04 May 2020 Strategy

India Equity Strategy

HSIE Research is also available on Bloomberg ERH HDF <GO> & Thomson Reuters

Up too much, too soon

We are not fully convinced of the durability of current market up-move (Nifty

up 30% since 23rd March’20) and believe that street has not fully factored in

the impact of CoVid-19 induced lockdown. Mar-20 volume/earnings

disappointment from large index stocks such as HUVR, RIL and rising CoVid-

19 provisioning for banks are precursors to greater systemic earnings

weakness in coming months. Nifty is now down ~20% since pre CoVid-19

highs in mid Feb’20 (vs. ~40% decline till mid March), while as per our

assessment CoVid-19 impact on FY21 EPS of HSIE univ could be >30%.

Already, FY21 EPS growth est for HSIE coverage has been cut from +20% YoY

(pre CoVid-19) to -5%YoY, and we see potential for further cuts. RBI’s rate

cut/liquidity measures are not percolating into the system as intended while

fiscal measures have been delayed and underwhelming. We continue to

recommend a largely quality, value and defensive portfolio bias given

ongoing uncertainty and heightened volatility with ~4% allocation to cash.

Our key picks are: Bharti, ITC, UNSP, Ultratech, SBI Life, ICICI Bank, Axis

Bank. IGL, CDSL.

Consensus earnings analysis- negative impact not yet fully priced in

Based on our analysis of consensus earnings estimates for Nifty constituents

(details pls see pg 5) we believe that street has not yet fully factored the impact

of CoVid-19 on corporate earnings. In our earlier note (link here) we estimated a

hit of >30% on FY21 aggregate PAT of HSIE univ in a scenario of protracted

lockdown and slower return-to-normalcy trajectory. However, till date

consensus FY21 Nifty EPS has been cut by ~15% and for FY21 consensus is still

building in a growth of 13%YoY. This is optimistic - given the intensity and

extent of lockdown FY21 will be a negative earnings growth year. In contrast,

HDFC sec has already cut FY21 aggregate PAT est by 26% and we currently

expect -5%YoY FY21 PAT growth for HSIE univ.

4QFY20 earnings: disappointments likely to strain market in May’20

Many large sector leaders have posted Mar-20 earnings disappointment on an

already muted expectation. Most notably, HUVR’s 7%/2% YoY volume/PAT

decline in 4QFY20 (despite a trend run rate till mid Mar’20) –clearly points to an

underestimation bias, which is likely to unravel as we move through the chunky

part of earnings season in May’20. We expect more disappointments than

surprises, implying a continuation of cuts in May’20 and a likely pronounced

negative price reaction given the recent run up. We expect a continuation of

negative mgt commentary w.r.t. CoVid-19 impact on FY21 earnings.

Recent uptick- a bear market rally rather than a decisive turnaround

We would deem recent mkt surge more as a bear market rally and not a

resumption of bull market. Proactive and co-ordinated moves of global central

bankers and governments have helped to mend financial market sentiments, but

the impact on real economy and corporate earnings seem to be underestimated

after current rally, in our view.

Varun Lohchab

varun.lohchab@hdfcsec.com

+91-22-6171-7334

Abhishek Saraf, CFA

abhishek.saraf@hdfcsec.com

+91-22-6171-7314

Punit Bahlani

punit.bahlani@hdfcsec.com

+91-22-6171-7354

Page | 2

Strategy

Monetary actions: strong but not seeping through; Fiscal actions: more needed

There has been limited percolation of monetary stimulus to intended entities (for

e.g. TLTRO 1 & 2 have either not reached intended recipients or have not been

duly subscribed). Given prevalent risk aversion among banks and compounding

effect of closure of FTMF credit schemes, we think RBI needs to embark on even

more unconventional monetary toolkit (like TARP, first loss assurance etc.) to

normalize frozen credit markets. Similarly, fiscal measures need to ramp up

materially with more incentives/transfers targeted at smaller businesses,

exporters and discretionary services impacted by Covid-19.

HSIE Model Portfolio: biased towards quality, value and defensive names

Our model portfolio largely leans on a mix of quality, value and defensive

stocks/sectors to navigate the expected environment of uncertain Covid-19

outcomes and heightened market volatility. We also recommend 4% cash

position.

