Research Reports

Dismal Q3 on weak performance across segments due to muted demand environment

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Q3FY25 revenue grew 2%/8% YoY/QoQ to Rs 94.76bn, helped by realisation gains of 4%/6% YoY/QoQ while volume was listless

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US sales cc quarterly run rate at its highest-ever level of US$ 235mn, expect to inch up to US$ 250mn in FY26E and US$ 280mn in FY27E

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Dismal performance in Q3 on loss of market share even after following an aggressive pricing strategy and poor inventory management

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Misses PAT estimates by 20% in Q3 due to lower-than-expected revenue on account of weak retail demand

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3QFY25 performance impacted by higher-than-expected furloughs and decline in ERP Biz. Revenue declined by 1.1% QoQ in CC terms

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US and ROW sales grew above our estimates of 5% and 13% respectively, reporting growth of 10% each

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CPBI beats our estimate on strong plywood sales volume and sharp sequential improvement in MDF margin

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Q3 revenue grew 29% YoY (-23% MoM) to ~Rs 2.2bn, driven by volume gain of ~34%, dragged by 4% lower realisations of Rs 0.27mn (YoY)

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Q3 revenue increased ~21%/17% YoY/QoQ to Rs 42.1bn, driven by a mix of volume and realisation gain in the motorcycle segment

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Q3 tractors volume rose by 25% YoY (combined volume from JV partners) aided by industry growth, realisation fell 13%

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Gained market share in pipe segment in a difficult environment by offering heavy discounts to its dealers

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Double-digit revenue decline YoY by 13% dragged by lower volume growth, down 5%, and weak realisations that fell by 10%

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Automotive and tractor segment volume grew in double digits by ~16% /20% YoY; reflects strong show in festive/post-festive season

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Q3 revenue declined ~6%/3% YoY/QoQ as pricing pressures impacted realisations and profitability severely (down by 10%/5% YoY/QoQ)

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APE and net premium income declined 24% YoY and 11% YoY; renewal premium rose 4% YoY in Q3FY25

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Compared to consensus, there was a beat on sales at 1% and on EBITDA at 6%. EBITDA beat on lower SG&A as a % of sales

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3QFY25 broadly in line. Estimate organic growth in FY25 is likely at ~16% CC terms. Possibly second best in the Tierr-2 set

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Domestic sales were 6% below our estimates mainly due to slower recovery in the acute therapies and no price hike in NLEM portfolio

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Q3 revenue grew by ~5% YoY to Rs 102bn, driven by realisation gains as volume growth stayed muted owing to fierce competition

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Broadly in-line operating performance; sharp beat in APAT by 53% in Q3 due to lower interest expense on account of forex gain

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PAT declined sequentially with lower NII and other income, RoA of 1.09% in 9MFY25

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Sales were 3% higher vs consensus likely reflecting strong cigarette volumes. EBITDA was 5% below expectations due to inflation

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Revenues rose ~10%/12% YoY/QoQ in Q3FY25 backed by volume gains though realisations stayed flat

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Operating profit broadly in line in Q3; SOMC EBITDA margin was relatively stable in Q3 due to high GVT sales and Max plant ramp-up

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Sharp contraction in GREENP EBITDA (-71% YoY) for ninth straight quarter on supply overhang in MDF industry and high timber prices

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Q3FY25 sales came in 2% above consensus while EBITDA was 2% lower due to 15bps lower-than-expected margins

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Base domestic growth at 12% vs IMP growth of 8% due to new product launches and price increase

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Weak Q3 on sharp margin contraction due to weak demand in the retail market and high overhead costs of new bathware unit

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Q3 sales/EBITDA/PAT were 0.6%/7.5%/22.3% above our estimates. PAT was higher than estimated due to the adoption of the new tax regime

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Dismal Q3 on weak performance of laminates segment and slow ramp-up of plywood segment

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Domestic sales grew by 14% in Q3FY25 driven partially by volume/new launches and price hikes. Strong domestic sales growth to continue

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Subdued quarter with moderate growth in advances and deposits, MFI book under stress

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Compared to consensus, 3QFY25 sales were 2% lower (1% below our estimate) while EBITDA was 1%

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PPOP aided by one-offs in other income, payouts under CGFMU and Assam Microfinance relief scheme

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NEST continues to manage profits amidst inflation in cocoa and coffee. Wheat and palm have also turned inflationary

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3QFY25 broadly in line. A margin miss. Expect 4Q QoQ growth to be stronger. Expect low teen USD revenue growth in FY25-FY27.

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Topline grew 18% YoY in Q3; EBITDA margin expanded 530bps YoY fueled by better cost efficiencies

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AJP reported in-line earnings, sales were 3.6% below estimates, while EBITDA/PAT reported 1%/3% above our estimates

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Competitive intensity has increased in the domestic business and Dabur is doing retailer discounts to maintain market share

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Tea inflation recovery prospects have improved as higher pricing has come through earlier than expected

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Miss PAT estimates by 2.2% on weak pipe volumes and continued subdued performance of SEAL IT & paints business

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Revenue growth stays soft with a fall of 13% YoY as realisations stay weak. Healthy recovery of 13% QoQ backed by ~15% volume gains

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Topline jumps 25% in Q3, with EBITDA margin expanding ~60bps on better product mix

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Q3FY25 revenue growth was 16%/4% YoY/QoQ backed by the mix of buoyancy in the festive quarter and tapering post festivities

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Volume-driven revenue growth (SA) as realisation weakens by 11.0% YoY due to aggressive push despite weak demand in key markets

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Q3FY25 revenue grew 7% YoY as strong volume of 20% was offset by 10% fall in realisation owing to weak pricing in key operating regions

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Decent 9% YoY surge in revenue with 180bps boost to gross margin from smart cost cuts and strategic price hikes

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Topline grew 9% YoY, driven by steady gains across the Electronics, Electricals, and ECD segments, while Sunflame sales held steady

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Healthy topline growth of 23% YoY; EBITDA margin expanded 360bps due to better product mix

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BJAUT’s Q3FY25 revenue growth was muted at 6% YoY (down 2% QoQ) to Rs 128bn on account of slow volume and realisation growth

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Revenue/EBITDA/PAT surpassed our Q3 estimates by 3%/3%/22% respectively. PAT was higher due to lower tax rate of 17%

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Q3 revenue grew in double digits at 10% YoY (flat QoQ) to Rs 90.97bn, backed by volume growth of 10% YoY (flat QoQ) to ~1.21mn units

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PAT declined 10% QoQ due to high provisions, credit cost at 58bps vs. 30bps in Q2FY25

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Despite strong volume (+43% YoY), PAT de-grew by 31.6% YoY in Q3FY25 due to margin pressure and higher capital charge

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Weak operating performance, NIMs contracted sequentially. CBK guided for advances growth of 10% in FY25E

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Grey cement volumes at 4.3mt (excluding clinker volumes) rose by ~4%/13% YoY/QoQ as demand revives in key operating regions

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Earnings lower on account of higher slippages, moderate loan book growth

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PAT growth of 15% YoY aided by stable credit cost and PPOP growth of 15% YoY

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Revenue/EBITDA/PAT exceeded our estimates by 10.5%/46.6%/227%. EBITDA margin surpassed our estimate by 500bps

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Robust business growth with strong advances growth above our estimates

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3QFY25 has yet again proven the volatility in Mphasis’s business compared to its Tier-2 peers like Persistent & Coforge

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Q3 topline grew 65% YoY to Rs 21.3bn with 130bps EBITDA margin expansion

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North America sales missed our estimates and reported US$ 395mn in 3QFY25 vs US$ 445mn in 2QFY25 impacted by gRevlimid

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3QFY25 was blockbuster quarter 8.4% growth QoQ in CC terms (our estimate-2.8%. Belied seasonality)

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Delivered better-than-expected revenue and margin. After a mid-single digit FY25, revenue growth in double digits in FY26 likely

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Healthy 10% YoY volume growth aids flat topline despite 9% dent in realisations in a challenging Q3; capacity utilisation at ~76%

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Healthy revenue growth at 20% YoY; EBITDAM expands on better W&C margins and reduced FMEG losses

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CD continued to decline, while advances growth is likely to be lower than system for FY25, in line for FY26 and faster in FY27

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3QFY25 revenue/EBIT margin beat our sub-consensus estimate. It did not say discretionary demand has turned around but said it will deliver

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Compared to Bloomberg consensus, 3QFY25 sales were in line, while EBITDA was 1% higher

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Revenue declined by 12% YoY (+3% QoQ) to ~Rs 32bn as focus stays on volume growth than on guarding against realisations fall

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KEII reported a 20% YoY rise in Q3 revenue, but margins declined due to raw material price volatility and lower share of EHV sales

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APE grew 28% YoY in Q3 (27% YoY in 9M); RWRP APE rose 18% YoY above the industry growth is a key positive

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Timely capacity expansion (new 4mnt grinding unit by FY27) to help volume growth ahead of industry tapping buoyancy in north-east region

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Q3 beat with topline up 117% to Rs 105bn; and PAT 3% below our estimate at Rs 1.7bn

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Sharp miss on weak pipe volume (+3.7% YoY vs +20% guidance) as well as inferior pipe margin (12.2% vs 14-16% guidance)

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Provisions more than doubled in Q3 leading to PBT loss, this was on account of higher provisioning in the MFI portfolio

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Healthy credit growth-driven broad-based growth; deposits too grew strong, while CASA remain muted

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Strong APE growth YoY while margins contract in 9M on shift towards ULIP mix and new surrender guidelines

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Both revenue and margins were better than our estimates. The EBIT margin beat of 130bps versus our estimate was a big +ve surprise

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3QFY25 was better than expected in terms of revenue and especially on margins. The latter despite large currency headwinds and investments

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Q3 revenue grew ~11%, driven by festive demand. However, EBITDAM contracted 110bps due to higher staff costs and other expenses

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Yet another soft quarter with moderate advances and deposits growth, with less signs of improvement in the next two quarters

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While 3QFY25 was decent on revenue, ability to counter the wage hike impact was missing resulting in a 170bps EBIT margin drop QoQ

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3QFY25 beats our estimates. European BFS and US Retail & CPG discretionary spends pick up. Higher than usual pass through impacts

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HDFCLIFE reported stronger-than-expected APE growth of 20%/12% YoY in 9MFY25/Q3FY25

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4.25% CC YoY organic revenue growth maintained. Sectors beyond BFSI and Hi-Tech called out for pickup in discretionary spend

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3QFY25 broadly in line. International growth weaker than expected. 4Q TCV must be a bumper one for FY25 to match FY24

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Som distilleries and breweries holds a ~12% market share of the 190m case strong beer segment in the markets where it operates

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DABUR issued a 3QFY25 business update. Compared to consensus, we estimate a 1% sales miss and 2% operating income miss

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Organic growth raised by 100bps to 2.5% on better 1QFY25 (AUG YE) which in turn was driven by strong large order wins in FY24

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MDF industry margin to remain under pressure in the near future on supply-side pressure and steep rise in timber prices

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LPC’s domestic region in-licence portfolio fell from 15% in Q2FY24 to 12% in Q2FY25 and is expected to reduce further to ~10% by FY26

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The bathware industry slowed down from Q3FY24, but the company expects gradual pick-up in demand from H2FY25 onwards

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DALBHARA’s presence in East and South India may be hit by excess supply; we factor in 1% price hikes in FY26/FY27 after a dent in FY25

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Extreme weather patterns impacted sales of Household Insecticides. Soap volumes were soft on destocking due to price rises

