefits.
PAT 736 981 -25.0% 676 8.8%

Key things to watch for: Revenue growth trends, store openings across
EPS 2.71 3.61 -25.0% 2.49 8.8%
brands, volume & SSS growth
EBITDAM 27.0% 31.3% -430 26.3% 70
BATA 4QFY24E 3QFY24 QoQ (%) 4QFY23 YoY (%) Comments & Outlook
Net Sales 8,151 9,035 -9.8% 7,786 4.7% A steady traction in premium footwear brands to result in ~5% yoy
growth in revenues (4-yr CAGR: 7%). With largely stable gross margins
EBITDA 1,707 1,824 -6.4% 1,792 -4.8%
& some improvement in operations, we expect ~70bps qoq
EBIT 827 964 -14.3% 1,028 -19.5% improvement in EBITDA margins at ~21%.
PAT 484 580 -16.5% 656 -26.1%
EPS 3.8 4.5 -16.5% 5.1 -26.1% Key things to watch: Demand recovery across segments, store additions
EBITDAM 20.9% 20.2% 75 23.0% -208
RELAXO 4QFY24E 3QFY24 QoQ (%) 4QFY23 YoY (%) Comments & Outlook
Net Sales 7,994 7,127 12.2% 7,649 4.5%
Expect a muted ~5% yoy growth in revenues in absence of any
EBITDA 1,127 872 29.3% 1,180 -4.5% significant pickup in volumes as inflation continues to weigh on demand.
Margins should see a improve ~190bps qoq to 14.1%
EBIT 752 497 51.5% 852 -11.7%
PAT 565 386 46.5% 633 -10.7%
Key things to watch: Demand recovery across regions, new product
EPS 2.3 1.6 46.5% 2.5 -10.7%
launches, margins outlook
EBITDAM 14.1% 12.2% 187 15.4% -132
Go Fashions 4QFY24E 3QFY24 QoQ (%) 4QFY23 YoY (%) Comments & Outlook
Net Sales 1,799 2,021 -11.0% 1,576 14.2% Expect ~14% yoy growth in revenues due to sluggish demand owing to
weak footfalls (partly due to worldcup) despite strong store additions
EBITDA 552 675 -18.3% 497 11.1%
resulting in flattish SSSG qoq. Margins expected to remain range-bound
EBIT 256 386 -33.7% 251 2.0% at ~30.7% for 4Q.
PAT 152 234 -35.2% 148 2.7%
Key things to watch: Demand recovery, Stores addition, inventory days
EPS 2.8 4.3 -35.2% 2.7 2.7%
management
EBITDAM 30.7% 33.4% -274 31.5% -86
KPR MILLS 4QFY24E 3QFY24 QoQ (%) 4QFY23 YoY (%) Comments & Outlook
Net Sales 15,977 12,413 28.7% 19,497 -18.1% Expect a sharp qoq uptick in revenues led by steady garment revenues,
improving yarn prices & higher ethanol volumes. Higher yarn margins
EBITDA 3,889 3,016 29.0% 3,203 21.4%
to be offset by rise in sugar revenues leading to largely flattish EBITDA
EBIT 3,331 2,529 31.7% 2,742 21.5% margins on qoq basis at 24.3%.
PAT 2,357 2,171 8.6% 2,096 12.5%
Key things to look for: Demand pickup, utilization levels, capex & debt
EPS 6.89 5.47 26.0% 6.13 12.5%
reduction
EBITDAM 24.3% 24.3% 5 16% 791
Arvind Mills 4QFY24E 3QFY24 QoQ (%) 4QFY23 YoY (%) Comments & Outlook
Net Sales 20,118 18,882 6.5% 18,808 7.0%

We expect a decent QoQ pickup in revenue across segments led by
good volume uptick & stable realizations. Margins should remain
EBITDA 2,294 2,161 6.1% 1,908 20.2%
stable on qoq basis for both textile & AMD segment leading to 4Q
EBITDA margins at ~11.4%.
EBIT 1,621 1,497 8.3% 1,249 29.8%
PAT 1,012 947 6.8% 832 21.5%

EPS 3.87 3.63 6.7% 3.53 9.7% Key Things to Look For: Volume growth, Debt levels, capex progress.
EBITDAM 11.4% 11.4% -4 10% 126
April 08, 2024| 79