Our key O-wts are the typically defensive Utilities (through NTPC, Power

Grid) and Telecom (through Bharti and 9% weightage in RIL to play telecom

story). Within BFSI we currently prefer insurance more than lenders. SBI Life

and ICICI Pru are key picks for us in the sector. Within lenders we prefer to

position only into large sector leaders such as ICICI Bank, Axis Bank which will

be key beneficiary of polarization in deposits. While we have trimmed our wt in

lenders, given the sharp correction and decline in sector’s index weight, lenders

are still o-wt. We have mild o-wt on Pharmaceuticals – recent runup prevent us

from taking aggressive o-wt in pharma, despite the strong sectoral tailwinds in a

post Covid-19 world. Cement is also a mild o-wt in our portfolio.

Key U-wt: (i) Autos (discretionary demand stress), (ii) Cons Staples (large sector

leaders have runup sharply and we prefer select stocks which offer value i.e.

ITC, UNSP), (iii) Cons Discretionary - clear demand compression, (iv) Metals &

Mining and Energy. Within energy we prefer gas over oil and IGL is a key pick.

Given the recent uptick we prefer to have a mildly u-wt stance on IT Services.

Page | 3

Strategy

HSIE Model Portfolio

Model

Portfolio Price Rating TP

M Cap

US$ bn

Model port on 050320 P/E P/BV(ABV) ROE EPS Growth

Wt Port Wt Rel wt FY21 E FY22 E FY21 E FY22 E FY21 E FY22 E FY21 E FY22 E

Nifty 9,860

1,405.8 100.0% 100.0% 0 bps

Autos

52.9 5.9% 2.0% -394 bps

Eicher Motors 14,708 REDUCE 13,800 5.3 0.5%

-52 bps 27.1 21.7 3.5 3.1 13.5% 15.0% -15.9% 24.9%

Mahindra &

Mahindra Ltd 367 ADD 410 6.1 1.0%

-104 bps 15.2 11.5 1.1 1.0 7.3% 9.1% -23.2% 32.7%

Hero MotoCorp 2,167 BUY 2,210 5.8 0.9%

-89 bps 19.3 15.7 2.8 2.6 14.8% 17.0% -26.0% 22.8%

Maruti Suzuki

India 5,359 ADD 5,810 21.6 1.9%

-186 bps 38.2 21.2 3.1 2.8 8.2% 13.7% -20.3% 80.1%

Tata Motors 93 NR

4.1 0.8%

-77 bps NM 6.5 0.5 0.5 -0.4% 8.0% NM NM

Bajaj Auto 2,623 ADD 2,695 10.1 0.9% 2.0% 115 bps 19.0 16.6 2.9 2.6 15.7% 16.6% -15.1% 14.8%

Banks and

NBFCs 250.0 35.2% 36.5% 129 bps

Axis Bank 445 BUY 541 16.7 2.9% 4.3% 143 bps 12.8 10.0 1.6 1.3 10.7% 12.4% 83.6% 28.8%

State Bank of

India 191 BUY 316 22.6 1.5% 2.5% 100 bps 8.6 6.8 0.7 0.6 8.2% 9.6% 24.0% 26.6%

HDFC Bank 1,002 NR

73.1 11.3% 11.3% 0 bps 19.3 15.1 2.7 2.3 15.9% 17.2% 6.7% 28.2%

Housing

Development

Finance Corp

1,916 NR

44.2 7.9% 7.9% 0 bps 20.5 15.3 3.2 2.9 13.6% 14.5% -18.4% 34.4%

Kotak Mahindra

Bank 1,357 ADD 1,263 34.6 4.1%

-410 bps 41.9 38.9 4.9 4.4 12.2% 11.7% 1.9% 7.7%

IndusInd Bank 468 ADD 575 4.3 0.8%

-79 bps 11.3 7.9 0.8 0.8 8.1% 10.2% -34.9% 41.9%

Bajaj Finance 2,318 NR

18.6 1.4% 1.0% -38 bps 21.8 16.2 3.6 3.0 19.2% 21.3% 8.9% 34.4%

ICICI Bank 380 BUY 435 32.8 5.4% 7.5% 213 bps 16.7 14.1 2.3 2.0 11.6% 12.5% 68.1% 18.9%

