20 July 2019 HDFCB reported 1QFY20 PAT of INR55.7b (+21% YoY, in-line). The bank stepped up provisions on the unsecured book, created a contingent provision of INR1.6b and additional general provision of INR0.9b toward the NBFC/HFC sector. NII grew 23% YoY to INR132.9b (in-line), while margins contracted 10bp QoQ to 4.3%. Core fee income grew 12% YoY to INR35.5b; treasury gain of INR2.1b boosted other income growth to 30% YoY. Opex grew ~19% YoY (flat QoQ) despite higher PSLC cost, resulting in healthy PPoP growth of ~29% YoY (core PPoP up 22% YoY). C/I ratio declined ~70bp QoQ to 39% (70bp improvement in the cost/core income ratio). Loan growth moderated to 17% YoY (+1% QoQ) to INR8.3t due to slowdown in auto segment (8.

22 July 2019 USD8.5/bbl), as against USD10.5/bbl in 1QFY19 and USD8.2/bbl in 4QFY19. Premium over Singapore complex stood at USD4.6/bbl. Petrochem EBIT declined 5% YoY/QoQ to INR74b, primarily driven by lower volumes. However, implied EBITDA (USD/mt) was higher at USD424/mt v/s USD412/mt in 4QFY19 (USD437/mt in 1QFY19), despite a contraction in most petrochem margins, due to better optimization of feedstock. Gas production from KG D6 stood at 1.76mmscmd in the quarter, down from 1.82mmscmd in 4QFY19. RJio added 8.2m net subscribers, indicating a relative slowdown in the pace of addition over the past few INR126).

20 July 2019 to just 2% YoY (INR18.2b v/s our estimate of INR17.4b). 4W battery volumes increased 5% YoY, driven by growth of 10-11% YoY in aftermarket and 22% YoY in exports, partly offset by an 18% YoY decline in OEM volumes. 2W volumes were up 6-7% YoY, driven by 20% YoY growth in aftermarket, despite 25-28% YoY decline OEM volumes. Industrial volumes increased 11% YoY, driven by 25% YoY growth in UPS, despite 8-9% YoY decline in telecom battery volumes. Lead prices were lower by 10-12% YoY. Operating leverage and change in lease accounting (20-25bp benefit) drove 15.1%). Implementation of AS116 (lease accounting) resulted in higher depreciation (by ~INR40m) and interest cost (by ~INR10m). Adj. PAT increased (a) AMRJ recently reacted to the 5- 6% price cut in the 2W replacement market by EXID. (b) Realized lead price was at INR141-143k/ton (v/s INR154k in 4QFY19).

20 July 2019 INDIGO reported Ind-AS 116-based quarterly results. Yield for the quarter was in line with our estimate at INR4.55, leading to 45% YOY increase in net sales at to the transaction impact of Ind-AS 116 lease and supplementary expenses were replaced by depreciation (on ROU asset recognized) and finance charges (finance lease liability). Forex gain was at INR446m (v/s loss of INR2,461m in 1QFY19 and gain of INR105m in 4QFY19). PAT came in at INR12.0b (v/s our cost was higher by 70% YoY at INR11.1b owing to salary increments and new pilots hiring (currently under training). ASK increased 31% YoY to 23.3b. The company added ~18 new planes during the quarter and expects delivery of first leap of A320neo next year. RPK in 1QFY20 increased by 30% YoY at 20.7b, with RASK at INR4.04 the highest since 1QFY16. Also, cargo revenue increased significantly as INDIGO has increased the range of its cargo products.

20 July 2019 RBK reported 1QFY20 PAT at INR2.7b (41% YoY growth, inline) though the guidance on asset quality will drive elevated credit cost and impact earnings trajectory over the coming quarters. GNPA increased 4.6% QoQ to INR7.9b (1.4% of loans) while NNPA stood flat at INR3.7b enabling 230bp QoQ improvement in PCR to 52.9% (69.1% including TWO). NII grew 48% YoY to INR8.2b, led by 35% YoY growth in advances and 8bp QoQ expansion in the margin to 4.3%. Core fees increased 41% YoY (+5% QoQ) to INR4.1b, driven by credit cards (+66% YoY; ~47% of total fees). Loan book grew 35% YoY, led by strong growth in retail book (+62% YoY), while wholesale book grew 23% YoY.

