Go Advisors Weekly Newsletter

Market Masala… The flavors that influenced the market this week

Week 21/CY20: 16th – 23rd May 1 Headlines this week Go India Advisors RBI negative GDP guidance; Trade war barbs; Moderna's vaccine shot Weekly Newsletter

US President raised the pitch Moderna released positive RBI has been taking alternative rounds with against China and seems to make phase 1 trial data for it's government to announce relief measures it the main agenda for the upcoming Covid19 vaccine over for the economy. In a surprise Monetary upcoming US elections. The last weekend, which kick Committee Meeting, RBI announced a Senate this week has approved a started the global risk on trade. 40bps reduction in repo rate. More plan to delist Chinese companies However, the rally got shot in importantly they increased the moratorium from the US stock exchanges. the foot as many institutions on loans by another 3 months to 30th While the regulatory process is raised doubts about the quality August 2020. Market was disappointed as long and unlikely this legislation of data. There was only partial they were hoping for a one-time will see the light of the day but data released through a press restructuring of loans. Also some investors does enough to spook the release, and no peer review is worried about deteriorating credit culture market. possible and possible spurt in NPAs.

23-05-2020 2 Global markets – risk on/risk off depends Go India Advisors Weekly Newsletter which side of the bed you (or Mr Trump) got up, his tweets and vaccine update

Returns % Index 1 Week 1 Month 1 Year YTD 17 May - 23 May 24 May - 23 May 24 May'19 - 23 May'20 1 Jan - 23 May Dow 30 3.29% 2.90% -4.38% -14.27% S&P 500 3.20% 4.18% 4.58% -8.52% Nasdaq 3.44% 7.99% 22.10% 3.92% FTSE 100 3.34% 4.19% -17.65% -20.54% Nikkei 225 1.75% 5.85% -3.45% -13.82% Shanghai -1.91% 0.19% -1.37% -7.75% Hang Seng -3.64% -3.78% -16.17% -18.66% KOSPI 2.22% 4.29% -3.68% -10.35% Nifty 50 -1.07% -1.26% -23.68% -25.72% BSE Sensex -1.37% -2.09% -22.22% -25.65% Data for year 2020; except as specified

23-05-2020 3 Indian market – slip, can't sustain rally Go India Advisors IT makes a comeback, Telcos, Pharma and FMCG uptrend continues Weekly Newsletter

Indian Markets for Week Ending 23rd May 2020

For more information: Click on the image.

23-05-2020 4 Post Covid 19 Indian market – 2 paced Go India Advisors Financial sector has been decimated, still closer to 52w low Weekly Newsletter

Indian Markets performance for last 3 months

For more information: Click on the image.

23-05-2020 5 RBI – MPC more moratorium; rate cut Market missed one-time restructuring; Negative GDP comment hogged limelight Go India Advisors Weekly Newsletter

o 1 o Repo rate reduced by 40 4 The committee decided to basis points from 4.4 per continue with its cent to 4 per cent. "accommodative" policy stance.

2 o Reverse repo now stands at 5 o The RBI flagged risks of a 3.35 per cent, a reduction of negative GDP print this 155 basis points from 4.9 per year, while holding back on cent in March. a point target

6 o Lending institutions to 3 o The loan moratorium was allow deferment of interest extended by another three on working capital facilities months, till August 31, 2020 till August

23-05-2020 6 RBI – MPC: Muted Reaction Market worried about deteriorating credit culture Go India Advisors Weekly Newsletter

Suvodeep Rakshit: Kotak Equities Rajat Rajgarhia: Motilal Oswal o Lowering the cost of capital is some relief in these o The RBI’s decision continues to indicate that they times. Moratorium extension was expected, remain proactive.. broader markets will focus on considering the economic activity levels. India liquidity measures.. markets will be focused on would need more measures on a continuous further steps by the RBI to safeguard the banking basis on both fiscal and monetary front to revive system (and broader financial system) the economy

Dhiraj Relli: HDFC Securities Abhimanyu Sofat: IIFL Securities o The cautious language in the statement of the o The commentary speech underpins the low governor raises concerns about the state of the prospects of a V shaped recovery. We also believe economy. The markets have initially reacted government should provide subvention on negatively to the RBI announcement. existing loans or bear some cost of the haircut of shareholders are worried about the current existing loans. This would ensure more economic conditions and the pain that is getting confidence to to lend to lower rated postponed due to the moratorium entities or individuals.

