Morning India 20230807 Mosl Mi Pg056

7 August 2023
Today’s top research idea

Mahindra & Mahindra: Above est.; operating leverage
aids margin expansion
 Mahindra & Mahindra (MM)’s 1QFY24 operating performance was marginally
above our estimate as EBITDA margin expanded 100bp QoQ to 13.4% (vs. est.
12.9%). PBIT margins for both Auto/FES expanded sequentially by
40bp/110bp.
Market snapshot
 We believe MM should outperform both the divisions as in: i) SUV – it has a
Equities - India Close Chg .% CYTD.% major share of high-end SUVs wherein demand is relatively better and ii)
Sensex 65,721 0.7 8.0
Nifty-50 19,517 0.7 7.8 tractors – there are launches in light weight category through OJA and
Nifty-M 100 37,631 0.8 19.4
Equities-Global Close Chg .% CYTD.%
EBITDA margin and higher other income. The implied core P/E for MM stands
S&P 500 4,478 -0.5 16.6
Nasdaq 13,909 -0.4 32.9 at 15.6x/14.1x FY24E/FY25E EPS.
FTSE 100 7,564 0.5 1.5  While the valuation is still attractive vs. peers, MM has seen a substantial
DAX 15,952 0.4 14.6
rerating in FY23 as the stock is now trading in line with its five-year average
Hang Seng 6,733 1.2 0.4
Nikkei 225 32,193 0.1 23.4 core P/E (against discount of 30% earlier), driven by a strong performance in
Commodities Close Chg .% CYTD.% the SUV segment, market share gain in tractors and new launch pipeline in
Brent (US$/Bbl) 86 1.1 1.8
EVs. We maintain our BUY rating with a TP of INR1,725 (based on Sep’25E
Gold ($/OZ) 1,943 0.5 6.5
Cu (US$/MT) 8,523 -0.6 1.9 SOTP).
Almn (US$/MT) 2,183 0.1 -7.1
Currency Close Chg .% CYTD.% Research covered
USD/INR 82.8 0.1 0.1
USD/EUR 1.1 0.5 2.8 Cos/Sector Key Highlights
USD/JPY 141.8 -0.6 8.1 Mahindra &
YIELD (%) Close 1MChg CYTD chg Above est.; operating leverage aids margin expansion
Mahindra
10 Yrs G-Sec 7.2 -0.01 -0.1
10 Yrs AAA Corp 7.6 0.00 -0.1 Bulls & Bears Gathering momentum; midcaps/smallcaps continue to outperform
Flows (USD b) 4-Aug MTD CYTD State Bank of India Margin declines 27bp QoQ; Other income drives earnings
FIIs -0.1 -0.22 15.2
Bharti Airtel | Bank of Baroda | Tube Investments | Lupin |
DIIs 0.04 0.42 10.6
Volumes (INRb) 4-Aug MTD* YTD* Devyani International | LIC Housing Finance | Aditya Birla Fashion
Cash 848 845 612 | Gujarat State Petronet | Alembic Pharma | Piramal Pharma |
Other updates
F&O 1,95,886 3,45,300 2,46,235 AAVAS Financiers | Mahanagar Gas | TCI Express | Britannia
Note: Flows, MTD includes provisional numbers. Industries | Balkrishna Industries | APL Apollo Tubes | Cams
*Average Services | Repco Home Finance | Monsoon update
Chart of the Day: Mahindra & Mahindra (Above est.; operating leverage aids margin expansion)
Trend in Passenger UV market share Market share trend for the Tractor segment
Research Team (Gautam.Duggad@MotilalOswal.com)

Investors are advised to refer through important disclosures made at the last page of the Research Report.
Motilal Oswal research is available on www.motilaloswal.com/Institutional-Equities, Bloomberg, Thomson Reuters, Factset and S&P Capital.
In the news today
Kindly click on textbox for the detailed news link
1 2
Reliance Jio gets USD 2.2 DMart has to add greater number of stores to grow faster, says
billion fund support from CEO Neville Noronha
Swedish export credit agency Avenue Supermarts’ first-quarter profit rose marginally but missed
to finance 5G rollout estimates, even as the profit margins shrunk owing to higher costs
Jio said that it is now providing and weak demand in the discretionary category. “Overall gross
wireless broadband services in margins are lower compared to same period in the previous year,
about 6.2 lakh rural villages and primarily due to lower sales contribution of apparel and general
5G coverage to over 2,300 cities merchandise,” said Noronha…
and towns…
3 4
ONGC plans oil-to-chemical
plants in pivot towards InGovern red-flags TD Power
energy transition Systems’ resolutions
India's top oil and gas producer, Proxy advisory firm InGovern
ONGC, plans to establish two oil- Research Services has raised
to-chemical plants in India to flags over corporate governance
issues at TD Power Systems
convert crude oil directly to high-
value chemical products, as the (TDPSL) and asked shareholders 5
company prepares for the energy to vote against a resolution to
reappoint Mohib N Khericha as a Cognizant: Strong deal win
transition…
director… momentum continues;
company to unlock potential
with NextGen programme in
FY24-25
In the Q2 of FY23, the adjusted
Ebit margin stood at 14.2%,
6 7 experiencing a 40 bps decline
compared to the previous quarter
Centre sets capital expenditure and a 130 bps decline y-o-y…
Swan Energy gets 45-day
extension to pay first target of Rs 6 trillion for first
instalment for R-Naval half
Swan Energy and Hazel The Centre has set a target to
Mercantile, the successful undertake budgetary capital
resolution applicants for expenditure of Rs 6 trillion or 60%
Reliance Naval and Engineering of the Budget Estimate for FY24 in
(R-Naval), have received a 45- the first half of the current
day extension to pay the upfront financial year, as it seeks to
money, after the extended July minimise the adverse effect of the
23 deadline expired… global demand slump on the
economy…
7 August 2023 2
5 August 2023
1QFY24 Results Update | Sector: Automobile
Mahindra & Mahindra

Estimate change CMP: INR1,465 TP: INR1,725 (+18%) Buy
TP change
Rating change
Above est.; operating leverage aids margin expansion
Supply-side issues of SUVs behind I FES demand sentiments improving
 Mahindra & Mahindra (MM)’s 1QFY24 operating performance was
marginally above our estimate as EBITDA margin expanded 100bp QoQ to
13.4% (vs. est. 12.9%). PBIT margins for both Auto/FES expanded
sequentially by 40bp/110bp. We believe MM should outperform both the
divisions as in: i) SUV – it has a major share of high-end SUVs wherein
demand is relatively better and ii) tractors – there are launches in light
weight category through OJA and Swaraj.
 We raise our FY24E/FY25E EPS by 10%/5% to account for better EBITDA
margin and higher other income. Reiterate BUY with a TP of INR1,725
(based on Sep’25E SoTP). .
PBIT margin: Auto at 17-quarter high of 7.5%; FES at 7-quarter high

Bloomberg MM IN  MM’s 1QFY24 revenue/EBITDA/adj. PAT grew 22%/39%/98% YoY to
Equity Shares (m) 1198 INR240.6b/INR32.3b/ INR27.7b.
M.Cap.(INRb)/(USDb) 1821.8 / 22  Volumes grew ~11% YoY, while ASPs rose 10% YoY to INR798.8k/unit (est.
52-Week Range (INR) 1595 / 1124
INR792.1k/unit).
1, 6, 12 Rel. Per (%) -1/-4/4
12M Avg Val (INR M) 3544  Gross margin expanded 130bp YoY/30bp QoQ to 24.7% (est. 25.0%), further
aided by operating leverage. Hence, EBITDA margin came in at 13.4% in
Financials & Valuations (INR b) 1QFY24 (+160bp YoY/+100bp QoQ) vs. est. 12.9%.
Y/E MARCH 2023 2024E 2025E  Adj. PAT grew 98% YoY to INR27.7b (est. INR19.2b), driven by higher other
Sales 850 1,021 1,106 income at INR9.7b (est. INR3b) and lower tax.
EBITDA 104.4 135.7 150.9  Auto: Revenue grew 31% YoY to INR166.2b. Volume/ASP grew 17%/8% YoY.
Adj. PAT 77.7 103.6 111.2
PBIT margin came at 7.5% (vs. est.7.0%; +220bp YoY/+40bp QoQ).
Adj. EPS (INR) 64.9 86.5 92.8
EPS Gr. (%) 51.6 33.3 7.4
 FES: Revenue grew 5% YoY to INR74.6b. Volumes dipped 3% YoY but ASP rose
BV/Sh. (INR) 362 428 499 8% YoY. PBIT margin was at 17.5% (+160bp YoY/+110bp QoQ, in line).
Ratios
Highlights from the management commentary
RoE (%) 19.1 21.9 20.0
 Objective behind the RBL investment: Financial services business is a core
RoCE (%) 17.0 20.1 19.1
Payout (%) 30 23 24 area for MM. This investment is based on a long-term view (7-10 years),
Valuations with an objective to understand banking, which will enable it to enhance
P/E (x) 22.6 16.9 15.8 the value of its financial services business. MM is not looking to invest more
P/BV (x) 4.0 3.4 2.9 (beyond 3.5%) in foreseeable future unless it sees compelling strategic
Div. Yield (%) 1.1 1.4 1.5 value at some point. It is not looking to have a Board seat.
FCF Yield (%) 3.2 7.0 5.9
 Open bookings of SUVs at 281k+ (as of 1st Aug’23; vs. 292k+ as of 1st
May’23), with average new bookings of 48k/month in 1QFY24 (vs.
Shareholding pattern (%)
57k/month in 4QFY23). Moderation in new bookings visible in XUV300/400
As On Jun-23 Mar-23 Jun-22
Promoter 18.9 18.9 18.9 (6k/month from 10k/month in 4QFY23), Thar (10k/month from 14k/month
DII 26.3 27.0 28.2 in 4Q) and Bolero (9k/month from 10k/month in 4Q). Momentum in
FII 45.4 44.5 43.6 XUV700 and Scorpio remains intact. Average cancellation rate was at <8% in
Others 9.5 9.6 9.4 1QFY24.
FII Includes depository receipts  MM is witnessing a moderation in demand in its portfolio of products
priced <INR1m (Bolero and XUV300).
7 August 2023 3
 FY24 outlook for the FES industry is too early to predict, though there are
positives in the form of: a) good rains until Jul’23, b) good Kharif sowing, and c)
improving terms of trade for farmers. However, high base and one less Navrtras
in FY24 are the negatives. Management will wait for the festive season demand
to share its revised view on the industry.
Valuation and view

 While the outlook for tractors remains stable, we expect the Auto business to be
the key growth driver for the next couple of years. Despite deterioration in the
mix, we estimate revenue/EBITDA/PAT CAGR of ~14%/20%/20% over FY23-25.
The implied core P/E for MM stands at 15.6x/14.1x FY24E/FY25E EPS.
 While the valuation is still attractive vs. peers, MM has seen a substantial re-
rating in FY23 as the stock is now trading in line with its five-year average core
P/E (against discount of 30% earlier), driven by a strong performance in the SUV
segment, market share gain in tractors and new launch pipeline in EVs. We
maintain our BUY rating with a TP of INR1,725 (based on Sep’25E SOTP).
Quarterly Performance (INR m)

Y/E March FY23 FY24E FY23 FY24E FY24E
1Q 2Q 3Q 4Q 1Q 2QE 3QE 4QE 1QE
Total Volumes (nos) 2,71,971 2,73,223 2,81,859 2,78,948 3,01,147 3,05,082 3,30,049 3,18,907 11,05,375 12,55,186 3,01,147
Growth YoY (%) 45.6 43.3 31.6 21.9 10.7 11.7 17.1 14.3 34.8 13.6 10.7
Net Realization 7,25,262 7,68,974 7,68,247 8,09,160 7,98,814 8,16,855 8,06,779 8,32,281 7,68,610 8,13,797 7,92,154
Growth YoY (%) 15.2 10.2 7.2 7.4 10.1 6.2 5.0 2.9 9.1 5.9 9.2
Net Op. Income 1,97,250 2,10,101 2,16,537 2,25,714 2,40,561 2,49,208 2,66,277 2,65,420 8,49,603 10,21,466 2,38,555
Growth YoY (%) 67.7 57.9 41.1 30.9 22.0 18.6 23.0 17.6 47.0 20.2 20.9
RM Cost (% of sales) 76.6 76.5 76.0 75.0 75.3 76.0 75.0 75.7 76.0 75.5 75.0
Staff (% of sales) 4.3 4.4 4.2 4.2 4.3 4.8 5.1 4.0 4.3 4.2 4.5
Oth. Exp. (% of Sales) 7.3 7.2 6.7 8.4 6.9 6.6 7.4 7.2 7.4 7.0 8.0
EBITDA 23,335 24,973 28,142 27,974 32,351 32,491 35,923 34,888 1,04,424 1,35,653 30,884
EBITDA Margins (%) 11.8 11.9 13.0 12.4 13.4 13.0 13.5 13.1 12.3 13.3 12.9
Other income 2,279 13,134 6,700 3,339 9,699 14,000 6,500 3,587 25,452 33,786 3,000
Interest 703 641 686 698 323 635 620 602 2,728 2,180 675
Depreciation 6,955 7,913 8,292 8,385 8,281 8,600 8,800 8,937 31,545 34,619 8,450
EO Income/(Exp) -410 -2,479 -6,289 -5,118 0 0 0 0 -14,295 0 0
PBT after EO 17,547 27,074 19,576 17,111 33,445 37,256 33,003 28,936 81,308 1,32,640 24,759
Effective Tax Rate (%) 20.0 23.6 21.9 9.5 17.1 23.5 23.5 23.6 19.5 21.9 22.5
Reported PAT 14,036 20,680 15,281 15,490 27,737 28,501 25,247 22,107 65,486 1,03,592 19,188
Adj PAT 14,040 23,380 20,290 19,750 27,737 28,501 25,247 22,107 77,700 1,03,592 19,188
Change (%) 50.3 38.6 52.0 66.7 97.6 21.9 24.4 11.9 51.8 33.3 34.5
E: MOFSL Estimates
7 August 2023 4
Database Periodical | 6 August 2023
Bulls & Bears

India Valuations Handbook
Strategy: Gathering momentum; midcaps/smallcaps continue to outperform
 Nifty maintains its winning streak: The Nifty closed higher for the fifth straight month in Jul'23. The index
oscillated 757 points before closing at 565 points (or 2.9%) higher MoM at 19,754. The Nifty is up 9.1% in
CY23YTD. Midcaps/Smallcaps outperformed largecaps by 2.6%/5.1% in Jul'23. Similarly, in CY23YTD,
midcaps/smallcaps have outperformed largecaps and both have risen 20% vs. a 9% rise for the Nifty.
 FIIs record inflows for the fifth consecutive month: FIIs remained net buyers for the fifth straight month at
USD4.1b in Jul'23; YTD inflows stood at USD15.3b. DIIs turned net seller in Jul'23 at USD0.3b, with YTD inflows at
USD10.2b.
 All major sectors end higher in Jul'23: Media (+18%), PSU Banks (+12%), Utilities (+9%), Real Estate (+9%), and
Healthcare (+9%) were the top gainers.
 Major economies end higher in Jul'23: Among the key global markets, Russia (+11%), MSCI EM (+6%), Indonesia
(+4%), Brazil (+3%), the US (+3%), India (+3%), China (+3%), Korea (+3%), the UK (+2%), and Taiwan (+1%) ended
higher in Jul'23, while Japan (-0.1%) ended lower in local currency terms. Over the last 12 months, the MSCI
India index (+11%) has outperformed the MSCI EM index (+5%). Over the last 10 years, the former has
outperformed the MSCI EM index by 185%.
 India's share in the global market cap climbs to 3.4%: India's share in global market cap stood at 3.4%, above its
historical average of 2.6%. Over the last 12 months, while global market cap increased 8.2% (USD8.4t), India's
market cap surged 12.5%. Barring Russia and China, all key global markets witnessed a rise in market cap over
the last 12 months.
 Corporate earnings in line so far in 1QFY24: The 1QFY24 corporate earnings so far have been in line with
performance of heavyweights, such as Tata Motors, BPCL, HDFC Bank, ICICI Bank, and Axis Bank, driving the
aggregate. The spread of earnings has been decent with 65% of our Universe either meeting or exceeding profit
expectations. However, growth has been led only by BFSI and Auto, while the O&G sector reported a 2.6x surge
in profit YoY, underpinned by the improvement in marketing margins of OMCs.
 Our view: After remaining range-bound over the past 18 months, Indian markets finally broke the shackles and
surpassed the earlier highs in Jul'23. However, while markets are at all-time highs, not all such milestones are
similar. Valuations today are relatively more reasonable than the Oct'21 peak of the Nifty. Nifty is trading at a
12-month forward P/E of 19.1x, at a 5% discount to its own long period average (LPA). We largely maintain our
sectoral allocations and weights and continue to rely on the sector winners with growth visibility driving our
stock selection framework. We remain OW on Financials, Consumption, and Automobiles. We are UW on
Metals, Energy, and Utilities and Neutral on Healthcare and Telecom in our model portfolio.
 Top ideas: Largecaps - ICICI Bank, ITC, L&T, M&M, HCL Tech, Ultratech, Avenue Supermarts, Titan, and Zomato
Midcaps and Smallcaps - MMFS, Ashok Leyland, Metro Brands, Indian Hotels, and Godrej Properties
Performance of midcaps, smallcaps vs. largecaps over the last

12 months MoM performance (%) – midcaps and smallcaps in favor
Nifty Rebased Nifty-50 Nifty Midcap-100 Nifty Smallcap-100
135 Nifty Midcap 100 Rebased 12
Nifty Smallcap 100 Rebased 128 9 9
125 8 8
127 6 6 7
5 5 6 5 6 6
4 4 4 4
115 115 23 23 3 3
0
105
-2 0
-2 -3 -2
95 -4
-3 -3 -2-2 -2-2 -4 -2
Jul-22
Jul-23
Jun-23
Nov-22
Apr-23
May-23
Aug-22
Dec-22
Sep-22
Jan-23
Feb-23
Mar-23
Oct-22
Jul-22
Jul-23
Nov-22
Apr-23
May-23
Jun-23
Aug-22
Sep-22
Dec-22
Feb-23
Mar-23
Jan-23
Oct-22
7 August 2023 5
5 August 2023
1QFY24 Results Update | Sector: Financials
State Bank of India

Estimate change CMP: INR573 TP: INR700 (+22%) Buy
TP change
Rating change
Margin declines 27bp QoQ; Other income drives earnings
Asset quality remains steady
 SBIN reported a mixed quarter as NII declined 4% QoQ (6% miss), led by
a sharp 27bp QoQ decline in NIM to 3.33%. PAT was up 178% YoY at
INR168.8b (23% beat), aided by treasury gains of INR38.5b.
 Slippages stood at INR79b in a seasonally weak quarter though the
GNPA/NNPA ratios stood broadly stable at 2.76%/0.71%. Restructured
book declined to INR227b (70bp of advances).
 We broadly maintain our earnings estimates, as other income and opex
control offset the NIM moderation. We estimate FY25E RoA/RoE of
1.0%/17.8%. We reiterate our BUY rating with an unchanged TP of
INR700 (based on 1.1x FY25E ABV + INR206 from subs).
Bloomberg SBIN IN NII grows 25% YoY; Restructured book declines to 70bp
Equity Shares (m) 8925  SBIN reported 178% YoY growth in net earnings to INR168.8b (23%
M.Cap.(INRb)/(USDb) 5116 / 61.8 beat), mainly propelled by higher treasury income and lower opex. NII
52-Week Range (INR) 630 / 499 declined 4% QoQ (6% miss, up 25% YoY) as margin contracted 27bp QoQ
1, 6, 12 Rel. Per (%) -3/-4/-5
to 3.33% (domestic NIMs at 3.47%).
12M Avg Val (INR M) 8836
 Other income grew 4.2x YoY to INR120.6b, resulting in total revenue of
Financials & Valuations (INR b)
INR509b (in line). The bank reported treasury gains of INR38.5b vs.
Y/E March FY23 FY24E FY25E INR18b in 4QFY23, while core fees grew 4% YoY to INR66b.
NII 1,448 1,611 1,833  Opex grew 24% YoY (down 14% QoQ) as the bank made INR15b towards
OP 837 964 1,097 wage revision in 1QFY24. PPoP rose 98% YoY to INR253b, while core
NP 502 607 676 operating profit grew 11% YoY.
NIM (%) 3.2 3.2 3.3  Gross Advances grew ~14% YoY (flat QoQ), aided by 17% YoY growth in
EPS (INR) 56.3 68.0 75.7 the Retail book (37% of advances). While Agri and SME loans grew
EPS Gr. (%) 58.6 20.8 11.4 strongly at ~15%/18% YoY each, the Wholesale book grew 12% YoY (flat
ABV (INR) 311 371 436
QoQ). Xpress Credit and vehicle loans grew 20%/23% YoY, while home
Cons. BV (INR) 385 458 541
loans, which forms 66% of retail advances grew 14% YoY (up 2% QoQ).
Ratios
Deposits grew 12% YoY (up 2.4% QoQ), with the CASA mix moderating to
RoE (%) 18.1 18.6 17.8
RoA (%) 1.0 1.0 1.0
42.9% (down 90bp QoQ).
Valuations  Slippages increased to INR79b in a seasonally weak quarter though the
P/BV (x) (Cons.) 1.5 1.3 1.1 GNPA/NNPA ratios stood stable at 2.76%/0.71%. The restructured book
P/ABV (x)* 1.2 1.0 0.8 declined to INR227b (0.7% of advances), while the SMA 1/2 portfolio
P/E (x)* 6.5 5.4 4.8 increased to INR72.2b (22bp of loans).
*Adjusted for subsidiaries
 Subsidiaries reported mixed performance: SBICARD clocked a PAT of
INR5.93b (down 5.4% YoY). SBILIFE’s PAT grew 45% YoY (down 51%
As On
QoQ) to INR3.8b. PAT of the AMC business grew 88% YoY to INR4.7b,
Jun-23 Mar-23 Jun-22
Promoter while SBI General reported a PAT of INR710m vs. INR550m in 4QFY23.
56.9 56.9 56.9
DII 24.6 25.0 25.0
FII 11.2 10.8 10.6 Highlights from the management commentary
Others 7.2 7.3 7.5  Systemic credit growth is expected to be ~12%-14% in FY24.
FII Includes depository receipts  The bank reported an ROA of 1.2% in 1QFY24.
7 August 2023 6
 COD stood at 4.5% in 1QFY24 and going forward, the bank expects it to remain
stable.
 Credit cost stood at 32bp for 1QFY24 and it is expected to remain at the same
level in FY24.
Valuation and view
SBIN delivered a mixed quarter with NII missing estimates, led by margin
contraction, while higher treasury income drove earnings beat. Business growth
remains modest in a seasonally weak quarter and the bank expects to gain healthy
traction in the coming quarters. A higher mix of floating loans (MCLR), which could
benefit further from re-pricing will continue to support the NII and overall earnings
even as the deposit cost could increase. Asset quality was stable, despite higher
slippages, due to Q1 being a seasonally weak quarter, while restructured book stood
under control at 0.7%. We estimate SBIN to deliver FY25 RoA/RoE of 1.0%/ 17.8%.
We reiterate our BUY rating with an unchanged TP of INR700 (1.1x FY25E ABV +
INR206 from subs).
Quarterly performance (INR b)

Y/E March FY23 FY24E FY23 FY24E FY24E V/s
1Q 2Q 3Q 4Q 1Q 2QE 3QE 4QE 1QE Est
Net Interest Income 312.0 351.8 380.7 403.9 389.0 391.8 405.2 425.5 1,448.4 1,611.5 412.5 -6%
% Change (YoY) 12.9 12.8 24.1 29.5 24.7 11.4 6.4 5.3 20.0 11.3 32.2
Other Income 23.1 88.7 114.7 139.6 120.6 96.3 99.0 138.2 366.2 454.0 91.0 33%
Total Income 335.1 440.6 495.4 543.5 509.7 488.0 504.2 563.6 1,814.6 2,065.5 503.6 1%
Operating Expenses 207.6 229.4 243.2 297.3 256.7 266.5 273.1 304.9 977.4 1,101.2 272.6 -6%
Operating Profit 127.5 211.2 252.2 246.2 253.0 221.5 231.1 258.7 837.1 964.3 231.0 10%
% Change (YoY) -32.8 16.8 36.2 24.9 98.4 4.9 -8.4 5.1 11.2 15.2 81.1
Provisions 43.9 30.4 57.6 33.2 25.0 41.1 45.7 40.4 165.1 152.2 44.5 -44%
Exception items (exp) NA NA NA NA NA NA NA NA NA NA NA
Profit before Tax 83.6 180.8 194.6 213.1 228.0 180.4 185.4 218.3 672.1 812.1 186.4 22%
Tax Provisions 22.9 48.2 52.5 46.1 59.1 46.9 47.8 51.6 169.7 205.5 48.8 21%
Net Profit 60.7 132.6 142.1 166.9 168.8 133.5 137.6 166.7 502.3 606.7 137.6 23%
% Change (YoY) -6.7 73.9 68.5 83.2 178.2 0.7 -3.2 -0.1 58.6 20.8 126.7
Operating Parameters
Deposits (INR t) 40.5 41.9 42.1 44.2 45.3 45.8 47.1 48.7 44.2 48.7 45.2 0.2%
Loans (INR t) 28.2 29.5 30.6 32.0 32.4 33.4 34.7 36.2 32.0 36.2 32.7 -1.1%
Deposit Growth (%) 8.7 10.0 9.5 9.2 12.0 9.3 11.8 10.0 9.2 10.0 11.8
Loan Growth (%) 15.8 20.8 18.6 17.0 14.9 13.3 13.5 13.0 17.0 13.0 16.2
Asset Quality
Gross NPA (%) 3.91 3.52 3.14 2.78 2.76 2.62 2.47 2.25 2.78 2.25 2.67
Net NPA (%) 1.00 0.80 0.77 0.67 0.71 0.68 0.64 0.57 0.68 0.57 0.63
PCR (%) 75.1 77.9 76.1 76.4 74.8 74.5 74.7 75.0 76.2 75.0 77.0
E: MOFSL estimates
7 August 2023 7
5 August 2023
1QFY24 Results Update | Sector: Telecom
Bharti Airtel
Estimate change CMP: INR890 TP: INR1,020 (+15%) Buy
TP change Steady earnings growth offsets elevated capex
Rating change
 BHARTI reported a steady quarter. Consolidated EBITDA grew 5% QoQ,
aided by 4%/6% growth in India Mobile revenue/EBITDA on a healthy 3.3%
increase in ARPU. Despite high capex (India capex of INR105b, doubled in
last 5-6 quarters), FCF increased to INR24b from INR7.9b QoQ, led by
strong OCF. Subsequently, net debt declined by INR38b.
 In the near term, BHARTI could see soft earnings growth and subdued FCF
due to high opex and limited potential for a tariff hike, market share gain
and 4G led mix benefits. However, over the next 2-3 years, BHARTI is well
poised to gain from sector consolidation and tariff hikes. Reiterate our BUY
rating on the stock.
India Mobile/Africa EBITDA (CC) growth at 6%/3% QoQ

 Strong ARPU-led EBITDA growth in India business (in line): After weak
Bloomberg BHARTI IN growth in the last few quarters, India Mobile EBITDA saw a strong 6% QoQ
Equity Shares (m) 5673 growth in 1QFY24 (consol EBITDA up 4.8% QoQ), led by a 3.3% ARPU
M.Cap.(INRb)/(USDb) 5167.9 / 62.4
increase (4G-led mix benefits, increase in minimum recharge plan and
52-Week Range (INR) 902 / 681
1, 6, 12 Rel. Per (%) 2/3/16 higher no of days) and strong 76% incremental EBITDA margin.
12M Avg Val (INR M) 5098  Home business was the silver lining, with 6% QoQ growth in revenue and
steady growth in EBITDA for the last 12 quarters. BHARTI has expanded its
Financials & Valuations (INR b) network to 1,225 cities from merely 100 cities in FY20, with 2.5x growth in
INRb FY23 FY24E FY25E subscribers in the last three years.
Net Sales 1,391 1,558 1,709
 High OCF drives FCF and debt reduction, though capex remains elevated:
EBITDA 713 819 921
Adj. PAT 76 126 192 Despite elevated capex (consol/India Mobile capex of INR105b/INR78.3b,
EBITDA Margin (%) 51.2 52.6 53.9 doubled in last 5-6 quarters), FCF increased to INR24b from INR7.9b QoQ,
Adj. EPS (INR) 13.6 22.5 34.3 led by strong OCF and lower Africa capex. Subsequently, net debt declined
EPS Gr. (%) 115 66 52
by INR38b vs. INR22b reduction last quarter, and could further fall by 10%
BV/Sh. (INR) 139 194 228
Ratios through the INR160b right issue call money.
Net D:E 2.7 1.5 1.0  Superior network capability: BHARTI’s data traffic and subscribers are
RoE (%) 10.5 13.6 16.2 >50% lower than Reliance Jio’s (RJio), yet it continues to add
RoCE (%) 10.0 10.4 12.5 broadband/overall sites significantly (26k/12k in 1QFY24), along with
Div. Payout (%) 0.0 0.0 0.0
accelerated fiberization.
Valuations
EV/EBITDA (x) 10.1 8.2 6.9  Soft revenue growth and elevated capex could limit FCF growth: The
P/E (x) 65.5 39.5 26.0 limited potential for tariff hikes, market share gains and 4G-led mix
P/BV (x) 6.4 4.6 3.9 benefits, along with elevated capex, could limit near-term FCF, but long-
Div. Yield (%) 0.0 0.0 0.0
term consolidation in the market augurs well for BHARTI.