Mahindra &

Mahindra

Financial

166 BUY 240 1.4

1.0% 100 bps 9.5 7.0 0.8 0.8 8.8% 11.2% -5.0% 35.9%

Cholamandalam

Investment &

Finance

Company

159 BUY 251 1.7

1.0% 100 bps 9.5 8.2 1.3 1.2 14.8% 15.0% -1.7% 16.4%

Insurance

28.4 0.8% 3.5% 271 bps

Bajaj Finserv 5,104 NR

10.8 0.8%

-79 bps 14.8 11.8 2.3 2.0 17.5% 18.1% 23.1% 25.2%

SBI Life 727 BUY 1,046 9.7

2.5% 250 bps 52.6 49.3 2.3 2.0 13.5% 15.6% 1.7% 6.7%

ICICI Prudential 412 BUY 460 7.9

1.0% 100 bps 39.4 35.3 2.3 2.0 13.6% 15.2% 34.6% 11.7%

Consumer-

Staples 136.8 10.4% 6.0% -442 bps

ITC 182 BUY 221 29.8 3.3% 4.5% 121 bps 15.3 14.0 3.3 3.1 22.2% 23.1% -4.9% 9.1%

Hindustan

Unilever 2,195 REDUCE 1,969 68.6 5.3%

-528 bps 59.2 52.4 12.3 11.7 34.4% 22.9% 17.1% 12.9%

Nestle India 17,925 REDUCE 14,042 23.0 1.5%

-152 bps 75.4 64.2 65.3 50.4 100.1% 88.6% 15.3% 17.4%

Britannia

Industries 3,166 REDUCE 2,711 10.1 0.3%

-32 bps 51.1 44.4 14.1 11.5 30.3% 28.6% 9.7% 15.2%

United Spirits 537 ADD 586 5.2

1.5% 150 bps 39.2 33.3 7.9 6.4 22.3% 21.1% 14.9% 17.7%

Consumer

Discretionary

(ex-Autos)

35.1 3.4% 2.0% -141 bps

Titan Co 970 ADD 1,080 11.5 0.3% 1.0% 70 bps 59.8 39.2 11.2 9.7 19.6% 26.5% -2.6% 52.8%

Asian Paints 1,759 NR

22.5 3.1%

-312 bps 55.1 45.8 13.5 11.8 26.7% 28.0% 9.2% 20.2%

Aditya Birla

Fashion 116 BUY 180 1.2

1.0% 100 bps 209.8 77.3 5.5 5.1 2.7% 6.9% -71.5% 171.3%

Industrials

(Infra+ Cap

Goods)

25.0 2.8% 4.0% 114 bps

Larsen &

Toubro 898 BUY 1,191 16.8 2.4% 3.0% 61 bps 23.9 12.6 1.7 1.6 11.4% 13.0% -15.5% 90.0%

Adani Ports &

Special

Economic Zone

290 NR

7.8 0.5%

-46 bps 12.1 10.5 2.0 1.7 17.1% 17.1% 7.1% 15.2%

KNR

Constructions 210 BUY 278 0.4

1.0% 100 bps 24.2 11.5 1.7 1.5 7.3% 13.9% -37.6% 109.8%

Page | 4

Strategy

Model

Portfolio Price Rating TP

M Cap

US$ bn

Model port on 050320 P/E P/BV(ABV) ROE EPS Growth

Wt Port Wt Rel wt FY21 E FY22 E FY21 E FY22 E FY21 E FY22 E FY21 E FY22 E

IT and

Exchanges 186.4 14.1% 13.0% -107 bps

Wipro 191 REDUCE 185 14.5 0.6%

-62 bps 12.2 11.3 1.7 1.5 14.9% 14.2% -8.2% 8.4%

Infosys 716 BUY 680 40.6 6.2% 7.0% 78 bps 19.5 16.9 4.5 4.2 23.2% 25.3% -5.1% 15.5%

HCL

Technologies 544 BUY 525 19.6 1.5% 0.5% -103 bps 14.5 12.4 2.6 2.2 19.1% 19.4% -5.0% 16.9%