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At our virtual conference AJP said it is not looking to venture into newer therapies in India in the next 1-2 years due to hefty valuations

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HUVR’s outlook of stable demand trends for FY25 appears conservative as the building blocks for rural demand remain favourable

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Q2 reported revenue declined 25%/22% YoY/QoQ to ~Rs 5.44bn, driven by double-digit dip in volume. Realisation fell YoY

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CPBI’s topline beat; EBITDA missed our estimates sharply on margin pressure across segments except plywood

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Q2 revenue grew by ~11% YoY to Rs 104.6bn, driven by a mix of steady volume gain of ~7% YoY and realisation gain of 3% YoY

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Decent Q2 topline from strong B2B lighting and pump sales, and gross margin expansion of 140bps driven by strategic pricing actions

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Q2 EBITDA decline on margin contraction amid continuing high opex; impact of APM deallocation covered with NWG gas and price hikes

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Q2 revenue increased ~7% YoY (flat QoQ) to Rs 42.1bn, driven by realisation gain of 8% YoY to Rs 184.5k/motorcycle (small dip QoQ)

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Q2 reported in-line numbers, where sales/EBITDA were 4% below our estimates. However, PAT was 1% above our estimate

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Dull Q2 on weak performance across segments due to cost inflation pressure in a weak demand environment and sales force rationalisation

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CRS posted strong faucet revenue growth (+23% YoY) in a weak demand environment

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Compared to Bloomberg consensus, sales were 2% lower, EBITDA 12% lower as margin came in 200bps below expectations. Volumes +8.5%

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Realisation dent drags revenue growth by a steep 19%/23% in Q2FY25, partially offset by relatively lower volume decline of 7% YoY

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Q2 revenue declined ~13% due to tepid volume growth and pricing pressures affecting realisations (down by 10%/5% YoY/QoQ)

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Revenue rose 10% backed by healthy 9% volume gains and realisations remained flat YoY/QoQ at Rs 6,560/t with improved regional mix

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Underlying EBITDA +62% YoY. Sales was +12% with EBITDA margin expanding 20bps to 4.0%

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2QFY25 earnings were marginally below our estimates due to supply issues from Eugia plant affecting Global Specialty/Injectable sales

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While Q2 benefitted from prior-period rail revenue, underlying profitability was weak and lagged peers

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DIVI reported healthy 2QFY25 earnings which was a beat on our estimates. Exports contributed 87% of sales and the US 71%

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Q2 EBITDA declined 54% YoY primarily on sharp tariff cut from May’24; GIGL called on GUJS for cash deficit support under sponsor agreement

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Q2FY25 revenue grew 9% YoY to Rs 87.6bn (up 2% QoQ), helped by flat realisations YoY while volume fell by 9%

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LPC’s earnings were in line with our estimates but beat street’s estimates. EBITDA margin was 23% in Q2FY25

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Q2 revenue fell sharply by 21% YoY/QoQ each dragged by low volume growth, down 14%/20%, and weak realisations that fell by 9% YoY

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PRINCPIP appears to have gained market share in Q2FY25 even after tightening the credit period for its dealers

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Q2 tractors volume fell by 1% YoY (combined volume from JV partners post amalgamation) despite healthy industry growth

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Q2 call highlighted transient issues like delay in break-even at TSK, weaker margin outlook extending to Q3 and lower profitability at TSN

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Automotive segment grew by ~9% YoY and tractor volume at 3% YoY in the monsoon quarter; festive season sales were encouraging

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Q2FY25 results were below our estimates on all fronts; however, ALPM expects H2 to be better than H1FY25 driven by healthy product mix

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Misses estimates on weak pipe volumes (-2.5% YoY) and continued subdued performance of SEAL IT & paints business

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Topline jumps 20.4% in Q2, with gross margin rising 170bps due to better product mix and material cost reductions

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Q2 results beat our weak expectations; EBITDA margin resilience reflect benefit of captive coal and HSM ramp-up

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5.7% CC QoQ revenue growth and 480bps EBIT margin expansion was ahead of estimate driven by financial markets vertical and top clients

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Revenue/EBITDA earnings above our and street estimates. APAT ~46% above estimates. Estimates adjusted for JV and impairment cost

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Q2 revenue was flat YoY at Rs 2.8bn, dragged by lower realisations of Rs 0.2mn down by ~1.3% YoY (13% MoM)

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Goa plant receiving VAI likely to speed up gAbraxane launch in FY25E. In its 2QFY25 earnings call CIPLA said this would be delayed to H1FY27

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IGL indicated near-term increase of Rs 5-6/kg due to loss of APM gas allocation for CNG segment and confirms need for price increase

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Sales were in line with consensus and our estimates. EBITDA was 4% below consensus and 1% above our estimates

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Topline surged 14% YoY, driven by steady gains across Electronics, Electricals, and ECD segments, while Sunflame sales held steady

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Topline grew 14% YoY in Q2; EBITDA margin expanded 310bps YoY, fueled by better cost efficiencies

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Weak Q2 on lower-than-expected laminate volume and slow ramp-up of plywood segment

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Q2FY25 revenue was flat YoY (+5% QoQ) in a challenging quarter, realisation improved by 2%/1% YoY/QoQ

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Grey cement volumes at 3.8mt (excluding clinker volumes) fell by ~3% YoY (-12% QoQ) owing to weak demand impacted by seasonality

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Versus consensus, sales miss 1%, EBITDA miss 2% on 15bps lower-than-expected margins. Parachute volumes +4% vs retail offtake +8%

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Earnings in line with our estimates on all fronts. However, US sales was down and 5% lower than our estimates in rupee terms

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Topline broadly in line; but EBITDA missed on margin contraction due to low absorption of fixed-cost overhead

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Topline broadly in line; but sharp miss on EBITDA due to steep sequential contraction in MDF margin (-487bps QoQ to 11.8%)

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Sharp contraction in GREENP EBITDA (-57% YoY) for eight straight quarters on supply overhang in MDF industry

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SUNP reported 11% domestic sales growth led by 5% volume growth from ~14,000 MRs; leads in Rx count across 13 doctor categories

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Volume-driven revenue growth as realisation weakens by 6.0% YoY due to weak demand in key markets

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Big upgrade to revenue growth guidance with possibly more on the anvil in 2HFY25

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Mixed quarter with revenue/EBITDA beat of 4%/3%; however, PAT reported 1% and EBITDA margin was 30bps lower than our estimate

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Modest topline growth of 17%; EBITDA margin expanded 160bps due to better product mix

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Q2FY25 revenue grew 4% YoY as 15% uptick in volume (supported by inorganic growth) was offset by realisation drop of 6%

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Weak Q2FY25 due to continued loss of market share and sharp margin contraction

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Marico Bangladesh (MB), ~22% of Marico’s Consolidated (MC) EBITDA, reported 2QFY25 sales +8%, est EBITDA +10%. Dividend payout 97%

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Q2 results was better than weak expectations, supported by lower loss on iron ore and inventory valuation. Imports had a significant impact

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Q2 results were broadly in line with our forecasts. Factoring in stronger growth momentum, we raise FY24-27E volume CAGR to 8.4% from 7.5%

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Decent 16% revenue surge with 210bps gross margin boost from smart cost cuts and strategic price hikes

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Gained market share in pipe segment in a difficult environment, but still missed our EBITDA estimates by 90% due to sharp margin contraction

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Q2 revenue/PAT above our estimates due to better traction in both base and acquired businesses

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Sales were 12% higher vs consensus likely due to the volatile, pass-through-based Agri Business segment. EBITDA was in line

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Q2 underlying EBITDA broadly in line factoring in UOP adjustments; Dahej utilisation can hold up in Q3 if LNG prices remain range bound

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Compared to Bloomberg consensus, sales were 1% higher but EBITDA beat was 4% as margins came in 60bps above expectations

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Q2 revenue jumped 133% YoY, driven by Mobile and EMS growth; EBITDA margin slid 30bps on change in business mix

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Earnings miss for 2Q on our and street estimates on all fronts. Revenue/PAT came short of consensus estimates by -5%/39%

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Tata Consumer share price corrected ~7% post 2QFY25 result on Tea inflation and sales challenges in NourishCo. Correction is overdone

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2QFY25 sales were 1% above consensus while EBITDA was 2% higher as margins came in 15bps above expectations

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Birlasoft is trying to pivot to address both annuity and transformation deals to remain on the growth path with decent margins

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Q2 revenue grew in double digits at 13%/10% YoY/QoQ to Rs 92.3bn

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Q2 achieved 82% YoY topline growth with 30bps EBITDAM expansion, although gains were tempered by the shift in product mix

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Unlike peers who have been tentative on demand, Coforge CEO sounded confident that demand had returned convincingly

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Weak QoQ growth due to client specific issues in TMT vertical whereas BFSI and HLS show good traction.

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Met revenue estimate. But a beat on EBIT margin. Strong 1H and ACV should mean high teen revenue growth with flat EBIT margin vs FY24

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Weak Q2 on sharp margin contraction due to high share of outsourced sales volume and high overhead costs of new commissioned units

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Weak Q2 on destocking of pipe inventories in the channel in a falling resin price environment, and MTM inventory loss

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Steady 3% volume growth aids marginal fall in topline despite dent in realisations in a challenging Q2; capacity utilisation at ~68%

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Revenue declined by 2%/15% YoY/QoQ to ~Rs 31bn in Q2FY25 as focus returned to volume growth over guarding against declining realisations

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A beat on revenue, margins and TCV against low expectations. Steadily moving to achieve its FY27 targets. Momentum to continue in 2H.

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Compared to consensus, sales came in 3% lower while EBITDA was in line

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2QFY25 street expectations were low due to weak performance over the last many quarters. Wipro delivered a modest beat on those

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Healthy revenue growth at 30% YoY; EBITDA falls on high competition and high ad spends

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Softer than expected but broad-based growth. TCV numbers have been in a narrow range for many quarters now.

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Broad-based growth with European auto the only weak spot. Discretionary spending still restricted to US financial services.

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Q2 grew ~17% on improvement in consumer demand trends. High A&P spends and high staff cost hurt margins

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Sales came in 4% below consensus while EBITDA was 10% lower due to margin being 152bps below expectations

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Revenue and EBIT margin broadly in line. TCV a tad soft – deals getting pushed back on greater scrutiny on spending by clients on AI projects.

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KEII reported a 17% YoY rise in Q2 revenue, but margins declined due to raw material price volatility and lower share of EHV sales and exports

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BJAUT’s Q2FY25 revenue jumped 22%/10% YoY/QoQ to Rs 131bn aided by volume growth of 16% and favourable mix aiding faster growth

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Maintaining market share will be the key priority in the supply glut market situation, though capacity utilisation may hover ~70%

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Q2 results were broadly in line with muted expectations, earnings likely bottomed out but softness may persist for couple of quarters

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Broad-based and better-than-expected growth. Guidance is broadly left unchanged. HCLT does not want to extrapolate strong 2Q into 2H

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1.1% CC QoQ revenue growth was in line. Margin pain of BSNL order, not visible thus far, showed up

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MB’s 1QFY25 DPS is paid out, bringing trailing 12M payout ratio to 76%. Two cash repatriations were executed within a 30-day period

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Sales and EBITDA miss on 2QFY25. Estimated sales miss of 11% and EBITDA miss of 25%

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1.5% LC organic revenue growth at the midpoint FY25 (YE August) is conservative if the US soft landing plays out.