Key highlights from the management commentary
Promoter 55.0 55.0 55.9  Monetization levers remain intact, with 1) a shift from feature phones to
DII 19.7 19.9 20.2 smartphones, and from prepaid to postpaid, 2) data monetization, and 3)
FII 21.5 21.0 18.6 price hikes. BHARTI has achieved its INR200 ARPU goal and now targets a
Others 3.8 4.0 5.3 longer-term ARPU goal of INR300.
FII Includes depository receipts
7 August 2023 8
 Capex will remain elevated due to the frontloading of capex in 1QFY24 and
probably 2QFY24. It expects major capex will be done by Nov/Dec’23. The
company is not deploying any 4G capacity capex other than coverage related
capex, i.e., rollout of rural sites.
 In the short to medium term, BHARTI will use cash to essentially deliver sources
of finance, reduce interest costs and pay dividends. There is no necessity to call
for residual rights monies.
 Since most of the costs are fixed, the company can witness operating leverage
kick in, supported by a) the war-on-waste program, which reduces opex; and b)
capacity investments in rural areas.
Valuation and view

 In the near term, BHARTI’s earnings growth is expected to soften to ~2% QoQ,
unlike average 5% growth seen in the last eight quarters. This could be
attributed to moderating 4G mix benefits, low probability of tariff hikes and
lower market share gains.
 These factors, along with increased capex intensity (factoring in INR377b/394b
capex in FY24/25 toward 5G rollout and rural coverage), could moderate FCF
generation and the pace of deleveraging in the near term. Accordingly, the stock
may remain range bound in the near term.
 However, over the next 2-3 years, it has an opportunity to grow EBITDA by 40-
50% and reduce net debt by 50%. It is well poised to gain from sector tailwinds
coming from a.) market share gains, b.) ARPU growth led by premiumization of
customers and tariff hikes, and c.) non-wireless segments.
 We value BHARTI on FY25E basis, assigning an EV/EBITDA ratio of 10x/5x to the
India Mobile/Africa business, and arrive at our SoTP-based TP of INR1,020 (vs.
INR950 earlier). We reiterate our BUY rating on the stock.
Consolidated - Quarterly Earning Model (INR b)

Y/E March FY23 FY24E FY23 FY24E FY24E Est
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1QE Var (%)
Revenue 328 345 358 360 374 385 394 404 1,391 1,558 371 1.0
YoY Change (%) 22.2 21.9 19.9 14.3 14.1 11.4 10.1 12.2 19.4 12.0 13.0
Total Expenditure 163 169 174 173 178 183 187 191 679 739 177 0.8
EBITDA 165 176 185 187 196 202 207 213 713 819 194 1.1
YoY Change (%) 27.3 27.4 25.5 16.6 18.6 14.9 12.4 13.8 23.9 14.9 17.2 8
Depreciation 88 89 93 94 97 107 108 118 364 430 100 -3.5
Net Finance cost 45 49 47 52 56 52 52 55 193 214 51 9.2
Other Income 4 6 -1 9 9 10 11 12 17 42 10 -4.3
PBT before EO expense 36 43 44 50 53 54 58 51 172 217 52 1.1
Extra-Ord expense 0 0 7 0 34 0 0 0 7 34 0
PBT 36 43 37 50 19 54 58 51 166 183 52 -64.5
Tax 11 13 11 8 3 13 14 13 43 44 13 -74.5
Rate (%) 31.3 30.2 29.2 15.7 18.0 24.8 24.8 24.8 25.8 24.0 25.0
Minority Interest & P/L of Asso. Cos. 9 8 10 12 -1 10 11 19 39 39 10
Reported PAT 16 21 16 30 16 30 33 20 83 100 29 -45.0
Adj PAT 15 21 20 26 29 30 33 20 82 112 29 -1.0
YoY Change (%) 469.4 245.7 147.0 39.4 91.3 47.6 64.8 -23.5 131.2 37.3 93.2
E: MOFSL Estimates
7 August 2023 9
6 August 2023
Bank of Baroda
TP change
Rating change Earnings in line; Other income offsets NII miss
Asset quality improves further
 Bank of Baroda (BOB) reported a mixed quarter as PAT jumped 88% YoY (in
line) aided by higher other income while NIMs declined 26bp QoQ.
 Business growth was modest with loans growing 21% YoY (2% QoQ) while
deposits rose 16% YoY (flat QoQ) .
 Asset quality improved as slippages remained in control, which resulted in
GNPA/NNPA ratio improving to 3.51%/0.78%. SMA 1/2 stands controlled at
29bp of loans, while restructured book moderated to 1.3% of loans.
 We largely maintain our earnings estimates and estimate FY25 RoA/RoE at
1.2%/16.9%. We value the stock at INR240 (based on 1.1x FY25E ABV). We
reiterate our BUY rating on the stock.
Bloomberg BOB IN
Equity Shares (m) 5178 Margin contracts 26bp QoQ; PCR improves to ~79%
M.Cap.(INRb)/(USDb) 990.1 / 12
 BOB reported 1QFY24 PAT of INR40.7b (+88% YoY; in line), driven by higher
1, 6, 12 Rel. Per (%) -6/8/49 other income. NII grew 24% YoY (-4.6% QoQ; in line) as margins declined
12M Avg Val (INR M) 4359 26bp QoQ to 3.27% during the quarter.
 ‘Other income’ surged 181% YoY to INR33.2b (38% beat). Treasury income
Financials & Valuations (INR b) came in at INR3.3b vs. INR2.8b in 4QFY23. In addition, BOB also reported
Y/E March FY23 FY24E FY25E INR6.3b of gains in 1QFY24 from revaluation of investment vs. a loss of
NII 413.6 456.1 522.0
OP 268.6 302.9 363.2
INR1.6b in 4QFY23.
NP 141.1 168.6 203.7  Opex rose 18% YoY (-6% QoQ). C/I ratio, thus, moderated to 45.4% in
NIM (%) 3.2 3.1 3.1 1QFY24. PPoP surged 73% YoY to INR78.2b (10% beat), while core PPoP
EPS (INR) 27.3 32.6 39.3
EPS Gr. (%) 94.0 19.5 20.8
grew 30% YoY.
BV/Sh. (INR) 183 210 244  Advances grew 2.4% QoQ (up 21% YoY). Among segments, Retail loans rose
ABV/Sh. (INR) 165 194 226 3.4% QoQ (+24.8% YoY), while Corporate book grew 2% QoQ. SME/Agri book
Ratios
RoE (%) 15.3 16.0 16.9 grew 1%/3% QoQ. In retail, Personal loan rose 12% QoQ. Deposits grew 16%
RoA (%) 1.0 1.1 1.2 YoY (flat QoQ). Domestic CASA ratio moderated 192bp QoQ to 40.3% .
Valuations  On the asset quality front, slippages were under control at INR27.6b (~1.2%
P/E(X) 7.0 5.8 4.8
P/BV (X) 1.0 0.9 0.8 annualized), which resulted in 29bp/11bp QoQ improvement in GNPA/
P/ABV (X) 1.2 1.0 0.8 NNPA ratios to 3.51%/0.78%. PCR improved 132bp QoQ to ~79%. Further,
total SMA 1/2 was controlled at 29bp of loans, while restructured book
Shareholding pattern (%) moderated to 1.3% of loans.
Promoter 64.0 64.0 64.0 Highlights from the management commentary
DII 16.0 17.0 16.9  Within the retail book: home loans grew 18% YoY, auto loans rose 22% YoY
FII 12.3 10.9 8.2 and personal loans jumped 82% YoY (on lower base). BOB expects the retail
Others 7.7 8.1 11.0 segment to grow 4-5% higher than the industry average.
 NIM to be stable at 3.3% for FY24 (3.3% for FY23 too). Rising COD will put
pressure on margin but will be offset by further re-pricing of MCLR book.
 BOB has maintained its guidance of 1% RoA for FY24 (1.11% in 1QFY24).
 Credit cost for normal cycle will be 1%.
7 August 2023 10
Valuation and view
BOB reported a mixed quarter with healthy treasury gains offsetting the pressure on
NII, thus enabling the bank to deliver annualized RoA/RoE of 1.1%/20.0%. Higher
other income and lower opex thus drove earnings while margins witnessed a decline
to 3.27%. Business growth was healthy at 21% YoY, aided by strong traction across
segments while CASA mix moderated. Asset quality continues to improve with NNPA
at 0.78%. A lower SMA book and controlled restructuring provided further comfort
on asset quality. We largely maintain our earnings estimates and estimate FY25E
RoA/ RoE at 1.2%/16.9%. We value the stock at INR240 (based on 1.1x FY25E
ABV). We reiterate our BUY rating on the stock.
Quarterly performance (INR b)

FY23 FY24 FY23 FY24E FY24E V/s
1Q 2Q 3Q 4Q 1Q 2QE 3QE 4QE 1QE Est
Net Interest Income 88.4 101.7 108.2 115.2 110.0 113.2 115.0 117.9 413.6 456.1 113.1 -3%
% Change (YoY) 12.0 34.5 26.5 33.8 24.4 11.3 6.3 2.3 26.8 10.3 28.0
Other Income 11.8 18.3 35.5 34.7 33.2 25.1 31.3 35.7 100.3 125.3 24.1 38%
Total Income 100.2 120.0 143.7 149.9 143.2 138.3 146.3 153.7 513.8 581.4 137.2 4%
Operating Expenses 54.9 59.7 61.4 69.2 64.9 68.0 69.9 75.7 245.2 278.6 66.3 -2%
Operating Profit 45.3 60.3 82.3 80.7 78.2 70.3 76.4 77.9 268.6 302.9 70.9 10%
% Change (YoY) -19.2 6.4 50.1 43.3 72.8 16.6 -7.2 -3.5 20.0 12.8 56.7
Provisions 16.8 16.3 24.0 14.2 19.5 16.5 18.5 17.4 71.4 71.9 15.5 25%
Profit before Tax 28.4 44.0 58.3 66.5 58.8 53.8 57.9 60.5 197.3 231.0 55.4 6%
Tax 6.7 10.9 19.8 18.8 18.1 13.4 14.6 16.2 56.2 62.4 14.0 29%
Net Profit 21.7 33.1 38.5 47.8 40.7 40.3 43.3 44.3 141.1 168.6 41.4 -2%
% Change (YoY) 79.4 58.7 75.4 168.5 87.7 21.7 12.5 -7.3 94.0 19.5 91.1
Operating Parameters
Deposit (INR b) 10,327 10,902 11,495 12,037 11,999 12,585 13,054 13,602 12,037 13,602 12,272 -2%
Loan (INR b) 7,996 8,366 8,907 9,410 9,635 9,888 10,297 10,774 9,410 10,774 9,615 0%
Deposit Growth (%) 10.9 13.6 17.5 15.1 16.2 15.4 13.6 13.0 15.1 13.0 18.8
Loan Growth (%) 19.6 20.6 21.7 21.1 20.5 18.2 15.6 14.5 21.1 14.5 20.2
Asset Quality
Gross NPA (%) 6.3 5.3 4.5 3.8 3.5 3.3 3.1 3.0 3.8 3.0 3.7
Net NPA (%) 1.6 1.2 1.0 0.9 0.8 0.7 0.7 0.6 0.9 0.6 0.8
PCR (%) 75.9 79.1 78.8 77.2 78.5 78.9 79.3 80.0 76.7 80.0 77.8
7 August 2023 11
4 August 2023
1QFY24 Results Update | Sector: Automobiles
Tube Investments of India

Estimate changes
TP change
CMP: INR3,115 TP: INR3,655 (+17%) Buy
Rating change Operationally weak, led by lower revenue growth
TI-1 revenue to grow ~15% YoY over the next few years
 TII’s 1QFY24 results were negatively impacted by low revenues across key
businesses such as Engineering (due to steel price adjustment) and Metal
formed (weakness in 2Ws). However, the underlying recovery in the auto,
especially 2W volumes, and exports are expected to drive revenue and
margins recovery over the next few quarters to over 13% by 4QFY24.
 We have lowered our FY24E/FY25E consolidated EPS estimates by 3%
each, negatively impacted by 4% cut in S/A revenue, due to moderation in
revenue growth in key businesses. We reiterate our Buy rating with a TP
of INR3,655 (Sep-25E SOTP).
Bloomberg TIINDIA IN
Steel price adjustments dent revenue growth in engineering biz
Equity Shares (m) 193  Tube Investments’ SA revenue declined 9% YoY (up 7% QoQ) to INR17.8b
M.Cap.(INRb)/(USDb) 602 / 7.3 (vs. est.INR18.7b). Engineering business (~64% of the S/A business)
52-Week Range (INR) 3394 / 2035 declined 8% YoY (vs est. decline of 3%) due to steel prices adjustments.
1, 6, 12 Rel. Per (%) -2/7/28
 Gross margin improved 390bp YoY (down 120bp QoQ) to 35.9%.
 EBITDA rose 6% YoY (up 3% QoQ) to INR2.1b (vs. INR2.3b). EBITDA margin
Consol. Financials & Valuations (INR b)
improved 170bp YoY (down 60bp QoQ) to 12.1% (vs. est. 12.3%).
INR b FY23 FY24E FY25E  Further, Adj. PAT stood at INR1.48b (vs. est. INR1.5b).
Sales 149.6 168.3 192.4  Revenue for the Mobility business declined 24% YoY to INR1.9b. PBIT
EBITDA 18.9 22.6 26.3 margin for this business stood at 1.1% (vs. -3.2%/3.9% in 4QFY23/1QFY23
Adj. PAT 7.8 11.3 13.8
and est. 1.5%).
EPS (INR) 40.5 58.6 71.7
EPS Gr. (%) 7.4 44.5 22.3
 Revenue for Engineering business declined 8% YoY to INR11.4b. PBIT
BV/Sh. (INR) 205 254 315 margin for this business stood at 11.8% (vs. 12.6%/9.5% in
Ratios 4QFY23/1QFY23 and est. 12.6%).
RoE (%) 22.3 25.5 25.2  Revenue for the Metal Formed Product business grew 2% YoY to INR3.4b.
RoCE (%) 38.7 40.5 40.2
PBIT margin for this business stood at 12.8% (vs. 12.9%/11.5% in 4QFY23/
Payout (%) 8.6 14.8 15.0
Valuations
1QFY23 and est. 12.2%).
P/E (x) 76.8 53.2 43.5  Revenue from the Others business vertical declined 20% YoY to INR1.8b.
P/BV (x) 15.2 12.2 9.9 PBIT margin for this business stood at 9% (vs. 5.8%/7.6% in
Div. Yield (%) 0.1 0.3 0.3 4QFY23/1QFY23 and est. 6%).
FCF Yield (%) 1.6 3.2 3.1

As On
 Outlook: TI-1 is expected to register a CAGR of 15% over the next few
Jun-23 Mar-23 Jun-22
Promoter 46.1 46.2 46.5 years. This will be largely driven by engineering and metal formed
DII 12.7 12.3 14.7 division.
FII 29.4 28.9 25.9  Exports: It has improved QoQ, as the export share now stands at 15% vs.
Others 11.8 12.6 13.0 13% in 4QFY23. In the EU, there are some weaknesses, but overall, there
is a belief that growth should be sustained. It is expected that exports will
grow in FY24.
7 August 2023 12
 EVs: The company has recently begun accepting orders for e-3Ws, and it already
has an order book of over 1,000 units. Additionally, it has provided heavy trucks
to customers for trial purposes. The annual production capacity for the trucks is
3-3.6k units/annum, while for e-3W/e-tractor, it stands at 70k/25k.
 Acquisition of Jayem Auto: The recent acquisition of Jayem, a company
specializing in R&D for EVs and e-LCV, marks a significant milestone for TIINDIA’s
EV portfolio. With this acquisition, TIINDIA now covers the entire gamut of B2B
focused segments in the EV market. As part of its expansion plans, the company
aims to launch its e-LCV by 1QFY25 end. Currently the product is in the
homologation stage.
Valuation and view
 TII offers diversified revenue streams, with strong growth in the core business
(~23% S/A PAT CAGR over FY23E-25E), ramp-up in CG Power and optionality of
new businesses incubated under the TI-2 strategy.
 The stock trades at 53.2x/43.5x FY24E/FY25E consolidated EPS. We reiterate a
BUY rating and a TP of ~INR3,655 (premised on Sep'25E SOTP, based on 35x for
the standalone business, valuing listed subsidiaries at 20% HoldCo discount and
adding INR287/share for the 2 EV businesses).
Quarterly performance (S/A) (INR M)

1Q 2Q 3Q 4Q 1Q 2QE 3QE 4QE 1Q
Net Sales 19,570 19,059 17,097 16,634 17,801 19,757 20,631 21,275 72,360 79,464 18,670
YoY Change (%) 55.7 14.4 0.5 -4.1 -9.0 3.7 20.7 27.9 13.8 9.8 -4.6
EBITDA 2,040 2,512 2,144 2,106 2,160 2,478 2,673 2,851 8,803 10,163 2,301
Margins (%) 10.4 13.2 12.5 12.7 12.1 12.5 13.0 13.4 12.2 12.8 12.3
Depreciation 325 346 337 448 331 365 400 436 1,456 1,531 390
Interest 36 52 60 68 70 55 55 54 216 233 60
Other Income 120 145 171 1,717 219 200 250 2,004 2,152 2,673 175
PBT before EO expense 1,800 2,258 1,919 3,306 1,979 2,258 2,468 4,366 9,283 11,071 2,026
Tax 457 599 542 507 502 567 620 1,090 2,104 2,779 509
Tax Rate (%) 25.4 29.6 28.2 16.8 25.4 25.1 25.1 25.0 24.0 25.1 25.1
Adj PAT 1,343 1,603 1,377 2,729 1,477 1,691 1,849 3,275 7,053 8,292 1,518
YoY Change (%) 38.5 32.0 14.3 100.2 10.0 5.5 34.2 20.0 46.7 17.6 13.0
7 August 2023 13
5 August 2023
1QFY24 Results Update | Sector: Healthcare
Lupin
Estimate change CMP: INR1,064 TP: INR820 (-23%) SELL
TP change
Niche approval to aid further improvement in profitability
Rating change
Valuation remains expensive
 Lupin (LPC) delivered better-than-expected 1QFY24 performance, on the
back of improved traction across geographies, lower raw material costs, and
reduced tax rate. The earnings performance is expected to be further
boosted by niche launches (g-Spiriva) in the coming quarters.
 We raise our earnings estimate by 7%/5% for FY24/FY25 factoring a)
superior growth in domestic formulation (DF) segment, b) healthy product
launches in US generics, and c) lower tax rate. We value LPC at 22x 12M
forward earnings to arrive at a price target of INR820.
 The earnings outlook is expected to improve with the commercialization of
limited competition products and the enhancement of the base business.
Having said this, the return ratios remain subdued (~10% for FY25). Further,
Bloomberg LPC IN the valuation at 39x FY24 EPS of INR28 and 31x FY25E EPS of INR35 is
Equity Shares (m) 453 expensive. We reiterate our SELL rating on the stock.
M.Cap.(INRb)/(USDb) 484 / 5.8 Product mix drives better profitability YoY/QoQ
52-Week Range (INR) 1078 / 603  LPC 1QFY24 revenues grew 23% YoY to INR46b (our est. INR44.4b). The
1, 6, 12 Rel. Per (%) 19/35/49 revenue has been adjusted for a one-time NCE income of INR2b for the
12M Avg Val (INR M) 921 quarter. US sales grew 57.4% YoY to INR15.9b (up 50% YoY in CC to
USD181m; 35% of sales). US sales are stable on a QoQ basis. Domestic
Financials & Valuations (INR b) formulation (DF) sales grew 9.8% YoY to INR16.3b (36% of sales). API sales
Y/E MARCH FY23 FY24E FY25E
166.4 190.2 213.0
grew 32% YoY to INR3.4b (7% of sales). ROW sales grew 85% YoY to INR1.6b
Sales
EBITDA 17.6 29.5 34.9 (4% of sales). EMEA sales grew 19.6% YoY to INR4b (9% of sales). Growth
Adj. PAT 3.9 12.6 16.1 market sales declined 4% YoY to INR4.1b (9% of sales).
EBIT Margin (%) 5.3 10.4 11.8  Gross Margin (GM) expanded 740bp YoY to 64.4%, due to a better product
Cons. Adj. EPS (INR) 8.6 27.7 35.4
EPS Gr. (%) -55.0 221.5 27.8 mix.
BV/Sh. (INR) 273.9 302.7 335.1  EBITDA margin expanded 980bp YoY to 14.1%, largely due to a decrease in
Ratios employee costs (down 250bp YoY as a percentage of sales), lower R&D
Net D:E 0.3 0.2 0.2
spend (down 130bp YoY as a percentage of sales), offset by an increase in
RoE (%) 3.2 9.6 11.1
RoCE (%) 3.5 8.9 9.9 ‘other expense’ (up 140bp as a percentage of sales).
Payout (%) 24.7 9.3 8.3  As a result, EBITDA grew almost 4x YoY to INR6.5b (our est. INR6b).
Valuations  Adjusted for the milestone income of INR2b, PAT stood at INR2.8b (our est:
P/E (x) 123.2 38.3 30.0
EV/EBITDA (x) 25.1 14.9 12.4
INR2b).
Div. Yield (%) 0.2 0.2 0.2 Highlights from the management commentary
FCF Yield (%) -0.3 1.3 2.8
 LPC guided for launching g-Spiriva in 2QFY24 and the ramp-up is expected to
EV/Sales (x) 2.6 2.3 2.0
be gradual. Interestingly, there is no authorized generic launch yet in the
Shareholding pattern (%) market.
As On Jun-23 Mar-23 Jun-22  The filing for g-Risperdal consta is expected in 2QFY24 and the launch
Promoter 47.1 47.1 47.1 timeline is anticipated to 2+ years from that point.
DII 29.4 29.2 27.2  The API segment has witnessed a higher off-take of 7-ACA and
FII 13.9 13.3 14.3 cephalosporin, driving YoY growth in the API segment.
Others 9.6 10.4 11.5  USFDA compliance at Pithampur unit 2 provides improved visibility of g-
Prolensa launch.
7 August 2023 14
Quarterly Performance (Consolidated) (INRm)
Y/E March FY23 FY24E FY23 FY24E FY24E % Var
Net Sales 37,438 41,455 43,222 44,301 46,087 48,077 48,728 47,339 1,66,417 1,90,230 44,402 3.8
YoY Change (%) -3.9 1.3 3.9 14.1 23.1 16.0 12.7 6.9 3.8 14.3 18.6
Total Expenditure 35,799 37,114 37,662 38,260 39,574 40,961 40,980 39,229 1,48,835 1,60,745 38,452
EBITDA 1,639 4,342 5,560 6,041 6,513 7,115 7,748 8,110 17,582 29,486 5,950 9.5
YoY Change (%) -70.4 -27.2 -1.4 114.0 297.3 63.9 39.3 34.3 -11.9 67.7 262.9
Margins (%) 4.4 10.5 12.9 13.6 14.1 14.8 15.9 17.1 10.6 15.5 13.4
Depreciation 1,928 2,035 2,204 2,640 2,347 2,450 2,550 2,450 8,807 9,796 2,350
EBIT -289 2,307 3,356 3,401 4,166 4,665 5,198 5,660 8,775 19,689 3,600 15.7
YoY Change (%) -108.4 -40.0 -6.9 304.1 LP 102.2 54.9 66.5 -25.3 124.4 LP
Margins (%) -0.8 5.6 7.8 7.7 9.0 9.7 10.7 12.0 5.3 10.4 8.1
Interest 428 549 841 926 856 950 970 1,031 2,743 3,807 970
Other Income 56 149 180 373 228 230 240 252 757 950 290
EO Exp/(Inc) -684 -188 234 263 -2,053 0 0 0 -375 -2,053 0
PBT 23 2,096 2,461 2,585 5,591 3,945 4,468 4,882 7,165 18,886 2,920 91.5
Tax 891 751 885 161 1,055 967 1,139 1,384 2,688 4,545 818
Rate (%) 3,907.5 35.8 36.0 6.2 18.9 24.5 25.5 28.4 37.5 24.1 28.0
Minority Interest -23 -47 -42 -64 -11 -20 -21 -44 -176 -96 -22
Reported PAT -891 1,297 1,535 2,360 4,525 2,959 3,307 3,453 4,301 14,245 2,080 117.5
Adj PAT -1,552 1,177 1,684 2,606 2,855 2,959 3,307 3,453 3,915 12,574 2,080 37.2
YoY Change (%) -164.0 -61.5 -37.5 399.9 LP 151.5 96.4 32.5 -55.0 221.1 LP
Margins (%) -4.1 2.8 3.9 5.9 6.2 6.2 6.8 7.3 2.4 6.6 4.7
E: MOFSL estimates
7 August 2023 15
6 August 2023
1QFY24 Results Update | Sector: Retail
Devyani International
Estimate changes
TP change
CMP: INR190 TP: INR220 (+16%) Buy
Rating change SSSG remains weak; RM trend improving
 DEVYANI reported 20% YoY revenue growth (in line), aided by 28% store
adds. SSSG remained weak for both KFC and PH. However, the decline in
RM prices led to a 120bp gain in gross margin QoQ. Due to higher corporate
G&A and employee expenses, EBITDAM contracted by ~290bp YoY to
20.5%, translating into 5% growth in EBITDA and a 39% decline in PAT.
 Due to the challenging environment, SSSG remained weak, and a recovery is
expected to take a couple of quarters. The PH format is expected to recover
gradually. Moreover, strong store addition guidance (275-300), expected
SSSG recovery in 2HFY24, and moderation in inflation should boost
profitability. We model revenue/EBITDA CAGRs of 24%/26% over FY23-25E.
Reiterate BUY with an SoTP-based TP of INR220 (based on 43x/35x for
Bloomberg DEVYANI IN KFC/Pizza Hut on a pre-Ind AS basis on Mar’25 estimates).
Equity Shares (m) 1205
M.Cap.(INRb)/(USDb) 227.5 / 2.7
Revenue/EBITDA in-line; SSSG remain weak
52-Week Range (INR) 215 / 134  Sales grew 20% YoY to INR 8.5b (in line), led by 28% YoY store adds.
1, 6, 12 Rel. Per (%) 0/15/-10  SSSG: KFC at -0.9% (est. +1%), PH at -5.3% (est. -4%), CC at 9.4% (est. +15%)
12M Avg Val (INR M) 547 and Vaango at 8.2%.
 Total 47 stores added: 20 - KFC, 15 - PH, 11 - CC.
 Total store count stands at 1,290: 510 – KFC, 521 – PH, 123 – CC, 52 –
Y/E Mar 2023 2024E 2025E
Sales 30.0 37.8 46.4 Vaango, 60 – International, 24 – Others (India).
Sales Gr. (%) 43.8 26.0 22.7  Gross profit grew 20% YoY to INR6.0b (in line), led by lower RM inflation.
EBITDA 6.6 8.2 10.5 Margin was down 25bp YoY/up 120bp QoQ at 70.8%
Margins (%) 21.9 21.6 22.6
Adj. PAT 2.8 2.5 3.4  Reported EBITDA increased by 5% YoY to INR1.7b (in line). Margins
Adj. EPS (INR) 2.3 2.1 2.9 contracted 290bp YoY to 20.5% (est. 20.6%).
EPS Gr. (%) 18.9 -10.9 36.6  PAT declined 39% YoY to INR457m (13% beat) due to higher depreciation.
BV/Sh.(INR) 8.1 9.7 12.6
Ratios Highlights from the management commentary
RoE (%) 34.0 23.4 25.5
 DEVYANI targets to add 275-300 stores in FY24 and to increase the total
RoCE (%) 19.8 13.7 14.8
Valuation store count to 2,000 by FY26, implying a 17% CAGR in store adds over FY23-
P/E (x) 81.0 90.9 66.5 26E. It plans to add 70-75 stores p.a. for PH, 60-70 stores for Costa Coffee
P/BV (x) 23.5 19.5 15.1
and 120-125 stores for KFC.
EV/Sales (x) 7.6 6.0 4.8
EV/EBITDA (x) 34.8 27.7 21.4  The company has increased prices in PH by less than 1% just to neutralize
the slightly margin-dilutive value category. Similarly, it hiked prices in KFC
Shareholding pattern (%) by 3% last quarter.
As On Jun-23 Mar-23 Jun-22  KFC’s SSSG in 2QFY24 could be lower owing to Hindu festivals. However, RM
Promoter 62.8 62.8 62.8 prices in KFC have largely stabilized and cheese and milk prices for PH/CC
DII 8.8 9.7 6.3
have started to stabilize.
FII 12.1 9.8 6.9
Others 16.4 17.8 24.1
 The company intends to strengthen the PH model by continuing marketing
FII Includes depository receipts expenditure (6% of sales), developing customer franchisees and innovating
products.
7 August 2023 16
Valuation and view
 We remain bullish on DEVYANI's prospects, considering: a) KFC's strong brand
equity and its growth opportunity; b) a gradual turnaround in PH, driven by the
management's focus on delivery and improved store metrics; c) network
expansion across the portfolio; and d) healthy operating profitability in the mid-
teens (on a pre-Ind AS basis).
 We largely maintain our estimates for FY24/FY25 given the easing inflationary
environment and falling RM prices. We model revenue/EBITDA CAGRs of
24%/26% over FY23-FY25E.
 We reiterate our BUY rating with an SoTP-based TP of INR220 (based on
43x/35x for KFC/Pizza Hut on a pre-Ind AS basis on Mar’25 estimates).