Tata

Consultancy

Services

2,014 REDUCE 1,680 100.7 4.9% 2.0% -285 bps 25.5 22.8 9.0 8.8 35.1% 38.9% -8.5% 12.0%

Tech Mahindra 546 BUY 625 7.0 0.9% 2.0% 115 bps 12.9 11.4 2.1 1.9 16.5% 17.4% -12.3% 13.4%

L&T Infotech 1,593 ADD 1,650 3.7

0.5% 50 bps 17.1 14.5 4.1 3.6 26.3% 27.0% 7.9% 18.1%

CDSL 225 BUY 315 0.3

1.0% 100 bps 19.9 17.0 3.0 2.7 15.0% 16.0% 1.7% 17.3%

Energy (Oil &

Gas) 170.9 12.8% 11.0% -176 bps

Reliance

Industries 1,466 Add 1,560 123.7 10.7% 9.0% -170 bps 23.7 17.2 1.9 1.7 8.3% 10.5% -8.2% 38.1%

Bharat

Petroleum Corp 370 Add 385 10.7 0.7%

-67 bps 12.8 11.5 1.8 1.6 14.3% 14.6% 88.3% 11.1%

Indian Oil Corp 84 Add 84 10.6 0.4%

-43 bps NM 9.2 0.7 0.7 -0.3% 7.5% NM NM

Oil & Natural

Gas Corp 80 Add 74 13.4 0.5%

-54 bps 12.1 6.6 0.5 0.5 4.0% 7.5% -58.6% 83.4%

GAIL India 96 Add 95 5.7 0.4%

-42 bps 9.4 45.3 0.9 0.9 10.0% 2.0% -26.8% -79.2%

Indraprastha

Gas 477 Add 504 4.4

1.5% 150 bps 38.9 19.6 6.2 5.1 16.7% 28.6% -18.4% 98.9%

Gujarat Gas 259 Add 273 2.4

0.5% 50 bps 28.0 16.7 4.8 3.9 18.7% 25.8% -20.8% 67.8%

Metals &

Mining 30.8 2.7% 1.0% -167 bps

Hindalco

Industries 130 NR

3.9 0.4%

-44 bps 8.7 6.0 0.4 0.4 5.7% 7.7% -29.3% 44.8%

Tata Steel 298 NR

4.5 0.5%

-52 bps 19.9 6.2 0.5 0.5 3.6% 7.9% -30.0% 221.0%

JSW Steel 181 NR

5.8 0.5%

-46 bps 11.7 7.2 1.1 1.0 9.3% 13.8% 8.9% 61.3%

Vedanta 90 NR

4.4 0.4%

-40 bps 7.6 6.4 0.5 0.6 8.7% 9.9% -13.7% 19.3%

Coal India 149 NR

12.2 0.8% 1.0% 16 bps 5.5 5.1 2.6 2.2 52.3% 45.6% -2.9% 6.0%

Cement

28.7 3.0% 3.5% 53 bps

UltraTech

Cement 3,534 BUY 4,850 13.6 1.0% 2.5% 149 bps 31.9 23.9 2.8 2.6 8.3% 10.2% -15.8% 33.5%