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Marico Bangladesh’s 1QFY25 DPS of BDT100 was recorded on 25 Aug’24. This equates to ~30% of MB’s cash/share on balance sheet

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We see downside risk to current Accenture’s consensus organic growth estimate of 3.5% for FY25. Assuming 2% inorganic.

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W&C on robust growth trajectory, fueled by government infrastructure investments & rising real estate demand; 2HFY25 to exceed 1HFY25

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Medium- to long-term growth prospects remain intact with TCPL targeting double-digit topline growth driven by growth businesses

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Wires & cables accounted for 34% of HAVL’s FY24 revenue, with capacity expansion to increase from 3.29mn km to 4.58mn km by 2026

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GSPL stock’s driver to be value of GUJGA and GTL post transaction with a specified swap ratio of 10+3.33 to 13 shares

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Similar to Marico, Indian power companies along with global MNCs are facing increased challenges in cash transfers from Bangladesh

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Volumes were subdued for the past couple of years but trends are improving

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Key positives include announcement of bonus issue, high-growth targets for consumer business, and comfort in working with deep-tech

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Did not change its near-term commentary while being bullish on the medium-term outlook

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With moderation of prices, production growth is likely to be the main driver

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Q1 EBITDA recovered 34% sequentially on recovery in EBITDA margin, but still 28% lower YoY on higher opex

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Topline surged 46.5% YoY in Q1; EBITDA margin expanded 310bps YoY, boosted by nationwide heatwave

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Marico Bangladesh (MB) facility has resumed operations at its usual run rate. Bulk of the sales and distribution team is back to work

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Q1 revenue grew by ~16% YoY to Rs 101.4bn, driven by strong volume gains of ~14% YoY and realisations gains of 2% YoY

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Q1 revenue fell ~23% YoY to Rs 1.9bn, dragged by lower volume at 7.38k units and down by ~30% YoY due to weak overall activity

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Dull Q1 due to weak demand environment on account of the extreme heatwave and impact of general elections across India

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Revenue stayed flat as volume fell marginally, and realisations remained flat YoY/QoQ at Rs 6,508/t

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JSTL acquired access to Illawarra prime hard coking coal, equivalent to 7-9% of its hard coking coal requirements today for the next 14 years

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Dull Q1 on weak bathware performance due to muted demand environment and impact of sales force rationalisation

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Q1 EBITDA was in line with consensus. Factoring in beat to our Q1 estimate and gas consumption pick up, we raise our FY25-26 estimates

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While SAIL clocked sequential improvement in 1Q, the performance fell short of consensus and our expectations

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Strong pipe volume growth of 16.4% YoY in Q1FY25, but still lags closest peer SI for the tenth straight quarter

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Q1 revenue increased ~9% YoY to Rs 42.3bn, driven by realisation gains of 9.3% YoY to Rs 187.2k per motorcycle

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GCPL missed on sales and EBITDA but business is commoditised and volume growth was in line with high single digits guidance

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Retail market share at ~3.5% and targeting growth rate double that of market; Digital Services positioned to lead in FWAs and 5G

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Realisation dent drags revenue growth by 3%5% in Q1FY25, partially offset by healthy volume growth of 8%/1% YoY/QoQ

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CPBI’s topline came broadly in line; EBITDA sharply missed our estimates in Q1 due to loss incurred on newly commissioned AP units

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Topline jumps 28.7% in Q1, with gross margin rising 140bps and EBITDA margin 180bps

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Q1 revenue increased by 16% YoY driven by volume growth of 14.1% YoY to ~1.1mn units

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Q1 reported revenue declined 16% YoY to Rs 1.35mn/t, impacted by ~15% YoY fall in volumes

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Marico Bangladesh (MB), operating in Household and Personal Care, accounts for 11% of MRCO’s consolidated sales

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Strong Q1 topline growth was offset by GM contraction due to higher RM costs; dip in EBITDA margin caused by unfavourable product mix

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Compared to consensus, sales were in line and EBITDA 1% higher. Volumes were +4%, an acceleration vs +2% in the Mar’24 quarter

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Sales were 2% higher, EBITDA 3% lower vs Bloomberg consensus. Volumes +8% along with rise in both EBITDA margins and A&P

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PAT declined on subdued topline and higher credit cost, while operational efficiency offset some of its adverse impact

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Q1 revenue fell 11.5% YoY on the back of low volume growth, down 8%, and weak realisations that fell by 4.6% YoY

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Sales (+20%) were 7% higher on heatwave but EBITDA was in line with Bloomberg consensus. We forecast +13% sales growth in FY25

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PRINCPIP’s Q1 result came broadly in line with our estimate; gained market share even after tightening credit period in Q1

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Misses our revenue/EBITDA estimate by 2%/8% mainly due to lower-than-expected tiles volume

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Q1 tractors volume dipped 3.2% YoY as weakness persisted in export markets and domestic market lost market share

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Q1 revenue grew 10% YoY driven by demand in SUVs and realisations which improved 5%/4% YoY/QoQ

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Automotive segment grew by ~14% YoY and tractor volume an encouraging 5% YoY in a dull quarter

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Modest 7% topline growth with 240bps gross margin boost; EBITDA hit by rising staff costs

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Volume-driven revenue growth as realisation weakens by 6.5% YoY owing to weak demand in key markets

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Hotels and Agri segments drove sales with subdued performances in FMCG and cigarettes

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Q1 results confirmed a rebound in Netherlands for recovery from losses in Europe and stable profitability in India operations

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1QFY25 underlying result was broadly in line with consensus with in-line sales but 1% lower EBITDA and EPS

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Q1FY25 revenue stayed flat YoY as 8.5% uptick in volume was offset by realisation drop of 8.3%

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Big miss on revenue and margins. Significant shifts in cost items on a QoQ basis help prevent collapse in margins

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IOCL’s Q1 reflected weaker core refining margin and impact of LPG under-recovery, although it had healthy fuel marketing margins

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Strong Q1 topline from higher fan, B2B lighting and pump sales, and GM expansion of 110bps driven by strategic pricing actions

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Strong Q1 due to better-than-expected plywood volume and sharp improvement in MDF segment margin on better product mix

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Management maintained its strong business growth target with major focus on operational leverage to improve return, C/I Ratio <65% by 2027

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Q1 results was below consensus. However, underlying margins show benefit of progress at Vizag and healthy fuel margins

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TATACONS reported sales and EBITDA beat on improved margins in the unbranded business and M&A

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Q1 revenue jumped 101% YoY, driven by mobile and EMS growth; EBITDA margin slid 20bps on input cost hike

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Sharp contraction in GREENP EBITDA (-45% YoY) for seventh straight quarter on supply overhang in MDF industry and rising timber prices

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KEII’s Q1 revenue jumped 16% YoY with 40bps EBITDA margin expansion, and driven by robust infrastructure and real estate demand

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Weak Q1FY25 as APOLP continued to lose market share even after selling its products at a discount to its peers

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Stable business growth coupled with change in credit mix likely aided margin. CBK targets NIM of 2.9-3.0% and opex of 47% over FY25

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Topline miss driven by market share loss in pipe segment on capacity constraints; EBITDA beat on improved pipe margin

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Strong business growth despite seasonality led healthy NII growth, while lower provision on high base aided PAT growth of 47% YoY

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Moderate business growth led to subdued NII (2%/7% QoQ/YoY), while PAT grew 3%/15% QoQ/YoY aided by higher other income (24% QoQ)

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Business growth moderate on seasonality with credit/deposit growth of 15%16% YoY vs. target 18-23% (guidance intact) leading to flat QoQ NII

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Weak quarter despite talk of BFSI bottoming out. Significant TCV uptick QoQ from a very weak base. Much discussion on expanded pipelines

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Q1 sees 41% YoY topline growth and 140bps EBITDA margin expansion from improved product mix

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IGL’s Q1 recovery was ahead of our forecasts with a sharper reduction in gas purchase costs partly due to opportune use of cheaper spot gas

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MAHGL breaks out of modest growth history, clocking 12% YoY volume growth over past six months

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Q1FY25 revenue grew 5% YoY to Rs 85.9bn, despite a challenging quarter, aided by 6% volume growth

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Continued strong (20% YoY) business growth momentum; NII/PAT grew 20%/18% YoY on higher other income and lower opex

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Seasonally weak quarter with moderate business growth coupled with higher stress dragged profitability. PAT declined 15% QoQ, up 4% YoY

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1QFY25 was broadly along expected lines and the first positive but modest step in achieving its FY27 objectives

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Q1 revenue showed degrowth of 7% due to weak volume growth amid extreme weather and elections; pricing pressures affected realisations

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Compared to Bloomberg consensus, NEST’s sales were 6% lower and EBITDA 10% lower

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Q1 saw a 22% YoY increase in topline, driven by CD and Electronics, fuelled by nationwide demand for cooling products amid a heatwave

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Q1 underlying EBITDA was up 19% QoQ on 12% volume growth and Rs 0.6bn of trading gain

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Q1 result was ahead of consensus. Company announced another 6-9 months delay of Angul expansion project

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Weak Q1 on sharp margin compression in laminate segment and slow ramp-up of plywood and veneer segments

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CEO believes demand has bottomed out. Industry demand commentary turns positive for the first time in the current cycle

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1Q growth was better than expected though margins were weak because of one-off client bankruptcy

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Sales growth of 2% YoY was in line with Bloomberg consensus. Underlying volumes rose 4% on Home Care & Personal Care (Hair Care)

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Q1 operating profit came broadly in line with our estimates, but missed our APAT estimate by 11.5% on lower other income and higher tax rate

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Healthy loan growth led NII to grow 6%20% QoQ/YoY. Lower provision aided PAT growth of 5%/29% QoQ/YoY

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Healthy credit growth driven by corporate; deposits remained muted due to slowdown in low-cost deposit mobilisation

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Grey cement volumes at 4.3mt (excluding clinker volumes) grew by ~6% YoY (-7% QoQ) owing to listless demand

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Q1 misses our estimates on lower-than-expected pipe performance due to destocking of pipe inventories in the channel in the month of Jun’24

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Q1 EBITDA was below consensus and down sequentially on lower volumes and flat margins despite lower coking coal costs

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NII growth remained healthy, while fall in other income was offset by lower opex, provision, and adj PAT. NIM increased 3bps QoQ to 3.7%

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Q1 normalisation in line with consensus. Underlying fuel margin surprised on upside. Timing of compensation for LPG loss uncertain

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Higher single digit volume growth with 80%+ capacity utilisation aids UTCEM’s revenue growth despite realisation dent in a challenging Q1

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RIL missed consensus; while slowdown was anticipated in Retail and O2C, the extent was bit higher

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Underwhelming 1Q revenue performance and 2Q guidance. Cautious demand commentary compared to peers

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Volume growth takes a back seat as focus shifts to tackling steep fall in realisation, which leads to flat revenue growth. EBITDA up by 10%

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Good revenue growth QoQ. Partly helped by passthrough items and delivery shift to onsite

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Revenue growth reasonable at 21% YoY, but EBITDA margin falls on lower exports and change in business mix

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Revenue comes in 100bps higher than expected as US BFS surprised positively. INFO sees volume growth for the first time in many quarters

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Robust 20% topline growth with a 160bps EBITDA margin expansion in Q1, despite ongoing raw material price volatility

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Better-than-expected revenue growth in 1QFY25. Indicates growth momentum to sustain in 2QFY25. Did not offer its view on 2HFY25

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BJAUT’s Q1FY25 revenue jumped 16% YoY (4% QoQ) to Rs 119bn aided by volume growth of 7% and favourable mix aiding faster growth