23-05-2020 7 Credit culture wasn't great pre Covid too Go India Advisors Insolvency resolution cases doubled in FY20 Weekly Newsletter

No. of cases under the Corporate Insolvency Resolution Process (CIRP)

New Admitted Cases Appeal Reveal/ Settled Resolution/Withdrawl/Liquidation CIRPs at the end of quarter 1966 2170

1575

1099 1227

894 769 702

541 195 28 206 27 365 438 50 127 23 160 26 147 22 33 142 13 138 18 23 582 613 8 0 158 40 66 10 70 382 387 1 0 36 235 31 249 242 276 301 37 130 144 196 Q4 2017 Q1 2018 Q2 2018 Q3 2018 Q4 2018 Q1 2019 Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020 Q4 2020

23-05-2020 8 Manufacturing and Real Estate were stressed Insolvent cases could rise sharply from service sector too post Covid Go India Advisors Weekly Newsletter Sectoral Distribution of CDs under CIRP ending Q4FY20 ( no. of cases)

1527 Admitted Closed Ongoing

851 757 676 450 408 378 387 307 261 210 177 210 147 168 117 112 88 42 46 30 87 57 55

Manufacturing Real Estate, Renting & Construction Wholesale & Retail Hotels & Restaurants Electricity & Others Transport, Storage & Others Business Activities Trade Communication

Distribution of stakeholders triggering CIRP (%) 70% Operational Creditors Financial Creditors Corporate Debtors 60% 50% 40% 30% 20% 10% 0% Q4 2017 Q1 2018 Q2 2018 Q3 2018 Q4 2018 Q1 2019 Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020 Q4 2020

23-05-2020 9 Corporate stress could double Ind-Ra predicts that stressed loans can increase from 3.8% to 6.6% of bank credit Go India Advisors Weekly Newsletter

Profitability dip expected as Credit Costs (%) will spike

Pre Covid (FY21) Post Covid (FY 21)

3.2 2.8

2.2 2 1.8 1.4

Public Sector Banks Private Banks System o Corporate slippages is expected at INR 4.3 tn in FY21 - Based on Ind-Ra’s vulnerability framework and corporate stress analysis of 30,000 corporates, the total corporate standard-but-stressed corporate pool may increase from 3.8% of the total bank credit as of December (pre-COVID-19 levels) 2019 to up to 6.6% under Ind-Ra’s post COVID-19 corporate stress case. The incremental stress is mainly from sectors including power, infrastructure, constructions, hospitality, iron & steel, telecom and realty. o About 40% of the incremental slippages could come from the non-corporate segments – retail, agriculture & MSME. The impact could be higher especially for private sector banks whose unsecured retail portfolio accounts for 16.6% of the total bank credit as against 6.3% for public sector banks (PSBs). o The capital requirement under the benign provision regime for PSBs would range from INR300 billion-550 billion; this also factors in the volatile markets for additional tier 1 bonds and hence limited traction in the same.

23-05-2020 10 Credit risks may not be fully built in Current P/B of bank Nifty building in 72% increase in GNPA to 16% Go India Advisors Weekly Newsletter

Does Price-Book and asset quality stress correlate?

100% 1 year forward change (%) in GNPA of Scheduled Commercial Banks % change in Price-Book of BankNifty 80% 60% 40% 20% 0% -20% -40% -60% -80% FY 05 FY 06 FY 07 FY 08 FY 09 FY 10 FY 11 FY 12 FY 13 FY 14 FY 15 FY 16 FY 17 FY 18 FY 19 FY 20 o P/B ratios for Bank Nifty are negatively correlated with the system GNPA of Scehduled Commercial Banks. o A regression analysis, shows that the current 54% drop in P/B from 3.08x to 1.68x, indicates that market is building in 72% increase in GNPA to approximately 16% levels. o Now this could be conservative estimate of GNPA, as we discussed the possibility of it's doubling in previous slide.

23-05-2020 11 MFs – reduce exposure to Banks/NBFC Go India Advisors Weekly Newsletter Reduce Banks/NBFC by 450bps; Biggest increase 230bps Pharma

Sector Wise Allocation of Equity AUM of Mutual Funds

30.0 Jan-20 Feb-20 Mar-20 Apr-20 25.0

20.0

15.0

10.0

5.0 %of AUM Equity ofMutual Funds

0.0 CONSTRUCTION CONSUMER PETROLEUM PHARMACEUTIC AUTO BANKS CEMENT FINANCE POWER SOFTWARE PROJECT NON DURABLES PRODUCTS ALS Jan-20 3.4 24.4 3.0 3.7 7.8 10.3 5.4 5.2 3.2 8.1 Feb-20 3.2 24.4 3.0 3.3 8.1 10.3 5.1 5.3 3.6 7.7 Mar-20 3.0 21.3 2.9 2.8 9.4 9.4 6.2 6.6 3.7 9.0 Apr-20 3.4 20.8 2.9 2.7 8.5 9.4 6.9 7.5 3.6 8.9