Y/E March FY23 FY24 FY23 FY24E FY24 Var.
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1QE (%)
KFC - No. of stores 391 423 461 490 510 540 570 600 490 610 520 -10.0
PH - No. of stores 436 466 483 506 521 536 556 581 506 581 521 0.0
KFC - SSSG (%) 63.6 13.0 3.0 1.9 -0.9 1.0 6.0 7.6 16.0 3.5 1.0 -1.9
PH - SSSG (%) 31.5 2.9 -6.1 -3.2 -5.3 -2.0 5.5 5.5 4.4 1.0 -4.0 -1.3
Net Sales 7,047 7,474 7,906 7,550 8,466 9,279 10,014 10,007 29,977 37,766 8,836 -4.2
YoY change (%) 99.8 44.8 26.6 27.8 20.1 24.1 26.7 32.5 43.8 26.0 25.4
Gross Profit 5,010 5,246 5,482 5,254 5,998 6,573 7,101 7,092 20,991 26,764 6,174 -2.9
Margin (%) 71.1 70.2 69.3 69.6 70.8 70.8 70.9 70.9 70.0 70.9 69.9 9708bp
EBITDA 1,647 1,655 1,739 1,513 1,734 1,964 2,170 2,308 6,551 8,176 1,820 -4.7
EBITDA growth % 167.5 34.2 17.7 8.3 5.3 18.7 24.8 52.5 21.9 24.8 10.5
Margin (%) 23.4 22.1 22.0 20.0 20.5 21.2 21.7 23.1 21.9 21.6 20.6 -1101bp
Depreciation 637 660 706 784 796 842 885 929 2,788 3,452 954 -16.5
Interest 328 348 378 420 404 443 443 482 1,475 1,772 409 -1.2
Other Income 90 45 81 110 68 92 92 115 326 367 81 -15.8
PBT 771 692 736 419 603 771 934 1,012 2,614 3,319 539 11.9
Tax 24 19 -62 -186 146 185 224 251 -206 805 136 7.2
Rate (%) 3.1 2.8 -8.5 -44.5 24.1 24.0 24.0 24.8 -7.9 24.3 25.2
Adjusted PAT 748 672 798 606 457 586 710 761 2,820 2,514 403 13.5
Margin (%) 10.6 9.0 10.1 8.0 5.4 6.3 7.1 7.6 9.4 6.7 4.6 8406bp
YoY change (%) L/P 58.3 22.0 -22.9 -38.8 -12.8 -11.1 25.6 18.9 -10.9 -46.1
E: MOFSL Estimates
7 August 2023 17
4 August 2023
LIC Housing Finance

TP change
Technical glitches led to muted disbursements and higher Stage 3
Rating change
Strong PAT beat, driven by NIM expansion and lower credit costs
 LICHF reported 1QFY24 PAT of ~INR13.2b (~34% beat), which grew 43%
YoY, driven by a healthy NII growth and lower credit costs.
 NII at ~INR22b (22% beat) grew 37% YoY, while PPOP at INR20b (23% beat)
grew 39% YoY. Cost-income ratio moderated to ~11% (PY: ~12%), driven by
a sharp NII growth.
 1QFY24 NIM (reported) at ~3.2% expanded ~30bp QoQ, driven by a ~15bp
improvement in (reported) yields to ~10.2%. The CoF was flat QoQ at
~7.6%. We do not believe that NIMs can be sustained at current levels and
model NIM compression (from current levels) for the rest of the fiscal year.
 The management shared that the ongoing IT platform transformation led to
technical glitches, which resulted in a) muted disbursements and b)
deterioration in GS3, due to the inability to present NACH mandates.
Bloomberg LICHF IN  We model NIM of 2.8%/2.7% in FY24/FY25. To factor in the margin
Equity Shares (m) 550
expansion reported in 1QFY24, we increase our FY24/FY25 EPS estimate by
M.Cap.(INRb)/(USDb) 234.6 / 2.8
52-Week Range (INR) 444 / 315 ~9%/6%. We model an advances/PAT CAGR of 9%/26% over FY23-25 for
1, 6, 12 Rel. Per (%) 9/-3/2 RoA/RoE of 1.5%/14% in FY25.
12M Avg Val (INR M) 913  Muted disbursements and asset quality deterioration was a dampener
despite the historically high NIM levels, reported by LICHF. While we hope
Financials & Valuations (INR b) for the volatility in NIM and ECL provisioning to subside, we still see risk
Y/E March FY23 FY24E FY25E
reward favorable at 0.7x FY25 P/BV. We reiterate our BUY rating with a TP
NII 63.3 78.4 81.2
PPP 55.0 68.4 70.6
of INR500 (premised on 0.8x FY25E P/BV).
PAT 28.9 41.8 46.1
EPS (INR) 52.5 76.0 83.8
EPS Gr. (%) 26.4 44.7 10.3  Opex was elevated because of the IT interventions, which were done over
BV/Sh (INR) 492 549 612 the last 18 months (in consultation with BCG). The management guided for
Ratios cost-income ratio to decline next year.
NIM (%) 2.5 2.8 2.7  Reported NIM of ~3.2% has no one-offs and is purely a function of the PLR
C/I ratio (%) 15.2 14.9 15.4
RoAA (%) 1.1 1.4 1.5
hikes, which were taken over the last one year. Incremental borrowing
RoE (%) 11.2 14.6 14.4 costs are very close to the weighted average CoB. Borrowing costs should
Payout (%) 16.2 14.0 12.1 remain largely stable within a band of 10-15bp.
Valuations
P/E (x) 8.1 5.6 5.1 Valuation and View
P/BV (x) 0.9 0.8 0.7  LICHF has strong moats in retail mortgages and on the liability side and has
Div. Yield (%) 2.0 2.5 2.4 demonstrated its ability to transmit higher borrowing cost to its customers.
However, we still remain wary of potential slippages in the restructured
pool and model higher credit costs of ~55bp (vs. guidance of 45-50bp).
Promoter
 LICHF’s valuation of 0.7x FY25E P/BV reflects the volatility in LICHF’s
45.2 45.2 45.2
DII 25.2 24.4 19.2 reported earnings and the asset quality stress, particularly in its developer
FII 17.0 17.5 20.7 book. We estimate a RoA/RoE of 1.5%/14% in FY25 and reiterate our BUY
Others 12.6 12.9 14.9 rating on the stock with a TP of INR500 (based on 0.8x FY25E BVPS).
FII Includes depository receipts  Key downside risks: a) Slippages from restructured pool, leading to higher
credit costs and b) volatility in NIM profile and ECL provisioning.
7 August 2023 18
Quarterly Performance (INR M)
Y/E March FY23 FY24E 1Q Act. v/s
FY23 FY24E
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q FY24E est. (%)
Interest Income 52,502 50,493 58,387 63,780 67,037 66,702 67,369 67,620 2,25,162 2,68,726 62,824 7
Interest Expenses 36,400 38,864 42,328 43,877 44,942 46,291 48,142 50,999 1,61,860 1,90,374 44,755 0
Net Interest Income 16,102 11,629 16,059 19,903 22,094 20,411 19,226 16,621 63,303 78,353 18,069 22
YoY Growth (%) 26.3 -0.4 10.4 21.5 37.2 75.5 19.7 -16.5 14.4 23.8 12.2
Fees and other income 407 427 374 371 429 540 545 532 1,580 2,045 489 -12
Net Income 16,509 12,056 16,432 20,274 22,523 20,951 19,771 17,153 64,882 80,398 18,558 21
YoY Growth (%) 26.1 -0.3 7.8 15.4 36.4 73.8 20.3 -15.4 11.9 23.9 12.4
Operating Expenses 2,029 2,610 2,876 2,759 2,425 2,871 3,163 3,554 9,883 12,013 2,191 11
Operating Profit 14,481 9,447 13,557 17,515 20,098 18,080 16,608 13,599 55,000 68,384 16,367 23
YoY Growth (%) 40.9 -0.4 2.9 16.2 38.8 91.4 22.5 -22.4 14.6 24.3 13.0
Provisions and Cont. 3,077 5,658 7,627 3,068 3,608 4,800 4,400 3,913 19,430 16,721 4,200 -14
Profit before Tax 11,404 3,789 5,930 14,448 16,490 13,280 12,208 9,686 35,570 51,663 12,167 36
Tax Provisions 2,149 739 1,127 2,645 3,253 2,523 2,320 1,720 6,660 9,816 2,312 41
Net Profit 9,255 3,050 4,803 11,803 13,237 10,757 9,889 7,966 28,910 41,847 9,855 34
YoY Growth (%) 503.2 23.0 -37.4 5.5 43.0 252.7 105.9 -32.5 26.4 44.7 6.5
Key Operating Parameters (%)
Yield on loans (Cal) 8.29 7.80 8.80 9.39 9.72 9.55 9.43 9.20 8.78 9.6
Cost of funds (Cal) 6.47 6.78 7.15 7.24 7.40 7.56 7.66 7.84 6.91 7.5
Spreads (Cal) 1.81 1.02 1.65 2.15 2.33 1.99 1.77 1.36 1.87 2.1
Margins (Cal) 2.54 1.80 2.42 2.93 3.21 2.92 2.69 2.26 2.40 2.7
Credit Cost (Cal) 0.49 0.87 1.15 0.45 0.52 0.69 0.62 0.53 0.76 0.6
Cost to Income Ratio 12.3 21.6 17.5 13.6 10.8 13.7 16.0 20.7 15.2 14.9
Tax Rate 18.8 19.5 19.0 18.3 19.7 19.0 19.0 17.8 18.7 19.0
Balance Sheet Parameters
Loans (INR B) 2,557 2,623 2,684 2,750 2,764 2,823 2,894 2,984 2,678 2895
Change YoY (%) 10.0 10.4 10.3 9.5 8.1 7.6 7.8 8.5 9.2 8.1
Indiv. Disb. (INR B) 149 164 157 145 106 155 175 190 614 626
Change YoY (%) 77.0 3.9 -10.3 -23.4 -28.8 -5.3 11.8 31.4 1.5 2.0
Borrowings (INR B) 2,260 2,329 2,404 2,447 2,414 2,484 2,547 2,656 2,448 2629
Change YoY (%) 9.5 11.4 11.4 9.3 6.8 6.6 5.9 8.5 9.4 7.4
Loans/Borrowings (%) 113.2 112.6 111.7 112.4 114.5 113.6 113.6 112.4 109.4 110.1
Asset Quality Parameters
GS 3 (INR B) 126.8 128.5 127.5 120.2 137.1 120.2 124.5
Gross Stage 3 (% on Assets) 5.0 4.9 4.8 4.4 5.0 4.4 4.2
NS 3 (INR B) 75.6 72.3 62.6 66.4 79.2 66.4 62.9
Net Stage 3 (% on Assets) 3.0 2.8 2.4 2.5 2.9 2.5 2.2
PCR (%) 40.4 43.7 50.9 44.8 42.3 44.8 49.5
ECL (%) 2.40 2.49 2.71 2.63 2.75 2.63
Loan Mix (%)
Home loans 82.0 82.6 83.1 83.2 83.2 83.2
LAP 13.2 12.9 12.9 12.5 12.3 12.5
Non Individual loans 4.8 4.5 4.0 4.3 4.3 4.3
Borrowing Mix (%)
Banks 33.0 34.0 33.9 34.0 31.0 34.0
NCD 51.0 52.0 51.9 50.0 54.0 50.0
Sub Debt 1.0 1.0 0.8 1.0 1.0 1.0
Deposits 8.0 7.0 5.9 5.0 5.0 5.0
NHB 4.0 4.0 3.6 5.0 5.0 5.0
CP 3.0 2.0 3.9 5.0 4.0 5.0
E: MOFSL Estimates
7 August 2023 19
6 August 2023
1QFY24 Results Update | Sector: Retail
Aditya Birla Fashion and Retail

Estimate changes
TP change
CMP: INR210 TP: INR190 (-10% ) Neutral
Rating change Weak demand hits 1Q performance; new business
posts losses
 Aditya Birla Fashion and Retail (ABFRL)’s 1QFY24 saw weak performance.
EBITDA was down 38% YoY translating into a net loss of INR1.6b (more than
estimated), as weak market conditions hurt Lifestyle/Pantaloons’ SSSG (-3%/-
8% YoY) coupled with significant losses of INR700m in new ventures viz.,
Ethnic, TMRW and others.
 Management indicated that demand conditions remained weak in both value
and premium categories, which may recover during the festive season. It is also
likely to reduce the pace of new store openings, mainly in Pantaloons. This weak
demand along with heavy investments in new businesses could put pressure on
Bloomberg ABFRL IN its earnings over the next 4-6 quarters. Accordingly, we cut our FY24/25E EBITDA
Equity Shares (m) 949 by 8-10% building in 17% EBITDA CAGR over FY23-25E. Reiterate Neutral.
M.Cap.(INRb)/(USDb) 199.1 / 2.4
Weak EBITDA (down 38% YoY; 6% miss) due to subsidiary losses
1, 6, 12 Rel. Per (%) -1/-25/-36  ABFRL’s consol. revenue grew 11.2% YoY (in line) to INR32b in 1QFY24
12M Avg Val (INR M) 747  Lifestyle grew 5% YoY led by strong recovery in Wholesale channel, 2%
retail store growth and 3% LTL decline.
Financials & Valuations (INR b)  Pantaloons reported marginal growth of 1.2% YoY led by 16% store
INRb FY23 FY24E FY25E additions and 8% LFL decline.
Sales 124.2 141.5 165.4  Adjusting TMRW’s sales (INR730m), ABFRL’s consol. sales rose 9% YoY
EBITDA 14.9 16.3 20.3  Gross profit reported a growth of 9% YoY to INR17.5b while margin contracted
Adj. PAT -0.7 -2.8 -2.4
EBITDA Margin (%) 12.0 11.5 12.3 110bp YoY to 54.8% (vs. est. 55.8%) during the quarter.
Adj. EPS (INR) -0.7 -2.8 -2.4  EBITDA at INR2.9b declined 38% YoY (6% miss) with margin of 9.1%. EBITDA
EPS Gr. (%) -45.7 294.8 -13.9 decline was mainly on account of lower retail throughput, early EOSS and loss
BV/Sh. (INR) 35.3 44.6 42.3
Ratios
within the subsidiaries (TMRW, Ethnic).
Net Debt:EBITDA 0.4 -0.1 0.0  Subsequently, the company reported a net loss of INR1.6b (est. loss of
RoE (%) -2.2 -7.1 -5.5 INR1.1b) due to negative operating leverage resulting from subdued sales of
RoCE (%) 4.8 2.4 3.3
the Pantaloons business, as well as continued investments in TMRW and
Payout (%) 0.0 0.0 0.0
Valuations Ethnic businesses.
P/E (x) NM NM NM
EV/EBITDA (x) 17.1 15.9 13.5
EV/Sales (x) 1.7 1.5 1.3  Demand pressure within the value segment and higher yarn prices impacted
Div. Yield (%) 0.0 0.0 0.0 Pantaloons’ performance adversely.
FCF Yield (%) -0.2 6.6 4.9
 Despite near-term challenges, management expects the market to rebound in
2HFY24 following the festive period.
 It completed the integration of Reebok. The segment is currently at break-
Promoter 55.5 55.5 56.1 even levels and is expected to turn profitable by FY24.
DII 16.9 18.9 20.0  Losses within TMRW (on an annual basis) are likely to be in the range of
FII 14.7 14.9 13.7 INR800m-INR1b. The company expects to raise funds by the end of FY24.
Others 13.0 10.8 10.2  Net debt stood at INR21b (vs. INR14b as of Mar’23) due to higher capex,
working capital and loss funding. It expects net debt to reach INR28b by Mar’24.
7 August 2023 20
Valuation and view
 The market environment remained weak with both value and premium categories
seeing weak demand trends. However, the categories are likely to recover due to
the festive season and passing of lower RM prices to customers.
 In the last few years ABFRL has invested in multiple new businesses, majority of
which are presently loss-making or yet to stabilise. Scaling up the ethnic wear
and Reebok businesses and turning around the newly set-up D2C segment could
be a bumpy ride. Inclusion of TCNS to this portfolio may further deepen the
near-term profitability risks.
 We factor in a revenue/EBITDA CAGR of 18%/27% over FY23-25E.
 We value ABFRL on an SoTP basis, assigning EV/EBITDA of 11x to Lifestyle
Brands, 11x to Pantaloons, and EV/sales of 1x to other businesses on FY25E to
arrive at our TP of INR190. Reiterate Neutral.
Consolidated - Quarterly Earnings Model (INR m)

Y/E March FY23 FY24E FY23 FY24E FY24 Est
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1QE Var (%)
Revenue 28,748 30,746 35,888 28,797 31,961 35,027 40,903 33,609 1,24,179 1,41,499 32,165 -0.6
YoY Change (%) 254.1 49.7 20.1 26.1 11.2 13.9 14.0 16.7 52.6 13.9 11.9
Total Expenditure 24,063 26,779 31,532 26,869 29,037 31,373 35,207 29,560 1,09,243 1,25,177 29,067 -0.1
EBITDA 4,684 3,967 4,356 1,928 2,923 3,653 5,697 4,048 14,936 16,322 3,098 -5.7
Change, YoY (%) -377.6 26.5 -25.2 -48.3 -37.6 -7.9 30.8 110.0 35.8 9.3 -33.9
Depreciation 2,703 2,907 3,175 3,485 3,670 3,640 3,731 3,882 12,270 14,922 3,627
Interest 944 1,036 1,321 1,422 1,873 1,572 1,654 1,188 4,724 6,287 1,552
Other Income 311 220 269 364 603 284 277 0 1,165 1,165 291
PBT 1,349 245 129 -2,615 -2,017 -1,274 589 -1,021 -893 -3,722 -1,790 12.7
Tax 411 -56 62 -646 -397 -318 147 -363 -230 -931 -447
Rate (%) 30.4 -23.0 48.3 24.7 19.7 25.0 25.0 35.5 25.7 25.0 25.0
Reported PAT 938 301 67 -1,969 -1,620 -955 442 -658 -663 -2,792 -1,342 20.7
Adj PAT 938 301 67 -1,969 -1,620 -955 442 -658 -663 -2,792 -1,342 20.7
YoY Change (%) -126.7 411.2 -96.6 -740.1 -272.7 -417.3 562.5 -66.6 -45.1 321.0 -243.1
E: MOFSL Estimates
7 August 2023 21
5 August 2023
1QFY24 Results Update | Sector: Oil & Gas
Gujarat State Petronet

Estimate changes
TP change
CMP: INR276 TP: INR326 (+18%) Buy
Rating change Moderating gas costs lead to volume recovery
 Gujarat State Petronet (GUJS)’s 1QFY24 EBITDA came in line with our
estimate at INR3.4b. EBITDAM was 200bp higher than our estimate at
85.5%. Volumes were in line at 29.4mmscmd with implied tariff at
INR1,435/mscm.
 Demand from the power sector has more than doubled YoY driven by
falling LNG prices. Spot LNG prices dipped to USD10.9/mmBtu for Jul’23
delivery from USD12.2/mmBtu in Jun’23 that can result in further volume
recovery.
 PNGRB had kept GUJS’s LP gas grid’s tariff broadly unchanged at
INR4.07/mmBtu via its order dated 23rd Jun’23 against GUJS’s proposal of
INR8.60/mmBtu.
 The company’s HP gas grid is also up for tariff revision and might benefit
Bloomberg GUJS IN from the tariff reforms announced last year. The proposed capex for HP
Equity Shares (m) 564 gas grid stands at INR45.4b up to FY32E, which would facilitate gas
M.Cap.(INRb)/(USDb) 155.7 / 1.9 transportation from newer LNG terminals and obviate the need for a tariff
1, 6, 12 Rel. Per (%) -5/-3/4 cut.
12M Avg Val (INR M) 284  The stock is trading at a P/E of 15.8x FY24E EPS of INR17.6 and EV/EBITDA
of 10.4x. Return ratios are expected to be at 10-11% during FY24-25. We
Financials & Valuations (INR b) maintain our BUY rating with a TP of INR326, implying an upside
Y/E March FY23 FY24E FY25E potential of 18%.
Sales 15.3 17.0 17.9
EBITDA 12.6 14.3 15.0 In-line performance; margins expand sequentially
PAT 9.4 9.9 10.4 GUJS’s total volumes were in line with our estimate at 29.4mmscmd (flat