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1QFY25 revenue and margins were broadly along expected lines. Full-year revenue and growth guidance maintained

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Results were better than expected, more so on margins. Broad-based growth seen. However, international growth was much weaker

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Marico noted continued improving demand trend with likely further acceleration through FY25. Volume trend improved despite destocking

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Dabur’s 1QFY25 business update showed improving trends in sales (+MSD to HSD) and earnings growth slightly ahead of sales

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Patanjali Foods acquired Patanjali Ayurved’s HPC business for Rs 11bn. It expects to close the transaction by 15 Aug 2024

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Remains market leader in core wires & cables business; market share expanded 2-3% to reach 25-26% of India’s organised market in FY24

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Jio delivers on our expectation of a tariff increase a quarter earlier. We now factor in 9%/11% tariff hikes over FY25/FY26

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Stable business growth coupled with change in credit mix likely to aid margin. CBK targets NIM of 2.9-3.0% and opex of 47% over FY25

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Shifts gears to tap auto segment growth with planned capex to increase capacity by 3.5x in FY26 (vs FY20) with focus on SUVs (ICE + EV)

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Despite denting market share, VOLT notched sales of more than 2mn AC units

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Strong traction in North America business and consistent performance in One-India; South Africa and Global Access business stabilising

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360 One acquired ET Money for a total payment of Rs 3.7bn, partially paid in cash and partly through shares

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Healthy FY24 performance; EBITDA margin expansion of 40bps YoY; Lloyd turns profitable in Q4

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Q4 results ahead of consensus on beat in India operations and lower losses in Europe partly due to carbon credits in the UK

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ALKEM reported a weak fourth quarter with EBITDA/PAT missing Bloomberg consensus by 9%/16% to Rs 4.0bn/2.9bn

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Beat our EBITDA estimate by 4.5% mainly due to better-than-expected plastic pipe sales volume

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Missed our EBITDA estimates by 4% for Q4FY24 on weak laminates demand from export market

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Q4 volumes fell 5% YoY as capacity constraints restricted volume even to cater to steady demand; realisations flat YoY despite weak volumes

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APE and net premium grew 11% and 16% YoY respectively in Q4; EV grew 25% YoY in FY24

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CPBI’s Q4 broadly in line; EBITDA fell by 9.4% YoY in Q4 due to weak performance across segments

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ARBP reported strong Q4 with EBITDA/Adj. PAT beat of 10%/23%. Exceptional expense of Rs 1.2bn reduced reported PAT beat to 8%

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Steady 11% growth in a challenging quarter assisted by 12% YoY volume increase; realisations softens

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DIVI delivered a strong quarter with all round beat. EBITDA/PAT beat Bloomberg consensus estimate by 20% each

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Q4 EBITDA missed consensus on provisions for delayed TOP recovery and inventory loss; provisions to muddle EBITDA reporting till FY26

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Healthy base keeps revenue growth listless in Q4, strong growth of 22% QoQ; volume grew a sturdy ~20% YoY/QoQ

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Q4 revenue growth muted at 4% YoY as weak demand in key operating regions continues; pricing pressure dampens realisations

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SUNP missed consensus EBITDA estimate by 4% as higher R&D spend offset gross margin gains; higher other income & low tax aided PAT

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Q4 revenue growth of 7% YoY backed entirely by steady 7% volume as realisations stay listless

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MTLM missed our EBITDA estimate by 16% in Q4 on sharper-than-expected contraction in plywood margin on high timber prices

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ERIS posted strong revenue performance in Q4 with a beat of 8%, but EBITDA came below BBG consensus due to higher opex and one-offs

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Healthy business growth, improved asset quality and higher other income supported topline; increased provision dragged PAT

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Q4 revenue grew 10% YoY to Rs 29.4bn as grey cement volumes gained 13% YoY/QoQ; realisation resilient YoY with 1% drop

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EBITDA miss by 6% compared to our estimate on continued weak performance of paints and adhesives segment

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Weak Q4 performance on loss of market share due to rise in competitive intensity in the sector

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Q4 revenue grew 11% YoY, led by 7% blended realisation gains and 4% volume growth (flat QoQ)

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Subdued Q4 topline with EBITDA margin expansion of 110bps on better product mix

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Q4 topline up 18% YoY, fuelled by Consumer Durables segment, as the early onset of summer boosts overall performance

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Beats our revenue estimate by 3% on strong volume, but misses our EBITDA estimate by 6% on pricing pressure in the sector

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Q4 revenue grew ~9% YoY driven by realisations higher by 5% due to better product mix, and 4% volume growth

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Q4 standalone topline growth ex-BGAL at 12% YoY in Q4, gross margin expanded 130bps and EBITDA margin 30bps ex-BGAL

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Q4 revenue jumped 52% YoY, driven by mobile and EMS growth; EBITDA margin down 120bps on input cost hike

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Q4 revenue down 15% YoY driven by 19% volume decline due to slower-than-estimated rural demand recovery

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Beats our revenue/EBITDA estimate by 5%/14% due to better-than-expected tiles volume and improved margin

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Topline growth strong at 18.4% in Q2, with gross margin expanding 100bps and EBITDAM 250bps YoY

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Q4 tractor volumes dipped 14% YoY, with domestic share recovered but overall market share recovery weak as exports volume declined

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While Q4 EBITDA missed consensus on higher expense booking in a quarter, IGL gained traction in industrials, commercials and households

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Sharp contraction in gross margin in Q4FY24 on higher discounts offered to dealers to push volumes in a weak demand environment

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Q4 revenue down 9.7% YoY with gross margin expanding 160bps and EBITDA margin 220bps

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Strong PAT growth was led by one-off gain in other income and lower operational cost

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Strong pipe performance in Q4FY24, driven by healthy volume growth of 23% YoY as well as sharp margin improvement

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Robust topline growth in Q4, but EBITDA margin dipped due to product mix

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ICE 2-wheeler volume grew 18% YoY, supporting 24% revenue growth in Q4. FY24 growth was 19% YoY vs. industry’s 13%

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Strong topline growth of 27.8% with gross margin above 40% after 6 years; EBITDA margin expands 650bps YoY to 18.3% in Q1

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Strong topline growth of 27.9% in FY24, with gross and EBIT margin expansion of 90bps and 70bps respectively

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India business remains on strong footing; international markets too registered strong volume growth with improvement in margins

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Healthy 20% topline growth with gross margin expansion of 250bps in Q4; EBITDA lower on EPR provisioning

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Q4 revenue grew 15% YoY supported by double-digit volume gains YoY and realisation adding ~5%

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ALPM reported strong margin gains in Q4 on account of better utilisation of new facilities and traction in the US business

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Stable performance in domestic markets with consistent improvement in gross margins

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Q4 revenue/PAT short of our estimates by 3%/13% on intense competition from Morbi players in a weak demand environment

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Revenue growth guidance of 3-5% for FY25, likely to be similar to FY24

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DRRD reported largely in-line revenue/EBITDA, but higher tax aided in PAT beat

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Healthy topline growth of 42.1% in Q4 as summer sets in, but EBITDA margin contracted 280bps in Q4 and 220bps in FY24

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Standalone Q4 revenue grew 12% YoY backed by strong volume gains of 17%, partially offsetting weak realisations

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LPC delivered a healthy operational performance in Q4 with largely in-line revenue/PAT; higher tax impacted net profit

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Strong quarter with highest quarterly revenues of Rs 61.6bn, +11.6% YoY; management guides for 15% revenue growth in FY25

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Subdued growth in Q4 and FY24; however, volume recovery seen in second half of FY25

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Regional banks and mortgages business will continue to draw down the overall BFSI segment

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Healthy business growth in Q4, deposits outpaced credit growth driven by TDs, NIIs remained modest while boost in other income aided PPOP

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Cost take-out projects and vendor consolidation to be the prime growth driver for PSYS in FY25

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Q4 revenue growth of 13% YoY boosted by 22% uptick in volumes (unadjusted to MSA) while realisations moderated ~7%

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Rural markets continue to grow ahead of urban owing to increased penetration and improved product portfolio

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Q4 revenue jumps 19% YoY with 10bps EBITDA margin boost. FY24 revenue up 17%, driven by robust infrastructure and real estate demand

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Topline growth of 21.4% achieved in FY24, with gross margin expanding 120bps and EBITDA margin 70bps

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Strong quarter with EBITDA/PAT beat of 8% each, led by reduction in API prices, logistics costs and reduced intensity of US price erosion

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Q4 revenue growth subdued at 1% YoY as volumes stay flat YoY, guarding realisations a challenge

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Sharp contraction in operating profit (-33% YoY) for sixth consecutive quarter on supply overhang in MDF industry and higher timber prices

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NII grew 2%/8% QoQ/YoY due to moderation in credit growth, while PAT grew 4%/17% QoQ /YoY supported by lower opex and provision

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Strong volume gains of ~11% YoY push revenue growth of 9% even though realisation falls by 3.5%

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Healthy 12% topline growth with EBITDA margin expansion of 90bps in Q4; though raw material prices have started inching up

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Sharp tariff cut due to recognition of higher volumes, adjustment of past excess revenue and extension of pipeline’s economic life

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Healthy business growth supported by CFD aided 16% YoY rise in Q4 income, while higher opex led to flat PPOP (1% QoQ)

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QAAUM grew 21% YoY to Rs 3.3tn in Q4 with equity assets rising even faster at 31%; however, market share declined

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Credit cost soared 50% YoY to Rs 9.4bn (7.9% of loans) in Q4; stress expected to continue in FY25 as well

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NII growth remained subdued at 11% YoY on higher cost of funds in line with moderate business growth; credit/deposit grew 14%/13% YoY

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FY24 APE growth strong at 17% YoY with ULIPs forming 60% of total; continues to lead the market with 23.3% share in individual APE

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Q4 QAAUM grew 22% YoY to Rs 2.9tn, but equity and hybrid schemes combined saw sustained outflows

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Q4 volumes grew 13% YoY driven by healthy demand for SUVs; rural demand for lower-end segment shows no signs of revival

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Q4 broadly in line with our estimates as strong pipe volume offset the impact of weak pipe margin

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Volume growth remained at 2%; revenue growth flat owing to pricing action in key portfolios

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Rising cost of funds dent NIM; we factor in a further 43bps/13bps YoY decline in FY25/FY26

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Lower-than-expected 4Q due to Red Sea disruptions. EBITDA/PAT were 17% below consensus estimates

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Q4 revenue grew at a steady 10% YoY supported by ~19% volume growth while realisations weakened 7% YoY/QoQ

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Strong growth witnessed across geographies driven by sustained growth in domestic markets and healthy double-digit growth in exports

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Company delivered 26% EBITDA CAGR over FY21-FY24 clocking 29% CAGR in cyclical business and 22% in consumer businesses

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Cost optimisation/vendor consolidation to be the prime growth driver for Infosys in FY25

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QAAUM growth robust at 47% YoY to Rs 4.3tn at end Q4 led by a strong equity segment (+63% YoY) constituting 49% of the total

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ARR AUM and ARR revenue grew 36% and 28% YoY respectively in Q4; strong commentary for growth in the medium term

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Growth businesses continue to maintain high growth trajectory; new acquisitions to fuel growth going ahead

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APE grew 10% YoY in Q4 (+5% YoY in FY24) beating our estimate; market share gain in individual APE is a key positive

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Recovery in deposit mobilisation led to lower C/D ratio while better yield on asset helped NIM (R) stabilise; asset quality remains stable

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Higher equity share drove strong overall QAAUM growth of 36% YoY in FY24; expansion in equity QAAUM market share a key positive