23-05-2020 12 FIIs continue to exit pre & post Covid19 Go India Advisors HLL & RIL bought; rest all sold Weekly Newsletter

Sector-wise FPI / FII Investments since COVID-19 pandemic outbreak ( INR Cr)

5,000 Mar-20 Apr-20

-

(5,000)

(10,000)

(15,000)

(20,000)

(25,000)

Automobiles & AutoComponents TotalFinancial Services CapitalGoods Chemicals Petrochemicals & Coal ConstructionMaterials ConsumerDurables Food,Beverages Tobacco & Hotels,Restaurants Tourism & Household & Personal Products Insurance Media Metals & Mining Oil& Gas Pharmaceuticals& Biotechnology Realty Retailing Software& Services TelecomServices Textiles,Apparels & Accessories Transportation Utilities Others

23-05-2020 13 Voices that Matter – cautious and new normal Go India Advisors Weekly Newsletter

Coronavirus crisis is Banks will struggle to Banks will struggke to Post Corona world ‘wake-up call’ for a generate profits even generate profits even as presents a golden more inclusive as global economy global economy recovers- opportunity for India economy - Jamie recovers - Tobias Tobias Adrian, IMF – Alice Wells, Senior Dimon, JP Morgan Adrian, IMF US Diplomat

23-05-2020 India’s GDP growth rate – underpinned by reforms Go India Advisors GST, DBT and now opening of agriculture market – a 1991 moment? Weekly Newsletter

India’s GDP 3 Year Moving Average Growth rate (%)

1982-1991, era of partial BOP Crisis in 1991 led to 2003-2017 saw opening of Pre 1981 era of Hindu deregulation and complete deregulation and Infra/Telecom/Aviation to growth rate/closed delicensing in 1982 led to delicensing; Reduction in private sector led to sustaining economy growth pick up import duties huge growth momentum Average 3.7% Average 5.3% Average 5.95% Average 7.01% 9

8

7

6

5

4

3

2

1

0

2010 1975 1980 1985 1990 1995 2000 2005 2015 23-05-2020 15 Agriculture Reforms – the big one Can lead to prosperity for farmers with better realisation; execution key Go India Advisors Weekly Newsletter

Infrastructure & Capacity Government and Legislative Building Reforms

• To strengthen infrastructure in agriculture, • Amendments to Essential Commodities Act - financing facility of Rs 1 tn will be provided for Plans to make changes to the Essential funding agriculture infrastructure projects at Commodities Act to enable better price farm-gate and aggregation points. realization for farmers. Plans to deregulate agriculture food stuffs including cereals, edible • Announced a scheme worth Rs 100 bn aimed at oils, oilseeds, pulses, onions and potatoes. the formalization of micro-food enterprises. • Agricultural Marketing Reforms - Reforms to • Announced Rs 200 bn for fishermen through provide marketing choices to farmers to reduce PMMSY for integrated, sustainable, inclusive hindrance in free flow of agricultural produce development of marines and inland fisheries. and fragmentation of markets and supply chain. • Launched National Animal Disease Control Programme with a total outlay of Rs 133.43 bn for • 100% vaccination of cattle, buffalo, sheep, goat Agriculture produce price and quality and pig population (total 530 mn animals) for assurance - Bring in a facilitative legal Foot and Mouth Disease (FMD) and for framework to ensure that farmers get a brucellosis. predictable price and predictable sales of their produce. Farmers will be able to engage with • Set up a new animal husbandry infrastructure processors, aggregators, large retailers, development fund of Rs 150 bn. exporters, etc. in a fair and transparent manner.

• Allocated Rs 40 bn for further herbal cultivation in the next two years. This will lead to Rs50 bn 23-05-2020 16 income generation for farmers. Tech Check –range bound, bias negative Go India Advisors Two tone market, financials trend down while pharma, FMCG positive Weekly Newsletter