EPS (INR) 16.8 17.6 18.4 YoY).
EPS Gr. (%) -3.5 5.3 4.1  EBITDA was in line with our estimate at INR3.4b (-7% YoY), with implied
BV/Sh.(INR) 164.4 176.8 189.6 tariff at INR1,435 in 1QFY24.
Ratios  EBITDA margin was slightly higher than our estimate at 85.5% (est. 83.5%)
Net D:E -0.1 -0.1 -0.1
during the quarter.
RoE (%) 10.7 10.3 10.0
 PAT was in line with our estimate at INR2.3b (flat YoY).
RoCE (%) 10.7 10.4 10.0
 The company had implemented a Unified Tariff (UFT) from 1st Apr’23.
Payout (%) 29.8 30.0 30.0 th
Valuations  As of 30 Jun’23, the company had a deficit of INR131.9m on account of
P/E (x) 16.6 15.8 15.1 invoicing done as per UFT and entitlement as per approved tariff.
P/BV (x) 1.7 1.6 1.5
Sectoral volume details for 1QFY24
EV/EBITDA (x) 11.9 10.4 9.7
 CGD volumes increased to 10.4mmscmd (-4% YoY).
Div. Yield (%) 1.8 1.9 2.0
FCF Yield (%) 5.0 2.4 2.8  Fertilizer volumes were at 3.4mmscmd (+4% YoY).
 Power/ref-petchem volumes were at 4/6.6mmscmd (+131/-28% YoY).
Shareholding pattern (%)  Other volumes stood at 4.9mmscmd (+10% YoY).
Valuation and view – maintain BUY
Promoter 37.6 37.6 37.6
 The available LNG capacity in Gujarat is expected to grow at 55% to
DII 27.2 26.9 32.8
42.5mmtpa over the next 3-4 years. Most of this volume is likely to flow
FII 16.6 16.7 16.5
Others
through GUJS’ network. We believe the company could post 18% CAGR
18.6 18.8 13.1
in transmission volumes over FY23-FY25E.
7 August 2023 22
 We expect GUJS’ volumes to jump to ~35mmscmd in FY25 as the company is
also a beneficiary of: a) the upcoming LNG terminals in Gujarat, b) improved
demand owing to the focus on reducing industrial pollution – Gujarat has five
geographical areas (GAs) identified as severely/ critically polluted, and c) the
commissioning of the Mehsana-Bhatinda pipeline.
 Investments in GUJGA and Sabarmati Gas at a 25% holding discount provide a
valuation of INR226. Valuing the core at 6x adj. FY25E EPS of INR16.7, and
adding the value of investments, we arrive at our TP of INR326. Reiterate BUY.
Standalone - Quarterly Earning Model (INR m)

Y/E March FY23 FY24 FY23 FY24E FY24 Var. vs
1Q 2Q 3Q 4Q 1Q 2QE 3QE 4QE 1QE est.
Net Sales 4,200 3,850 3,484 3,740 3,937 4,217 4,336 4,489 15,275 16,979 4,086 -4%
YoY Change (%) -4.5 -13.9 -12.7 0.3 -6.3 9.5 24.4 20.0 -7.9 11.2 -2.7
EBITDA 3,602 3,338 2,699 2,947 3,364 3,594 3,614 3,691 12,587 14,264 3,410 -1%
YoY Change (%) -3.8 -12.3 -19.8 -3.7 -6.6 7.7 33.9 25.2 -9.9 13.3 -5.3
Margins (%) 85.8 86.7 77.5 78.8 85.5 85.2 83.4 82.2 82.4 84.0 83.5
Depreciation 479 488 489 483 468 521 543 596 1,939 2,128 505
Interest 14 11 11 10 10 7 7 5 47 29 9
Other Income 40 1,037 130 476 180 732 92 184 1,684 1,189 28
PBT before EO expense 3,149 3,877 2,329 2,931 3,066 3,798 3,157 3,274 12,286 13,296 2,924 5%
PBT 3,149 3,877 2,329 2,931 3,066 3,798 3,157 3,274 12,286 13,296 2,924 5%
Tax 794 735 620 687 773 956 795 811 2,836 3,347 736
Rate (%) 25.2 18.9 26.6 23.5 25.2 25.2 25.2 24.8 23.1 25.2 25.2
Reported PAT 2,355 3,142 1,709 2,243 2,293 2,842 2,362 2,463 9,450 9,949 2,188 5%
YoY Change (%) 1.1 -4.9 -19.9 11.0 -2.6 -9.5 38.2 9.8 -3.5 5.3 -7.1
Margins (%) 56.1 81.6 49.1 60.0 58.2 67.4 54.5 54.9 61.9 58.6 53.5
Key Operating Parameters
Transmission Volume (mmscmd) 29.5 24.6 22.3 25.1 29.4 32.3 34.7 35.6 25.4 33.0 30.0 -2%
Implied Tariff (INR/mscm) 1,523 1,656 1,678 1,562 1,435 1,374 1,347 1,341 1,600 1,374 1,443 -1%
7 August 2023 23
5 August 2023
1QFY24 Results Update | Sector: Healthcare
Alembic Pharma
Estimate change CMP: INR780 TP: INR720 (-8%) Neutral
TP change
Higher opex dents profitability trend
Rating change
Work in progress to expand the injectable portfolio
 Alembic Pharma (ALPM) reported a miss on the 1QFY24 earnings, due to
increased operating cost. Having said this, ALPM continues to implement
efforts to improve injectable sales. The higher number of injectable approvals
has boosted its momentum of launches as well in the US generics segment.
 We raise our earnings estimates for FY24/FY25 by 2% each factoring in: a)
improved sales prospects in the US generics, b) better marketing efforts in
branded generics as well as animal health segment and c) increased
operating leverage.
 We value ALPM at 19x 12M forward earnings to arrive at our TP of INR720.
With significant investment already done for capacity as well as product
development, ALPM is in the process of increasing the pace of approvals/
Bloomberg ALPM IN launches in injectables segment. It is also implementing the efforts to increase
Equity Shares (m) 189 the prescriptions in the domestic formulation (DF) segment. Having said this,
M.Cap.(INRb)/(USDb) 153.4 / 1.9
the current valuation captures earnings growth adequately. Maintain Neutral.
1, 6, 12 Rel. Per (%) 22/36/-1
12M Avg Val (INR M) 115 Product mix benefit more than offset by higher operating cost
 ALPM’s 1QFY24 sales grew 18% YoY to INR15.0b (our est: INR14.4b).
Financials & Valuations (INR b)  DF sales grew 9% YoY to INR5.2b (35% of sales). API sales rose 31% YoY to
Y/E MARCH FY23 FY24E FY25E
INR3.1b (21% of sales). Ex-US generic export sales jumped 47% YoY to
Sales 56.5 61.5 66.2
EBITDA 8.2 9.5 10.6 INR2.7b (18% of sales). The US generics sales grew 6.3% YoY to INR3.9b
Adj. PAT 4.3 6.0 6.7 (USD48m; 26% of sales) due to normalization of sales during the quarter.
EBIT Margin (%) 10.4 11.3 12.0  Gross margin expanded 210bp YoY to 72.2% due to superior product mix
Cons. Adj. EPS (INR) 21.9 30.6 34.2
EPS Gr. (%) -37.6 40.0 12.0 and lower RM cost.
BV/Sh. (INR) 222.4 247.2 275.8  However, EBITDA margin expanded at a higher rate of 430bp YoY to 13.4%,
Ratios due to increased operating leverage (R&D expenses down 360bp) offset by
Net D:E 0.1 0.1 0.1
RoE (%) 8.3 12.9 13.0
higher other expenses (+100bp YoY as a % of sales).
RoCE (%) 10.4 12.4 12.5  EBITDA grew 73% YoY to INR2b (our est: INR2.3b) in 1QFY24.
Payout (%) 27.7 19.7 17.6  Adj. PAT rose ~3x YoY to INR1.2b (est: INR1.3b) due to higher other income.
Valuations
P/E (x) 35.7 25.5 22.8
EV/EBITDA (x) 23.0 19.6 17.5 Highlights from the management commentary
Div. Yield (%) 0.5 0.7 0.7  Management guided for 20+ launches in the US in FY24. It had six launches
FCF Yield (%) 1.3 1.5 2.5
in 1QFY24.
EV/Sales (x) 3.3 3.0 2.8
 There could be certain opportunities to ALPM from drug shortages in the
Shareholding pattern (%) injectable space.
As On Jun-23 Mar-23 Jun-22  Management indicated 10-15% YoY growth in the API segment for FY24.
Promoter 69.6 69.6 69.6  ALPM has expanded its field force by 200 in animal health business and
DII 13.7 13.3 12.2
FII 4.3 4.6 5.9
would be catering mainly to large cattle segment.
Others 12.4 12.5 12.3  The DF specialty segment grew 12% YoY, while acute segment rose 16%
FII Includes depository receipts YoY for the quarter as per ORG data.
7 August 2023 24
Quarterly perf. (Consol.) (INR m)
1Q 2Q 3Q 4Q 1Q 2QE 3QE 4QE 1QE vs Est
Net Sales 12,621 14,750 15,090 14,065 14,862 15,359 15,981 15,316 56,526 61,516 14,402 3.2%
YoY Change (%) -4.8 14.1 18.7 -0.7 17.7 4.1 5.9 8.9 6.5 8.8 14.1
Total Expenditure 11,475 12,423 12,603 11,833 12,875 13,132 13,392 12,583 48,333 51,981 12,069
EBITDA 1,147 2,328 2,488 2,232 1,987 2,227 2,589 2,734 8,194 9,535 2,333 -14.8%
YoY Change (%) -51.4 -9.5 -2.7 -21.2 73.3 -4.3 4.1 22.5 -17.8 16.4 103.5
Margins (%) 9.1 15.8 16.5 15.9 13.4 14.5 16.2 17.8 14.5 15.5 16.2 -283.1
Depreciation 521 517 535 741 662 620 630 648 2,314 2,560 490
EBIT 626 1,811 1,953 1,490 1,325 1,607 1,959 2,085 5,880 12,095 1,843 -28.1%
YoY Change (%) -65.8 -10.6 -2.2 -33.8 111.8 156.9 8.2 6.8 -24.2 105.7 194.6
Interest 88 124 146 144 144 140 138 138 502 560 145
Other Income 11 3 4 9 117 120 125 123 27 485 0
PBT before EO expense 548 1,690 1,811 1,356 1,298 1,587 1,946 2,070 5,405 6,900 1,698 -23.6%
Extra-Ord expense 1,150 160 130 110 0 0 0 0 1,550 0 0
PBT -602 1,530 1,681 1,246 1,298 1,587 1,946 2,070 3,855 6,900 1,698 -23.6%
Tax -15 180 326 -364 92 159 243 335 126 828 336
Rate (%) 2.5 11.7 19.4 -29.2 7.0 10.0 12.5 16.2 3.3 12.0 19.8
MI & P/L of Asso. Cos. 72 17 136 85 0 0 0 60 309 60 15
Reported PAT -659 1,334 1,220 1,525 1,206 1,428 1,703 1,675 3,420 6,012 1,347 -10.4%
Adj PAT 463 1,475 1,324 1,034 1,206 1,428 1,703 1,675 4,296 6,012 1,347 -10.4%
YoY Change (%) -71.9 -12.9 -24.9 -42.1 160.8 208.8 15.4 26.5 -37.6 40.0 191.1
Margins (%) 3.7 10.0 8.8 7.4 8.1 9.3 10.7 10.9 7.6 9.8 9.4
7 August 2023 25
4 August 2023
1QFY23 Result Update | Healthcare
Piramal Pharma
TP change
Rating change
Work in progress to revive business across segments
Enhanced outlook for CDMO/CHG segment
 Piramal Pharma (PIRPHARM) posted a better-than-expected performance
in 1QFY24. It witnessed a strong uptick in the order book for its CDMO
business, supported by sustained volume growth in Sevoflurane in the
complex hospital generics segment (CHG). Although PIRPHARM reported a
net loss of INR986m in 1QFY24, we believe that with the revival in
business and debt reduction, it will return to profitability .
 We raise our FY24/FY25 estimates by 1%/3%, factoring in better growth
prospects in the CDMO/CHG segments and a reduction in interest costs.
We value PIRPHARMA on an SOTP basis (11x EV/EBITDA of CDMO
business, 11x EV/EBITDA for CHG, and 12x India consumer products-ICP) to
arrive at a TP of INR125.
Bloomberg PIRPHARM IN  PIRPHARM remains on track to improve its earnings outlook and return
Equity Shares (m) 1193 ratios through a) increased visibility for innovation-related work and API
M.Cap.(INRb)/(USDb) 123 / 1.5
business in the CDMO segment, and b) incremental launches and market
1, 6, 12 Rel. Per (%) 12/-7/-
share gains in existing products in the CHG/ICH segment. We reiterate our
12M Avg Val (INR M) 662 BUY rating on the stock.
Free float (%) 65.2 Superior product mix leads to improved profitability YoY
Financials & Valuations (INR b)  Revenues grew 18% YoY to INR17.5b (our est: INR17b) for the quarter.
Y/E MARCH FY23 FY24E FY25E  CDMO segment (51% of total sales) revenues grew 17% YoY to INR9b. CHG
Sales 70.8 78.7 88.7
segment (35% of total sales) revenues grew 22% YoY to INR6b. ICH
EBITDA 7.3 10.1 12.1
Adj. PAT (0.8) 1.9 3.9 segment (14% of total sales) revenues grew 13% YoY to INR2.4b.
EBIT Margin (%) 0.7 3.9 5.4  Gross margin expanded 290bp YoY to 64.2% due to change in product mix.
Cons. Adj. EPS (INR) (0.7) 1.6 3.3
 However, EBITDA margin expanded 180bp YoY to 7.6% (our est: 7%)
EPS Gr. (%) NA NA 109.2
BV/Sh. (INR) 56.8 58.3 61.6 largely due to higher other expenses (+380bp as a % of sales) offset by
Ratios lower employee costs (down 270bp as a % of sales).
Net D:E 0.8 0.7 0.7
 As a result, EBITDA grew 56% YoY to INR1.3b (our est: INR1.2b).
RoE (%) (1.2) 2.7 5.5
RoCE (%) 3.7 3.1 4.5  Other income too declined 47% YoY to INR383m and interest costs
Payout (%) NA 17.6 17.6 increased 2x YoY to INR1.2b.
Valuations
 As a result, the company reported a loss after tax of INR986m (our est.
P/E (x) NA 50.0 23.9
EV/EBITDA (x) 20.2 13.6 11.3 INR1.1b loss).
Div. Yield (%) 0.3 0.1 0.3
FCF Yield (%) (0.0) 0.0 0.0 Highlights from the management commentary
EV/Sales (x) 2.1 1.7 1.5  2H is expected to be better than 1H in terms of revenue and profitability.
 In the CDMO segment, the Formulations: API ratio is 45:55 on full year
As On Jun-23 Mar-23 basis.
Promoter 34.8 34.8  PIRPHARM incurred capex of INR1.5b for 1QFY24.
DII 25.5 25.0  The net debt stood at INR47b at the end of 1QFY24. After the rights issue,
FIIFIIFII 15.4 19.7 net debt is expected to decline by INR10b.
Others 24.3 20.6
7 August 2023 26
PPL Income statement (INR m)
FY23 FY24E FY23 FY24E FY24E % var
Revenues 14,820 17,200 17,160 21,636 17,489 19,206 20,001 21,960 70,816 78,655 16,908 3%
growth YoY(%) 13.0 9.0 11.5 1.5 18.0 11.7 16.6 1.5 8.0 11.1 14.1
Expenses 13,969 15,475 15,962 18,123 16,165 16,988 16,950 18,476 63,529 68,580 15,724
CDMO 7,700 9,400 10,210 12,850 8,980 10,528 11,333 12,933 40,160 43,774 8,855 1%
CHG 5,080 5,620 5,140 7,020 6,170 6,294 6,271 6,868 22,860 25,603 5,690 8%
ICP 2,110 2,270 2,140 2,060 2,390 2,384 2,397 2,107 8,590 9,277 2,363 1%
EBITDA* 851 1,726 1,197 3,513 1,323 2,218 3,050 3,484 7,286 10,075 1,184 12%
margin (%) 5.7 10.0 7.0 16.2 7.6 11.5 15.3 15.9 10.3 12.8 7.0
growth YoY(%) -34.3 -12.2 -46.9 -11.7 55.5 28.5 154.8 -0.8 -23.3 38.3 39.1
Depreciation 1,617 1,662 1,644 1,844 1,736 1,720 1,760 1,754 6,767 6,970 1,700
EBIT -766 64 -447 1,669 -413 498 1,290 1,730 520 3,105 -516 -20%
Other income 719 462 825 245 383 480 550 587 2,251 2,000 400
Interest expense 623 830 947 1,043 1,185 750 650 554 3,442 3,139 1,150
Share from Asso. Co 199 111 156 78 144 120 140 156 543 560 150
PBT -471 -193 -412 949 -1,071 348 1,330 1,919 -128 2,526 -1,116 -4%
EO Expenses/(gain) 680 70 324 - - - - - 1,074 - -
Taxes -61 111 165 448 -85 70 266 406 663 657 0
Tax Rate (%) 5.3 -42.2 -22.5 47.2 8.0 20.0 20.0 21.2 -55.2 26.0 0.0
Reported PAT -1,091 -373 -902 501 -986 278 1,064 1,512 -1,865 1,869 -1,116 NA
Adj. PAT -446 -274 -578 501 -986 278 1,064 1,512 -798 1,869 -1,116
Change (%) NA NA NA -75.4 NA LP LP 201.8 NA NA NA
7 August 2023 27
5 August 2023
AAVAS Financiers
Estimate change CMP: INR1,559 TP: INR1,680 (+8%) Neutral
TP change
Rating change Disbursements muted; high opex leads to earnings miss
Transition to Aavas 3.0 should enable accelerated disbursements
 1QFY24 disbursements declined 2% YoY to ~INR10.7b because of teething
issues caused by the pan-India rollout of the Salesforce platform across all
its branches. This transformation will enable accelerated disbursements
through higher throughput and productivity.
 1QFY24 PAT grew 23% YoY to INR1.1b (7% miss). NII increased by 26% YoY
to INR2.3b. Other income rose 42% YoY, aided by higher assignment income
of INR330m (PY: INR217m) and fee income of ~INR170m (PY: ~INR140m).
 Despite healthy NII growth, a higher cost-income ratio at ~48% (PY: 47%)
led to an earnings miss. Opex included one-off items in employee expenses
related to ~INR13m for KMP retiral benefits and ~INR70m in ESOP expenses
(vs. reversal of ~INR50m in 4QFY23).
 We model a 24% AUM CAGR and a 22% PAT CAGR over FY23-25E, with
Bloomberg AAVAS IN RoA/RoE of 3.5%/16% in FY25E. We cut our FY24E/FY25E EPS by ~6%/ 3% to
Equity Shares (m) 78 factor in lower AUM growth and higher margin compression.
M.Cap.(INRb)/(USDb) 123.3 / 1.5
 Valuations have de-rated over the last six months and the stock now trades
52-Week Range (INR) 2340 / 1335
1, 6, 12 Rel. Per (%) 1/-31/-43 at 2.8x FY25E P/BV. Before turning constructive, we would monitor the
12M Avg Val (INR M) 364 execution on asset quality and would observe how the IT transformation
accelerates disbursements and improves productivity for AAVAS. Maintain
Financials & Valuations (INR b) Neutral rating with a TP of INR1,680 (based on 3x Mar’25E BVPS).
AUM grew 23% YoY; disbursements declined 2% YoY
NII 8.0 9.5 11.7
PPP 5.6 6.6 8.4  AUM grew 23% YoY/3% QoQ to ~INR147b. The management shared that
PAT 4.3 5.0 6.4 disbursements have now stabilized, with Jun’23 disbursements up 17% YoY.
EPS (INR) 54.4 63.7 80.7 The share of LAP in the disbursement mix stood at 33% (PY: 37%).
EPS Gr. (%) 20 17 27  The annualized run-off in the loan book stood at 17% (PY: 19%). In 1Q,
BV/Sh. (INR) 414 477 558
securitization amounted to INR2b (PY: INR1.4B).
Ratios (%)
NIM 6.2 6.0 6.0 Highlights from the management commentary
C/I ratio 44.9 45.5 43.1  1QFY24 BT-OUT stood at ~1.4% (guidance of ~0.5% BT-OUT per month).
Credit cost 0.12 0.16 0.17
 Aavas guided for opex to average assets of ~3.7% in FY24. Opex will remain
RoA 3.5 3.4 3.5
RoE 14.2 14.3 15.6 elevated in FY24 because of investments in technology, but cost ratios
Valuation should improve by ~20-25bp every year from FY25 onward.
P/E (x) 28.7 24.5 19.3
Valuation and View
P/BV (x) 3.8 3.3 2.8
 AAVAS reported RoA/RoE of 3.3%/13% in 1QFY24. Its constant endeavor to
improve its technological edge and relentless focus on asset quality has
As On Jun-23 Mar-23 Jun-22 made it a standout player among peers. Notably, its 1+DPD remains within
Promoter 39.1 39.1 39.2 guided levels, driven by its prudent underwriting process and efficient
DII 14.4 12.5 10.2 collection efforts.
FII 35.0 38.8 39.0  Given the investments being made in sourcing, distribution and technology,
Others 11.5 9.5 11.6 AAVAS will embark on a very strong disbursement growth trajectory from
2HFY24 onward. The stock trades at 2.8x FY24E P/BV and any rerating in
valuation multiples will depend on consistent delivery of strong asset
quality and robust AUM growth. Maintain Neutral with a TP of INR1,680
(based on 3x Mar’25E BVPS).
7 August 2023 28
Quarterly performance INR m
Y/E March FY23 FY24E
FY23 FY24E 1QFY24E v/s Est.
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q
Interest Income 3,148 3,287 3,585 3,861 4,128 4,343 4,560 4,805 13,882 17,836 4,093 1
Interest Expenses 1,347 1,410 1,504 1,650 1,866 2,034 2,156 2,250 5,910 8,307 1,774 5
Net Income 1,802 1,877 2,082 2,211 2,262 2,309 2,404 2,555 7,971 9,528 2,319 -2
YoY Growth (%) 20 15 32 23 26 23 15 16 22 20 29
Other income 380 664 534 641 540 722 648 733 2,220 2,644 422 28
Total Income 2,182 2,541 2,616 2,852 2,802 3,031 3,052 3,287 10,191 12,172 2,741 2
YoY Growth (%) 37 21 20 18 28 19 17 15 23 19 26
Operating Expenses 1,026 1,147 1,201 1,203 1,339 1,375 1,430 1,400 4,577 5,544 1,172 14
YoY Growth (%) 53 33 32 14 30 20 19 16 31 21 14
Operating Profits 1,156 1,394 1,415 1,649 1,464 1,656 1,622 1,887 5,614 6,628 1,569 -7
YoY Growth (%) 26 13 12 22 27 19 15 14 17.6 18.1 36
Provisions 9 16 35 64 57 65 50 29 124 200 65 -13
Profit before Tax 1,147 1,378 1,380 1,586 1,407 1,591 1,572 1,859 5,490 6,428 1,504 -6
Tax Provisions 254 310 307 318 310 344 339 396 1,189 1,388 325 -5
Profit after tax 892 1,068 1,073 1,268 1,097 1,247 1,232 1,463 4,301 5,040 1,179 -7
YoY Growth (%) 49 16 20 10 23 17 15 15 20.5 17.2 32
Key Parameters (%)
Yield on loans 12.7 12.9 13.0 13.1 13.3 13.7 14.1
Cost of funds 6.9 7.0 7.3 7.6 7.7 6.6 7.5
Spread 5.8 5.9 5.8 5.5 5.6 7.1 6.6
NIM - YTD 7.7 8.2 8.2 8.3 8.0 6.2 6.0
Credit cost 0.0 0.1 0.1 0.2 0.2 0.1 0.2
Cost to Income Ratio (%) 47.0 45.1 45.9 42.2 47.8 44.9 45.5
Tax Rate (%) 22.2 22.5 22.2 20.1 22.0 21.7 21.6
Balance Sheet Parameters
AUM (INR B) 118.9 125.4 130.9 141.7 146.5 141.7 175.6
Change YoY (%) 23.7 23.6 23.3 24.8 23.2 24.8 24.0
AUM mix (%)
Home loans 71.1 70.9 70.1 69.9 69.8 69.9 68.1
Mortgage loans 28.9 29.1 29.9 30.1 30.2 30.1 31.9
Loans (INR B) 95.9 100.8 105.5 114.8 119.1 114.8 140.5
% of AUM 80.6 80.4 80.6 81.0 81.3 26.8 22.4
Disbursements (INR B) 10.9 11.5 12.0 15.8 10.7 50.2 59.8
Change YoY (%) 136.5 27.2 26.5 22.9 -2.3 39.5 19.0
Borrowings (INR B) 82.9 85.7 91.6 98.9 106.8 98.4 122.2
Change YoY (%) 27.8 24.1 26.7 24.0 23.4 24.2
Borrowings/Loans (%) 86.4 85.0 86.8 86.2 89.6 85.7 87.0
Debt/Equity (x) 2.9 2.8 2.9 3.0 3.2 3.0 3.2
Asset Quality (%)
GS 3 (INR M) 1,045 1,113 1,204 1,067 1,193
G3 % 1.08 1.10 1.13 0.92 1.00
NS 3 (INR M) 805 848 917 780 872
NS3 % 0.8 0.8 0.9 0.7 0.7
PCR (%) 22.9 23.8 23.9 26.9 26.9
ECL (%) 0.67 0.64 0.64 0.62 0.64
Return Ratios - YTD (%)
ROA (Rep) 3.2 3.4 3.4 3.5 3.2 3.5 3.4
ROE (Rep) 12.5 13.4 13.6 14.1 13.2 14.2 14.3
E: MOFSL Estimates
7 August 2023 29
5 August 2023
1QFY24 Results Update | Sector: Oil & Gas
Mahanagar Gas
Estimate change CMP: INR1,056 TP: INR1,285 (+22%) Buy
TP change
Rating change
Record margins drive beat
 Mahanagar Gas (MAHGL) reported higher-than-estimated EBITDA of INR5.2b
(est. INR4.2b), led by an all-time high EBITDA/scm of INR16.8 (est. INR13).
Volumes were 5% below our est. at 3.4mmscmd in 1QFY24.
 The management expects volume growth over the next couple of quarters
to be driven by the addition of 500-600 CNG busses to MSRTC’s fleet vs.
~120 currently. MAHGL has recently commissioned an online CNG filling
facility for MSRTC’s Vithalwadi depot and will set up CNG infrastructure in
six more depots. The average consumption of MSRTC busses is ~80kg/day.
 The conversion for commercial vehicles declined to 1,200 in 1QFY24 from
1,300 last quarter. The company is looking to target commercial customers
by incentivizing aggregators and fleet owners to use CNG. The company may
also consider giving discounts to high-volume customers.
 Given strong margins in 1QFY24, we raise our EBITDA/scm assumption to
Bloomberg MAHGL IN INR12 for FY24 from INR10 previously. Subsequently, we increase our
Equity Shares (m) 99 EBITDA/PAT assumption by 17%/21% for FY24 while keeping it broadly
M.Cap.(INRb)/(USDb) 104.3 / 1.3 unchanged for FY25.
 The stock trades at 10.2x FY24E EPS of INR104.1. We value it at 16x FY25E
1, 6, 12 Rel. Per (%) -2/15/23
EPS to arrive at a TP of INR1,285. Maintain BUY on MAHGL.
Financials & Valuations (INR b) Volumes lower than estimate; beat on margin
Y/E March FY23 FY24E FY25E  Total volumes were 5% below our est. at 3.4mmscmd (-1% YoY).
Sales 63.0 60.9 54.1  CNG volumes were at 2.5mmscmd (5% below est., -2% YoY) in 1QFY24.
EBITDA 11.8 15.4 12.7
 PNG total volumes stood at 0.9mmscmd (4% below est., +2% YoY).
Adj. PAT 7.9 10.3 7.9
 EBITDA/scm was above our estimate at INR16.8 (vs. our est. of INR13.0) due
Adj. EPS (INR) 80.0 104.1 80.3
EPS Gr. (%) 32.3 30.1 -22.8 to lower-than-estimated gas cost during the quarter.
BV/Sh.(INR) 418.5 481.0 529.2  Thus, EBITDA at INR5.2b beat our estimate of INR4.2b (+83% YoY).
Ratios  PAT stood at INR3.7b (est. of INR2.8b, +99% YoY) in 1QFY24.
Net D:E -0.1 -0.1 -0.1
RoE (%) 20.4 23.1 15.9
Valuation and view
RoCE (%) 20.5 23.2 16.0
Payout (%) 32.5 40.0 40.0  MAHGL connected 41,580 households, and added 76 PNG-I/C customers
Valuation during the quarter. For Raigad GA, 69,106 households were connected and
P/E (x) 13.2 10.2 13.2 6.5kms of pipeline was constructed.
P/BV (x) 2.5 2.2 2.0  The company has set up an SPV with Baidyanath LNG to install 5-6 LNG
EV/EBITDA (x) 8.6 6.5 7.9
stations over the next 12-18 months. The company has also signed MOU
Div. Yield (%) 2.5 3.9 3.0
FCF Yield (%) 2.5 5.2 2.9 with BMC for setting up a compressed biogas plant having capacity of
1000mt/d.
 The stock trades at 10.2x FY24E EPS of INR104.1. We value it at 16x FY25E
Promoter 32.5 32.5 32.5
EPS to arrive at a TP of INR1,285. We maintain our BUY rating on MAHGL
DII 25.2 24.9 26.1 owing to its relatively cheaper valuations.
FII 32.4 31.0 25.8
Others 10.0 11.6 15.6
7 August 2023 30
Standalone - Quarterly Earning Model (INR m)
Y/E March FY23 FY24 FY23 FY24E FY24 Var.
1Q 2Q 3Q 4Q 1Q 2QE 3QE 4QE 1QE (%)
Net Sales 14,548 15,627 16,714 16,105 15,378 16,203 15,766 13,573 62,993 60,920 15,575 -1
YoY Change (%) 136.4 88.2 62.6 48.2 5.7 3.7 -5.7 -15.7 76.9 -3.3 7.1
EBITDA 2,856 2,528 2,561 3,897 5,213 3,642 3,498 3,087 11,842 15,440 4,238 23
EBITDA/SCM 9.1 7.9 8.2 12.8 16.8 10.9 10.5 10.0 9.5 12.0 13.0 29
Margins (%) 19.6 16.2 15.3 24.2 33.9 22.5 22.2 22.7 18.8 25.3 27.2
Depreciation 537 551 585 638 620 644 645 668 2,311 2,578 641
Interest 23 25 24 22 25 29 30 31 94 114 28
Other Income 200 260 323 336 390 200 198 201 1,119 988 199
PBT 2,496 2,213 2,274 3,573 4,957 3,169 3,021 2,589 10,555 13,736 3,768 32
Tax 644 573 553 885 1,273 798 760 627 2,655 3,457 948
Rate (%) 25.8 25.9 24.3 24.8 25.7 25.2 25.2 24.2 25.2 25.2 25.2
Reported PAT 1,852 1,640 1,721 2,688 3,684 2,371 2,260 1,962 7,901 10,278 2,819 31
YoY Change (%) -9.3 -19.7 203.0 104.0 98.9 44.6 31.4 -27.0 32.3 30.1 52.2
Margins (%) 12.7 10.5 10.3 16.7 24.0 14.6 14.3 14.5 12.5 16.9 18.1
Sales Volumes (mmscmd)
CNG 2.5 2.5 2.5 2.4 2.5 2.7 2.6 2.4 2.5 2.6 2.6 -5
PNG - Domestic 0.5 0.5 0.5 0.5 0.5 0.5 0.5 0.5 0.5 0.5 0.5 -1
PNG - Industrial/ Commercial 0.4 0.4 0.4 0.5 0.4 0.5 0.5 0.5 0.4 0.5 0.5 -6
PNG - Total 0.9 0.9 0.9 1.0 0.9 1.0 1.0 1.0 0.9 1.0 1.0 -4
Total Volumes 3.4 3.5 3.4 3.4 3.4 3.6 3.6 3.4 3.4 3.5 3.6 -5
7 August 2023 31
4 August 2023
1QFY24 Result Update | Sector: Logistics
TCI Express
Estimate change
TP change CMP: INR1,525 TP: INR1,900 (+25%) Buy
Rating change
Performance in line
 TCI Express (TCIE)’s 1QFY24 revenue grew 5% YoY to ~INR3b, largely in line
with our estimate. The growth was slow due to weak macroeconomic
environment and TCIE expects it to ramp up in subsequent quarters.
 Volume in 1QFY24 stood at 0.24m tonnes (up 4% YoY), while realization was
INR 12,703 per ton (+2% QoQ).
 EBITDA for the quarter stood at INR464m with a margin of 15.2% (vs. our
estimate of 15.6%). PAT stood at INR323m (vs. our estimate of INR 343m) with
a margin of 10.6%.
 The outlook remains bright and we have kept our estimates largely
unchanged. We expect TCIE to clock volume/revenue/EBITDA CAGR of
11%/13%/21% over FY23-25. This growth will be facilitated by the
Stock Info
Bloomberg TCIEXP IN implementation of automation and the expansion of the branch network,
Equity Shares (m) 38 leading to enhanced operational efficiencies. An estimated capex of INR 5b is
M.Cap.(INRb)/(USDb) 58.4 / 0.7 foreseen over FY23-FY28, toward proprietary sorting centers and a corporate
52-Week Range (INR) 2010 / 1384
1, 6, 12 Rel. Per (%) -3/-5/-23 office in Gurugram, Haryana. We reiterate our BUY rating with a TP of
12M Avg Val (INR M) 53 INR1,900 (based on 36x FY25E EPS).
Financials Snapshot (INR b)
Y/E March 2023 2024E 2025E Highlights from the management commentary
Net Sales 12.4 14.2 15.9
 E-commerce's contribution to revenue reduced to 2% from 5% in 1QFY23.
EBITDA 1.9 2.3 2.8
Adj. PAT 1.4 1.6 2.0 Total contribution of value-added services now stands at 17%, compared to
EBITDA Margin (%) 15.7 16.2 17.8 15.5% in 1QFY23. The management targets to increase the share of value-
Adj. EPS (INR) 36.4 42.6 52.9 added services to 25% of total revenue by FY25.
EPS Gr. (%) 8.1 17.1 24.3
BV/Sh. (INR) 156 190 235  The MSME sector is expected to play a significant role ahead. The automotive
Ratios sector has experienced a positive cycle, although it remains cyclical. IT and
Net D/E (x) 0.0 0.0 0.0 Technology sectors are also expected to contribute significantly.
RoE (%) 24.6 24.6 24.9
RoCE (%) 24.4 24.4 24.7
 TCIE aims to achieve an annual margin expansion of 100bp, with efforts to
Payout (%) 22.0 18.8 15.1 improve margins by around 75-80bp in FY24. Utilization is expected to remain
Valuations above 85%, and with the introduction of new value-added services such as rail
P/E (x) 42.1 35.9 28.9
express, the company targets a 16.5% margin in FY24.
P/BV (x) 9.8 8.0 6.5
EV/EBITDA (x) 30.0 25.3 20.5
Div. Yield (%) 0.5 0.5 0.5 Focus on asset-light business model and automation to drive efficiency
FCF Yield (%) 0.7 0.7 0.7
 The revenue composition is evenly influenced by both SMEs and corporate
Shareholding pattern (%) entities.
 To facilitate business growth, TCIE has opened 450 new branches in the past
Promoter 69.7 69.7 66.7
five years. It intends to establish 50-75 new branches in FY24, leveraging on
DII 10.2 10.2 8.8
FII 2.3 2.0 1.9 the upcoming manufacturing facilities and clusters of SMEs.
Others 17.9 18.1 22.6  Over the long term, TCIE aims to achieve a revenue of INR 17b by FY25 with an
FII Includes depository receipts EBITDA margin of 17.5-18%. This would be driven by growth in existing
business, increasing branch network, and ramp up in business from the new
segments such as rail express and cold chain.
7 August 2023 32
Valuation and view
 TCIE would continue to focus on the high-margin B2B Express segment. The
strategic expansion of its branch network in critical markets, particularly
targeting the SME segment, would lead to market share gains.
 Moreover, the introduction of new automation sorting centers is expected to
enhance operational efficiency, reduce turnaround time, and ultimately boost
the company's competitive edge in the market.
 We largely retain our estimates for FY24/FY25. We expect TCIE to clock 11%
volume CAGR and revenue/EBITDA/PAT CAGR of ~13%/21%/21% over FY23-25.
We reiterate our BUY rating with a TP of INR1,900 (based on 36x FY25E EPS).
Quarterly snapshot (INR m)