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Q4 revenue grew 29% YoY backed by healthy domestic 2W volume growth and decent realisation gains. Export volume was steady

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HDFC Life’s APE growth muted in FY24 despite traction in Tier-2/-3 cities; cut our estimates by 8% each for FY25/FY26

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TCS gained market share through vendor consolidation/cost optimisation programmes

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PRICOL is a global-level manufacturer of instrument clusters and fuel-level sensors for 2/3W with ~70% of its revenue from cluster segment

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DBL gears up for healthy business growth backed by 20% clinker capacity addition by FY26 across its operations

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JBIL turned around operations improving plant utilisation and efficiency, and restored its balance sheet by restructuring debt

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ECD segment expected to do well on the back of a strong summer and fans premiumisation; solar pumps a big opportunity

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PRINCPIP acquired the faucetware brand Aquel and the manufacturing facility from Klaus Waren Fixtures for Rs 600mn

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RDL maintained its guidance of trebling revenue over the next five years by increasing its presence across wood panel segments

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Individual APE market share grew to 10%/12.4% in Jan/Feb’24 from 8.7% in 9MFY24 – a positive surprise

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Management targets credit/deposit CAGR of 20%/25% over FY24-FY29; NIM to stabilise at current mark with upward bias (6.4% in Q3FY24)

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Greenfield laminate plant in Andhra Pradesh to aid market share gains for GRLM in both export and domestic markets

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Healthy Q4 led by growth across segments; order inflows swelled 35% YoY and backlog held strong at Rs 84bn

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Q3 volumes grew only 2% YoY due to cold weather and construction halt in northern markets; realisations only steady despite weak volume

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Potential to double volumes to close to 1mmscmd in FY25 and grow to 1.5mmscmd in FY27, as per management

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Q3 revenue grew 17% YoY led by 11% blended volume growth and supported by 5% higher realisations

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Strong Q3 topline from higher fan, lighting and pump sales, but EBITDA margin fell 120bps YoY on ad expenses and weakness in BGAL

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Q3 revenue grew 13% YoY driven by 10% higher realisations from a better product mix; volume growth muted

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EBITDA fell 35% short of our estimate due to tepid demand climate and steep margin compression across segments

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Q3 EBITDA fell 18% YoY and missed our estimate by 28% on subdued demand and higher brand & sales promotion expense

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Q3 EBITDA/PAT surged 68%/90% YoY led by growth in US/EM revenue and ~700bps jump in operating margin

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Robust December quarter order flows and revenue, though margins contracted due to weakness in digital industries segment

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Healthy business growth drives 21% YoY rise in Q3 NII, though muted other income induces 14% fall in PPOP

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Factoring in faster e-transition for DTC buses and passenger vehicles in Delhi, we lower FY23-FY26 volume growth to 5.9% from 8.4%

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Q3 revenue dipped 3% YoY owing to dismal performance in food & nutrition segment

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Q3 a muted quarter with net loss of Rs 5mn due to lower revenue and higher interest and depreciation costs

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Q3 operating performance stable with EBITDA margin inching up 20bps YoY despite a Rs 100mn hit from cost overruns

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Q3 revenue grew 21% YoY steered by 17% growth in motorcycle volumes and 22% in scooters; realisations up 3%

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Q3 revenue grew 9% YoY on 25% rise in custom synthesis business; API and nutraceuticals stayed soft

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Revenue grew 9% YoY in Q3 backed by strong India and ROW growth that offset lower US business

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Q3 revenue growth muted at 6% YoY due to poor demand; pricing pressure dampens realisations

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Q3 PAT met estimates at Rs 40bn; 20% bump-up in FY25 capex target to Rs 150bn a key positive

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Sustained revenue growth (+ 9% YoY) and margin expansion in Q3, propelled by robust India business

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VNB margin improved 200bps YoY to 16.6% at end-9M, leading us to increase our FY24-FY26 estimates by 100-150bps

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Q3 topline flattish with PAT contraction on lower RLNG trading gains; bright spots from higher PLFs and lower T&D losses

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Q3 tractor volumes dipped 7% YoY, with loss of domestic share as fall was higher than industry decline

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Strong Q3 with EBITDA/PAT of Rs 10.2bn/Rs 6.1bn, beating consensus by 17%/42%

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Steady growth in a challenging quarter aided by 7% YoY volume pickup; realisations softened

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Domestic sales continue to underpin growth, rising 8.9% YoY in the December quarter on better pricing, volumes and product mix

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Strong Q3 topline growth of 16% YoY despite lower exports, along with 330bps gross margin expansion as input costs eased

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Urban markets grew ahead of rural centres largely driven by premium portfolio; volume growth revived to ~5.5% YoY in Q3

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Q3 topline and margins contracted due to change in product mix; FY24 volume guidance cut from 310,000t to 300,000t

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Q3 topline growth strong at 38% YoY but EBITDA margin shrank 380bps to 5.5% on weak product mix

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Q3 revenue growth subdued at 3% YoY as volumes fell 3% amid state elections and festive season

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Strong business growth in Q3 but one-off pension and ex-gratia provision of Rs 71bn saw net profit drop 36% YoY

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Q3 revenue grew 3% YoY to Rs 92.7bn in a challenging quarter, aided by 3% higher realisation

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Q3 PAT came in 36% below our estimate on continued market share bleed and margin pressure

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Q3 PAT missed our estimate by 31% on weak laminate volumes and sharp increase in capital charge

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Q3 revenue down 20% YoY on steep 33% volume decline due to anaemic rural demand

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Q3 EBITDA ahead of consensus by 4% on healthy margins but strong PAT beat of 22% came from lower tax rate

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Weak Q3 came as a big negative surprise considering management’s upbeat outlook in last earnings call

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Standalone Q3 revenue grew 7% YoY as volumes increased 7%, ushioning flattish realisations

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Q3 below consensus and also weaker than peers amid higher competitive pressure from imports and lower exports

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Q3 revenue growth of 20% YoY backed by sharp 11% volume uptick to 8.9mt

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Q3 EBITDA miss of 7% on tepid demand environment and rise in competitive intensity from Morbi players

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Q3 results ahead on higher per unit EBITDA margin; first coil from HSM represents next milestone on Angul growth project

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Sustained quarterly performance amid macro headwinds in domestic markets and currency devaluation in select global markets

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EBITDA beat estimates (+6%) in Q3 on quick ramp-up of MDF plant in a challenging environment

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Q3 topline up 19% YoY on low base but consumer demand still soft; margins expand on lower input prices

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Topline flattish YoY due to high base and soft demand for fans; EBITDA margin lower on advertising expenses

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Q3 revenue growth of 8% YoY bolstered by 16% uptick in volumes while realisations moderated 5%

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Sharp contraction in operating profit (-34% YoY) for fifth consecutive quarter owing to supply-side pressure in MDF industry

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Consistent performance across segments and markets with 7% YoY revenue growth despite delayed winter and macro headwinds

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Strong quarter with revenue/EBITDA in line and reported PAT 4% ahead of Bloomberg consensus

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Q3 revenue up 2x YoY led by robust growth in mobile & EMS segment; EBITDA margin dips 80bps on higher input costs

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Q3 volumes grew 8% YoY driven by continued demand surge for SUVs; we expect sustained outperformance

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Q3 revenue/PAT short of our estimates by 4%/13% on tepid demand climate and intense competition from Morbi players

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Q3 revenue growth strong at 31% YoY but challenges in international EMP business cause net loss of Rs 304mn

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Strong Q3 led by T&D and civil businesses, though rail revenue was subdued due to increasing competition

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Healthy quarter with revenue/PAT coming in 3%/4% ahead of consensus; US sales a positive surprise, rising 6% QoQ

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Strong topline growth of 25% YoY in Q3 aided by festive season sales; margin expansion continues

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QAAUM grew 11% YoY to Rs 3.1tn in Q3 with equity assets rising even faster at 13%; however, market share inched down

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Q3 order inflows and topline strong but margins declined due to legacy orders in the mix

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Topline in line at Rs 13.7bn; miss at EBITDA level on one-off expense and MTM inventory loss

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Dull Q3 performance in domestic as well as international markets amid a challenging operating environment

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QAAUM growth robust at 29% YoY in Q3 fuelled by 10%+ share of industry-wide net equity flows (ex-arbitrage and index)

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Q3 power generation grew 14% YoY with bump-up in PAT to Rs 45.7bn due to movement in regulatory deferral balance

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Cigarette business had a soft quarter while FMCG-others remained resilient, and hotels posted its best quarter on a high base

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Weak Q3 performance on rise in competitive intensity in a tepid demand environment

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Q3 AUM growth in line at 13% YoY to Rs 2.7tn, but equity and hybrid schemes combined saw sustained outflows

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Rural B2C business remains a sore point with overall credit costs climbing 15bps YoY in Q3 to 1.7%

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Q4 results broadly in line; India beat our estimates with higher margins on leaner coking coal blend and benefit of inventory swing

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Q3 revenue grew at a slow 7% YoY supported by 8% volume growth while realisations stayed flat

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ICE 2W volume growth beats industry at 33% YoY, supporting 26% revenue growth in Q3

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Q3 revenue grew 30% YoY backed by healthy domestic 2W volume growth and revival in exports

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Q3 beats consensus with sharp uptick in volume growth and stable margins despite lower APM gas allocation

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Credit cost soared 66% YoY to Rs 8.8bn in Q3 amid industry-wide stress in unsecured loans; uncertainty persists

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9MFY24 APE growth strong at 17% YoY with ULIPs forming 61% of total; continues to lead the market with 26.5% share in individual APE

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Q3 strong with EBITDA beat of 9% over consensus, though impairment charges of Rs 1.9bn limited PAT outperformance vs consensus

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NII flat QoQ (6%YoY) in Q3 on higher interest expenses; treasury gains and moderate opex aided 9% YoY PPOP growth

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Fourth straight quarterly miss with upsets on all fronts; Q3 revenue/ EBITDA well short of Bloomberg consensus by 13%/79%

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Q3 revenue grew 22% YoY to Rs 27.8bn as new grey cement capacities aided 17% volume growth and realisation improved 5%

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NII growth subdued at 9% YoY despite credit/deposit growth of 22%/18%, due to a high cost of funds

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Q3 EBITDA margin rose 150bps YoY to 5.3% as chip constraints eased, leading to 5x jump in PAT off a low base

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Q3 revenue growth a miss at 6% YoY but robust 670bps expansion in gross margin helped mitigate the impact on bottomline

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Business growth held strong in Q3, but treasury losses and higher provisions weighed on PAT (-6% QoQ)

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Q3 revenue grew 16% YoY with 30bps EBITDA margin expansion; order book up 11% on strong domestic demand

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Q3 revenue grew just 7% YoY on subdued demand; high A&P spend hurt margins even as Lloyd’s cash burn continued

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Q3 PAT up 24% YoY but flat QoQ due to higher provisions and modest growth in NII

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Healthy business growth led to 35% YoY (+5% QoQ) rise in Q3 PPOP; PAT grew 11% YoY but fell 21% sequentially on higher provisions

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Q3 EBITDA broadly in line at segment level supported by sharp growth in retail, oil and gas, and resilience in oil-to-chemicals

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Cost savings of 3% YoY boosted Q3 earnings despite slow volumes (+5%) and flat realisations

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Q3 broadly in line with our estimates; strong pipe performance for the eighth consecutive quarter

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Delayed rural recovery and elevated competition from regional players impacted volume recovery in Q3