NIFTY 50

1. Market closed lower for the week. It continues to look weak with potential for more downside. 2. Bank Nifty looks particularly weak. Pharma and Telcos look to outperform. 3. Supports – 8800/8450 4. Resistances – 9230/9450/9700 23-05-2020 17 Q4FY20 Results - this week Go India Advisors Bharti, L&T Infotech beat estimates Weekly Newsletter All Figures In INR Crore, except as stated Company Name Net Sales YOY Column1QOQ PAT YOY QOQQOQ 3 EPS (TTM) CMP PE (TTM) P/BV MCAP Result Type 23,723 15% 8% -5,069 -1040% -721% -58.99 593 0.0 4.2 3,23,515 Consolidated 7,227 36% 3% 948 -19% -41% 87.48 1896 21.7 3.5 1,14,077 Consolidated Ultratech Cement 10,746 -13% 4% 3,241 204% 356% 201.47 3638 18.1 2.7 1,05,013 Consolidated 6,816 -8% -11% 1,205 -8% -4% 180.11 2553 14.2 3.4 73,868 Consolidated 4,391 -20% -6% 1,339 -33% -17% 16.11 165 10.3 1.7 69,887 Standalone 13,294 2% -9% 539 -62% -73% 211.43 4319 20.4 2.2 68,818 Consolidated Dr. Reddys Lab 4,449 10% 1% 771 75% 239% 121.92 3894 31.9 4.2 64,714 Consolidated 4,376 -1% 0% 242 -35% -31% 19.18 639 33.3 3.3 51,519 Consolidated Colgate Palmol. (I) 1,071 -7% -7% 204 3% 3% 30.02 1314 43.8 22.4 35,727 Standalone L&T Infotech 3,012 21% 7% 428 13% 13% 87.24 1783 20.4 5.8 31,071 Consolidated Glaxosmithkline Phar 776 3% 0% 138 -6% 121% 5.5 1376 250.2 12.8 23,317 Consolidated Bajaj Hold & Invest 110 33% 27% -104 -525% -409% 268.84 1995 7.4 0.8 22,200 Consolidated

Company Name Net Sales YOY Column1QOQ PAT YOY QOQQOQ 3 EPS (TTM) CMP PE (TTM) P/BV MCAP Result Type Jubilant FoodWorks 909 4% -15% 33 -58% -68% 21.22 1621 76.4 19.1 21,388 Consolidated Oracle Finl. Service 1,264 4% 9% 269 -17% -41% 170.12 2358 13.9 3.1 20,267 Consolidated India 785 9% -5% 85 -8% -12% 176.59 7536 42.7 6.9 17,357 Standalone 2,984 2% -3% -274 -1205% -165% 24.43 301 12.3 1.6 14,464 Consolidated Crompt.Greaves Cons. 1,026 -15% -4% 102 -27% -37% 7.91 213 26.9 9.1 13,352 Consolidated 682 32% 5% 129 45% 20% 53.6 1510 28.2 5.1 13,179 Consolidated Dr Lal Pathlabs 302 0% -8% 33 -31% -41% 27.1 1514 55.9 12.2 12,617 Consolidated L&T Technology Serv. 1,447 8% 2% 206 7% 0% 78.31 1122 14.3 4.2 11,726 Consolidated 6,621 -8% -6% 532 727% 569% 3.76 34 9.0 0.5 9,129 Consolidated Godrej Industries 3,121 6% 16% 72 -68% -8% 24.48 256 10.5 1.5 8,612 Consolidated Mah & Mah Finl. Serv 3,101 8% 2% 231 -67% -50% 17.4 128 7.3 0.7 7,883 Consolidated Astrazeneca Pharma I 195 2% -13% 10 -3% -64% 28.88 3138 108.6 21.5 7,844 Standalone 18 Q4FY20 Results – this week Go India Advisors Weak results all across Weekly Newsletter All Figures In INR Crores Company Name Net Sales YOY Column1QOQ PAT YOY QOQQOQ 3 EPS (TTM) CMP PE (TTM) P/BV MCAP Result Type 2,378 -7% -9% 197 -49% -14% 275.02 295 1.1 0.6 7,519 Consolidated JSW Energy 1,793 -7% -8% 89 1631% -78% 6.7 39 5.9 0.6 6,454 Consolidated Grindwell Norton 366 -10% -11% 42 -2% -11% 16.48 498 30.2 4.7 5,510 Consolidated 3,610 -16% -18% 78 -7% -55% 8.33 90 10.9 0.5 5,168 Consolidated VST Industries 350 19% -5% 71 33% -13% 196.92 3137 15.9 6.2 4,844 Standalone Ujjivan Small Fin 737 38% 4% 73 15% -18% 2.02 27 13.2 1.6 4,606 Standalone NESCO 118 26% 2% 53 3% -23% 33.19 390 11.8 2.0 2,748 Consolidated Tasty Bite Eatables 115 35% 1% 9 6% -38% 159.24 9504 59.7 15.0 2,439 Standalone Trident 991 -30% -13% 39 -57% 0% 0.67 5 6.8 0.8 2,314 Consolidated Hawkins Cookers 146 -21% -24% 9 -31% -58% 137.09 4229 30.9 17.1 2,236 Standalone Scooters 6 87% 34% 107 15656% 4748% 157.45 1886 12.0 0.3 2,155 Standalone