19 July 2019 to INR22.7b (v/s est. EBITDA grew 18.5% YoY to INR4.6b (v/s est. Adj. PAT increased 14.2% YoY to INR3.8b (v/s est. The domestic FMCG business grew 10.

19 July 2019 EBITDA of INR24.8b (-11% QoQ/-9% YoY) came in line with our estimate of INR24.5b, as the impact from lower metal volumes (-6% QoQ) was offset by higher-than-expected zinc premiums. PAT declined 12% QoQ/8%YoY to INR17.7b. Management expects SKs production to improve with the commissioning of the paste fill plant (Jun19). Reported CoP increased USD80/t QoQ to USD1,067/t due to lower volumes and higher power cost. However, HZ expects CoP to decline amid normalization of power cost, volume-led benefit and lower coal costs. While the zinc market remains in deficit, factors such as (a) demand concerns due to ongoing trade war/weakening global demand and (b) anticipated higher supply have led to a fall in LME zinc prices to ~USD2,480 zinc LME estimate to INR2,600. We expect mine production CAGR of 8% over FY19-21 and CoP to decline as shafts commission at RA and SKM.

Performance during the quarter was dragged by volatility in top accounts. Revenues from the top 6-10 clients declined 6.7% sequentially. EBIT margin during the quarter stood at 16%, declining 170bp sequentially. Decline in margins was led by (a) visa cost - 100bp, (b) sales and marketing investments - 100bp, and (c) currency movement - 20bp. The decline was partially offset by higher working days and adoption of IND-AS, which contributed +25bp to the margins. has suffered over the last couple of quarters due to spending cuts in its top account. While this bottomed out in 1QFY20, there are other top accounts with specific issues, which would weigh down near-term revenue growth. Completion of project from a large African client and ramp-down in certain sizeable accounts should offset the revenue visibility from net-new deals in 2QFY20. For now, LTI expects normal growth to resume from 3QFY20.

18 July 2019 Volumes declined 0.6% YoY to 7.2mt in 2QCY19. However, premium product volumes were up 9% YoY. Cement realizations increased 8% YoY (+12% QoQ) to INR5,255, led by healthy price hikes in the quarter. Revenue grew 8% YoY to INR41.5b (our Blended cost/t increased 6% YoY (+4%QoQ) to INR4,678. However, blended EBITDA/t was up 18% YoY (+53% QoQ) to INR1,086 due to healthy realizations. Consequently, EBITDA Operating margin came in at 18.8% (+1.5pp YoY, +5.3pp QoQ). Adj. PAT volumes were up 11% YoY. (2) Power & fuel cost/t increased 9% YoY due to higher premium on e-auction coal and increased pet coke/imported coal prices.

Although CLGT expects a demand recovery in the coming quarters, near-term volume growth is likely to be in mid-single-digits, despite stability attained in market share in the previous quarter. CLGTs high rural and wholesale exposure means that near-term volume growth is likely to be in mid-single-digits, despite stability attained in market share in the previous quarter. However, a few factors are in CLGTs favor from the medium-term perspective (a) the toothpaste market share hemorrhage appears to have abated after three years, (b) there is evident traction driven by herbal and other launches and (c) valuations are relatively less expensive at ~35x FY21E EPS, ~7% discount to our ex-cigarette and alcohol consumer peer valuations. However, a few factors are in CLGTs favor from the medium-term perspective (a) the toothpaste market share hemorrhage appears to have abated after three years, (b) there is evident traction driven by herbal and other launches and (c) valuations are relatively less expensive at ~35x FY21E EPS, ~7% discount to our ex-cigarette and alcohol consumer peer valuations.