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Strong business growth aided a 10% YoY rise in Q3 PPOP despite higher opex; PAT increased 17% to Rs 23bn

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ARR AUM and total revenue grew 33% and 14% YoY respectively in Q3; flows also stayed strong at Rs 89bn

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Missed our Q3 EBITDA estimate by 16% on slow recovery in agri pipe demand

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Revenue growth reasonable at 17% YoY, but EBITDA margin falls on lower exports and higher advertising expenses

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Business growth healthy in Q3 despite deposit mobilisation challenges; PAT grew 25% YoY on higher other income

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9MFY24 VNB margin contracted 500bps YoY to 26.7% owing to a change in product mix and cost pressures

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Operationally weak December quarter due to elevated cost of funds and increased provisions

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9MFY24 growth low but management’s clear roadmap for growth raises confidence on medium-term prospects

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Actively managed equity QAAUM grew 40% YoY, driving 24% AUM growth in Q3; topline growth strong at 23%

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Leading domestic player in basmati rice with strong presence in export markets and popular brands, including Daawat, Royal and Ecolife

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SIEM ended FY23 on a strong note in terms of order inflows, backlog, revenues, profitability, and cash flows

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Energy transition identified as focus for next five years, especially areas of coal gasification, biomass, bio-CNG and green hydrogen

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Management expects India’s MF industry to grow 15% in medium term assuming 10% rise in annual inflows

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Management is guiding for 80-100bps EBITDA margin expansion every year from cost cuts, scale and premiumisation

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Expect 19% credit and deposit CAGR over FY23-FY25 on retail-led growth and targeted increase in secured book

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New brand identity is aimed at driving demand and spurring FMEG business; EHV capacity addition on track

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Management confident of robust demand recovery through H2FY24 as festive and wedding seasons coincide

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Q4 revenue grew at robust 25% YoY with 100bps EBITDA margin expansion and 50% rise in PAT to Rs 5.7bn

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Leading basmati rice player with a strong presence in India (30% market share) and exports to 80+ countries

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Focused on balancing growth ambitions and risk-adjusted returns; loan book guided to log an 18% CAGR over FY23-FY25

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Q2 results flattered by prior-period rail revenue recovery; underlying EBITDA margin flattish sequentially while volume recovered

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RBI has instructed BAF to stop disbursing loans under two digital products, the ‘Insta EMI Card’ and ‘eCOM

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Profit has likely bottomed in Q2 as operations in Netherlands return to breakeven and India’s H2 demand outlook looks up

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Q2 revenue grew 16% YoY backed by double-digit volume uptick (+11%) and 5% higher realisations

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Net blended realisation per vehicle grew 6% YoY in Q2 and volumes increased 11%

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Q2 EBITDA/PAT overtook consensus by 16%/25% backed by strong US business from gSpiriva launch and robust margins

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H1FY24 APE declined 10% YoY due to flat individual APE (up 20% ex-non-par) and a 25% drop in group business

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Q2 net realisation per vehicle grew at healthy 6% to Rs 1,933k on price hikes of 1-2% in CVs

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Q2 revenue and PBT flattish YoY as gas trading and power sales in the short-term market tapered

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Q2 volumes recovered 15% YoY (-10% QoQ) to 1.4mt helped by below-normal rainfall and higher western region sales

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Monsoon impact in northeast markets kept Q2 volumes flat YoY at 0.9mt while realisation slipped 2%

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New capacities buoyed Q2 volumes by 39% YoY but realisations slipped 5%

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Robust quarter with revenue up 31% YoY and 590bps EBITDA margin expansion aided by the robotics and robotics segments

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Q2 revenue/PAT in line at Rs 104bn/Rs 38bn; ramp up of FY24 capex target to Rs 100bn from Rs 88bn a key positive

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Q2 volume growth of 10% YoY could have been higher but for a pursuit of realisation gains (+10%)

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Q2 revenue grew 19% YoY as volumes climbed 16% and realisation moved up 3%

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Q2 revenue ticked up 8% YoY as healthy sales in international markets supported by modest India business

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Q2 gross/EBITDA margins expand 500bps/320bps YoY on lower input costs, sustained pricing and better product mix

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Q2 revenue grew 20% YoY to Rs 25.7bn as grey cement volumes surged 22% to 3.9mt

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Q2 EBITDA/PAT outstripped consensus by 44%/54% on higher margins, strong US growth and low taxes

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Q2 topline grew 12% YoY led by ~10% volume growth; realisation flat due to price hikes in eastern region

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Flattish volume growth in Q2 owing to muted performance in glucose and sweetener categories

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Q2 tractor volumes dipped 7% YoY as sales flagged towards the quarter’s end after an initial pickup

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Q2 EBITDA margin rose sequentially to 5.3% as chip constraints eased but PAT still down 33% YoY

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Q2 sales flat YoY but operating leverage enables EBIDTA margin gains of 600bps to 29.5%

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Dull Q2 with EBITDA/PAT plunging 21%/29% YoY, missing consensus by a wide margin

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Q2 PPOP growth dropped 23% QoQ owing to one-time wage revision provisions

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Management revises expansion capex to factor in the addition of more downstream and project components to temper risk profile

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Q2 operating performance strong with 210bps YoY margin expansion, half of which management believes is sustainable

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ECD revenue growth ahead of peers but lighting segment declines in Q2

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Strong growth across categories except beverages which declined 10% YoY in Q2 due to uneven rainfall in North India

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Standalone Q2 revenue grew just 8% YoY (-16% QoQ) as net volumes dropped 9% (-18% QoQ)

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Q2 revenue grew 4% YoY driven by realisation gains as volumes stayed flat at 1.4mn units.

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ARR AUM and revenue grew 31% and 10% YoY respectively, but ARR yield (calc.) slipped 13bps YoY to 63bps

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Q2 topline up 11% YoY as ECD grew 17%, gross margin up 400bps; working capital cycle doubles due to festive stocking

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Volume-led growth continues in India business at 11% YoY in Q2; margin expands despite elevated media spend

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Q2 volumes flat YoY (-15% QoQ) at 6.9mt due to flood impact in key markets

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Q2 topline growth robust at 52% YoY but lower share of ODM business drove gross margin down 690bps

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Another soft quarter from BRIT (revenue up just 1% YoY), though EBITDA margin expanded due to lower input cost and savings

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Q2 saw in-line margins but PAT was impacted by high interest cost; margins expected to improve in H2

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Q2 revenue/PAT grew 11%/5% YoY to Rs 122bn/Rs 24bn, largely in line with consensus

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PLNG has approved the PDHPP project at a capital intensity of US$ 3,000-3,650/t

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Q2 topline up 15% YoY with gross margin expansion of 460bps; markets outside South India grew 11%

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Q2 advances grew 19% YoY led by agri and inclusive banking (AIB) and co-lending; NIM dipped 13bs QoQ on deposit repricing

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Q2 topline grew 11% YoY and EBITDA margin rose 150bps on sustained domestic growth and strategic international pricing

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Middling Q2 performance with easing capacity constraints; cables revenue healthy but margin lagged peers

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Strong show in Q2 led by highest ever order inflows of Rs 892bn (exit book of Rs 4.5tn), robust execution and working capital efficiency

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Strong Q2 gross/EBITDA margins at 75%/28% drove a 7% EBITDA beat, though higher tax pulled PAT 2% below consensus

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Q2 volume growth beats industry at 3.1%/13% YoY/QoQ with a focus on high-end products such as Apache and Raider

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Sustained, strong performance marked by above-industry growth of 39% YoY in UCP segment along with higher margins in Q2

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Q2 results in line but margin remains above the cycle average; we raise FY24 EBITDA by 11% factoring in a strong H1

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Q2 revenue flattish YoY owing to a subdued demand environment and regional competition in select categories

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QAAUM growth robust at 23% YoY in Q2 fuelled by 11% share of industry-wide net equity flows (ex-arbitrage and index)

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Q2 revenue in line but PAT outdid consensus by 22% on account of PLI benefits, litigation settlement and interest income

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QAAUM grew 10% YoY to Rs 3.1tn in Q2 with equity assets rising 9%; however, market share inched down

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Q2 results broadly in line, with continuing structural growth in both consumer businesses and resilience in cyclical energy businesses

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Q2 a normal quarter with a flat topline of Rs 409bn and healthy PAT of Rs 39bn

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Q2 volume growth of ~7% YoY continued to beat the industry (~5%); we expect sustained outperformance

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Q2 EBITDA/PAT 14%/15% ahead of consensus underpinned by strong growth in US and India businesses

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Credit card spends climbed 27% YoY to a record high of Rs 792bn in Q2; debut on UPI platform promising

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H1 APE growth strong at 21% YoY led by a rebound in ULIP and protection business during Q2

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Q2 NII up 19% YoY led by strong business growth, aiding a 10% rise in PAT despite a spike in opex due to card-related costs

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Q2 sales up 28% YoY led by a 77% upswing in mobiles & EMS business which offset slow lighting sales

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Innovation and market penetration-led volume growth remain strategic focus areas; growing emphasis on rural markets

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Q2 credit growth rises 21% YoY led by the high-yielding retail book and recovery in deposit mobilisation to 13%

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Strong business growth in Q2 but NIM down 35bps QoQ on higher deposit cost and liquidity buffer; other income muted

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Q2 NII grew 24% YoY despite higher deposit cost, while dividends from subsidiaries offset absence of treasury gains

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Q2 volume and value growth weak YoY owing to delayed rural recovery and heightened competition from regional players

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Q2 topline up 23% YoY with better margins due to dry weather in an otherwise unseasonal quarter for cooling products

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Q2 result beat estimates on higher cost savings in standalone operations beyond coking coal reduction

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Q2 revenue in line at Rs 6bn but EBITDA/PAT 3%/6% below our estimates due to higher opex and a product mix change

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Q2 mixed with UCP performing well (+ 15% YoY) but EMP continuing to post losses due to collection disputes

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Q2 volume growth slowed to single digits (7% YoY) owing to fierce competition in key operating regions

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Q2 revenue up 15% YoY backed by 16% rise in dispatches; realisations resilient despite volume push in a monsoon quarter

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FMCG business delivered strong topline (+8% YoY) growth in Q2 led by steady portfolio expansion

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Despite higher opex, Q2 PAT increased 22% YoY to Rs 22bn driven by steady business growth

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Mixed quarter with 5% YoY declines in ECD and flat lighting but 8% growth in cable & wires and 9% in switches

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Q2 AUM grew 14% YoY to Rs 2.7tn but equity and hybrid schemes saw cumulative outflows for the fourth straight quarter

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Healthy product mix in 2Ws and buoyancy in 3Ws aid 6% YoY increase in Q2 revenue

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Domestic business posted double-digit growth in Q3 with continued margin expansion

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Strong Q2 powered by 29% YoY growth in wires & cables business; FMEG set to improve gradually

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Continued healthy business momentum in Q2, with reported PAT rising 35% YoY on lower provisions

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Q2 APE growth muted at 3% YoY due to a 15% drop in the ICICIBC channel; ULIP and protection businesses showed traction

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Q2 PAT grew 51% YoY supported by healthy other income and a lower tax rate

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Robust, broad-based AUM growth of 33% YoY to Rs 2.9tn at end-H1FY24; we raise our FY24/FY25 AUM forecast by 3%/4%

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Multi-faceted business model backed by aggressive growth plans in lending, insurance broking and payments

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Q2 slightly short of our estimates; management expects a stronger H2 on new launches, growth in tier-2&3 markets and in bancassurance

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Higher equity share drove robust QAAUM growth of 22% YoY in Q2; topline growth strong at 18%