FY23 FY24E FY23 FY24E FY24 Var.
1Q 2Q 3Q 4Q 1Q 2QE 3QE 4QE 1QE vs Est
Net Sales 2,904 3,099 3,144 3,263 3,049 3,419 3,821 3,888 12,410 14,177 3,113 (2)
YoY Change (%) 30.3 13.3 9.6 9.4 5.0 10.3 21.5 19.2 14.8 14.2 7.2
EBITDA 428 515 461 541 464 557 634 648 1,945 2,303 486 (4)
Margins (%) 14.7 16.6 14.7 16.6 15.2 16.3 16.6 16.7 15.7 16.2 15.6
YoY Change (%) 33.4 13.7 -2.3 7.8 8.4 8.3 37.7 19.7 11.3 18.4 13.5
Depreciation 33 35 43 42 46 42 40 43 153 181 43
Interest 3 4 4 7 4 5 5 4 18 18 4
Other Income 19 23 13 17 15 20 21 22 72 77 19
PBT before EO expense 411 499 427 509 429 530 610 622 1,845 2,181 458 (6)
PBT 411 499 427 509 429 530 610 622 1,845 2,181 458 (6)
Tax 101 121 106 124 105 134 154 159 453 550 115
Rate (%) 24.5 24.3 24.9 24.4 24.6 25.2 25.2 25.5 24.5 25.2 25.2
Reported PAT 310 378 320 385 323 396 456 463 1,393 1,632 343 (6)
Adj PAT 310 378 320 385 323 396 456 463 1,393 1,632 343 (6)
YoY Change (%) 30.5 11.0 -8.8 7.0 4.3 4.9 42.5 20.5 8.1 17.1 10.5
Margins (%) 10.7 12.2 10.2 11.8 10.6 11.6 11.9 11.9 11.2 11.5 11.0
E: MOFSL Estimates
7 August 2023 33
RESULTS
6 August 2023
FLASH 1QFY24 Results Flash | Sector: Consumer
Britannia Industries
BSE SENSEX S&P CNX
65,721 19,517
CMP: INR4,798
Conference Call Details Sales in line; profitability slightly below estimates
th
Date: 7 Aug 2023  BRIT’s consolidated sales rose 8.4% YoY to INR40.1b (est. INR40.8b) in
Time: 10:00 AM 1QFY24. Consol. EBITDA/PBT/Adj. PAT increased 37.6%/33.6%/34.7% YoY
Dial-in details: to INR6.9b/INR6.2b/INR4.5b (est. INR7.1b/INR6.4b/INR4.7b).
+91 22 6280 1313 /
 We believe base business volume rose ~4% YoY in 1QFY24 (est. +7%).
+91 22 7115 8214
 Consolidated gross margin expanded 510bp YoY but declined 300bp QoQ
. (Diamond Pass)
to 41.9% (est. 41.6%).
 EBITDA margin was up 360bp YoY but down 2700bp QoQ at 17.2% (est.
Y/E March 2023 2024E 2025E 17.4%).
Sales 163.0 178.2 197.8  On a standalone basis, sales/EBITDA/PAT grew 9.9%/41.9%/37.7% YoY in
Sales Gr. (%) 15.3 9.3 11.0
1QFY24 to INR38.7b/INR6.7b/INR4.4b.
EBITDA 28.3 31.7 36.0
EBITDA mrg. (%) 17.4 17.8 18.2
Adj. PAT 19.4 22.0 24.9 Other key highlights
Adj. EPS (INR) 80.3 91.4 103.5  The softening in commodity prices revives competition from local
EPS Gr. (%) 27.6 13.7 13.3 players, which pushed BRIT to decrease prices to remain competitive.
BV/Sh.(INR) 146.7 148.8 164.3
Ratios  Launched Jim Jam Pops, a kind of open cream biscuit.
RoE (%) 63.5 61.8 66.1  New Greenfields factories in Tamil Nadu and Uttar Pradesh were
RoCE (%) 32.8 32.9 36.8 efficiently scaled up.
Payout (%) 89.6 85.0 85.0
Valuation  BRIT aims to increase productivity with an enhancement plan in the
P/E (x) 59.7 52.5 46.4 Ranjangaon Food park.
P/BV (x) 32.7 32.2 29.2
EV/EBITDA (x) 40.6 36.2 31.8
Div. Yield (%) 1.5 1.6 1.8
Consol. Quarterly Performance (INRb)

Y/E March FY23 FY23 FY23 FY24 FY24 Var.
1Q 2Q 3Q 4Q 1Q 2QE 3QE 4QE 1QE (%)
Base business volume growth(%) -2.0 4.0 2.0 3.0 4.0 5.0 5.0 6.0 1.8 5.0 7.0
Net Sales 37.0 43.8 42.0 40.2 40.1 47.8 46.0 44.3 163.0 178.2 40.8 (1.7)
YoY change(%) 8.7 21.4 17.4 13.3 8.4 9.2 9.5 10.1 15.3 9.3 10.2
Gross Profit 13.6 17.1 18.3 18.1 16.8 19.9 19.3 18.5 67.1 74.5 17.0 (0.9)
Margins(%) 36.9 38.9 43.7 44.9 41.9 41.7 41.9 41.7 41.2 41.8 41.6
EBITDA 5.0 7.1 8.2 8.0 6.9 8.5 8.2 8.1 28.3 31.7 7.1 (2.9)
Margins(%) 13.5 16.3 19.5 19.9 17.2 17.8 17.9 18.4 17.4 17.8 17.4
YoY growth(%) -9.6 27.5 51.5 45.7 37.6 19.3 0.4 1.7 28.6 12.1 41.7
Depreciation 0.5 0.5 0.6 0.7 0.7 0.8 0.8 0.7 2.3 3.1 0.8
Interest 0.4 0.5 0.4 0.3 0.5 0.6 0.6 0.6 1.7 2.3 0.6
Other Income 0.6 0.5 0.5 0.6 0.5 0.7 0.9 1.0 2.2 3.1 0.7
PBT 4.6 6.6 7.7 7.6 6.2 7.8 7.6 7.8 26.5 29.4 6.4 (3.3)
Tax 1.3 1.7 2.2 2.0 1.7 2.0 1.9 1.8 7.2 7.4 1.7
Rate(%) 27.5 25.6 28.1 26.9 26.9 25.8 25.2 23.2 27.0 25.2 26.2
Adjusted PAT 3.4 4.9 5.6 5.5 4.5 5.8 5.7 6.0 19.4 22.0 4.7 (4.2)
YoY change(%) -13.2 28.5 49.7 46.5 34.7 18.2 2.6 8.2 27.6 13.7 40.6
E:MOFSL Estimates
7 August 2023 34
RESULTS
6 August 2023
FLASH Results Flash | Sector: Automobiles
Balkrishna Industries
BSE SENSEX S&P CNX
65,721 19,517
CMP: INR2480 Neutral
Conference Call Details Below est.; Volumes and realizations remain weak;
th
Date: 7 Aug 2023 inventory destocking in export markets largely done
Time: 10.30 AM IST  Volumes declined 19% YoY to 67.2k tons (est. 78.2k units). The Biparjoy
Dial-in details: [Link] cyclone affected five days of production schedules (13th Jun to 19th Jun)
+91 22 6280 1259 and export dispatches were affected until June-end due to disruptions at
+91 22 7115 8160 the Mundra port. However, domestic momentum remained strong, with
sales volumes growing 19% YoY.
Financials & Valuations (INR b)  Realizations declined 4% YoY at INR314.7k/unit (est. INR320k).
Sales 100.2 102.9 114.0
 Revenue was down 22% YoY at INR21.1b (est. INR25b).
EBITDA 19.7 25.9 30.0  Gross margins contracted 170bp YoY (+240bp QoQ) to 51.7% (est. 50%).
Adj. PAT 10.1 15.8 18.8  EBIDTA margins improved 290bp YoY to 23% (est. 23.7%). This was
EPS (Rs) 52.1 81.6 97.1 partially led by lower freight expenses, down 9.7pp YoY/110bp QoQ as a
EPS Growth (%) -29.3 56.5 19.0
% of sales.
BV/Share (INR) 390.9 442.6 504.7
Ratios  Despite FX gain and higher other income, adj. PAT declined 2% YoY to
RoE (%) 13.9 19.6 20.5 INR3.1b (est. INR3.55b).
RoCE (%) 10.9 13.8 15.0  The board has declared the first interim dividend for FY24 of INR4/share.
Payout (%) 30.7 36.7 36.0
Valuations Outlook
P/E (x) 47.6 30.4 25.5  2Q is likely to face challenges related to heat waves and recessionary
P/BV (x) 6.3 5.6 4.9 fears in export markets.
Div. yield (%) 0.6 1.2 1.4  On a positive note, channel inventory-related challenges in export
FCF yield (%) -0.6 3.0 2.7
markets are subsiding.
 FY24 capex will be INR5.5-6b (including routine maintenance capex of
INR2.5-3b). The balance will be spent on new product development (like
rubber tracks, giant solid tires) to widen the product basket in end-
markets, along with high investments in brand building and marketing
efforts to reach its market share goal of 10%.
 Valuation view: The stock trades at 30.4x/25.5x FY24E/FY25E EPS.
Quarterly Earning Model (Standalone) (INR M)
Volumes (Ton) 83,153 78,872 66,480 72,676 67,209 80,449 78,446 95,689 3,01,181 3,21,794 78,164
YoY Change (%) 21.2 8.4 -5.5 -5.8 -19.2 2.0 18.0 31.7 4.3 6.8 -6.0
Realizations (INR '000/ton) 327.9 355.8 333.2 319.9 314.7 314.7 316.3 335.6 334.4 321.3 319.9
YoY Change (%) 23.0 24.5 12.7 1.4 -4.0 -11.6 -5.1 4.9 14.7 -3.9 -2.4
Net Revenues 27,263 28,063 22,153 23,246 21,150 25,317 24,810 32,118 1,00,725 1,03,395 25,002
YoY Change (%) 49.1 34.9 6.6 -4.4 -22.4 -9.8 12.0 38.2 19.6 2.7 -8.3
EBITDA 5,470 5,640 4,233 4,942 4,863 6,430 6,351 8,355 20,284 26,000 5,925
Margins (%) 20.1 20.1 19.1 21.3 23.0 25.4 25.6 26.0 20.1 25.1 23.7
Depreciation 1,262 1,341 1,449 1,515 1,537 1,550 1,575 1,600 5,566 6,262 1,525
Interest 27 43 136 250 208 100 100 -14 456 394 100
Forex loss/(gain) -260 -490 1,660 -30 -330 -125 -125 80 880 -500 -125
Other Income -150 580 430 280 660 300 350 116 1,140 1,426 300
PBT before EI 4,290 5,327 1,417 3,487 4,108 5,205 5,151 6,805 14,521 21,269 4,725
PBT 4,290 5,327 1,417 3,465 4,108 5,205 5,151 6,805 14,499 21,269 4,725
Rate (%) 25.4 24.1 29.8 26.1 23.9 24.9 24.9 26.5 25.7 24.9 24.9
Reported PAT 3,199 4,043 995 2,559 3,125 3,911 3,870 4,999 10,774 15,980 3,550
Adj PAT 3,199 4,043 995 2,576 3,125 3,911 3,870 4,999 10,791 15,980 3,550
YoY Change (%) -10.5 1.2 -69.7 -30.5 -2.3 -3.3 288.9 94.1 -25.9 48.1 11.0
Margins (%) 11.7 14.4 4.5 11.1 14.8 15.4 15.6 15.6 10.7 15.5 14.2
E: MOFSL Estimates
7 August 2023 35
RESULTS
6 August 2023
FLASH Results Flash | Sector: Midcaps
APL Apollo Tubes

BSE SENSEX S&P CNX
65,721 19,517
CMP: INR1528 Buy
Earnings in line with estimates
Conference Call Details Performance in 1QFY24
th
Date:7 August 2023  APAT consolidated revenue grew 32% YoY and 3% QoQ to INR45.5b (est.
Time: 12:00pm IST INR40.9b) as the company reported its highest-ever quarterly sales volume of
Dial-in details:
661,501 MT in 1QFY24 (up 56% YoY and 2% QoQ).
click here
 Gross profit/MT stood at INR9,436 (up 11% YoY/down 6% QoQ).
 EBITDA/MT stood at INR4,645 (up 1% YoY/down 7% QoQ). EBITDA grew 58%
YoY but declined 5% QoQ to INR3.1b (est. INR3.2b).
 The share of value-added products (VAP) improved sequentially to 57% in
1QFY24 from 54% in 4QFY23 but was still below 1QFY23 levels of 61%.
 The company expects the sales mix to further improve in upcoming quarters
on the back of a higher contribution from innovative products.
 Adj. PAT grew 60% YoY but declined 4% QoQ to INR1.9b (est. INR2b).
Consolidated - Quarterly Earning