Grasim

Industries 505 NR

4.4 0.5%

-48 bps 10.7 8.9 0.5 0.5 7.6% 8.2% 3.3% 20.2%

Shree Cement 19,768 REDUCE 17,900 9.5 1.5%

-148 bps 69.5 52.0 5.2 4.8 7.6% 9.6% -27.0% 33.7%

JK Cement 1,119 BUY 1,355 1.2

1.0% 100 bps 23.0 17.8 2.6 2.3 11.8% 13.9% -12.0% 29.7%

Chemicals

5.4 0.5% 2.0% 145 bps

UPL 420 NR

4.3 0.5%

-55 bps 10.4 8.6 1.7 1.4 17.3% 17.9% 25.6% 20.1%

Galaxy

Surfactants 1,401 BUY 1,834 0.7

1.0% 100 bps 31.9 16.3 4.3 3.5 14.1% 23.5% -18.0% 95.4%

Alkyl Amines 1,790 BUY 1,380 0.5

1.0% 100 bps 24.5 17.2 6.1 4.8 27.3% 31.2% -9.4% 42.6%

Media

2.0 0.4% 0.0% -35 bps

Zee

Entertainment

Enterprises

159 NR

2.0 0.4%

-35 bps 9.2 8.0 1.3 1.2 15.4% 15.8% -4.1% 15.0%

Pharma

35.2 3.1% 3.5% 41 bps

Sun

Pharmaceutical

Industries

464 ADD 450 14.8 1.1%

-114 bps 25.0 20.7 2.2 2.0 10.6% 11.4% 2.7% 20.9%

Cipla Ltd/India 590 BUY 600 6.3 0.8% 2.0% 124 bps 25.2 20.8 2.6 2.4 11.0% 12.0% 11.9% 21.1%

Dr Reddy's

Laboratories 3,936 REDUCE 3,330 8.7 1.2%

-119 bps 27.7 22.4 3.8 3.3 14.6% 15.8% 6.7% 23.4%

Torrent Pharma 2,345 ADD 2,405 5.3

1.5% 150 bps 35.4 28.6 6.9 6.1 20.4% 22.5% 20.0% 23.6%

Telecom

41.7 2.9% 4.0% 108 bps

Bharti Airtel 514 NR

37.4 2.6% 4.0% 139 bps 94.2 38.1 3.0 2.8 2.7% 8.0% NM NM

Bharti Infratel 174 NR

4.3 0.3%

-31 bps 10.4 10.0 2.3 2.3 22.0% 22.6% -5.1% 3.7%

Utilities

23.8 2.0% 4.0% 202 bps

NTPC 95 NR

12.5 0.9% 2.0% 105 bps 6.9 6.3 0.8 0.7 11.8% 12.3% 10.0% 9.3%

Power Grid

Corp of India 162 NR

11.3 1.0% 2.0% 97 bps 7.0 6.4 1.2 1.1 17.8% 17.6% 9.4% 8.8%

Cash

0.0% 4.0% 400 bps

Note: For Life Insurance Companies P/EV and ROEV have been considered in place of P/B and ROE Source: Bloomberg Finance L.P and HSIE Research

Page | 5

Strategy

Nifty Constituents Earnings Analysis (consensus est)