Company Name Net Sales YOY Column1QOQ PAT YOY QOQQOQ 3 EPS (TTM) CMP PE (TTM) P/BV MCAP Result Type Delta Corp 181 -11% -12% 29 -50% -48% 6.85 75 10.9 1.0 2,021 Consolidated Mahindra Logistics 812 -20% -11% 10 -59% -37% 9.63 264 27.4 3.6 1,886 Consolidated BSL 4,274 -23% -15% 6 103% 101% -5.75 17 0.0 0.1 1,842 Consolidated TV Today Network 208 19% -6% 29 23% -23% 23.83 176 7.4 1.2 1,047 Standalone Gabriel India 425 -17% -7% 27 54% 51% 5.9 72 12.2 1.6 1,034 Standalone GHCL 750 -17% -11% 85 -29% -12% 41.74 101 2.4 0.5 958 Consolidated IIFL Securities 197 -5% 4% 37 0% -20% 7.32 29 4.0 1.1 933 Consolidated Ugro Capital 32 105% 11% 20 1915% 195% 2.77 127 45.9 1.0 895 Standalone Matrimony.Com 94 9% 5% 7 -4% 22% 12.97 341 26.3 3.4 777 Consolidated Chennai Petrol. Corp 8,585 -14% -28% -1,638 -5462% -25294% -30.66 50 0.0 0.3 738 Consolidated Quick Heal Tech 64 -25% -2% 8 -71% -55% 11.59 104 8.9 1.0 665 Consolidated JMC Projects (India) 976 0% 1% -50 -221% -297% 0.07 37 514.2 1.2 617 Consolidated Paushak 29 -24% -24% 6 -34% -42% 113.27 1838 16.2 3.8 567 Standalone Monnet Ispat &Energy 617 16% 6% -104 30% 24% -10.48 12 0.0 0.9 563 Consolidated Apcotex Inds 116 -24% 6% 3 -80% 315% 3.21 97 30.2 2.0 502 Standalone MPS 76 -16% -9% 9 -58% -27% 32.15 230 7.2 1.2 428 Consolidated GNA Axles 181 -25% -16% 5 -74% -39% 24.56 174 7.1 5.8 374 Consolidated NELCO 61 19% 9% 6 36% 59% 6.3 163 25.9 5.6 372 Consolidated 19 Nifty 50 – earnings trend Go India Advisors Companies focussed on sustaining EBITDA margin Weekly Newsletter

Nifty 50 Sales YoY (%) Nifty 50 EBITDA Margin (%)

37% 28% 35% 26% 32%

20% 20% 21% 20% 19% 19% 18%

7% 3% 0% -1% Q1FY19 Q2FY19 Q3FY19 Q4FY19 Q1FY20 Q2FY20 Q3FY20 Q4FY20* Q1FY19 Q2FY19 Q3FY19 Q4FY19 Q1FY20 Q2FY20 Q3FY20 Q4FY20*

Nifty 50 PAT YoY (%) Nifty 50 EBITDA YoY (%)

45% 31%

28%

12% 17% 15% 6% 5% 14% 10% 7% 8% Q1FY19 Q2FY19 Q3FY19 Q4FY19 Q1FY20 Q2FY20 Q3FY20 Q4FY20* 5% -5%

-20% -21% Q1FY19 Q2FY19 Q3FY19 Q4FY19 Q1FY20 Q2FY20 Q3FY20 Q4FY20*

* For Q4 only 23 companies reported their results which were considered 20 BSE 500 – earnings trend Go India Advisors Margin protection remains the broader market strategy too Weekly Newsletter

BSE 500 Sales YoY (%) BSE 500 EBITDA Margin (%)

25% 30% 22% 25% 27% 25% 18% 20% 22% 21% 22% 22% 22% 16% 21% 20% 12% 15% 15% 10% 5% 10% 5% -1% 0% -1% 5% 0% Q1FY19 Q2FY19 Q3FY19 Q4FY19 Q1FY20 Q2FY20 Q3FY20 Q4FY20* 0% -5% Q1FY19 Q2FY19 Q3FY19 Q4FY19 Q1FY20 Q2FY20 Q3FY20 Q4FY20*

BSE 500 PAT YoY (%) BSE 500 EBITDA YoY (%)

60% 23% 25% 43% 40% 20% 18% 20% 5% 13% 15% -1% 3% 0% 10% 9% Q1FY19 Q2FY19 Q3FY19 Q4FY19 Q1FY20 Q2FY20 Q3FY20 Q4FY20* 10% 6% -5% -20% 5% 3% 5% -27% -40% 1% 0% -53% -60% Q1FY19 Q2FY19 Q3FY19 Q4FY19 Q1FY20 Q2FY20 Q3FY20 Q4FY20* 21 * For Q4 only 128 companies reported their results which were considered BSE 500 - Q4FY20 Sector Wise Result Trend Go India Advisors Weekly Newsletter Bank Finance Ratings Insurance