(INR M)
Model
Y/E March FY23 FY24 FY23 FY24 FY24E Var
1Q 2Q 3Q 4Q 1Q 2QE 3QE 4QE 1QE %
Gross Sales 34,386 39,692 43,271 44,311 45,449 46,004 47,216 52,813 1,61,660 1,91,482 40,888 11
YoY Change (%) 35.7 28.7 34.0 5.1 32.2 15.9 9.1 19.2 23.8 18.4 18.9
Total Expenditure 32,446 37,373 40,543 41,082 42,377 42,562 43,568 48,495 1,51,444 1,77,001 37,646
EBITDA 1,939 2,319 2,729 3,229 3,072 3,442 3,647 4,319 10,216 14,481 3,242 -5
Margins (%) 5.6 5.8 6.3 7.3 6.8 7.5 7.7 8.2 6.3 7.6 7.9
Depreciation 294 276 345 468 409 480 495 510 1,383 1,894 470
Interest 100 136 186 249 271 195 204 220 671 890 180
Other Income 83 116 93 180 217 120 150 205 472 692 110
PBT before EO expense 1,629 2,023 2,290 2,692 2,608 2,887 3,098 3,794 8,633 12,388 2,702
PBT 1,629 2,023 2,290 2,692 2,608 2,887 3,098 3,794 8,633 12,388 2,702
Tax 422 521 598 673 672 727 780 955 2,215 3,134 680
Rate (%) 25.9 25.7 26.1 25.0 25.8 25.2 25.2 25.2 25.7 25.3 25.2
Reported PAT 1,207 1,502 1,692 2,018 1,936 2,161 2,319 2,839 6,419 9,254 2,022
Adj PAT 1,207 1,502 1,692 2,018 1,936 2,161 2,319 2,839 6,419 9,254 2,022 -4
YoY Change (%) -28.4 2.8 32.3 14.3 60.5 43.9 37.0 40.7 3.7 44.2 67.6
Margins (%) 3.5 3.8 3.9 4.6 4.3 4.7 4.9 5.4 4.0 4.8 4.9
7 August 2023 36
RESULTS
6 August 2023
FLASH 1QFY24 Results Flash | Sector: Financials
CAMS
CMP: INR2,311 Buy
Conference Call Details
th
Date: 7 Aug 2023 A 5% miss in PAT due to increased expenses
Time: 11:00AM IST  QAAUM grew 15% YoY and 7% QoQ to INR 30t. Equity AUM grew 20% YoY
Link for the call to INR 20.6t in 1QFY24.
 Operating revenue stood at INR2.6b, higher by 10.4% YoY and 4.8% QoQ,
and in line with our estimates.
 Overall expenses grew 9% YoY and 7.9% QoQ. Increase in overall expenses
Bloomberg CAMS IN
Equity Shares (m) 49 is mainly attributable to operating expense (up 22.3% YoY and 11.3% QoQ
M.Cap.(INRb)/(USDb) 113.3 / 1.4 to INR327m) and other expenses (up 25.8% YoY and 1.9% QoQ to
52-Week Range (INR) 2689 / 2002 INR236m).
1, 6, 12 Rel. Per (%) 0/-7/-18
 Employee expenses was up 8.4% QoQ and 1.8% YoY to INR950m.
Employee expenses was in line with our estimates, but operating
expenses and other expenses were higher than our estimates by 4% and
Y/E March 2023 2024E 2025E 7%, respectively.
AAUM 27.3 31.3 36.0  EBIDTA came at INR1,101m and EBIDTA margin stood at 42.1% vs. 41.4%
Revenue 9.7 10.8 12.4
in 1QFY23 and 43.8% in 4QFY23. EBIDTA was 12% up YoY, 6% lower than
EBITDA 4.2 4.8 5.8
Margin (%) 43.3 44.4 46.6 our estimates.
PAT 2.8 3.2 4.0  PAT grew 17.1% YoY/1.8% QoQ to INR757m in 1QFY24. PAT for the
PAT Margin (%) 29 30 32 quarter came in 4.5% lower than our estimates.
EPS 58.1 66.0 81.8
EPS Grw. (%) -0.8 13.6 23.9  The board has recommended an interim dividend of INR 8/- per share.
BVPS 159.7 182.7 211.3 Valuation and view
RoE (%) 39.8 38.5 41.5
Div. Payout (%) 65.0 65.0 65.0  Historically, CAMS has traded at a premium to listed AMCs in terms of the
Valuations one-year forward P/E. This premium is well deserved, given: 1) the
P/E (x) 40.5 35.6 28.7 duopoly nature of the industry and high-entry barriers, 2) relatively low
P/BV (x) 14.7 12.9 11.1
Div. Yield (%) 1.6 1.8 2.3
risk of a market share loss, and 3) higher customer ownership as
compared to AMCs.
 We shall update our estimates post the conference call scheduled for 7th
Aug’23.
7 August 2023 37
Y/E March FY23 FY24E Act v/s
FY23 FY24E 1QFY23E
1Q 2Q 3Q 4Q 1Q 2QE 3QE 4QE Est. (%) YoY QoQ
Revenue from Operations 2,366 2,424 2,436 2,492 2,613 2,639 2,666 2,891 9,718 10,808 2,654 -1.6 10.4 4.8
Change YoY (%) 17.6 6.5 2.5 2.5 10.4 8.9 9.4 16.0 6.8 11.2 12.2
Employee expenses 933 901 871 876 950 942 952 1,024 3,581 3,867 947.6 0.2 1.8 8.4
Operating expenses 267 274 282 294 327 309 309 312 1,123 1,257 313.2 4.4 22.3 11.3
Other Expenses 188 189 200 232 236 216 219 212 803 883 219.0 7.7 25.8 1.9
Total Operating Expenses 1,388 1,363 1,354 1,401 1,512 1,467 1,479 1,548 5,506 6,007 1,480 2.2 9.0 7.9
Change YoY (%) 28.2 11.9 8.8 7.0 9.0 7.7 9.3 10.5 13.4 9.1 6.7
EBITDA 979 1,061 1,082 1,091 1,101 1,172 1,186 1,342 4,212 4,801 1,175 -6.3 12.4 0.9
Other Income 44 74 71 79 97 80 80 58 268 315 75 29.0 118.1 22.8
Depreciation 136 147 155 164 165 170 177 217 603 729 174 -5.0 21.1 0.7
Finance Cost 18 18 20 20 20 19 19 18 76 76 19 6.4 14.2 (0.4)
PBT 869 970 978 985 1,012 1,063 1,070 1,165 3,802 4,311 1,057 -4.2 16.4 2.7
Change YoY (%) 2.3 0.5 -4.4 -0.4 16.4 9.6 9.5 18.3 -0.7 13.4 21.6
Tax Provisions 223 249 242 242 255 266 268 289 956 1,078 264 -3.4 14.5 5.6
Net Profit 646 721 736 744 757 797 803 876 2,846 3,233 793 -4.5 17.1 1.8
Change YoY (%) 2.2 -0.6 -4.9 0.7 17.1 10.5 9.1 17.8 -0.8 13.6 22.6
Key Operating Parameters (%)
Revenue / AUM (bps) 3.6 3.6 3.5 3.6 3.5 3.5 3.5 3.7 3.6 3.5 3.5 -0.1 (0.1) 0.1
Opex / AUM (bps) 2.1 2.0 1.9 2.0 2.0 1.9 1.9 2.0 2.02 1.92 2.0 0.0 (0.1) (0.0)
PBT / AUM (bps) 1.3 1.4 1.4 1.4 1.3 1.4 1.4 1.5 1.39 1.38 1.4 -0.1 0.0 0.1
PAT / AUM (bps) 1.0 1.1 1.1 1.1 1.0 1.1 1.0 1.1 1.04 1.03 1.1 0.0 0.0 0.1
Cost to Operating Income Ratio 58.6 56.2 55.6 56.2 57.9 55.6 55.5 53.6 56.7 55.6 55.8 2.1 (0.8) (1.7)
EBITDA Margin 41.4 43.8 44.4 43.8 42.1 44.4 44.5 46.4 43.3 44.4 44.3 -2.1 0.8 1.7
PBT Margin 36.7 40.0 40.1 39.5 38.7 40.3 40.2 40.3 39.1 39.9 39.8 -1.1 2.0 0.8
Tax Rate 25.6 25.6 24.8 24.5 25.2 25.0 25.0 24.8 25.1 25.0 25.0 0.2 (0.4) (0.7)
PAT Margin 27.3 29.8 30.2 29.8 29.0 30.2 30.1 30.3 29.3 29.9 29.9 -0.9 1.6 0.9
Opex Mix (%)
Employee expenses 67.2 66.1 64.4 62.5 62.8 64.2 64.3 66.1 65.0 64.4 64.0 1.3 (4.4) 0.4
Operating expenses 19.3 20.1 20.9 21.0 21.6 21.0 20.9 20.2 20.4 20.9 21.2 -0.5 2.3 3.2
Other Expenses 13.5 13.8 14.8 16.5 15.6 14.7 14.8 13.7 14.6 14.7 14.8 -0.8 2.1 (5.6)
Key Parameters
QAUM (INR b) 26,200 27,100 27,800 28,000 30,000 30,300 30,603 30,909 27,300 31,320 29,960 0.1 14.5 7.1
Share of Equity AUM (%) 43.1 45.0 46.4 44.3 46.3 46.6 46.6 46.6 45.4 46.7 44.7
7 August 2023 38
RESULTS
6 August 2023
FLASH 1QFY24 Results Flash | Sector: Financials
Repco Home Finance

CMP: INR333 Neutral
Conference Call Details
th
Date: 8 Aug 2023 Earnings beat; asset quality continues to improve
Time: 16:00 HRS IST  Repco’s 1QFY24 PAT jumped 44% YoY to INR891m (9% beat), aided by
Dial-in details: lower credit costs. NII rose 17% YoY to INR1.55b (6% beat). Annualized
+91 22 6280 1315 credit costs stood at ~15bp (PY: 80bp). PPOP grew ~16% YoY to INR1.25b.
Link  GNPA/NNPA improved ~30bp/25bp QoQ to 5.5%/2.8% in 1QFY24 and the
company increased the PCR on S3 loans by ~180bp QoQ to ~51%. ECL/EAD
Financials & Valuations (INR b) was flat sequentially at 4.1% during the quarter.
NII 5.6 5.8 6.5 Disbursements muted but moderation in repayment rates is a positive
PPP 4.5 4.7 5.3  Repco’s performance in 1QFY24 was characterized by ~7% YoY growth in
PAT 3.0 3.3 3.7
EPS (INR) 47.3 52.7 59.7
disbursements to ~INR6.8b. Loan book grew 7% YoY to ~INR126.5b.
EPS Gr. (%) 55 11 13 However, what was alarming was that while Home Loans grew 2% YoY,
BV/Sh. (INR) 402 452 508 the LAP book grew 28% YoY.
Ratios
 Run-offs moderated significantly to an annualized run-rate of ~15%, down
NIM (%) 4.8 4.6 4.6
C/I ratio (%) 24.4 25.4 24.7 ~3pp YoY and at multi-quarter lows (except Covid-disrupted quarters).
RoAA (%) 2.4 2.5 2.6  Contribution of self-employed customers was stable sequentially at ~52%
RoE (%) 12.5 12.3 12.4 while LAP loans in the loan mix rose ~240bp QoQ to ~23%.
Payout (%) 5.7 5.7 5.5
Valuation Spreads expand sequentially, driven by higher yields
P/E (x) 7.0 6.3 5.6
 Reported spreads rose ~40bp QoQ to 3.4%, while reported margin was
P/BV (x) 0.8 0.7 0.7
P/ABV (x) 0.9 0.8 0.7 stable sequentially at 5.1%.
Div. Yield (%) 0.8 0.9 1.0  The sequential ~50bp rise in yields to 11.6% was offset by a ~10bp QoQ
increase in CoF to 8.2%.
 Cost-to-income ratio (CIR) was stable YoY and QoQ at ~24%.
Other details
 Repco reported a 1QFY24 RoA/RoE of 2.8%/15.8%.
 As of Jun’23, the company had a total network of 159 branches and 34
satellite centers across India. Additionally, it has opened two asset
recovery branches.
 CRAR was healthy at ~36% in 1QFY24.
Valuation and view
 While the asset quality continues to improve, it will be interesting to
understand from the management the kind of improvement that it
foresees in asset quality and its expectations on credit costs in FY24.
 Repco trades at 0.7x FY25E P/BV. We will look forward to the
management’s commentary on the demand environment and its
strategies for increasing disbursements. We will look to review our
estimates post the analyst call on 08th Aug’23.
7 August 2023 39
Quarterly performance (INR m)
Y/E March FY23 FY24E Act v/s
FY23 FY24E 1QFY24E
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q est(%)
Interest Income 2,980 3,064 3,197 3,330 3,572 3,617 3,688 3,100 12,570 13,977 3,408 5
Interest Expenses 1,653 1,692 1,810 1,856 2,026 2,087 2,149 1,904 7,011 8,166 1,949 4
Net Income 1,327 1,372 1,387 1,474 1,546 1,531 1,538 1,195 5,560 5,811 1,459 6
YoY Growth (%) -8.4 -12.1 -7.0 4.9 16.5 11.6 10.9 -18.9 -5.8 4.5 10.0
Other income 90 112 111 108 93 98 104 201 421 497 114 -19
Total Income 1,417 1,484 1,499 1,581 1,639 1,629 1,643 1,397 5,981 6,308 1,573 4
YoY Growth (%) -3.4 -7.3 -2.4 1.2 15.7 9.8 9.6 -11.7 -3.0 5.5 11.0
Operating Expenses 339 343 398 378 392 400 404 410 1,458 1,605 391 0
YoY Growth (%) 37.8 21.1 15.8 2.8 15.7 16.6 1.4 8.4 17.5 10.1 15.5
Operating Profits 1,078 1,141 1,101 1,203 1,247 1,229 1,239 987 4,523 4,703 1,182 6
YoY Growth (%) -11.7 -13.4 -7.7 0.7 15.7 7.7 12.6 -18.0 -8.2 4.0 9.6
Provisions 237 188 12 79 50 57 68 66 516 241 66 -24
Profit before Tax 841 954 1,089 1,124 1,198 1,172 1,171 921 4,008 4,461 1,116 7
Tax Provisions 220 242 282 303 307 308 304 246 1,047 1,165 301 2
Profit after tax 621 712 808 821 891 864 866 675 2,961 3,296 815 9
YoY Growth (%) 93.2 -17.2 156.6 95.3 43.5 21.4 7.3 -17.8 54.6 11.3 31.2
Loan growth (%) -1.0 1.5 3.5 5.9 6.7 6.7 7.4 9.0 5.9 10.5 6.2
Cost to Income Ratio (%) 23.9 23.1 26.6 23.9 23.9 24.5 24.6 29.3 24.4 25.4 24.9
Tax Rate (%) 26.2 25.4 25.8 27.0 25.6 26.3 26.0 26.7 26.1 26.1 27.0
Key Parameters (%)
Yield on loans (Cal) 10.1 10.2 10.5 10.8 11.4 10.8 11.1
Cost of funds (Cal) 7.0 7.1 7.5 7.6 8.2 7.1 7.9
Spreads (Cal) 3.1 3.1 3.0 3.2 3.2 3.7 3.3
NIMs (Reported) 4.6 4.8 4.8 5.1 5.1 4.8 4.6
Credit Cost 0.8 0.6 0.0 0.3 0.2 0.4 0.2
Cost to Income Ratio 23.9 23.1 26.6 23.9 23.9 24.4 25.4
Tax Rate 26.2 25.4 25.8 27.0 25.6 26.1 26.1
Balance Sheet
AUM (INR B) 118.6 120.7 122.0 124.5 126.6 124.5 135.7
Change YoY (%) -1.0 1.5 3.5 5.9 6.7 5.9 9.0
AUM Mix (%)
Non-Salaried 51.2 51.0 50.9 51.6 51.8 51.6
Salaried 48.8 49.0 49.1 48.4 48.2 48.4
AUM Mix (%)
Home loans 80.7 80.4 79.9 79.3 76.9 79.3 76.0
LAP 19.3 19.6 20.1 20.7 23.1 20.7 24.0
Disbursements (INR B) 6.4 7.5 7.0 8.4 6.8 29.2 33.9
Change YoY (%) 167.9 54.0 56.8 38.9 6.6 65.0 16.0
Borrowings (INR B) 93.1 96.4 96.0 99.1 99.1 99 108.8
Change YoY (%) -6.9 -2.6 -0.2 2.3 6.4 2.3 6.4
Loans/Borrowings (%) 127.4 125.2 127.1 125.6 127.8 125.6 124.7
Borrowings Mix (%)
Banks 71.0 71.8 72.1 73.8 74.1 73.8
NHB 19.3 17.4 16.5 15.1 14.9 15.1
Repco Bank 9.8 10.8 11.4 11.1 11.0 11.1
Asset Quality
GS 3 (INR B) 7.6 7.9 7.5 7.2 6.9 7.2 6.2
Gross Stage 3 (% on Assets) 6.4 6.5 6.2 5.8 5.5 5.8 4.6
NS 3 (INR B) 4.8 4.5 4.0 3.6 3.4 3.6 2.7
Net Stage 3 (% on Assets) 4.2 3.9 3.5 3.0 2.8 3.0 2.1
PCR (%) 36.8 43.1 46.2 49.6 51.4 49.6 56.0
Return Ratios (%)
ROA (Rep) 2.1 2.4 2.7 2.7 2.8 2.4 2.4
ROE (Rep) 11.9 13.3 14.7 14.4 15.8 11.8 11.7
E: MOFSL Estimates
7 August 2023 40
7 August, 2023
ECOSCOPE
The Economy Observer
Monsoon Diary: Monsoon rains at a 4% surplus as of 5th Aug’23
Kharif sowing at 0.4% higher than last year
 India has received average rains since the onset of the monsoon season despite El Nino concerns. A delay in the arrival of
monsoon led to a large deficit up to mid-Jun’23, but heavy rains since the last week of Jun’23 erased the shortfall
notably. However, erratic distribution of rainfall is a cause of concern.
th
 Cumulative rainfall until 5 Aug’23 was 4% above normal vs. 6% above normal last year. Distribution of monsoon rainfall
is still skewed but has improved to some extent. While the northwest (26% above normal), central India (15% above
normal) and South Peninsula (1% above normal) have received above normal rainfall, eastern and northeastern regions
have witnessed deficient rainfall (23% below normal). Out of 36 meteorological subdivisions, eight continue to record
deficient rain (-59% to -20%); 18 normal (-19% to 19%); 8 excess (20% to 59%) and two large excess (60% or more; refer to
Exhibits 1 and 2).
 According to the Indian Meteorological Department (IMD), although El Nino conditions have already set in, India is yet to
see its impact on monsoon. Further, these conditions could be offset by the development of a positive Indian Ocean
Dipole (IOD).
th
 Kharif sowing as of 4 Aug’23 stood at 0.4% higher than last year. The area under paddy cultivation is now 3.4% higher
than last year. However, the area under pulses is still 9.3% lower. Productions of jute and cotton are also lower, though
they have improved compared to last week. Oilseeds (2.5% YoY), Coarse cereals (1.1% YoY) and sugarcane (2.5% YoY)
continue to do well (refer to Exhibit 4).
 Lower rainfall deficiency in Chhattisgarh and above normal rainfall in Odisha and Telangana have led to an improvement
in rice sowing. However, deficient rainfall in major rice-producing states (with 49% share in overall rice production) such
as West Bengal (16% below normal), Uttar Pradesh (13% below), Andhra Pradesh (3% below), Chhattisgarh (1% below),
Bihar (46% below) and Assam (18% below) is a cause of concern. States with higher irrigation cover, such as Uttar
Pradesh, Andhra Pradesh and Telangana, will be less hurt (refer to Exhibit 5).
 Deficient monsoon in states (with 24% share), such as Uttar Pradesh (13% below normal), Karnataka (2% below), Andhra
Pradesh (3% below) and Jharkhand (37% below) coupled with large excess rainfall in states (24% share) of Gujarat (59%
above normal) and Rajasthan (62% above) is affecting sowing of pulses adversely. Lower irrigation cover in all the major
states would hit pulses production more. Inflation in pulses has nearly doubled over the past five months (refer to Exhibit 6).
 Deficient rainfall, and consequently lower rice and pulses sowing, has pushed prices higher. Rice constitutes around 4.4%
weight and pulses have a weight of 6% in the overall CPI basket.
rd
 As of 3 Aug’23, water reservoir levels stood at ~56% of the live storage capacity vs. 48% last week. Even though the
reservoir levels are lower than last year, they are on par with the previous seven-year level (refer to Exhibits 7 and 8).
Apart from eastern and northeastern regions, all other

th
All India cumulative rainfall at a 4% surplus as of 5 Aug’23 regions have witnessed surplus rainfall
(% deviation from normal) CY22 CY23 (% deviation from normal) CY22 CY23
10 4
-10 2 0 33
26
-8
11 15
-30 2 1
-50
-14 -23
-70
01-Aug
03-Aug
05-Aug
10-Jul
10-Jun
12-Jun
14-Jun
16-Jun
18-Jun
20-Jun
22-Jun
24-Jun
26-Jun
28-Jun
30-Jun
02-Jul
04-Jul
06-Jul
08-Jul
12-Jul
14-Jul
16-Jul
18-Jul
20-Jul
22-Jul
24-Jul
26-Jul
28-Jul
30-Jul
North-West Central South East and

Peninsula North-East
Data around 5th Aug for all years Data around 5th Aug for all years Source: IMD, CEIC, MOFSL
7 August 2023 41
Historical average shows July receives the maximum amount Kharif sowing at 0.4% higher than last year, led by
of rainfall in one season improvements in rice and cotton sowing
(Distribution of Area Sown (Lakh Ha) (% YoY)
Kharif Sowing as on
monthly rainfall, %) July 21, 2023 2022 2023
Sept, 20 June, 19
Rice 273.7 283.0 3.4
Total Pulses 117.9 106.9 -9.3
Total Coarse Cereals 162.4 164.2 1.1
Total Oilseeds 175.1 179.6 2.5
Sugarcane 54.7 56.1 2.5
August, 29 July, 32
Total Jute and Mesta 6.9 6.6 -5.6
Cotton 120.9 119.2 -1.4
Average CY02-21 Grand Total 911.7 915.5 0.4
Data as of 4th Aug for both years Source: Ministry of agriculture and
The southwest monsoon season begins in June
farmers’ welfare, CEIC, MOFSL
Deficient rainfall in major rice-producing states is adversely impacting sowing

States % share in rice production Area under irrigation (%) % deviation from normal rainfall
2020 2017 2022 2023
West Bengal 13.4 51.1 -24 -16
Uttar Pradesh 13.1 86.2 -43 -13
Punjab 9.9 99.7 12 23
Andhra Pradesh 7.3 96.7 27 -3
Odisha 7.0 30.9 -14 3
Telangana 6.3 98.5 86 42
Tamil Nadu 6.0 91.6 104 -9
Chhattisgarh 5.7 36.3 -1 -1
Bihar 5.3 64.6 -33 -46
Assam 4.2 15.1 10 -18
Haryana 4.1 99.9 21 44
Madhya Pradesh 4.0 39.4 7 13
Data as of 4th Aug for both years Source: Ministry of agriculture and farmers’ welfare, CEIC, MOFSL
Deficient rainfall in major pulses-producing states is adversely impacting sowing

States % share in rice production Area under irrigation (%) % deviation from normal rainfall
2022 2020 2022 2023
Madhya Pradesh 21.8 43.8 7 13
Maharashtra 18.8 12.5 20 8
Rajasthan 14.5 22.2 44 62
Gujarat 9.7 41.1 33 59
Uttar Pradesh 9.3 33.8 -43 -13
Karnataka 7.1 10.8 34 -2
Andhra Pradesh 3.9 2.5 27 -3
Jharkhand 3.2 11.8 -47 -37
Data as of 4th Aug for both years Source: Ministry of agriculture and farmers’ welfare, CEIC, MOFSL
7 August 2023 42
Water reservoir levels improved to 39% of live storage
th
capacity as of 20 Jul’23 vs. 33% last week… …mainly due to higher storage in northern region
Storage as % of Live Capacity at Full Reservoir Level Storage as % of Live Capacity at Full Reservoir Level
60 FY23 FY24
56 56
50 77 77
45 43 45 45 69
62
33 53 56
51 51
35
25
FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 Northern Eastern Western Central Southern
rd
Data around 3 Aug for all years Source: CEIC, MOFSL
7 August 2023 43
In conversation
\
SUNPHARMA: Taro Board has appointed a special committee on

Sun's offer. Not giving specific guidance on speciality business;
CS Muralidharan, Group CFO
 US did well on account of speciality business doing well & Grevlimid sales in Q1
 Taro Board has appointed a special committee on Sun’s offer
 Speciality business has done well
 Not giving specific guidance on speciality business
 Sequential decline in speciality business due to seasonality in Levulan
 Committed to FY24 guidance of high-single digit growth in revenue
M&M: RBL Bank investment is for us to understand banking in

greater detail. At this stage, we will not raise further stake in RBL
Bank; Anish Shah, MD & CEO
 Capital allocation remains strong
 Problem around semiconductor have been sorted out
 Resilient performance in farm business in light of all the challenges
 Mahindra Finance is well on its turnaround path
 Asset growth momentum continues under finance business
CUMMINS: We are talking about growing our business at 2x the

rate of GDP; Ashwath Ram
 We are talking about growing our business at 2x the rate of GDP
 See some softening in Europe, Latin America business
 Trying to compensate the softness in export demand by pushing out more products
 Maintain growth guidance of mid-single digit in the export market
 Margin has been impacted sequentially due to one-time gain in the base
 IF GDP is 6%, we will grow at over 12%
MAKEMY TRIP: There was supply disruption due to Go First filing

for insolvency. FY23 had seen full recovery vs pre-pandemic
levels, Q1 saw growth; Rajesh Magow, Founder
 Demand has been healthy & is sustainable
 August has seen a pick-up in demand
 There was supply disruption due to GoFirst filing for insolvency
 FY23 had seen full recovery vs pre-pandemic levels, Q1 saw growth
 Unfair to directly compare with EaseMyTrip as peer is largely airline ticketing
7 August 2023 44
BLUE STAR: Expect double-digit revenue growth for FY24. Net
debt is at ₹283 Cr, some of the raised funds will go towards debt
reduction; Vir Advani, MD
 There is a structural change in our industry
 Have made a 5 year capital investment plan anticipating growth
 Net debt is at Rs.283 Cr, some of the raised funds will go towards debt reduction
 Have maintained market share, is at 13.5%
 Expect double-digit revenue growth for FY24
KANSAI NEROLAC: Paint industry should see double-digit growth