Price as

on

30th

Apr'20

Cut in Cons EPS since

1st Mar '20 Cons EPS est as of 1st Mar '20

Cons EPS est as of 30th Apr

'20

Latest EPS Growth

estimate

FY20 FY21 FY22 FY20 FY21 FY22 FY20 FY21 FY22 FY21 FY22

AUTOS

-21% -35% -19%

6% 51%

Bajaj Auto 2,623 -2% -8% -7% 176 190 208 172 175 195 2% 11%

Eicher Motors 14,708 -6% -18% -15% 762 844 1,029 720 692 877 -4% 27%

Hero MotoCorp 2,167 -4% -15% -11% 165 172 194 157 147 173 -7% 18%

M&M 367 -11% -26% -19% 41 44 50 36 32 40 -11% 25%

Maruti 5,359 -5% -21% -19% 203 247 305 193 195 247 1% 27%

Tata Motors 93 -370% -114% -35% 3 16 22 -8 -2 14 -70% -734%

BFSI

-6% -15% -10%

16% 31%

Axis Bank 445 -35% -13% -5% 35 45 53 23 39 51 72% 31%

Bajaj Finance 2,318 -4% -23% -21% 102 138 181 98 106 143 9% 34%

Bajaj Finserv 5,104 -1% -8% -8% 285 375 469 281 346 433 23% 25%

HDFC 1,916 -1% -3% -1% 115 97 126 114 93 125 -18% 34%

HDFC Bank 1,002 -3% -12% -6% 50 59 71 49 52 67 7% 28%

ICICI Bank 380 -3% -15% -10% 16 29 35 16 24 31 55% 28%

IndusInd Bank 468 -12% -41% -38% 80 104 130 71 61 81 -14% 33%

Kotak Mahindra 1,357 -2% -12% -10% 48 57 68 47 50 61 5% 23%

SBI 191 -6% -19% -13% 22 35 44 21 29 39 38% 35%

CEMENT

2% -13% -8%

4% 29%

Grasim 505 -10% -17% -7% 24 25 31 22 21 29 -5% 42%

Shree Cement 19,768 30% 12% 17% 420 582 674 547 651 789 19% 21%

Ultratech 3,534 -5% -23% -18% 136 168 204 130 130 168 -0.2% 29%

CHEMICALS

-4% -8% -7%

26% 20%

UPL 420 -4% -8% -7% 34 44 52 32 41 49 26% 20%

CONS DISC

-3% -10% -8%

7% 21%

Asian Paints 1,759 -2% -8% -6% 30 35 41 29 32 38 9% 20%

Titan Co 970 -4% -13% -9% 18 23 28 17 20 26 15% 28%

Zee 159 -2% -12% -11% 18 20 22 18 17 20 -4% 15%

CONS STAPLES

-2% -3% -4%

10% 12%

Britannia Ind 3,166 -1% -4% -5% 58 67 77 58 64 73 11% 14%

HUVR 2,195 -0.1% -2% -2% 34 40 47 34 40 46 19% 15%

ITC 182 -2% -4% -4% 12 13 15 12 13 14 5% 11%

Nestle 17,925 -6% -6% -7% 243 279 316 229 263 293 15% 11%

ENERGY

-7% -22% -13%

7% 27%

BPCL 370 -20% -11% -3% 34 43 45 28 38 44 39% 15%

GAIL 96 -6% -17% -18% 13 15 17 13 12 14 -1% 13%

IOC 84 -16% -9% -6% 12 17 19 10 15 18 58% 15%

ONGC 80 -6% -38% -26% 21 22 24 20 14 18 -30% 32%

RIL 1,466 -4% -20% -10% 74 99 117 70 80 105 13% 32%

HEALTHCARE

-1% -2% -1%

17% 15%

Cipla 590 -1% -2% -0.2% 21 24 28 21 24 28 14% 16%

DRL 3,936 -1% -2% -2% 121 151 174 120 148 171 24% 16%

Sun Pharma 464 -2% -2% -2% 19 22 25 18 21 24 16% 15%

INDUSTRIALS

-4% -15% -13%

2% 20%

Adani SEZ 290 -2% -9% -12% 23 26 31 22 24 28 7% 15%

L&T 898 -5% -18% -14% 72 83 98 68 68 84 -0.003% 22%

IT SERVICES

0% -11% -8%

-2% 12%

HCL Tech 544 0.3% -5% -4% 40 44 48 40 42 46 5% 11%

Infosys 716 0.3% -11% -9% 39 43 47 39 38 43 -1% 12%

TCS 2,014 -0.1% -12% -8% 87 95 104 87 84 95 -3% 13%

Tech M 546 -1% -12% -10% 49 55 62 49 49 55 0% 14%

Wipro 191 0.1% -12% -10% 17 18 19 17 16 17 -8% 9%

Page | 6

Strategy

Price as

on

30th

Apr'20

Cut in Cons EPS since

1st Mar '20 Cons EPS est as of 1st Mar '20

Cons EPS est as of 30th Apr

'20

Latest EPS Growth

estimate

FY20 FY21 FY22 FY20 FY21 FY22 FY20 FY21 FY22 FY21 FY22

METALS & MINING

-6% -28% -14%

-9% 31%

Coal India 149 -1% -8% -7% 28 30 31 28 27 29 -3% 6%

Hindalco 130 -1% -32% -10% 21 22 24 21 15 22 -29% 45%

JSW Steel 181 -5% -35% -12% 15 24 28 14 15 25 9% 61%

Tata Steel 298 -23% -73% -24% 28 56 63 21 15 48 -30% 221%

Vedanta 90 -16% -30% -27% 16 17 19 14 12 14 -14% 19%

TELECOM

-128% -16% -10%

642% 74%

Bharti Airtel 514 -60% -26% -12% -11 7 15 -5 5 14 -221% 148%

Bharti Infratel 174 1% -2% -2% 18 17 18 18 17 17 -5% 4%

UTILITIES

-2% -2% -1%

10% 9%

NTPC 95 -4% -4% -1% 13 14 15 13 14 15 10% 9%

Power Grid 162 -1% -1% 1% 21 23 25 21 23 25 9% 9%

Nifty 9,860 -6% -15% -8% 572 690 804 539 590 741 9% 26%

Source: Bloomberg Finance L.P. Above analysis is based on consensus estimates movement till 30th April 2020 and price as of that date