55% 40% 36% 33% 3 7% 18% 15% % 35% 8% 7% 3% 2% 2% 5% 4% 24% 23% 2% 13% -2% 11% 9% -5% 6% -20% -31%

Bandhan AU Small RBL IndusInd HDFC ICICI Axis Kotak ICICI Lombard SBI Lifempany ICICI HDFC Life CRISIL General Prudential

Finance Mahindra Lifempany Revenue Growth Revenue

46% 66% 20 15% 40% 43% 38% 25% 11% % 7% 32% 4% 23% 19% -5% -7% 16% 16% -12% -12% -15% -17% -25%

-81% -24% -25% AU Small RBL IndusInd Bandhan Kotak HDFC Axis ICICI SBI Lifempany ICICI Lombard HDFC Life ICICI CRISIL General Prudential EBITDA Growth EBITDA Finance Mahindra Lifempany

16% 44% 24% 6% 3% 28% 12% 15 16% 10% %

-4% -7% -10% -19% -12% -28% -30% -21% -62% -67% -97% -15%

PAT Growth PAT -50% -32% HDFC ICICI AU Small Kotak IndusInd Bandhan RBL ICICI Lombard SBI Lifempany HDFC Life ICICI Finance Mahindra CRISIL General Prudential 22 Lifempany BSE500 - Q4FY20 Sector Wise Result trend Go India Advisors Weekly Newsletter IT Media

22% 21% 16% 21% 16% 14% 11% 11% 11% 8% 8% 7% 5% 4% 4% 19% 18%

-4% -8% Hexaware Larsen & HCL NIIT Persistent Sonata Tata Elxsi Tech Tata Oracle Zensar Cyient TV18 Broadcast Network 18 MediaTV Today Network Revenue Growth Revenue Technologies Toubro Technologies Technologies Systems Software Mahindra Consultancy Software Technologies & Investment Infotech Services

50% 33% 32% 1256% 23% 19% 11% 8% 8% 5% 4% 3% 2%

-1% -8% -22% 267% -40% 15% Hexaware Mphasis HCL NIIT Larsen & Mindtree Infosys Tata Elxsi Persistent Tata Oracle Zensar Sonata Wipro Tech Cyient Network 18 Media TV18 Broadcast TV Today Network

EBITDA Growth EBITDA Technologies TechnologiesTechnologies Toubro Systems Consultancy Software Technologies Software Mahindra & Investment Infotech Services

33% 26% 24% 597% 15% 13% 13% 6% 4%

-1% -1% -5% -6% -13% -17% -37% 0% 16%

PAT Growth PAT Mphasis Hexaware HCL Tata Elxsi NIIT Larsen & Infosys Mindtree Tata Persistent Sonata Wipro Zensar Oracle Tech -Cyient73% Network 18 Media TV18 Broadcast TV Today Network Technologies Technologies Technologies Toubro Consultancy Systems Software Technologies Software Mahindra & Investment Infotech Services 23 BSE500 - Q4FY20 Sector Wise Result Trend Go India Advisors Weekly Newsletter Consumer Durables Healthcare Electricals

32% 32% 30%

10% -15% -19% -21% 9% 3% 3% 2% 0%

-1% -2% -80% Crompton Blue Star Hawkins Tejas -20% -35% Greaves Cookers Networks Ajanta Pharma Laurus Labs Alembic Dr. Reddys Sanofi India Glaxosmithkline Astrazeneca Dr. Lal Pathlabs Cipla Piramal Wockhardt Sterlite Revenue Growth Revenue Consumer Electricals Laboratories Pharma India Enterprises

0% 81% 70% 62% 47% 17% 13% -17% -32% -11% -12% -13% -31% -31% -93% -62% Tejas Crompton Hawkins Blue Star -31% Networks Greaves Cookers Alembic Laurus Labs Ajanta Pharma Astrazeneca Sanofi India Dr. Reddys Biocon Glaxosmithkline Dr. Lal Pathlabs Cipla Wockhardt Piramal

EBITDA Growth EBITDA Consumer Pharma India Laboratories Enterprises Sterlite Electricals