Welspun India 4QFY24E 3QFY24 QoQ (%) 4QFY23 YoY (%) Comments & Outlook
Net Sales 24,734 24,109 2.6% 21,539 14.8% We expect a marginal uptick in revenues for both Home Textiles &
flooring businesses on sequential basis. Operating leverage & lower
EBITDA 3,573 3,389 5.4% 2,785 28.3%
RM prices to cushion margins - expect ~40bps expansion in EBITDA
EBIT 2,512 2,385 5.3% 1,650 52.2% margins to 14.4% on qoq basis.
PAT 1,855 1,790 3.7% 1,291 43.7%

Key things to look for: volume growth, debt levels & Flooring revenue
EPS 1.85 1.78 3.7% 1.28 43.7%
scale-up.
EBITDAM 14.4% 14.1% 39 12.9% 151
Gokaldas Exports 4QFY24E 3QFY24 QoQ (%) 4QFY23 YoY (%) Comments & Outlook
Net Sales 6,750 5,516 22.4% 5,230 29.1% Due to incl. of Atraco into financials, yoy numbers will not be
comparable. Expect 10% growth in organic revenues led by improved
EBITDA 729 633 15.2% 700 4.1%
realizations & volumes. Blended margins to declined owing to integration
EBIT 454 418 8.6% 510 -11.0% costs of Atraco.
PAT 335 314 6.7% 471 -28.8%

Key things to look for: Export demand, operating performance &
EPS 4 5 -11.0% 8 -42.5%
capacity addition.
EBITDAM 10.8% 11.5% -68 13.4% -258
April 08, 2024| 80

Internet
Outlook
• The longer-term growth and margin expansion story in India internet stays intact and the
sector can be a great compounding play.
Top Picks: Zomato, IndiaMart InterMesh
Zomato Limited 4QFY24E 3QFY24 QoQ (%) 4QFY23 YoY (%) Comments & Outlook
Adjusted Sales 37,282 36,090 3% 24,130 55% While food delivery would post -1% Qoq GOV de-growth, Blinkit would
post a strong 7% Qoq GOV growth. We expect sequential Adj. EBITDA
Adjusted EBIDTA 1,861 1,250 49% (1,754) NA margin (as % of GOV) improvement in food delivery as well as Blinkit to
be at 12bps/146bps respectively, compared to 41bps/201bps
EBIT 135 (770) -118% (3,592) NA sequential improvement in 3QFY24.
PAT 1,553 1,380 13% (1,882) NA

Key Things to Look For: 1) Market share gain/loss in food delivery
business, 2) The Qoq MTU/ Order volume growth in food delivery
EPS 0.17 0.15 13% (0.21) NA
business, 3) Customer Delivery Charges expansion in food delivery
Adjusted EBITDA business, 4) Loss reduction for Blinkit.
5.0% 3.5% -7.3%
Margin (%)
IndiaMART
InterMESH Limited
Net Sales 3,104 3,053 2% 2,688 15% While Paying Subscription Suppliers would post 2% Qoq growth, ARPU
would post a strong 8% Yoy growth. We anticipate drop in core
EBIDTA 790 857 -8% 661 20%
subscription business sequential EBITDA margin by 319 basis points
EBIT 713 773 -8% 575 24% compared to 114bps sequential improvement in 3QFY24.
PAT 663 819 -19% 558 19%

Key Things to Look For: 1) The Qoq growth in Unique Business
EPS 11.1 13.7 -19% 9.1 22% Enquiries, 2) Net additions of Paying Subscription Suppliers, and churn
rate for the Silver tier, 3) The Yoy growth in Collections from customers.
EBITDA Margin
25.5% 28.1% 24.6%
(%)
Nazara
Technologies 4QFY24E 3QFY24 QoQ (%) 4QFY23 YoY (%) Comments & Outlook
Limited
Net Sales 2,738 3,204 -15% 2,893 -5% Nazara is expected to report Yoy drop in revenue by 5% in 4QFY23.
With Wildworks in the base, Gamified Early Learning revenues will likely
moderate (-1% Yoy). RMG and Datawrkz will continue to face
EBIDTA 248 363 -32% 273 -9%
challenges, with RMG and Datawrkz to decline 40%/35% Yoy
respectively. We expect EBITDA margin to drop by 228 bps compared
EBIT 83 211 -61% 113 -27% to sequential EBITDA margin improvement by 236 bps in 3QFY24.
PAT 107 253 -58% 51 110%