Sector level trend in EPS movement and EPS growth is aggregated estimtes from sectoral components

Mar-20 Scorecard till date

Company Name Period PAT/APAT Growth

Estimate

PAT/APAT Growth

Reported

AU Small Finance Bank 4Q FY20 4.9% -40%

Axis Bank 4Q FY20 -25.2% NM

IndusInd Bank 4Q FY20 -71.3% -76.8%

Hindustan Unilever 4Q FY20 8.0% -7.6%

Tech Mahindra 4Q FY20 -10.8% -10.9%

Hexaware 4Q FY20 -2.6% 4.3%

Wipro 4Q FY20 -2.6% -5.3%

Mindtree 4Q FY20 2.7% 4.7%

Tata Consultancy Services 4Q FY20 -0.1% -0.8%

Infosys 4Q FY20 -4.3% 1.0%

Reliance Industries 4Q FY20 -3.5% -16.8%

Ambuja Cement 1Q CY20 28.4% 20.0%

ACC 1Q CY20 8.3% 18.2%

Source: HSIE Research; Company reports

Page | 7

Strategy

HSLIE Research Team

INDUSTRY ANALYST EMAIL ID PHONE NO.

Head - Research (Consumer, Strategy) Varun Lohchab varun.lohchab@hdfcsec.com +91-22-6171-7334

Autos, Logistics, Aviation Aditya Makharia

Mansi Lall

aditya.makharia@hdfcsec.com

mansi.lall@hdfcsec.com

+91-22-6171-7316

+91-22-6171-7357

AMCs, Brokerages, Insurance Madhukar Ladha madhukar.ladha@hdfcsec.com +91-22-6171-7323

BFSI, Strategy Abhishek Saraf, CFA

Punit Bahlani

abhishek.saraf@hdfcsec.com

punit.bahlani@hdfcsec.com

+91-22-6171-7314

+91-22-6171-7354

Banks Darpin Shah

Aakash Dattani

darpin.shah@hdfcsec.com

aakash.dattani@hdfcsec.com

+91-22-6171-7328

+91-22-6171-7337

Cement Rajesh Ravi

Saurabh Dugar

rajesh.ravi@hdfcsec.com

saurabh.dugar@hdfcsec.com

+91-22-6171-7352

+91-22-6171-7353

Construction & Infrastructure, Real Estate Parikshit Kandpal

Rohan Rustagi

parikshit.kandpal@hdfcsec.com

rohan.rustagi@hdfcsec.com

+91-22-6171-7317

+91-22-6171-7355

Consumer Durables, FMCG Naveen Trivedi

Aditya Sane

naveen.trivedi@hdfcsec.com

aditya.sane@hdfcsec.com

+91-22-6171-7324

+91-22-6171-7336

IT Services & Exchanges

Apurva Prasad

Amit Chandra

Vinesh Vala

apurva.prasad@hdfcsec.com

amit.chandra@hdfcsec.com

vinesh.vala@hdfcsec.com

+91-22-6171-7327

+91-22-6171-7345

+91-22-6171-7332

Oil & Gas, Chemicals

Harshad Katkar

Nilesh Ghuge

Divya Singhal

harshad.katkar@hdfcsec.com

nilesh.ghuge@hdfcsec.com

divya.singhal@hdfcsec.com

+91-22-6171-7319

+91-22-6171-7342

+91-22-6171-7348

Pharma Bansi Desai

Karan Shah

bansi.desai@hdfcsec.com

karan.shah@hdfcsec.com

+91-22-6171-7341

+91-22-6171-7359

Retail & Fashion Jay Gandhi

Rutvi Chokshi

jay.gandhi@hdfcsec.com

rutvi.chokshi@hdcsec.com

+91-22-6171-7320

+91-22-6171-7356

Page | 8

Strategy

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