0% 155%

75% -27% -31% 55% 45% 0% 0%

-2% -6% -8% PAT Growth PAT -31% -34% -35% -55% Tejas Crompton Hawkins -Blue89% Star Piramal Wockhardt Laurus Labs Dr. Reddys Alembic Ajanta Pharma Astrazeneca Glaxosmithkline Sanofi India Dr. Lal Pathlabs Biocon Cipla Networks Greaves Cookers Enterprises Laboratories Pharma India Sterlite Consumer 24 Electricals BSE500 - Q4FY20 Sector Wise Result Trend Go India Advisors Weekly Newsletter Plastic Product Telecom Non Ferrous Metals FMCG

23% 17% 20% 11% -12% 15% -13%

-6% -7% -10% 0% Varun Godrej Nestle Procter & Hindustan Godrej Gillette -20% Beverages Agrovet India Gamble Unilever Consumer India -7% Cable & Bharti Airtel Bharti Infratel Hindustan Zinc Hygiene & Products Supreme Industries Health Revenue Growth Revenue Datacom Care

33% 63% 66% 35% 44% 1% -2% -6% -9% -13% 14% -44% Godrej Varun Nestle Marico Hindustan Procter & Godrej Gillette Agrovet Beverages India Unilever Gamble Consumer India -27% Hygiene & Products Bharti Airtel Hathway Cable & Bharti Infratel EBITDA Growth EBITDA Supreme Industries Hindustan Zinc Health Datacom Care

255% 53% 14% 4% 1%

-4%

-40% -43% -50% 0% 18% -75% -33% Varun Nestle Procter & Hindustan Gillette Godrej Marico Godrej PAT Growth PAT Beverages India Gamble Unilever India Agrovet Consumer Bharti Airtel Hathway Cable & Bharti Infratel Supreme Industries Hindustan Zinc Hygiene & Products Datacom Health 25 Care BSE 500 - Q4FY20 Sector Wise Result Trend Go India Advisors Weekly Newsletter Capital Goods Construction Materials Realty Power

26% 10% 25% 23% 8% 13% -2% 2% 2%

-57% -20% -21% -9% -7% -8% Nesco L&T India -8% -9% Technology -11% -94%

Services ACC Godrej Properties Mahindra Lifespace Real Adani Indian Energy Reliance Adani Green Torrent JSW Energy Tata Power Reliance Revenue Growth Revenue Developers Estate Transmission Exchange Power Energy Power Company Infrastructure

17% 23% 31% 15% 8% 0% 0% 12% 11% 10% 6%

6% -3% -29% -23%

L&T Nesco Havells India -Siemens36% -11% Technology -7% -82% Mahindra Lifespace Indiabulls Real Godrej Properties EBITDA Growth EBITDA Services Shree Cement Ambuja Cements ACC Adani Torrent Indian Energy Reliance JSW Energy Tata Power Adani Green Reliance Adani Power Developers Estate Transmission Power Exchange Infrastructure Company Energy Power

7% 3% 0% 0% 199% 94% 146% -11% 21% 57% 0% 0% 0% 0% 0% 7% -24% -38% -6% -19% PAT Growth PAT L&T Nesco Havells India Siemens Ultratech JK Lakshmi Shree Ambuja ACC -29%Orient -60% Technology Cement Cement Cement Cements Cement Mahindra Lifespace Indiabulls Real Godrej Properties Services Adani Green Torrent JSW Energy Adani Power Tata Power Reliance Indian Energy Reliance Adani Developers Estate Energy Power Company Infrastructure Exchange 26Power Transmission BSE 500 - Q4FY20 Sector Wise Result Trend Go India Advisors Weekly Newsletter Agri Crude Oil Chemicals

35% 40%

-2% 6% 2% 12% -9% -12% -17% Chennai-14% Petroleum BASF India Godrej Rallis India Atul Kansai Nerolac GHCL Corporation

Tata Consumer Products Tata Coffee Industries Paints Revenue Growth Revenue

409% 58% 8%

25% 0% 8%

-12% -16% -35% Reliance Industries Rallis India BASF India Atul Godrej Kansai Nerolac GHCL Industries Paints EBITDA Growth EBITDA Tata Coffee

35% 26% -37%

-23% -29% -50% -53% - -66% PAT Growth PAT Reliance Industries Chennai Petroleum Atul Kansai Nerolac GHCL Rallis India BASF India Godrej Corporation Tata Coffee 5462% Paints Industries 27 BSE500 - Q4FY20 Sector Wise Result Trend Go India Advisors Weekly Newsletter Auto & Ancillary Logistics Paper Misc

14% 13%

-8% -5% -10% -15% -16% -16% -18% -18% -21% -20% -11% -9% Syngene Security And Delta Corp Bajaj Auto Maruti Apollo Escorts Bosch SKF India Schaeffler Mahindra-24% Adani Ports and TCI Express Mahindra Logistics International Intelligence Suzuki India Tyres India CIE Special Economic JK Paper Revenue Growth Revenue Services India Automotive Zone