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Autoclaved aerated concrete (AAC) block production targeted to reach 0.5mn cbm per annum by end-FY24 at Wada plant

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SIEM has identified three broad trends in India: high public spending on infrastructure, pent-up private capex and rising decarbonisation

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Early data from BAF shows 33% YoY growth in H1 AUM, tracking above the full-year guided range of 29-31%

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Expect a strong 18% credit CAGR over FY23-FY25 (1.4x industry growth), supported by a better portfolio mix

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ELCN has ~40% share in gearbox and components, catering to industries such as sugar, power, steel, cement, rubber and fertilisers

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Volume revival surprised in H1FY24 but further upside constrained by higher availability of domestic gas in the near term

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Decarbonisation of UK operation can sharpen competitiveness and add potential value of Rs 6-7/sh for TATA

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Expansion snags due to plant relocation to hamper medium-term growth as utilisation likely breaches 80% in FY25

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Electronics, engineering and design manufacturer largely catering to export markets; US a key geography at ~55% of revenue (FY23)

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Expect pickup in retail loans and newer products to aid a 19% credit CAGR over FY23-FY25, with deposit CAGR of 15%

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Borrowing limit raised to Rs 70bn at AGM but resolution to hike inter-corporate transaction limit 4x to Rs 100bn rejected

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Management optimistic on festive-led demand revival in H2FY24; foresees no pricing action as commodity prices have eased

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Momentum across consumer, commercial, SME and mortgage lending to propel a 28% AUM CAGR over FY23-FY25E

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Pivoted towards consumption and new-age technology in India and beyond for sustainable growth

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Lighting division moving to a new corporate structure, eyeing commercial orders, and pruning prices to spur volumes

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Cigarettes business delivered sustained volume growth in Q1 at ~10% YoY; innovation remains in focus

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Q1 revenue/EBITDA beat consensus by 4%/9% with adj. PAT (ex-one-off charge) running 15% ahead

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New capacities (+2mt YoY) aid a 28% jump in Q1 volumes but pursuit of growth impacts realisations

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ECD revenue growth at par with industry but lighting segment lagged peers in Q1

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Q1 EBITDA/t drops 42% YoY to Rs 4.2k/t, reflecting the impact of high operating leverage

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Q1 a mixed bag with UCP performing well (+ 16% YoY) while losses continued in the EMP segment

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Robust Q2 with revenue up 22% YoY and 420bps EBITDA margin expansion aided by the robotics and electrification segments

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Key AR takeaways: an improving narrative for digital, missing granularity for retail and approaching target dates for new energy business

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Q1 consolidated topline grew 9% YoY as volumes increased 9% while realisations stayed flat

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Q1FY24 individual APE declined 8% YoY but non-par business grew 22% (constituting 10.2% of individual APE vs. 7.8% in Q1FY23)

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Q1 revenue/EBITDA a beat as international business outperformed; adj. PAT growth in line with consensus at 65% QoQ

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All-round growth in Q1 led by non-South India markets that grew at 17% YoY

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Robust volume-led performance in Q1 spurred by the MSA agreement between ACC and parent ACEM

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Strong execution-led revenue growth of 14% YoY together with 190bps EBITDA margin expansion in Q3

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Q1 muted as DBL restricted supply to safeguard prices but still failed to stave off a decline in realisations (-3% YoY)

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Volume-led growth continues in India business at 12% YoY in Q1; margin expansion seen across geographies

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Shift from commission to recurring revenue model (ARR) paying off – the latter now contributes 61% of AUM and 67% of revenue at end-FY23

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Q1 revenue/PAT in line but operating margin ahead of consensus at 36.4% (+395bps YoY)

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Q1 ahead of consensus on margin surprise but soft CNG volumes for the third straight quarter worrying

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Treasury gains buoyed the topline and together with lower opex and provisioning lifted Q1 PAT 178% YoY

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Relatively soft quarter (revenue up just 8% YoY) due to stiffer local competition and sluggish rural growth

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Q1 revenue up 14% QoQ; device addition tepid but converted user base saw a sizeable ramp-up

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Q1 a beat with revenue/EBITDA running 8%/25% ahead of consensus; gross margin improves to 65.9% (64.4 ex-licensing income)

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Q1 topline grew 14% YoY led by ECD, with gross margin up 290bps though EBITDA margin was flat on higher wages

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Q1 UCP revenue beat the industry, rising 7% YoY on the back of B2B sales; EMP order book robust

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Flattish revenue growth in Q1 largely driven by a subdued performance in Glucon-D and Complan

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Domestic pre-buying buoys quarter; new emission norms delayed but KKC well positioned to manage the transition

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Good Q1 with 28% YoY topline growth and 70bps EBITDA margin gains to 5.8%; management sees “improving trajectory of profitability”

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Q1 revenue grew 11% YoY aided by strong growth across categories, except beverages that saw the impact of unseasonal rains

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Q1 revenue/EBITDA beat consensus by 2%/11%, but reported PAT missed estimates by 6% due to exceptional items

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All-round beat with Q1 topline up 15% YoY, EBITDA margin expansion of 480bps and PAT up 43%

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Q1 topline growth robust at 54% YoY but margins falter on lower healthcare business

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Good Q1 performance though legacy orders continue to weigh on infrastructure margins

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Tepid volume growth of 5% YoY with little support from realisations kept Q1 revenue growth muted

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Core cables and wires business hampered by lack of capacity; likely to be addressed in coming quarters

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Q1 revenue dipped 3% YoY owing to destocking and trade scheme rationalisation

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Q1 results benefitted from uptick in margin above long-term guidance, but volumes were soft (+4% YoY)

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Q1 revenue up 13% YoY despite weak seasonality, led by a mix of volume growth (+5%) and realisation gains (+8%)

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Q1 credit cost climbed 130bps YoY to 7.1% of loans (calc.) owing to stress from customers acquired in CY19, inducing a 5% fall in net profit

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Strong Q1 beat with EBITDA/PAT of Rs 2.7bn/Rs 2.1bn coming in 17%/ 39% ahead of consensus due to margin recovery

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Q2 revenue up 15% YoY led by strong growth across categories and geographies; margins remained healthy

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QAAUM growth strong at 12% YoY in Q1 fuelled by 20% share of industry-wide net equity flows (ex-arbitrage and index)

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Q1 EBITDA broadly in line as standalone operations continued to clock a high EBITDA margin of Rs 14k/t

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Q1 PAT up 41% YoY supported by strong NII (+27%), fee income and treasury gains

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QAAUM grew 5% YoY to Rs 2.9tn in Q1; market share inched up to 6.9% after a prolonged decline

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Improved demand in core markets led to robust 16% YoY uptick in India business; rural recovery visible but still below pre-Covid levels

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CME a drag (-9% QoQ) in Q1 mainly due to lower network service and discretionary spends together with deal deferrals

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Q1 EBITDA/PAT beat estimates by 7%/16% on the back of growth in North America and One India

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Grey cement volumes grew 20% YoY to 28.6mt in Q1; utilisation healthy at ~86%

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MTM gains boosted Q1 net profit growth to ~150% YoY whereas core net profit fell 25% YoY

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Q1 revenue weak given the “worst of bad seasons”, though margins improved on a better product mix

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Stellar Q1 led by inflows, execution and working capital efficiency; closed the quarter with a record Rs 4.1tn order book

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Q1 APE growth softened to 4% YoY as non-par business slowed; management optimistic of a rebound

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Q1 topline strong at Rs 32.7bn (+15% YoY) with improved margins; new customer additions provide healthy visibility

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Q1 ahead of consensus with Indian operations limiting the decline in margin and overseas business seeing improvement

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Q1 EBITDA margin at just 3.2% as supply chain constraints hampered profitability; chip shortage guided to recede gradually

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Strong core and non-core revenue supported Q1 net income growth of 50% YoY though NIM contracted 15bps sequentially

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Q1 AUM growth robust at 17% YoY with debt seeing inflows after several quarters of outflow; revenue and EBITDA impressive

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NII growth of 38% YoY along with moderate provisioning aided 40% PAT growth in Q1

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Top BFS client the driving force behind Q1 growth, but management expects weakness in the vertical for the next few quarters

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Q1 results broadly in line as the energy business optimised operations and consumer business continued momentum

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Strong Q1 with EBITDA/PAT beat of 10%/6% despite slight miss on revenue

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Key overhang dispelled with consummation of HDFC-HDFC Bank merger and parent’s stake raise to >50%

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Q1 missed estimates as dollar revenue slipped 3.4% QoQ following a slowdown in both direct business and DXC

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ARR robust at Rs 130bn net flows in Q1, forming 80% of revenue from operations and 65% of AUM

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Q1 volume and value growth moderated; margins improved sequentially as inflation eased

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Q1 revenue in line at US$ 272mn led by BFSI but EBIT margin at 10% fell short of estimates

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FY24 revenue growth guidance slashed from 4-7% to 1-3.5%, implying continued uncertainty – a sector-wide phenomenon

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Q1 a miss due to soft EBIT margins in ECD (-220bps YoY to 10.9%) and lighting (-210bps to 14.3%)

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Q1 PAT growth robust at 30% YoY to Rs 21.2bn on NII growth and lower provisions which offset elevated opex

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Impressive Q1 fuelled by 47% YoY growth in wires & cables business; FMEG set to improve

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Q1 PAT grew 30% YoY backed by a strong topline and lower provisions. Deposits outpaced loan growth at 19% YoY

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APE down 4% YoY to Rs 14.6bn in Q1 but up 4% ex-ICICIBC despite a soft demand environment

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High-yield retail assets drove 42% YoY PAT growth; NIM (calc) dipped 13bps QoQ to 3.1% on a higher cost of funds

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Q1 weaker than peers due to a higher mix of consulting services (Capco, Rizing), especially in BFSI and telecom

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Q1 revenue missed estimates largely due to a slowdown in ER&D services and the telecom & media vertical

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Management echoed Accenture’s commentary on temporary weakness due to project delays in the near term

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Reliance Retail exit offer targeted at minority shareholders and does not reflect full retail business value

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Targeting ~35% MHCV market share in FY24 by growing to 50% of the southern market (vs. 40%) and holding at 35% in North/Central India

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Upcoming launch of high-end 125cc motorcycle to help shore up market share (21% currently)

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NBP and individual APE CAGR the lowest in the listed private space for FY17-FY23; underperformance continued in 2MFY24

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Standalone business trading at FY24E P/B of 0.4x after adjusting for GUJGA stake at market value minus 30% holding discount

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FY23 a milestone year with revenue/EBITDA of Rs 5bn/1bn; Naprosyn brand crossed Rs 500mn

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Management reiterated its FY24 order inflow (+15% YoY), revenue and EBITDA margin (~7%) guidance

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Management optimistic of strong demand recovery in H2FY24; foresees no requirement for price hikes in near term

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Product launches, top-tier scheme outperformance and phygital delivery channels remain key growth levers

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New energy labelling norms hit the fans business and subdued demand dimmed lighting sales in FY23

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Q1FY24 growth likely to fall short of expectations as unseasonal showers dampened summer demand

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Key spending areas for FY23 included AI/ML, data & network services, cloud and managed security services

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Remains market leader in core wires & cables business; FMEG segment tepid in FY23 but guided to return to form in FY24

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Key spending areas in FY23 included cloud, generative AI, cybersecurity, IoT, and immersive technologies

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Market share growth in Lloyd, rural markets and manufacturing remain strategic focus areas

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FY23 saw competition denting margins in VOLT’s AC business and provisioning losses in the projects business