in FY24, will reinvest the ₹671 cr cash received from land sale in
the business; Anuj Jain, MD
 Paint industry should see double-digit growth in FY24
 Auto production growth in Q1 was at 5-6%, price realisation was higher
 Will re-invest the Rs.671 Cr. Cash received from land sale in the business
 Not looking to increase prices in the industrial biz
7 August 2023 45
Click excel icon
for detailed
valuation guide
Valuation snapshot
CMP TP % Upside EPS (INR) EPS Gr. YoY (%) P/E (x) P/B (x) ROE (%)
Company Reco (INR) (INR) Downside FY23 FY24 FY25 FY23 FY24E FY25E FY24E FY25E FY24E FY25E FY24E FY25E
Automobiles
Amara Raja Neutral 626 715 14 42.7 53.0 58.7 42.7 24.2 10.6 11.8 10.7 1.8 1.6 16.1 15.9
Apollo Tyres Buy 437 500 14 17.1 26.4 33.2 69.1 54.2 25.7 16.6 13.2 1.6 1.4 12.4 13.9
Ashok Ley. Buy 183 210 15 4.5 9.6 12.1 7,586.2 111.7 27.2 19.1 15.0 5.0 3.9 29.4 29.4
Bajaj Auto Neutral 4709 5150 9 214.2 270.8 303.5 16.7 26.4 12.1 17.4 15.5 4.9 4.6 29.2 30.8
Balkrishna Inds Neutral 2480 - 52.1 81.6 97.1 -29.3 56.5 19.0 30.4 25.5 5.6 4.9 19.6 20.5
Bharat Forge Buy 912 985 8 11.6 30.3 38.0 -46.4 160.6 25.4 30.1 24.0 5.4 4.6 19.4 20.7
Bosch Neutral 18254 18500 1 483.0 595.5 704.6 17.0 23.3 18.3 30.7 25.9 4.5 4.2 15.3 16.7
CEAT Buy 2462 3000 22 51.9 158.9 190.3 164.4 206.3 19.7 15.5 12.9 2.5 2.1 17.2 17.6
Craftsman Auto Buy 4638 5600 21 117.6 187.3 232.7 54.8 59.2 24.3 24.8 19.9 5.6 4.5 25.4 25.0
Eicher Mot. Neutral 3360 3600 7 106.5 142.9 164.2 73.7 34.1 14.9 23.5 20.5 5.2 4.4 23.9 23.4
Endurance Tech. Buy 1680 2000 19 34.7 52.1 64.2 0.4 50.2 23.3 32.3 26.2 4.7 4.1 15.5 16.7
Escorts Kubota Neutral 2574 2450 -5 51.3 91.0 104.8 -22.9 77.3 15.1 28.3 24.6 3.4 3.0 12.8 13.1
Exide Ind Buy 257 290 13 10.6 12.6 15.3 7.5 18.9 21.0 20.3 16.8 1.8 1.7 8.9 10.0
Hero Moto Buy 2944 3475 18 145.6 186.9 199.3 17.7 28.4 6.6 15.7 14.8 3.2 2.9 21.4 20.7
M&M Buy 1465 1725 18 64.9 86.5 92.8 51.6 33.4 7.3 16.9 15.8 3.4 2.9 21.9 20.0
CIE Automotive Buy 496 600 21 18.1 24.0 29.3 69.2 32.6 22.4 20.7 16.9 3.2 2.8 16.6 17.7
Maruti Suzuki Buy 9463 11150 18 271.8 381.0 417.0 111.7 40.2 9.5 24.8 22.7 4.1 3.7 16.5 16.1
MRF Sell 111265 94500 -15 1,813.6 4,916.2 4,964.1 14.9 171.1 1.0 22.6 22.4 2.8 2.5 13.3 11.9
Samvardh.
Buy 97 102 6 2.3 4.1 4.9 90.0 77.5 19.3 23.6 19.8 2.7 2.5 11.9 13.0
Motherson
Motherson Wiring Buy 60 70 16 1.1 1.5 1.9 4.3 36.3 25.5 40.2 32.0 15.6 12.5 43.7 43.3
Sona BLW Precis. Neutral 558 600 8 6.8 8.9 11.6 16.9 31.5 30.3 62.4 47.9 12.3 10.5 21.2 23.6
Tata Motors Buy 615 750 22 2.2 32.1 38.1 -107.6 1,391.4 18.7 19.2 16.1 4.0 3.1 30.1 23.3
TVS Motor Neutral 1359 1300 -4 30.4 43.6 49.8 60.7 43.4 14.2 31.2 27.3 8.2 6.5 29.9 26.7
Tube Investments Buy 3115 3655 17 40.5 58.6 71.7 7.4 44.5 22.4 53.2 43.5 12.2 9.9 25.5 25.2
Aggregate 127.3 68.4 15.1 22.1 19.2 4.1 3.6 18.6 18.6
Banks - Private
AU Small Finance Neutral 739 810 10 22.0 26.2 35.2 22.3 19 34.7 28.2 21.0 4.0 3.4 15.2 17.4
Axis Bank Buy 952 1150 21 71.4 80.7 96.8 68.0 13 19.9 11.8 9.8 1.8 1.5 17.0 16.7
Bandhan Bank Neutral 228 240 5 13.6 23.8 29.1 1,644.5 75 22.3 9.6 7.8 1.7 1.5 18.6 21.7
DCB Bank Neutral 119 130 9 14.9 17.8 21.9 61.7 18.9 23.0 6.7 5.4 0.8 0.7 12.3 13.5
Equitas Small Fin. Buy 88 110 25 4.9 7.3 8.8 106.8 50.1 21.0 12.1 10.0 1.7 1.5 14.7 15.7
Federal Bank Buy 135 155 15 14.3 16.4 19.7 54.8 14.7 20.5 8.2 6.8 1.2 1.0 15.0 15.8
HDFC Bank Buy 1653 2070 25 79.3 85.9 105.1 18.6 8.4 22.3 19.2 15.7 2.8 2.4 15.3 16.5
ICICI Bank Buy 971 1150 18 45.8 55.9 63.7 36.0 22.0 13.9 17.4 15.2 2.9 2.5 18.3 17.9
IDFC First Bk Buy 87 100 14 3.8 5.0 6.6 1,452.3 31.4 31.4 17.5 13.3 1.9 1.7 11.7 13.2
IndusInd Buy 1409 1600 14 96.0 121.0 154.2 54.7 26.0 27.4 11.6 9.1 1.7 1.5 16.0 17.5
Kotak Mah. Bk Neutral 1839 2170 18 75.9 90.7 103.2 28.6 19.5 13.8 20.3 17.8 2.8 2.4 14.8 14.3
-
RBL Bank Neutral 216 210 -3 14.7 20.9 26.1 42.1 24.6 10.3 8.3 0.9 0.8 8.9 10.3
1,281.0
SBI Cards Buy 881 970 10 23.9 28.0 38.9 39.3 17.3 38.8 31.4 22.6 6.8 5.3 24.0 26.4
Aggregate 40.4 30.4 20.5 16.8 14.0 2.6 2.2 15.3 16.0
Banks - PSU
BOB Buy 191 240 25 27.3 32.6 39.3 94.0 19.6 20.6 5.8 4.8 0.9 0.8 16.0 16.9
Canara Bank Buy 329 425 29 58.5 75.5 89.9 78.1 29.2 19.0 4.4 3.7 0.7 0.6 17.1 17.3
Indian Bank Buy 344 380 11 42.4 59.5 72.7 27.7 40.3 22.2 5.8 4.7 0.8 0.7 16.4 17.4
Punjab Natl.Bank Neutral 60 65 8 2.3 5.9 9.5 -29.2 157.4 62.1 10.2 6.3 0.7 0.6 6.3 9.4
SBI Buy 573 700 22 56.3 68.0 89.1 56.8 21 31.0 5.4 4.8 1.4 1.1 18.6 17.8
Union Bank (I) Buy 88 110 25 12.3 18.0 22.2 56.1 46 22.8 4.9 4.0 0.7 0.6 16.1 17.6
Aggregate 58.4 29 21 6.9 5.7 1.0 0.9 15.1 16.0
NBFCs
AAVAS Financiers Neutral 1559 1680 8 54.4 63.7 80.7 20.4 17.1 26.7 24.5 19.3 3.3 2.8 14.3 15.6
Aditya Birla Cap Buy 188 220 17 19.8 10.7 12.1 180.9 -46.1 13.4 17.6 15.5 2.0 1.8 12.1 12.3
Angel One Buy 1504 2050 36 107.5 122.2 146.4 42.5 13.7 19.8 12.3 10.3 4.5 3.5 40.9 38.5
Bajaj Fin. Buy 7145 8800 23 190.4 239.6 302.2 63.4 25.8 26.1 29.8 23.6 6.5 5.3 24.1 24.7
Cams Services Buy 2311 - 58.1 66.0 81.8 -0.8 13.6 23.9 35.0 28.3 12.7 10.9 38.5 41.5
7 August 2023 46
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Valuation snapshot
Can Fin Homes Neutral 734 900 23 46.6 55.7 62.7 31.9 19.4 12.6 13.2 11.7 2.3 1.9 18.6 17.7
Cholaman.Inv.&Fn Buy 1085 1350 24 32.4 43.3 58.4 24.0 33.6 34.8 25.0 18.6 5.1 4.0 22.3 24.1
CreditAccess Buy 1453 1660 14 52.0 89.6 107.7 127.1 72.3 20.2 16.2 13.5 3.5 2.8 24.5 23.2
Fusion Micro Buy 619 740 20 38.6 56.1 74.5 1,367.7 45.3 32.9 11.0 8.3 2.2 1.7 21.6 22.9
HDFC Life Insur. Neutral 642 700 9 6.3 7.5 8.9 10.7 18.8 18.3 85.5 72.2 2.9 2.5 19.2 18.8
Home First Fin. Buy 832 1010 21 25.9 33.2 41.3 20.5 27.8 24.7 25.1 20.1 3.5 3.0 15.0 16.2
ICICI Pru Life Buy 579 670 16 5.6 5.3 8.5 7.4 -5.3 59.3 108.4 68.0 2.0 1.7 18.6 18.4
ICICI Lombard Buy 1368 1550 13 35.2 40.1 48.8 36.0 14.0 21.5 34.1 28.1 5.8 5.1 17.9 19.2
Under
ICICI Securities 619 - 34.9 39.4 43.6 -18.6 12.8 10.8 15.7 14.2 5.9 5.2 40.2 38.8
Review
360 ONE WAM Buy 506 620 23 18.5 20.7 24.8 13.5 12.0 20.0 24.5 20.4 5.5 5.3 23.2 26.5
IndoStar Buy 164 195 19 16.5 11.9 19.8 -130.6 -28.2 66.3 13.8 8.3 0.7 0.6 5.1 7.9
L&T Fin Holdings Buy 128 160 25 6.5 9.1 10.5 51.2 39.1 15.1 14.0 12.2 1.4 1.3 10.1 10.8
Life Insurance
Buy 658 830 26 57.5 25.2 29.0 800.2 -56.2 15.1 26.1 22.7 0.6 0.6 12.1 11.2
Corp.
LIC Hsg Fin Buy 427 500 17 52.5 76.0 83.8 26.4 44.7 10.3 5.6 5.1 0.8 0.7 14.6 14.4
Manappuram Fin. Buy 134 160 19 17.7 23.2 26.9 12.9 30.7 16.1 5.8 5.0 1.0 0.9 18.7 18.6
MAS Financial Buy 765 900 18 36.8 44.4 59.3 27.6 20.8 33.5 17.2 12.9 2.5 2.1 15.5 17.7
Max Financial Neutral 771 800 4 10.4 13.4 15.7 28.3 28.8 17.0 57.4 49.1 1.7 1.4 21.8 20.6
M&M Fin. Buy 290 370 28 16.1 17.6 23.3 100.6 9.6 32.0 16.4 12.5 2.0 1.8 12.8 15.4
Muthoot Fin Neutral 1350 1260 -7 86.5 106.6 118.9 -12.2 23.3 11.5 12.7 11.3 2.2 1.9 18.9 18.2
Piramal Enterp. Buy 967 1260 30 74.9 104.5 88.3 7.5 39.5 -15.5 9.2 10.9 0.7 0.7 7.6 6.3
PNB Housing Neutral 616 755 23 61.9 55.3 63.4 24.9 -10.7 14.7 11.1 9.7 1.1 1.0 11.1 10.5
Poonawalla
Buy 420 425 1 7.6 12.7 17.9 98.7 66.4 41.3 33.1 23.4 3.1 2.8 11.6 12.5
Fincorp
Repco Home Fin Neutral 333 - 47.3 52.7 59.7 54.7 11.3 13.3 6.3 5.6 0.7 0.7 12.3 12.4
Spandana
Buy 823 930 13 1.7 64.1 81.2 -82.7 3,570.3 26.6 12.8 10.1 1.6 1.4 13.7 15.0
Sphoorty
Shriram Finance Buy 1833 2100 15 159.7 187.7 212.6 42.0 17.5 13.3 9.8 8.6 1.4 1.2 15.2 15.3
SBI Life Insurance Buy 1268 1570 24 17.2 19.1 21.9 14.3 11.2 14.3 66.2 58.0 2.3 1.9 22.0 21.1
Star Health Insu Buy 638 730 14 10.6 18.6 22.9 -158.5 74.9 23.0 34.3 27.9 4.9 4.1 15.2 16.0
Aggregate 74.3 1.7 19.2 17.5 14.7 2.7 2.3 15.3 15.9
Chemicals
Alkyl Amines Neutral 2418 2375 -2 44.7 53.1 67.9 1.6 18.8 27.8 45.5 35.6 9.0 7.5 21.3 22.9
Atul Neutral 7087 6200 -13 169.0 172.5 206.7 -15.0 2.1 19.8 41.1 34.3 4.1 3.7 10.4 11.4
Clean Science Neutral 1309 1260 -4 27.8 26.8 31.5 29.2 -3.4 17.4 48.8 41.6 11.2 9.2 25.3 24.2
Deepak Nitrite Neutral 2039 2200 8 62.5 80.3 88.0 -20.1 28.5 9.6 25.4 23.2 5.5 4.6 23.9 21.5
Fine Organic Neutral 4602 4280 -7 192.6 142.0 122.3 135.6 -26.3 -13.9 32.4 37.6 7.7 6.8 26.0 19.1
Galaxy Surfact. Buy 2624 3210 22 107.5 100.5 107.0 45.0 -6.5 6.5 26.1 24.5 4.3 3.8 17.6 16.4
Navin Fluorine Neutral 4508 4815 7 75.7 100.0 137.6 42.6 32.1 37.6 45.1 32.8 8.6 7.0 20.7 23.6
NOCIL Buy 225 265 18 8.9 9.8 13.2 -15.5 10.4 34.4 22.8 17.0 2.3 2.1 10.3 12.8
Vinati Organics Buy 1858 2185 18 44.6 46.7 62.4 32.1 4.9 33.6 39.8 29.8 7.3 6.0 19.8 22.2
Aggregate 10.1 7.2 14.9 34.3 29.9 5.9 5.1 17.2 17.0
Cement
Ambuja Cem. Neutral 472 450 -5 12.7 12.0 12.1 18.2 -5.8 1.2 39.4 39.0 3.1 2.5 13.5 11.1
ACC Neutral 2042 2180 7 52.6 88.6 116.3 -47.6 68.3 31.3 23.0 17.6 2.5 2.2 11.3 13.2
Birla Corp. Buy 1228 1460 19 4.7 46.9 70.0 -91.4 901.6 49.2 26.2 17.5 1.5 1.4 5.9 8.3
Dalmia Bhar. Buy 1990 2400 21 36.5 43.3 60.4 -16.5 18.6 39.5 45.9 32.9 2.3 2.2 5.1 6.8
Grasim Inds. Buy 1825 2050 12 99.0 90.2 91.5 -11.2 -8.9 1.4 20.2 19.9 2.5 2.5 4.7 3.4
-
India Cem Sell 225 150 -33 -15.2 0.6 6.4 LP 960.9 373.6 35.2 1.2 1.2 0.3 3.5
1,301.2
J K Cements Buy 3210 3660 14 60.2 89.6 110.7 -32.3 49.0 23.5 35.8 29.0 4.7 4.2 14.0 15.4
JK Lakshmi Ce Buy 640 820 28 30.5 38.9 48.3 -15.2 27.6 24.2 16.5 13.3 2.4 2.0 15.2 16.5
Ramco Cem Neutral 874 915 5 14.5 23.7 33.9 -41.8 63.3 43.0 36.8 25.7 2.8 2.6 8.0 10.5
Shree Cem Neutral 24190 24200 0 325.3 496.2 574.2 -48.3 52.5 15.7 48.8 42.1 4.4 4.1 9.4 10.1
Ultratech Buy 8161 9085 11 175.4 243.8 286.2 -10.6 39.0 17.4 33.5 28.5 3.9 3.5 12.3 13.0
Aggregate -20.6 22.8 18.0 30.4 25.8 3.0 2.7 10.0 10.3
Consumer
7 August 2023 47
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Valuation snapshot
Asian Paints Neutral 3340 3120 -7 44.2 54.6 62.4 32.6 23.4 14.2 61.2 53.6 18.9 16.8 31.8 33.2
Britannia Neutral 4798 - 80.3 91.4 103.5 27.6 13.7 13.2 52.5 46.4 38.1 33.9 67.1 77.4
Colgate Neutral 1995 1830 -8 38.9 44.1 48.4 1.1 13.2 9.9 45.3 41.2 31.6 31.6 69.8 76.7
Dabur Buy 570 660 16 9.6 11.1 13.2 -6.9 15.4 19.1 51.4 43.2 10.0 9.2 20.6 22.2
Emami Buy 450 494 10 17.6 21.0 23.5 -8.2 19.3 11.8 21.4 19.1 8.0 6.9 38.6 38.9
Godrej Cons. Buy 1017 1240 22 17.2 21.2 27.0 -2.0 23.6 27.4 47.9 37.6 7.0 6.5 15.2 18.0
HUL Buy 2546 3100 22 42.7 46.5 53.1 13.2 9.1 14.2 54.7 47.9 12.3 12.9 22.2 26.3
ITC Buy 455 535 18 15.1 17.4 19.9 23.5 15.6 14.1 26.1 22.9 7.9 7.5 31.2 33.7
Indigo Paints Buy 1582 1790 13 24.3 32.9 44.7 37.5 35.2 36.0 48.2 35.4 8.4 7.0 18.6 21.6
Jyothy Lab Neutral 325 305 -6 6.3 8.7 10.1 46.2 37.3 16.6 37.3 32.0 7.1 6.6 19.8 21.3
Marico Buy 576 690 20 10.1 11.5 13.3 6.3 13.6 16.1 50.2 43.3 16.5 14.1 35.6 35.1
Nestle Neutral 22461 22465 0 247.9 298.3 360.9 3.1 20.3 21.0 75.3 62.2 88.6 81.9 153.9 136.8
Page Inds Neutral 38892 38610 -1 512.2 581.7 728.5 6.5 13.6 25.2 66.9 53.4 26.6 22.2 39.8 41.5
Pidilite Ind. Neutral 2610 2355 -10 25.2 35.8 42.8 7.3 42.1 19.5 72.8 61.0 16.1 14.1 23.6 24.7
P&G Hygiene Neutral 15551 15510 0 171.3 257.5 310.2 -5.1 50.4 20.4 60.4 50.1 54.0 44.4 93.8 97.4
Tata Consumer Buy 835 985 18 11.7 15.1 19.2 10.3 29.1 27.4 55.4 43.5 4.5 4.0 8.4 9.6
United Brew Sell 1579 1200 -24 12.5 20.4 30.0 -3.0 63.9 47.1 77.3 52.6 9.8 8.9 13.1 17.8
United Spirits Neutral 1005 960 -4 12.7 14.5 17.4 -4.5 13.6 20.5 69.6 57.7 10.7 10.6 15.4 18.3
Varun Beverages Buy 825 940 14 11.5 15.4 18.9 115.8 33.9 22.2 53.4 43.7 15.6 11.8 33.5 30.7
Aggregate 15.1 19.2 14.4 44.5 38.9 11.9 11.3 26.8 29.1
Healthcare
Alembic Phar Neutral 780 720 -8 21.9 30.6 34.2 -37.6 40.0 11.8 25.5 22.8 3.2 2.8 12.9 13.0
Alkem Lab Neutral 4098 3434 -16 106.0 137.5 165.2 -23.2 29.7 20.1 29.8 24.8 4.7 4.1 17.0 17.8
Ajanta Pharma Buy 1746 1800 3 49.2 60.7 74.7 -10.0 23.3 23.2 28.8 23.4 5.6 4.7 20.9 21.9
Apollo Hospitals Buy 4981 5860 18 48.2 80.9 119.3 -29.3 68.0 47.5 61.6 41.7 9.5 7.8 17.3 20.6
Aurobindo Neutral 842 710 -16 38.4 45.8 52.1 -12.8 19.3 13.8 18.4 16.1 1.7 1.5 9.6 10.0
Biocon Neutral 254 260 3 5.4 12.2 16.6 -27.2 127.0 36.5 20.9 15.3 1.6 1.5 7.9 10.2
Zydus Lifesciences Neutral 649 560 -14 22.4 28.1 29.2 3.9 25.3 4.1 23.1 22.2 3.2 2.9 15.1 13.8
Cipla Neutral 1210 1130 -7 37.8 44.1 50.1 6.8 16.8 13.5 27.4 24.2 3.8 3.3 13.7 13.7
Divis Lab Neutral 3746 3070 -18 64.9 68.5 90.6 -41.2 5.5 32.2 54.7 41.4 7.1 6.3 13.6 16.2
Dr Reddy’s Neutral 5648 5240 -7 244.7 282.8 297.1 39.2 15.5 5.1 20.0 19.0 3.4 2.9 18.7 16.7
ERIS Lifescience Buy 800 820 2 27.2 31.9 34.6 -7.8 17.4 8.2 25.1 23.2 4.4 3.8 18.6 17.5
Gland Pharma Buy 1335 1330 0 50.4 47.9 59.3 -31.4 -5.0 23.8 27.9 22.5 2.5 2.3 9.4 10.6
Glenmark Neutral 803 624 -22 28.5 37.1 48.1 -17.5 30.1 29.6 21.7 16.7 2.3 2.0 10.9 12.7
GSK Pharma Neutral 1402 1310 -7 35.9 35.7 39.8 6.0 -0.8 11.6 39.3 35.2 11.6 10.5 29.4 29.8
Granules India Buy 318 350 10 21.6 24.4 29.7 30.6 13.1 21.5 13.0 10.7 2.3 1.9 19.0 19.2
IPCA Labs Neutral 905 710 -22 20.8 24.8 34.2 -42.8 19.5 37.5 36.4 26.5 3.6 3.2 10.3 12.8
Laurus Labs Buy 392 410 5 14.7 12.6 17.8 -4.7 -14.4 41.1 31.1 22.0 4.6 3.9 15.7 19.1
Lupin Sell 1064 820 -23 8.6 27.7 35.4 -55.0 221.9 27.8 38.3 30.0 3.5 3.2 9.6 11.1
Max Healthcare Buy 539 660 22 14.1 15.2 17.1 55.3 7.4 13.0 35.6 31.5 5.5 4.7 16.7 16.0
Piramal Pharma Buy 103 125 21 -0.7 1.6 3.3 NM LP 106.3 50.0 23.9 1.5 1.5 2.5 4.8
Solara Active
Buy 393 460 17 -6.2 14.7 26.7 -59.4 LP 81.7 26.7 14.7 0.9 0.9 3.5 6.2
Pharma
Sun Pharma Buy 1139 1310 15 35.8 40.4 47.1 14.4 13.0 16.7 28.2 24.2 4.3 3.7 16.2 16.5
Torrent Pharma Neutral 2062 1810 -12 37.2 50.2 63.7 8.3 35.1 26.9 41.1 32.3 8.4 4.2 23.4 25.9
Aggregate -4.2 22.1 18.7 29.0 24.5 3.8 3.4 13.3 14.0
Infrastructure
G R Infraproject Buy 1319 1500 14 88.1 83.8 100.7 11.5 -4.9 20.2 15.7 13.1 2.1 1.8 14.4 15.0
IRB Infra Neutral 26 28 8 1.2 1.5 1.6 99.2 24.8 7.2 17.5 16.3 1.1 1.1 6.5 6.7
KNR Constructions Buy 243 295 22 14.7 16.6 18.2 15.1 12.5 10.0 14.6 13.3 2.1 1.9 15.8 14.9
Aggregate 16.0 14.2 1.5 1.4 9.3 9.6
Logistics
Blue Dart Express Buy 6291 7840 25 154.4 159.8 233.2 -11.1 3.5 45.9 39.4 27.0 10.0 7.8 27.5 32.5
Concor Buy 695 760 9 19.2 22.5 28.2 10.2 16.9 25.6 30.9 24.6 3.5 3.3 11.8 13.8
Mahindra Logistics Neutral 362 370 2 3.7 3.2 16.8 49.7 -13.2 426.4 113.7 21.6 4.6 3.9 4.1 19.5
Transport Corp. Buy 761 880 16 41.6 48.0 58.4 10.7 15.4 21.6 15.8 13.0 2.9 2.4 19.4 19.7
TCI Express Buy 1525 1900 25 36.4 42.6 52.9 8.1 17.2 24.2 35.9 28.9 8.0 6.5 24.6 24.9
7 August 2023 48
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VRL Logistics Buy 719 850 18 18.8 26.5 34.9 6.4 41.0 31.5 27.1 20.6 5.5 4.6 22.0 24.3
Aggregate 30.6 23.2 4.3 3.8 14.1 16.6
Media
PVR Inox Neutral 1615 1650 2 -24.8 43.2 68.2 -63.9 LP 57.7 37.4 23.7 2.0 1.9 5.6 8.3
Sun TV Buy 533 490 -8 42.5 43.4 46.9 1.8 2.0 8.2 12.3 11.4 2.2 2.0 17.5 17.7
Zee Ent. Buy 234 210 -10 4.8 7.3 10.3 -59.0 53.4 41.1 32.1 22.8 2.0 1.9 6.4 8.7
Aggregate -10.4 35.1 23.7 20.8 16.8 2.1 1.9 9.9 11.5
Metals
Coal India Buy 234 300 28 45.6 32.5 34.9 61.8 -28.7 7.3 7.2 6.7 2.1 1.8 29.8 27.6
Hindalco Buy 457 550 20 45.3 44.5 43.0 -26.2 -1.7 -3.4 10.3 10.6 1.3 1.2 13.4 11.6
Hind. Zinc Neutral 318 300 -6 24.9 22.3 28.1 7.7 -10.2 25.8 14.2 11.3 7.4 5.2 60.8 54.0
JSPL Buy 653 720 10 36.4 47.9 70.6 -57.7 31.6 47.4 13.6 9.2 1.5 1.3 11.8 15.4
JSW Steel Neutral 806 730 -9 14.7 47.0 72.8 -83.4 219.5 55.0 17.2 11.1 2.6 2.2 16.2 21.5
Nalco Neutral 95 85 -11 8.3 9.9 10.7 -48.2 18.2 8.7 9.6 8.9 1.2 1.1 13.2 13.0
NMDC Buy 113 130 15 16.5 17.2 16.6 -48.5 4.1 -3.7 6.6 6.8 1.3 1.2 21.0 18.1
SAIL Neutral 94 80 -15 4.8 9.5 10.4 -84.0 97 8.7 9.9 9.1 0.7 0.6 7.0 7.2
Tata Steel Neutral 119 120 1 7.1 9.1 12.0 -78.5 29 32.2 13.1 9.9 1.4 1.3 11.1 13.8
Vedanta Neutral 247 280 13 29.0 25.3 30.9 -44.9 -13 22.2 9.8 8.0 2.6 2.4 25.3 31.3
Aggregate -46.2 3.8 20.8 11.1 9.2 1.8 1.6 15.8 17.1
Oil & Gas
Aegis Logistics Neutral 381 330 -13 14.6 13.7 15.0 43.7 -6.6 9.7 27.9 25.4 3.5 3.2 13.0 13.1
BPCL Neutral 360 390 8 9.4 85.7 41.3 -81.9 809.3 -51.8 4.2 8.7 1.2 1.1 30.8 13.2
Castrol India Buy 152 170 12 8.2 8.5 9.4 7.5 2.8 11.2 17.9 16.1 7.3 6.7 42.4 43.1
GAIL Buy 115 145 26 8.1 11.5 13.6 -48.5 42.0 18.8 10.1 8.5 1.1 1.0 12.9 14.0
Gujarat Gas Buy 451 550 22 22.2 17.3 21.2 17.8 -21.9 22.3 26.1 21.3 4.0 3.5 16.1 17.5
Gujarat St. Pet. Buy 276 326 18 16.8 17.6 18.4 -3.5 5.3 4.1 15.8 15.1 1.6 1.5 10.3 10.0
HPCL Neutral 267 265 -1 -49.2 90.4 48.6 -195.7 LP -46.3 3.0 5.5 0.9 0.8 34.7 15.6
IOC Buy 92 110 19 8.5 22.7 12.8 -54.5 167.4 -43.8 4.1 7.2 0.8 0.8 21.1 10.8
IGL Sell 455 335 -26 20.6 22.7 21.3 9.9 10.1 -6.2 20.0 21.4 3.9 3.4 20.8 17.1
Mahanagar Gas Buy 1056 1285 22 80.0 104.1 80.3 32.3 30.2 -22.9 10.2 13.2 2.2 2.0 23.1 15.9
MRPL Neutral 83 78 -6 7.3 8.1 6.7 -11.4 11.5 -16.8 10.2 12.3 2.5 2.2 26.9 18.8
Oil India Buy 274 335 22 60.3 41.9 44.7 75.2 -30.5 6.7 6.5 6.1 0.8 0.8 13.2 13.1
ONGC Buy 173 220 27 30.4 42.9 44.0 -5.8 41.4 2.4 4.0 3.9 0.7 0.6 18.4 16.9
PLNG Neutral 224 225 0 21.6 19.9 18.7 -3.4 -8.0 -5.7 11.3 12.0 2.0 1.9 18.9 16.3
Reliance Ind. Buy 2510 2935 17 98.6 106.2 121.9 14.2 7.7 14.9 23.6 20.6 1.8 1.7 8.4 8.9
Aggregate -19.6 56.6 -7.4 11.4 12.3 1.5 1.4 13.0 11.1
Real Estate
Brigade Enterpr. Buy 596 720 21 12.1 25.3 32.6 42.2 108.8 28.9 23.6 18.3 3.3 2.8 14.8 16.5
DLF Neutral 490 455 -7 11.4 12.2 18.2 69.7 7.4 49.0 40.0 26.8 2.2 2.0 7.8 10.8
Godrej Propert. Buy 1537 1915 25 22.4 27.9 43.9 77.2 24.7 57.5 55.1 35.0 4.3 3.8 8.1 12.5
Oberoi Realty Neutral 1121 1200 7 52.4 38.8 51.5 81.9 -25.9 32.7 28.9 21.8 3.0 2.7 11.0 13.0
Macrotech Devel. Buy 703 850 21 16.0 19.0 24.0 27.9 19.3 26.1 36.9 29.3 4.8 4.2 13.7 15.4
Mahindra
Buy 507 575 13 3.0 5.5 10.1 168.4 85.5 83.2 91.5 50.0 4.1 3.8 4.6 8.0
Lifespace
Sobha Buy 595 750 26 10.8 19.4 42.8 -39.8 78.9 120.9 30.7 13.9 2.2 1.9 7.2 14.5
Prestige Estates Buy 574 675 18 19.2 17.1 14.1 58.5 -10.9 -17.5 33.5 40.5 2.0 1.9 6.2 4.9
Phoenix Mills Buy 1700 1750 3 40.9 51.6 72.1 207.5 26.3 39.6 32.9 23.6 3.3 2.9 10.5 13.0
Aggregate 49.4 18.3 39.1 37.5 27.0 3.3 3.0 8.9 11.1
Retail
Avenue
Buy 3652 4420 21 36.7 44.4 59.4 59.4 20.9 33.9 82.3 61.5 12.0 10.0 16.4 18.4
Supermarts
Aditya Birla
Neutral 210 190 -10 -0.7 -2.8 -2.4 -45.7 Loss Loss NM NM 4.6 4.9 -7.1 -5.5
Fashion
Bata India Neutral 1757 1660 -6 25.1 31.5 40.9 213.3 25.5 29.8 55.8 43.0 12.3 9.5 24.7 25.0
Barbeque-Nation Neutral 722 660 -9 3.9 9.0 11.6 -159.6 127.7 29.5 80.6 62.2 6.5 5.8 8.0 9.4
Campus Activewe. Buy 292 395 35 3.8 4.9 7.1 -8.6 28.3 45.6 59.5 40.9 12.7 9.7 21.4 23.7
Devyani Intl. Buy 189 220 17 2.3 2.1 2.9 18.9 -10.3 38.1 90.9 66.5 19.5 15.1 23.4 25.5
Jubilant Food. Buy 517 570 10 6.1 6.4 8.6 -7.6 4.1 34.6 81.4 60.4 13.9 14.7 17.1 24.3
7 August 2023 49
Click excel icon
for detailed
valuation guide
Valuation snapshot
Metro Brands Buy 1067 1200 12 13.3 13.5 18.4 70.7 1.3 36.6 79.2 58.0 15.9 13.5 22.0 25.8
Relaxo Footwear Neutral 933 850 -9 6.2 10.1 14.2 -33.6 63.1 40.3 92.2 65.7 11.4 10.1 12.9 16.2
Restaurant Brands Buy 118 125 6 -4.9 -1.3 1.9 14.8 Loss LP NM 62.9 7.5 6.6 -8.1 10.5
Sapphire Foods Buy 1362 1585 16 17.0 18.1 25.5 134.6 6.3 41.1 75.4 53.5 6.3 5.6 8.7 11.1
Shoppers Stop Neutral 803 760 -5 14.5 17.9 23.9 -269.2 23.0 34.0 45.0 33.6 17.6 11.5 48.7 41.6
Titan Company Buy 2904 3325 15 36.8 44.2 54.9 40.2 20.3 24.1 65.6 52.9 17.7 14.5 29.8 30.3
Trent Buy 1701 1935 14 11.1 22.6 30.6 835.7 103.3 35.4 75.1 55.5 16.6 12.6 26.8 27.6
V-Mart Retail Buy 2292 2540 11 -4.3 -3.8 55.2 -167.4 Loss LP NM 41.5 4.9 4.4 NM 11.2
Vedant Fashions Buy 1270 1400 10 17.7 20.2 24.6 36.2 14.1 22.0 63.0 51.6 18.8 15.5 31.7 31.9
Westlife -
Neutral 927 820 -12 7.2 9.2 12.9 28.4 39.9 100.9 72.1 20.4 15.9 22.5 24.8
Foodworld 6,783.9
Aggregate 58.1 25.0 33.4 77.8 58.3 13.7 11.6 17.6 19.9
Technology
Cyient Buy 1562 1730 11 52.4 70.5 85.7 9.6 34.7 21.5 22.1 18.2 4.6 4.2 21.6 24.0
HCL Tech. Buy 1144 1280 12 54.8 57.9 67.2 10.0 5.6 16.2 19.8 17.0 4.8 4.9 24.1 28.4
Infosys Buy 1378 1600 16 57.6 59.8 70.6 9.8 3.9 18.1 23.0 19.5 7.5 7.5 32.8 38.6
LTI Mindtree Neutral 4942 4700 -5 151.8 164.2 204.3 14.8 8.2 24.4 30.1 24.2 7.5 6.3 26.9 28.4
L&T Technology Buy 4213 4760 13 110.5 126.6 153.5 22.1 14.5 21.2 33.3 27.5 8.5 7.3 26.2 28.6
Mphasis Neutral 2263 2250 -1 86.9 87.4 107.3 15.8 0.6 22.8 25.9 21.1 5.0 4.5 20.0 22.6
Coforge Neutral 4887 4460 -9 130.6 166.0 194.0 17.7 27.1 16.9 29.4 25.2 8.2 6.8 30.0 29.5
Persistent Sys Neutral 4786 4600 -4 124.4 152.2 184.0 36.2 22.3 20.9 31.5 26.0 7.7 6.4 27.1 27.5
TCS Buy 3442 3790 10 115.3 128.2 151.6 10.9 11.3 18.2 26.8 22.7 14.3 14.8 52.6 64.2
Tech Mah Neutral 1176 1080 -8 57.3 50.9 63.7 -8.6 -11.1 25.2 23.1 18.5 3.6 3.5 15.9 19.4
Wipro Neutral 409 380 -7 20.7 21.4 24.4 -5.5 3.1 14.4 19.1 16.7 3.0 2.9 15.5 18.1
Zensar Tech Neutral 488 470 -4 14.4 24.1 26.1 -21.6 68.0 8.2 20.2 18.7 3.4 3.1 17.6 17.4
Aggregate 7.1 7.2 18.3 24.8 21.0 7.5 7.4 30.3 35.2
Telecom
Bharti Airtel Buy 890 1020 15 13.6 22.5 34.3 115.5 65.5 52.4 39.5 26.0 4.6 3.9 13.6 16.2
Indus Towers Neutral 173 170 -2 8.9 21.5 23.8 -62.3 140.8 10.7 8.1 7.3 1.7 1.4 24.1 21.3
Vodafone Idea 8 -10.2 -9.5 -8.3 3.1 Loss Loss NM NM -0.3 -0.2 NM NM
Tata Comm Neutral 1686 1450 -14 60.7 52.7 65.1 17.1 -13.3 23.6 32.0 25.9 17.9 11.4 71 53.8
Aggregate Loss Loss LP -83 203.1 16.8 15.7 -20.4 7.7
Others
APL Apollo Tubes Buy 1528 - 23.1 33.7 46.3 15.2 45.5 37.4 45.4 33.0 11.1 8.6 27.4 29.4
BSE Neutral 861 620 -28 15.2 22.6 25.7 -16.0 48.5 13.8 38.1 33.5 4.2 4.0 10.9 12.0
Coromandel Intl Buy 1042 1185 14 68.5 68.4 74.3 31.5 -0.1 8.7 15.2 14.0 3.2 2.7 23.1 21.1
EPL Buy 217 270 24 7.2 9.5 12.7 6.3 31.9 33.5 22.8 17.1 3.2 2.9 14.6 17.8
Godrej Agrovet Neutral 483 445 -8 13.0 16.0 20.0 -39.9 23.1 25.1 30.2 24.1 3.8 3.5 12.9 15.2
Havells India Buy 1314 1580 20 17.2 21.7 28.7 -10.1 26.3 32.4 60.6 45.8 11.0 9.5 18.1 20.7
Indiamart Inter. Buy 3124 3640 17 46.4 52.8 70.7 -4.5 13.9 33.8 59.1 44.2 8.2 7.3 14.8 17.5
Indian Hotels Buy 396 440 11 7.0 8.9 10.3 -485.5 26.1 16.0 44.6 38.4 6.2 5.4 14.7 14.9
Interglobe Neutral 2513 2630 5 -8.2 262.2 190.8 -94.9 LP -27 10 13.2 25.4 8.7 -809.2 98.3
Info Edge Neutral 4885 4220 -14 31.8 61.2 72.5 -6.7 92.4 18.4 79.8 67.4 5.4 5.0 6.2 13.1
Kaveri Seed Buy 573 605 6 46.6 54.4 60.5 27.9 16.8 11.1 10.5 9.5 2.0 1.7 21.2 19.8
Kajaria Ceramics Buy 1449 1580 9 21.4 30.5 37.8 -11.1 42.7 23.8 47.5 38.4 9.0 8.1 19.8 22.1
Lemon Tree Hotel Buy 95 115 21 1.5 1.7 3.1 -255.5 14.3 79.6 54.8 30.5 7.5 6.0 14.7 21.9
MCX Neutral 1634 1480 -9 29.2 14.6 61.5 3.8 -50.0 321.4 111.9 26.6 5.6 5.4 5.0 20.6
One 97 Buy 795 1000 26 -28.0 -15.5 3.0 -24.1 Loss LP NM 269.0 4.0 4.0 -7.7 1.5
Quess Corp Neutral 425 440 4 11.5 23.4 36.5 -35.3 103.9 56.3 18.2 11.6 1.8 1.6 13.3 19.3
PI Inds. Buy 3700 4510 22 80.9 106.8 125.2 45.7 32.0 17.2 34.6 29.6 6.5 5.4 20.5 20.0
SIS Buy 440 510 16 23.2 26.4 35.8 19.7 13.7 35.4 16.6 12.3 1.1 0.9 15.5 18.0
SRF Neutral 2267 2250 -1 76.2 64.0 90.2 24.8 -16.0 41.1 35.4 25.1 5.7 4.8 17.2 20.7
Tata Chemicals Neutral 1047 1080 3 91.6 80.2 70.7 84.8 -12.4 -11.8 13.0 14.8 1.3 1.2 10.0 8.2
Team Lease Serv. Buy 2374 2950 24 65.1 81.9 117.8 189.8 25.7 43.9 29.0 20.1 4.2 3.5 15.3 18.5
Trident Buy 32 40 25 0.9 1.4 2.1 -45.8 62.6 52.8 22.8 14.9 3.3 2.7 15.8 20.2
UPL Neutral 604 670 11 58.5 59.6 67.0 -7.8 1.9 12.5 10.1 9.0 0.9 0.8 15.4 15.0
Zomato Buy 95 110 15 -1.2 0.1 1.0 -28.0 LP 554.7 645.3 98.6 4.2 4.0 0.6 4.2
7 August 2023 50
Index and MOFSL Universe stock performance
Index 1 Day (%) 1M (%) 12M (%) Index 1 Day (%) 1M (%) 12M (%)
Sensex 0.7 0.4 12.7 Nifty 500 0.7 2.0 13.4
Nifty-50 0.7 0.7 12.3 Nifty Midcap 100 0.8 5.2 24.6
Nifty Next 50 0.8 2.3 7.3 Nifty Smallcap 100 0.8 6.4 25.5
Nifty 100 0.7 0.9 10.2 Nifty Midcap 150 0.7 5.0 23.3
Nifty 200 0.7 1.5 12.1 Nifty Smallcap 250 0.6 6.2 26.7
Company 1 Day (%) 1M (%) 12M (%) Aditya Birla Capital Ltd -2.5 -2.7 79.3
Automobiles -0.3 2.0 18.4 Bajaj Fin. 0.5 -9.1 -2.4
Amara Raja Batt. 0.2 -7.9 24.0 Cholaman.Inv.&Fn 1.5 -8.6 42.2
Apollo Tyres 1.4 10.1 88.5 Can Fin Homes 0.9 -8.0 26.4
Ashok Leyland 0.9 11.9 25.1 Cams Services -1.8 1.0 -5.6
Bajaj Auto -2.4 1.9 17.3 CreditAcc. Gram. -0.3 16.0 46.3
Balkrishna Inds 0.1 5.5 6.9 Fusion Microfin. -3.6 9.5
Bharat Forge 0.5 9.1 28.4 Home First Finan -1.0 2.8 -0.2
Bosch 0.1 -4.3 4.0 Indostar Capital -2.6 12.2 18.5
CEAT 1.3 20.6 86.4 L&T Fin.Holdings 1.3 -4.3 71.6
Craftsman Auto 1.7 15.4 67.3 LIC Housing Fin. 8.3 9.4 14.6
Eicher Motors -0.6 -1.2 6.8 M & M Fin. Serv. 1.5 -15.4 48.8
Endurance Tech. -2.4 1.4 14.2 Muthoot Finance 1.2 8.8 22.6
Escorts Kubota 1.0 16.5 57.4 Manappuram Fin. 1.2 4.7 32.2
Exide Inds. 0.0 7.2 64.0 MAS Financial Serv. 1.7 -0.3 35.3
Hero Motocorp -0.2 -2.8 4.9 ICICI Sec 0.5 1.9 24.4
M&M -0.2 0.1 16.1 360 One 2.0 4.8 22.0
CIE Automotive -1.2 -5.7 86.9 PNB Housing 1.2 8.6 115.6
Maruti Suzuki -0.8 -1.9 5.5 Repco Home Fin -0.1 9.0 119.5
MRF 4.1 12.3 25.5 Shriram Finance 0.8 3.1 34.7
Sona BLW Precis. -1.0 9.4 -3.1 Spandana Sphoort 1.7 16.7 94.2
Motherson Sumi -0.4 13.6 11.5 Insurance
Motherson Wiring 1.3 3.9 6.4 HDFC Life Insur. 1.4 -0.8 20.0
Tata Motors -0.7 3.9 31.1 ICICI Pru Life 1.5 2.4 3.3
TVS Motor Co. -0.2 4.3 45.5 ICICI Lombard 1.6 4.0 13.7
Tube Investments 1.9 -1.8 40.3 Life Insurance 2.1 5.2 -2.3
Banks-Private 1.2 0.5 20.9 Max Financial 0.2 -3.3 -6.2
AU Small Fin. Bank 1.4 -5.0 15.9 SBI Life Insuran 1.1 -1.6 -0.9
Axis Bank 1.7 -1.9 31.9 Star Health Insu -0.3 8.3 -8.9
Bandhan Bank 0.6 -1.3 -18.2 Chemicals
DCB Bank 1.2 -3.7 40.3 Alkyl Amines 0.7 -10.6 -22.4
Equitas Sma. Fin 1.9 14.4 48.1 Atul 1.0 2.3 -24.5
Federal Bank 1.7 1.9 24.6 Clean Science 0.9 -5.7 -19.7
HDFC Bank 1.5 -4.4 15.6 Deepak Nitrite 0.7 -6.1 1.3
ICICI Bank 0.5 2.9 18.4 Fine Organic 0.3 -5.8 -18.8
IDFC First Bank 0.6 11.2 103.2 Galaxy Surfact. -0.8 -1.1 -15.8
IndusInd Bank 3.3 3.1 34.2 Navin Fluo.Intl. 0.1 -0.9 4.3
Kotak Mah. Bank 0.8 -1.2 0.2 NOCIL 2.8 3.1 -14.7
RBL Bank -2.5 18.5 124.6 Vinati Organics -1.0 1.4 -15.5
SBI Cards 2.3 5.1 -6.7 Cement
Banks-PSU -0.7 1.8 55.5 Ambuja Cem. -0.5 9.0 23.7
BOB -0.9 -5.4 61.4 ACC 0.7 12.2 -8.0
Canara Bank 0.5 2.3 46.3 Birla Corp. 0.8 1.2 25.5
Indian Bank 0.5 14.7 96.8 Dalmia Bhar. 0.8 -9.0 27.5
Punjab Natl.Bank 0.8 5.1 79.4 Grasim Inds. -0.3 3.2 15.8
St Bk of India -2.9 -2.7 7.6 India Cem 3.4 6.0 18.7
Union Bank (I) 1.0 15.6 127.2 J K Cements 0.5 -3.6 26.4
NBFCs 0.8 -2.1 14.4 JK Lakshmi Ce 0.7 -8.3 39.2
Angel Broking 1.0 -15.3 19.9 Ramco Cem 0.4 -6.6 18.7
Note: Sectoral performance are of NSE/BSE Indices
7 August 2023 51
Company 1 Day (%) 1M (%) 12M (%) Company 1 Day (%) 1M (%) 12M (%)
Shree Cem 0.4 0.5 17.0 TCI Express -1.2 -2.0 -10.4
Ultratech 0.3 -3.0 23.8 VRL Logistics 0.9 2.3 19.3
Consumer 0.0 -1.4 21.5 Media 0.1 15.9 -2.4
Asian Paints 0.1 -0.2 -3.5 PVR INOX 0.4 17.6 -24.9
Britannia 0.2 -4.2 27.0 Sun TV 1.6 19.5 13.4
Colgate-Palm. 0.1 16.9 25.1 Zee Ent. 0.1 28.4 -3.5
Dabur 2.7 -1.7 -0.8 Metals 0.3 5.5 17.8
Emami -0.1 6.1 -2.2 Hindalco 0.7 7.3 8.4
Godrej Cons. 0.2 -4.3 19.0 Hind. Zinc 0.1 2.4 17.5
HUL -0.2 -5.7 -3.1 JSPL 0.9 7.1 70.2
ITC -0.3 -2.4 47.0 JSW Steel 0.2 1.1 21.3
Indigo Paints 2.6 10.1 -0.1 Nalco 0.8 13.6 21.9
Jyothy Lab 7.0 40.0 88.4 NMDC 0.2 5.8 47.2
Marico 0.6 9.4 8.3 SAIL 1.2 7.7 22.1
Nestle 0.0 -0.7 13.2 Tata Steel 0.6 5.9 10.5
Page Inds 0.3 4.7 -20.7 Vedanta -2.7 -11.0 -1.2
Pidilite Ind. 1.0 1.4 2.2 Oil & Gas -0.1 2.2 -2.4
P&G Hygiene -0.9 6.4 5.4 Aegis Logistics -0.4 16.0 42.2
Tata Consumer 0.0 -2.5 5.8 BPCL -2.1 -4.3 7.9
United Brew 1.5 4.2 -1.9 Castrol India 7.5 22.8 32.1
United Spirits 0.2 9.6 27.9 GAIL -0.3 8.1 23.3
Varun Beverages 0.3 2.5 64.2 Gujarat Gas -0.9 -4.6 1.6
Healthcare 0.9 11.4 17.4 Gujarat St. Pet. 0.3 -4.5 15.8
Alembic Phar -0.1 22.3 11.1 HPCL -1.3 -4.4 9.0
Alkem Lab 1.8 17.3 30.0 IOC -1.2 -2.4 29.7
Apollo Hospitals -0.3 -2.5 13.3 IGL 0.6 -4.7 29.5
Ajanta Pharma 1.4 20.7 36.5 Mahanagar Gas -5.8 -1.4 35.2
Aurobindo 0.2 18.1 47.4 MRPL 1.2 4.5 14.2
Biocon -0.4 -3.3 -19.2 Oil India 1.7 11.1 45.6
Zydus Lifesci. 1.3 13.0 78.0 ONGC 0.8 7.5 27.3
Cipla 3.8 19.5 15.8 PLNG -0.2 0.1 5.1
Divis Lab 0.5 5.5 -3.6 Reliance Ind. 1.4 6.5 7.2
Dr Reddy’s -0.2 8.8 36.2 Real Estate 0.1 3.1 23.5
ERIS Lifescience 0.4 16.6 14.9 Brigade Enterpr. 2.1 5.2 15.6
Gland Pharma 0.4 27.2 -42.4 DLF 0.3 -0.1 33.1
Glenmark 1.5 23.8 112.6 Godrej Propert. -2.3 -1.5 10.5
Granules 0.4 5.2 22.2 Mahindra Life. 0.4 5.2 22.2
GSK Pharma 0.0 -1.1 0.6 Macrotech Devel. -1.0 0.3 35.2
IPCA Labs 1.2 21.2 -11.7 Oberoi Realty Ltd 2.1 13.0 25.1
Laurus Labs 2.1 12.2 -27.9 Sobha 0.8 9.1 -11.7
Lupin 2.7 19.4 61.1 Phoenix Mills 0.8 7.3 32.9
Max Healthcare -2.9 -9.0 42.6 Prestige Estates 0.4 -0.4 33.3
Piramal Pharma -2.5 13.2 Retail
Solara Active 0.0 1.2 1.2 Aditya Bir. Fas. -4.9 -0.4 -23.6
Sun Pharma -0.2 8.6 24.0 Avenue Super. -1.3 -5.3 -13.8
Infrastructure 0.6 4.5 21.8 Bata India 0.5 7.6 -8.2
Torrent Pharma 3.2 9.9 32.1 Campus Activewe. -1.0 -5.2 -31.3
G R Infraproject 0.6 1.2 -0.2 Barbeque-Nation 2.4 9.3 -38.5
IRB Infra.Devl. 1.3 -3.8 6.7 Devyani Intl. -2.8 0.4 2.3
KNR Construct. 1.5 -1.7 -6.4 Jubilant Food 5.3 3.6 -9.1
Logistics Metro Brands -0.5 11.5 45.1
Blue Dart Exp. -1.7 -13.4 -28.8 Relaxo Footwear -0.3 3.4 -8.1
Container Corpn. 0.8 4.5 2.3 Restaurant Brand 1.3 7.2 -2.0
Mahindra Logis. 0.5 -4.9 -24.3 Sapphire Foods 2.1 -3.1 12.2
Transport Corp. 0.5 4.4 7.3 Shoppers St. -1.1 -1.0 34.5
7 August 2023 52
Company 1 Day (%) 1M (%) 12M (%)