Key things to watch: a) any update on M&A pipeline after recent fund
raises; b) update on recently launched game publishing business; c)
EPS 1.4 3.4 -59% 0.8 75%
impact of GST on RMG volume/unit economics and any change in
EBITDA Margin strategy going ahead
9.1% 11.3% 9.4%
(%)
April 08, 2024| 81

Others
Antony Waste
Handling Cell 4QFY24E 3QFY24 QoQ (%) 4QFY23 YoY (%) Comments & Outlook
Limited
Net Sales 2,159 2,172 -1.0% 2,032 6.0%
The growth in core revenue is expected to remain stable. However, with
EBIDTA 439 442 -1.0% 324 35.0% moderation in fuel cost, commencement of WTE plant and lower
contarct revenue margins are expected to improve on yoy basis.
EBIT 266 290 -8.0% 197 35.0%
PAT 160 156 2.0% 124 29.0%
EPS 4.40 4.30 2.0% 3.40 29.0% Key Things to Look For: 1) Any new project announcements 2) Status on
aged due receivables
EBITDA Margin
(%)
20.3% 20.3% 1 bps 16.0% 438 bps
Dreamfolks
Services Limited
Net Sales 3,045 3,051 -0.2% 2,377 28.1%
Revenue is expected to witness strong growth yoy given the air traffic
EBITDA 281 277 1.5% 337 -16.6%
growth. EBITDAM is expected to be in the 9-9.5% range.
EBIT 223 267 -16.8% 328 -32.2%
PAT 170 203 -16.5% 253 -33.0%
Key things to look for: Gross and Operating performance , traction in
EPS 3.20 3.83 -16.5% 4.85 -34.0%
overseas business etc.
April 08, 2024| 82

Rating & Coverage Definitions: Registered Office:

Absolute Rating Equirus Securities Private Limited
• LONG : Over the investment horizon, ATR >= Ke for companies with Free Float market cap >Rs 5 Unit No. A2102B, 21st Floor, A Wing, Marathon Futurex,
billion and ATR >= 20% for rest of the companies N M Joshi Marg, Lower Parel,
• ADD: ATR >= 5% but less than Ke over investment horizon Mumbai-400013.
• REDUCE: ATR >= negative 10% but <5% over investment horizon Tel. No: +91 – (0)22 – 4332 0600
• SHORT: ATR < negative 10% over investment horizon Fax No: +91- (0)22 – 4332 0601
Relative Rating
Corporate Office:
• OVERWEIGHT: Likely to outperform the benchmark by at least 5% over investment horizon
3rd floor, House No. 9,
• BENCHMARK: likely to perform in line with the benchmark
Magnet Corporate Park, Near Zydus Hospital, B/H Intas Sola Bridge,
• UNDERWEIGHT: likely to under-perform the benchmark by at least 5% over investment horizon
S.G. Highway Ahmedabad-380054 Gujarat
Investment Horizon
Tel. No: +91 (0)79 - 6190 9550
Investment Horizon is set at a minimum 3 months to maximum 18 months with target date
falling on last day of a calendar quarter Fax No: +91 (0)79 – 6190 9560
2023 Equirus Securities Private Limited. All rights reserved. For Private Circulation only. This report or any portion hereof may not be reprinted, sold or redistributed without the written
consent of Equirus Securities Private Limited
Analyst Certification
I, Maulik Patel, author to this report, hereby certify that all of the views expressed in this report accurately reflect my personal views about the subject company or companies and its or
their securities. I also certify that no part of my compensation was, is or will be, directly or indirectly, related to the specific recommendations or views expressed in this report.
Disclosures
Equirus Securities Private Limited (ESPL) having CIN: U65993MH2007PTC176044 is registered in India with Securities and Exchange Board of India (SEBI) as Research Analyst (Reg. No.
INH000001154), Stock Broker:(Reg. No. INZ000251536), RA: INH000001154, DP: (Reg. No. IN-DP-324-2017) NSE Mem id: 13017|BSE Mem id: 3309|DP ID:84500| having its
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against ESPL for Research Analyst activity. ESPL is a subsidiary of Equirus Capital Private Limited (ECPL) which is registered with SEBI as Category I Merchant Banker and provides investment
banking services including but not limited to merchant banking services, private equity, mergers & acquisitions and structured finance.
As ESPL and its associates are engaged in various financial services business, it might have: - (a) received compensation (except in connection with the preparation of this report) from
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offering of securities for the subject company in the past twelve months; or (c) received a mandate from the subject company; or (d) might have other financial, business or other interests
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4QFY24 Earnings Preview