5% 4% 61% 0% -4% 24% -20%

-22% -23% -23% -29% -40% -56% Security And Syngene Delta Corp Bajaj Auto Escorts Apollo Maruti SKF India Schaeffler Bosch Mahindra-37% Mahindra Logistics TCI Express Adani Ports and -13% Special Economic Intelligence International EBITDA Growth EBITDA Tyres Suzuki India India CIE JK Paper Automotive Zone Services India

10% 20% 0% -13% -7% -8% -8% -26% -29%

-59% -80% -49%

PAT Growth PAT -86% Escorts Apollo Tyres Bajaj Auto SKF India Schaeffler Maruti Bosch Mahindra TCI Express Mahindra Logistics Adani-74% Ports and Security And Syngene Delta Corp India Suzuki India CIE Special Economic -18% Intelligence International Automotive Zone JK Paper Services India 28 FIIs – back to selling FIIs flows briefly turned positive on HLL deal few weeks back Go India Advisors Weekly Newsletter FII Flows in Indian Equities over the Years (INR Cr)

1,33,047 1,29,319 1,12,538 97,054 1,00,150 52,615 18,356 18,783

(3,417) (34,163) (43,853)

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

Note : all above years are CY and not FY Weekly FII Flows in Indian Equities in CY20 (INR Cr)

18,018 13,147 8,164 5,119 4,985 512 2,307 2,836

(162) (2,744) (2,172) (6,152) (5,388) (5,939) (5,763) (9,137) (9,675) (13,112) (19,039) (21,442) Week 1 Week 2 Week 3 Week 4 Week 5 Week 6 Week 7 Week 8 Week 9 Week 10 Week 11 Week 12 Week 13 Week 14 Week 15 Week 16 Week 17 Week 18 Week 19 This Week

Note : Week 1 starts from January 6th , 2020 23-05-2020 29 FIIs sell off – continues in Debt Markets Go India Advisors Weekly Newsletter FII Flows in Indian Debt Market over the Years (INR Cr)

1,59,882 1,47,825

46,478 46,921 40,770 36,164 24,058

(51,171) (44,297) (46,525) (1,01,828) 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Note : all above years are CY and not FY Weekly FII Flows in Indian Debt Market in CY20 (INR Cr)

8,035 6,059 919 1,933

(904) (1,764) (1,828) (2,984) (2,017) (4,090) (4,490) (4,483) (5,904) (5,845) (4,498) (6,397) (9,669) (12,609) (16,498)

(32,143) Week 1 Week 2 Week 3 Week 4 Week 5 Week 6 Week 7 Week 8 Week 9 Week 10 Week 11 Week 12 Week 13 Week 14 Week 15 Week 16 Week 17 Week 18 Week 19 This Week Note : Week 1 starts from January 6th , 2020 23-05-2020 30 DIIs –reduce purchases in falling market Go India Advisors Weekly Newsletter

DII Flows in Indian Equities over the Years (INR Cr)

1,09,646 90,835 65,872 78,947 42,229 27,814 37,125

(21,354) (30,329) (56,263) (73,833) 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Note : all above years are CY and not FY. Weekly DII Flows in Indian Equities in CY20 (INR Cr)

17,596 15,986 16,472

10,093 6,389 6,902 4,308 3,939 2,459 1,203 2,277 1,075

(793) (573) (340) (649) (20) (1,928) (2,621) (1,801) Week 1 Week 2 Week 3 Week 4 Week 5 Week 6 Week 7 Week 8 Week 9 Week 10 Week 11 Week 12 Week 13 Week 14 Week 15 Week 16 Week 17 Week 18 Week 19 This Week Note : Week 1 starts from January 6th , 2020 23-05-2020 31 What GIA Analysts are Saying Go India Advisors Weekly Newsletter

IRON ORE: Two sectors buck COVID-19 NBFCs – business under COVID – 19… This week, Ankit scout rising iron ore prices This week, Rajat dwells on the key priorities globally and how it is helping for NBFC under Covid 19 and how they are company's getting better realisation in dealing with it. Read full note here. exports. Read full note here.

Featured Analysts: GIA Analysts are young, energetic people [email protected] who are deeply passionate about research. CA and CFA, loves good Marwari They argue fiercely, work with high integrity food. Has an amazing sense of and can have wittiest conversations. Want humour. to know more about them. [email protected] Engineer and MBA. Rajat is a Read here: typical ‘ Boy’ and a foodie. https://goindiaadvisors.com/team A Marwari by design but

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