Titan Co. 0.0 -5.6 19.8
Trent 0.7 -2.1 29.2
V-Mart Retail -0.2 1.7 -23.1
Vedant Fashions 1.3 4.2 1.5
Westlife Food 0.7 8.7 52.1
Technology 1.6 2.4 2.2
Cyient 3.9 3.3 89.9
HCL Tech. 1.7 -3.9 19.4
Infosys 1.0 2.5 -13.8
LTIMindtree 1.4 -6.0 0.7
L&T Technology 0.3 6.7 19.4
Mphasis 1.1 18.2 -4.6
Coforge 2.5 3.8 25.3
Persistent Sys 2.0 -1.7 26.9
TCS 1.3 4.1 2.6
Tech Mah 2.9 2.4 11.4
Wipro 2.3 3.2 -6.2
Zensar Tech 1.7 27.1 97.7
Telecom 1.4 5.3 14.8
Bharti Airtel 2.1 2.9 28.3
Indus Towers 1.2 6.6 -14.8
Idea Cellular 4.8 10.6 -5.8
Tata Comm 0.0 9.2 60.5
Utiltites -0.4 5.9 -10.8
Coal India 1.5 0.8 13.0
NTPC -1.0 12.3 40.8
Power Grid Corpn -0.5 -0.8 12.1
Others
APL Apollo Tubes 0.8 16.5 45.2
BSE 2.8 28.0 29.0
Coromandel Intl 0.9 8.9 0.3
EPL Ltd 1.2 1.8 30.6
Indiamart Inter. 3.5 11.9 39.1
Godrej Agrovet -0.7 3.4 -1.6
Havells 0.9 2.8 0.4
Indian Hotels 0.5 4.0 46.4
Interglobe 2.7 -3.1 26.6
Info Edge 7.7 10.2 14.7
Kajaria Ceramics 1.5 15.3 26.8
Kaveri Seed 1.6 -0.2 20.7
Lemon Tree Hotel -0.5 1.9 38.1
MCX 2.2 9.5 25.7
One 97 3.7 -5.0 -1.7
Piramal Enterp. 0.2 3.2 2.4
PI Inds. 0.4 -3.7 17.9
Quess Corp 0.0 -2.5 -26.8
SIS 1.1 6.7 -1.4
SRF 0.2 -0.3 -7.8
Tata Chemicals 0.7 4.0 10.1
Team Lease Serv. 1.4 -3.1 -27.7
Trident 0.0 -4.1 -22.4
UPL 0.5 -10.9 -17.6
Zomato Ltd 10.7 27.6 65.2
Investment in securities market are subject to market risks. Read all the related documents carefully before investing
7 August 2023 53
NOTES
7 August 2023 54
Explanation of Investment Rating
Investment Rating Expected return (over 12-month)
BUY >=15%
SELL < - 10%
NEUTRAL > - 10 % to 15%
UNDER REVIEW Rating may undergo a change
NOT RATED We have forward looking estimates for the stock but we refrain from assigning recommendation
*In case the recommendation given by the Research Analyst is inconsistent with the investment rating legend for a continuous period of 30 days, the Research Analyst shall within following 30 days take
appropriate measures to make the recommendation consistent with the investment rating legend.
Disclosures:
The following Disclosures are being made in compliance with the SEBI Research Analyst Regulations 2014 (herein after referred to as the Regulations).
Motilal Oswal Financial Services Ltd. (MOFSL) is a SEBI Registered Research Analyst having registration no. INH000000412. MOFSL, the Research Entity (RE) as defined in the Regulations, is engaged in
the business of providing Stock broking services, Depository participant services & distribution of various financial products. MOFSL is a listed public company, the details in respect of which are available on
www.motilaloswal.com. MOFSL (erstwhile Motilal Oswal Securities Limited - MOSL) is registered with the Securities & Exchange Board of India (SEBI) and is a registered Trading Member with National Stock
Exchange of India Ltd. (NSE) and Bombay Stock Exchange Limited (BSE), Multi Commodity Exchange of India Limited (MCX) and National Commodity & Derivatives Exchange Limited (NCDEX) for its stock
broking activities & is Depository participant with Central Depository Services Limited (CDSL) National Securities Depository Limited (NSDL),NERL, COMRIS and CCRL and is member of Association of
Mutual Funds of India (AMFI) for distribution of financial products and Insurance Regulatory & Development Authority of India (IRDA) as Corporate Agent for insurance products. Details of associate entities of
Motilal Oswal Financial Services Ltd. are available on the website at http://onlinereports.motilaloswal.com/Dormant/documents/Associate%20Details.pdf
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7 August 2023

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Research Team (Gautam.Duggad@MotilalOswal.com)

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In the past 12 months, MOFSL or any of its associates may have:

Terms & Conditions:

Disclosure of Interest Statement Companies where there is interest

Regional Disclosures (outside India)

For Hong Kong:

Grievance Redressal Cell:

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