18 July 2019 revenue declined 2.6% YoY to USD157m (6% miss), EBIT was down 2.5% YoY to INR1.0b (margin of 9.2%, 200bp miss) and PAT increased 9.5% YoY to than our estimate of USD20m. Sequentially, revenue declined in all but the smallest vertical in Services segment the decline was particularly pronounced in Communications (-9% QoQ) and E&U; (-12% QoQ). CYL had guided for Services revenue growth in high-single-digits and DLM revenue growth of 15% in FY20. On the Services front, it now needs a CQGR of 3.3% to get even to flat revenue YoY. It expects EBIT to grow in double- digits, which too is a stretch now, despite the cost-rationalization efforts. While 1Q was expected to be a weak quarter, CYL misread the recovery in A&D; and Communications, its two largest verticals (57% of revenues) that were expected to offset the anticipated weakness in other segments.

revenue declined 4% YoY to INR6.1b (9% miss) due to weak print ad growth (-5% YoY) and lower circulation revenue (-2% YoY). EBITDA increased 4% YoY to INR1.8b (14% miss), benefiting from a PAT declined 4% YoY to INR937m (22% miss) owing to (a) lower other income and (b) reallocation and higher cost of depreciation/interest cost of INR92m based on Ind-AS 116. Radio segment performance was the only silver lining with healthy revenue/EBITDA growth of 19%/84% YoY. (c) The focus on cost reduction will continue against the backdrop of weak revenue performance. Given weak ad spending by both national and local advertisers, management refrained from providing any guidance. Yet we build in revenue/EBITDA growth of 3%/16% for the year in view of low newsprint cost and the strong focus on reducing cost. Despite the cut in earnings, PAT is estimated to grow at 12%/19% in FY20/21, given the sharp reduction in opex.

Company expects to achieve stabilization of refinery in a span of 9- 12months, while we believe it could take longer. The incremental 2mmtpa from the Mumbai refinery expansion is expected to reflect in the companys volumes from mid-FY21. Already ~80% of the orders (out of the total capex at ~INR290b) are in place for both the Vizag and Mumbai refineries. The Rajasthan refinery is expected to have a total capex of ~INR440b, including the companys equity commitment of ~INR110b. Expected capex to be spent of the total INR110b, ~10%/20% in FY20/21. Also, polypropylene expansion at Bhatinda is expected to get completed in the next 2-3 years (currently expansion is ~30% complete), with a total capex of INR160b. The company expects cost reduction and recovery of certain unrecoverable items to result in marketing margin expansion. HPCL has planned shutdown at the Vizag and Mumbai refineries in 3Q-4QFY20 for a period of 45 days, to align petrol/diesel quality to BS-VI.

16 July 2019 1QFY20 PAT came in at INR811m (+17% YoY), significantly below our estimate of INR973m due to lower fee income, margin pressure and muted loan growth. NII grew 11.6% YoY (v/s +14.1% YoY in 4QFY19) as margins further compressed by 10bp QoQ to 3.7%. This, coupled with weak fee income (-9% YoY), drove modest 10% YoY growth in total revenue. Opex increased 4.7% QoQ to INR2.3b due to salary hikes to employees. Thus, the C/I ratio rose 380bp QoQ to 57.5% (500bp increase in the core C/I ratio). Loan growth moderated to 13.2%/2.0% YoY/QoQ (v/s +15.9%/3.

16 July 2019 controlled provisions (-4% YoY to INR1.9b) and higher other income (+45% YoY). NII stood at INR11.5b (+18% YoY), which, coupled with higher other income, drove 24% YoY growth in total income. NIM shrank 2bp QoQ to 3.15%. Core fee income grew robustly by ~35% YoY to INR2.2b and was well supported by treasury profit of INR0.9b (+86% YoY). Loan growth of 1.6%/18.8% QoQ/YoY was driven by retail + agri loans (+24% YoY), whereas growth across business banking/commercial banking slowed down to 13%/12% YoY. Deposit base grew 19% YoY to INR1.3t, led by term deposits (+23% YoY).