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India Equity Research

April 08, 2024

4QFY24 Earnings Preview

➢ Earning growth momentum is slowing as revenue growth moderate and falling RM

Autos: Margin to improve on operating leverage across OEMs. 2W to outperform 4W and

Mkt Cap Target Upside P/E P/B RoE

Auto and Auto Parts

April 08, 2024| 2

Mkt Cap Target Upside P/E P/B RoE

April 08, 2024| 3

Mkt Cap Target Upside P/E P/B RoE

Construction and Infra

April 08, 2024| 4

Mkt Cap Target Upside P/E P/B RoE

April 08, 2024| 5

Mkt Cap Target Upside P/E P/B RoE

Oil & Gas

Pharmaceuticals & Hospitals

Ports & Railways

April 08, 2024| 6

Mkt Cap Target Upside P/E P/B RoE

Power Generation & Distribution

Textiles & Footwear Retailers

April 08, 2024| 7

Auto (19) 15.8% 26.2% 31.1% 1.2%

April 08, 2024| 8

YoY Change for Mar’24 Revenue EBITDA PAT EBITDAM (%)

CGD (3) -1.1% 18.9% 19.6% 3.1%

April 08, 2024| 9

OEMs 4QFY24E 3QFY24 QoQ (%) 4QFY23 YoY (%)

Battery 4QFY24E 3QFY24 QoQ (%) 4QFY23 YoY (%)

Tyre 4QFY24E 3QFY24 QoQ (%) 4QFY23 YoY (%)

Auto Ancs 4QFY24E 3QFY24 QoQ (%) 4QFY23 YoY (%)

April 08, 2024| 10

Industrials 4QFY24E 3QFY24 QoQ (%) 4QFY23 YoY (%)

Defence 4QFY24E 3QFY24 QoQ (%) 4QFY23 YoY (%)

Industrial Consumables 4QFY24E 3QFY24 QoQ (%) 4QFY23 YoY (%)

Capital Goods 4QFY24E 3QFY24 QoQ (%) 4QFY23 YoY (%)

Engineering EPC 4QFY24E 3QFY24 QoQ (%) 4QFY23 YoY (%)

April 08, 2024| 11

Diversified Financials 4QFY24E 3QFY24 QoQ (%) 4QFY23 YoY (%)

Chemicals 4QFY24E 3QFY24 QoQ (%) 4QFY23 YoY (%)

FMCG 4QFY24E 3QFY24 QoQ (%) 4QFY23 YoY (%)

Construction 4QFY24E 3QFY24 QoQ (%) 4QFY23 YoY (%)

Ports 4QFY24E 3QFY24 QoQ (%) 4QFY23 YoY (%)

April 08, 2024| 12

Logistics 4QFY24E 3QFY24 QoQ (%) 4QFY23 YoY (%)

Banks - Pvt 4QFY24E 3QFY24 QoQ (%) 4QFY23 YoY (%)

Banks - Public 4QFY24E 3QFY24 QoQ (%) 4QFY23 YoY (%)

NBFCs - Diversified 4QFY24E 3QFY24 QoQ (%) 4QFY23 YoY (%)

Pharmaceuticals 4QFY24E 3QFY24 QoQ (%) 4QFY23 YoY (%)

Diagnostics 4QFY24E 3QFY24 QoQ (%) 4QFY23 YoY (%)

EBITDA Margin (%) 24% 25% 24%

April 08, 2024| 13

Hospitals 4QFY24E 3QFY24 QoQ (%) 4QFY23 YoY (%)

Retail 4QFY24E 3QFY24 QoQ (%) 4QFY23 YoY (%)

Textiles 4QFY24E 3QFY24 QoQ (%) 4QFY23 YoY (%)

April 08, 2024| 14

Cement 4QFY24E 3QFY24 QoQ (%) 4QFY23 YoY (%)

Wood Panel 4QFY24E 3QFY24 QoQ (%) 4QFY23 YoY (%)