Protection business though has grown at ~62% YoY and its share in the total APE improved to 9.3%. Though FY20 has started on a softer note, we believe that introduction of new customer friendly ULIP product (Exhibit 33) and stable market performance should drive ULIP sales over FY19-21E while the growth in protection business remains robust. Protection new business premium mix has improved from 4.6% to 20.6% over FY16-19. Retail Protection and Credit Life forms ~61%/~22% of the total Protection APE, enabling IPRU Life to report robust margins in the Protection business with VNB from protection business constituting ~59% of total VNB. In FY19, IPRU displayed improved persistency across cohorts (barring 25 despite markets being volatile. With improving customer awareness and product proposition, we expect persistency ratios to improve further, thereby aiding margin expansion and EV growth. Over FY15-19, IPRU Life reported 20% CAGR in EVOP led by robust VNB growth.

13 July 2019 improved to 4.05% from ~3.6% in 4QFY19. Total income improved to INR45.1b (in-line), led by healthy other income growth in loan fees and addition of PSLC income due to the BHAFIN merger. Opex stood at INR19.2b (3% miss), driving a 290bp QoQ improvement in the C/I ratio to 42.5%. On a standalone basis, opex was up 18% YoY to INR17.8b, while the C/I ratio stood at 44.3% (120bp QoQ improvement). across both the corporate and consumer portfolios. The share of retail loans in total book increased to 54%, as IIB classified its MFI and Business Banking portfolio under the Consumer Finance segment.

13 July 2019 INFO raised the lower end/upper end of its full-year revenue guidance by INFO has started FY20 on a strong note, with constant currency (CC) revenue INR38b. core segments of Financial Services, Communications, Energy/Utilities/Resources, Manufacturing and Hi-tech) delivering double-digit YoY CC growth. 100bp/50bp, taking the full-year revenue growth guidance to 8.5%-10% CC. It is uncharacteristic of INFO to revisit its guidance for the better as early as in 1Q. We believe that this reflects healthy visibility at least for the near term, which should help it deliver double-digit growth for the fiscal. EBIT margin guidance band was maintained at 21-23% (100bp lower YoY). INFO revised its capital allocation policy it will now return to shareholders 85% of cumulative FCF over a five-year period (up from current 70%). INFO reported total contract value (TCV) of deal wins worth USD2.7b for 1QFY20, its highest ever. Net new deals TCV stood at 55%.

11 July 2019 Automobiles JLRs wholesale volumes grew 15% YoY (+8.3% MoM) to 43.2k units (our JLRs retail volumes declined ~10% YoY in Jun19, led by de-growth across markets (except UK), particularly in China (-12.3%) and Europe (-11.7%). Jaguars retail volumes fell ~8.5% YoY, led by a decline in sales in models like XF, F-pace and XK/E-pace, while I-Pace sales came in at ~1.6k units. LRs retail volume declined ~10% YoY due to lower sales across models, except RR Evoque (+3.4% YoY to 7k units). challenging conditions continue to impact other regions, we were pleased to see sales return to growth in the UK, where we are outperforming the market aided by higher sales of the new Range Rover Evoque, Land Rover Discovery, Jaguar I-PACE and the new Jaguar XE. At Land Rover, the new Range Rover Evoque luxury compact SUV continues to strengthen its global sales performance following its recent debut.

10 July 2019 Westside is a well-oiled business format with a right product proposition, pricing and favorable store economics. It now plans to replicate Westsides success in Zudio, which will have competitive pricing and value products targeted at the youth. Against this promising backdrop, the company targets to double its store count potentially in three years (adding 60 stores). Subsequently, we have revised our store addition estimate for Westside/Zudio to 35/40 annually v/s 23/25 earlier. Keeping in mind its ambitious plans and accelerated growth, the company has announced equity fund raising plans of INR15.5b in end-June. calculations, Westside garners mid-teens RoCE, but the upcoming investments in scaling up both Westside and Zudio may keep the return profile in single- digits. Further, we expect RoIC to languish at ~10% in FY20E, but believe it will recover to healthy mid-teens level over the next 2-3 years on (a) Zudio driving scale benefits, (b) accelerated store addition, and (c) backend synergies.