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Volume growth healthy including contribution from the new Panna unit that has attained 60% capacity utilisation

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Growth momentum continues with 16% YoY topline growth in FY23 and market share gains in >75% of the portfolio

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Flat quarter despite growth in non-core markets; Q4 gross margin improved but EBITDA margin still under pressure

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Q4 revenue in line but adj. PAT 9% above consensus at Rs 21.8bn (+46% YoY) on account of strong margins

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Robust Q4 volume growth of 22% YoY despite slow tractor sales; prudent product mix aids realisation gains of 13%

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Buildup of production momentum in Q4 but slower pickup in profitability on higher employee costs

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Strong FY23 performance with revenue/PAT up 11%/29%, underpinned by innovation, premiumisation and distribution

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Weak Q4 revenue print (-4.1% QoQ); DR and DXC remained a drag on growth

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APE grew 12.5% YoY in FY23 led by strong 36% growth in non-par products; non-par constituted 8.9% of APE vs. 7.1% in FY22

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Q4 volumes grew 23% YoY with realisations up 9%, aiding 33% topline growth to Rs 116bn

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Realisations led growth in Q4 while capacity constraints restricted volume gains (to 1% YoY)

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Q4 EBITDA margin expands to 24.8% on a better revenue mix; stronger margin coupled with higher other income aids a beat on PAT

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Operationally strong Q4 despite supply chain constraints, with EBITDA and PAT each up ~60% YoY; exports resilient

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Q4 volume gains steady at 7% YoY; realisation gains at 3%, indicating healthy demand in key areas

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Q4 sequentially stronger as supply chain constraints eased; chip shortage guided to recede fully in next two quarters

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Healthy Q4 revenue gains driven by both volumes (+10% YoY) and realisations (+6%)

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Q4 topline of Rs 30.7bn in line with our estimate while improved ODM contribution aided a margin beat

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Q4 revenue grew 11.4% YoY on the back of continuous price hikes; volume growth muted at 4%

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Q4 topline grew 16% YoY aided by a good ECD performance; lighting continues to disappoint

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New capacities (+2mt YoY) aided 45% jump in Q4 volumes (28% net of added capacities)

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Q4 EBITDA/PAT of Rs 3.5bn/Rs 710mn well short of consensus by 21%/ 79% primarily due to higher operating costs

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Lower provisioning supported robust 83% YoY PAT growth in Q4, though PPOP declined sequentially on higher opex

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Q4 topline/PAT up 83%/160% YoY spurred by strong growth in the auto and consumer segments

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Low-voltage and geared motors business divested to parent for Rs 22bn (2.1x revenue)

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Growth momentum continues with 330bps YoY EBITDA margin expansion; we expect 12% topline growth in FY24

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Order book has flattened with a lack of big orders in the pipeline; management outlook on FY24 cautious

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Consolidated Q4 revenue/EBITDA growth of 32%/23% YoY missed consensus by 3%/10%

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Device addition remained tepid during the quarter but strong additions in converted users

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Streamlining of operations by the new management led to Rs 94bn of impairments over H2 but is helping wipe the slate clean

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Q4 a beat as all segments posted strong growth, led by electronics (+69% YoY) and RAC & components (+55%)

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Q4 volume gains of 32% YoY helped by preponement of festive season and tiller & other non-tractor sales

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Launches aided Q4 volume growth of 18% YoY and healthy revenue gains; both Hunter and Bullet pushed up realisations

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Wires & cables shore up growth in Q4 while FMEG business struggles; international sales at a record high

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Growth in lighting & switchgears (+12% YoY) offset by decline in ECD business (-20%) as fans business underperformed in Q4

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Q4 EBITDA/PAT grew 57%/45% YoY but missed consensus by 5%/30% on higher R&D spend, field force expansion and other costs

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Q4 volume growth of 5% YoY in domestic markets backed by diversification and market development

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Unseasonal rains dented volumes (-12% QoQ) towards the end of Q4, offsetting momentum seen in the first half

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Robust Q4 revenue of US$ 264mn (+4.7% QoQ CC) with US$ 1bn milestone reached in FY23

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Robust execution and margins in Q2 led by smart infrastructure and mobility segments; base order inflow at Rs 57bn

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Robust volume-led growth aided 12% YoY rise in India revenue; Indonesia business saw strong recovery

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Q4 broadly in line as revenue/EBITDA grew 16%/35% YoY (-7%/-23% QoQ), albeit aided by one-offs

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Q4 in line; FY23 order inflow and revenue beat guidance while margins were on par and order book soared to a record Rs 4tn

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Q4 beat consensus as EBITDA margin improved sharply by Rs 4.6/scm QoQ on limited passthrough of lower gas purchase costs

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ALPM reported in-line Q4 revenue at Rs 14bn (flat YoY), though negative tax and lower R&D expense resulted in a PAT beat

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Higher other income plus lower provisions aided 67% YoY PAT growth in Q4; NIM contracted due to deposit repricing

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Strong India and US growth in Q4 (17% YoY each) offset by declines in other businesses

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UCP business shines in Q4, delivering 20% YoY growth and an 8.4% EBIT margin

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Strong 13% YoY topline growth in Q4 fuelled by pricing, enhanced distribution reach and market share gains

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Robust Q1 with revenue up 23% YoY and EBITDA margin expansion of 230bps aided by the robotics and electrification segments

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Q4 revenue grew 12% YoY backed by 5% higher net realisation per vehicle and volume gains of 7%

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Q4 AUM/PAT 6%/10% below our expectations at Rs 2.7tn/Rs 1.6bn; ARR focus continues

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Price pass thru availability helps realisation gains in Q4, taking revenue up 19% YoY (flattish QoQ) despite tepid volume growth

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Broad-based growth across categories in Q4, barring healthcare which is navigating the high Covid base

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Focus on realisation gains curbed Q4 volume growth at 5% YoY, indicating lacklustre demand in key areas

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Q4 revenue/PAT ahead of estimates at Rs 55bn/Rs 722mn; revenue growth guidance of 15%+ for FY24 on strong order inflow

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Q4 demonstrated a strong comeback from a low point in India; Europe likely to recover gradually from Q2FY24

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Q4 revenue growth muted at 8% YoY on tepid realisations and limited volumes owing to a labour strike

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Q4 revenue up 10% YoY to Rs 48.6bn anchored by strong switchgear sales and consistent performance in cables & wires

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Traction in cable business buoyed Q4 topline growth; EHV set to bounce back in FY24

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Volume-led topline growth truncated by muted realisations (+1% YoY) in Q4, an indication of market share pressure

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Q4 PAT grew 26% YoY backed by a strong topline and lower opex; provisions stayed flat

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Q4 revenue grew 20% YoY and QoQ aided by strong double-digit volume gains and supportive pricing

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Q4 revenue grew 16% YoY to Rs 39bn buoyed by higher volumes (+12% YoY); realisations up just 3%

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Q4 volume growth soft due to an unfavourable mix; order book strong at 412k units (vs. 363k units in Q3FY23)

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Q4 PAT beat our estimate by 10% due to robust revenue (+32% YoY), partially offset by higher credit cost (+60% YoY)

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Q4 revenue of Rs 6.2bn (+21% YoY) beat our estimate by 14% driven by recovery in CDMO and growth in API

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QAAUM declined 7% YoY to Rs 2.8tn at end-FY23 with continued market share bleed

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Lower provisioning aids strong Q4 PAT growth of 64% YoY (ex-one-off charge of Rs 125bn towards Citi deal

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Q4 a miss on all fronts – revenue/EBITDA/PAT below consensus by 16%/35%/55%

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Equity outflows coupled with softer yields dampened Q4; core PAT flat YoY at Rs 571mn, well below our estimate

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Q4 revenue flattish at US$ 1.7bn (+0.3% QoQ CC) with 10% growth in FY23 to US$ 6.6bn

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Q4 revenue grew 0.6% QoQ CC to US$ 2.8bn due to a drag in technology consumer and communication verticals

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Strong performance in FY23 with gross premium up 15% YoY and APE growth of 18%

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Underlying pricing growth tapered down in Q4 due to softening input cost; volume growth at 4% YoY

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UCP EBIT margin returns to double digits in Q4 after languishing at 7-8% over the first three quarters

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Despite 13% lower volumes YoY, realisations steered topline growth of 12% in Q4 on the back of a better product mix

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Robust growth momentum in gross premium to Rs 196bn in Q4; NBP market share climbs to 22.9%

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Strong 14% YoY revenue growth in Q4 as key businesses continued to outperform

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MTM loss on other income led to 7% sequential decline in Q4 total income and 10% drop in pre-tax profit

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Q4 revenue up 3.9% QoQ CC to US$ 275mn, backed by services and top-client business

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Q4 net profit missed our estimate by 7% owing to below-expected revenue of Rs 6.4bn and QAAUM of Rs 4.5tn

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Q4 PAT growth strong at 46% YoY backed by robust business growth that offset lower other income and higher opex

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Highest quarterly growth in the last decade supported by a strong performance across product segments in Q1CY23

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Q4 beat led by O2C business; investor concerns appeased by introduction of a capital discipline target of 1x net debt/EBITDA

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Central bank permits leeway on PSL norms post-merger which will aid HDFCB’s margins and asset quality in the immediate term

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Growth across asset classes coupled with higher NIM led to strong NII in Q4, but the absence of treasury gains muted other income

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Strong Q4 growth lifts overall FY23 numbers; sustainability of growth and ability to arrest NBP market share loss key monitorables

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Q4 revenue down 0.3% QoQ CC, below our estimates

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EBITDA momentum likely to continue in Q4 propelled by both cyclical and consumer engines

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Deposits outpaced loan growth YoY while a higher cost of funds led to 14bps contraction in NIM to 4.2% in Q4; FY24 NIM guided at 4.1%

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Q4 revenue declined 2.3% QoQ CC, weighed down by project cancellations

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Q4 dollar revenue growth of 1.7% QoQ in line with our estimate and broad-based across verticals

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CY22 order inflows strong at Rs 100bn (+31% YoY) and revenue growth robust at 24% YoY

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Expect a healthy March quarter with deposits outpacing loan growth (196bps QoQ decline in CD ratio)

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Extensive presence, brand equity and leadership in group life business serve as strong moats, supporting NBP market share of over 60%

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Highest domestic revenue growth in a decade, at 14.8% in CY22, led by both volumes and pricing

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Largest manufacturer of Bikaneri Bhujiya (crispy snack) and third-largest maker of traditional Indian snacks

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Budding electronics manufacturer that is expanding capacity to tap into India’s EMS boom

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TECHM launches Sandstorm, a network monitoring service that allows clients to remotely measure customer experiences across devices

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Private 5G expected to be a key enabler for the digital transformation of enterprises

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Q3 marks recovery in line with peers; production uptick helped SAIL partly bridge the gap with existing capacity

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Realisation-led performance aids ~70bps YoY rise in Q3FY23 EBITDA margin; judicious product mix behind better pricing

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CY22 revenue increased 14.5% YoY with broad-based growth across categories

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Q3 gross margin stays healthy at 27% (25% in Q3FY22) due to softer raw material cost and better synergies; realisations drive sales

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Q3 robust with EBITDA/PAT growth of 40%/58% YoY on the back of margin improvement, low tax and higher other income

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Stable Q3 with 4% YoY revenue growth to Rs 19bn and flattish net profit at Rs 1.9bn

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Strong Q1 beat aided by margin expansion across segments. C&S Electric turns a corner

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Q3 volumes surged 16% YoY on a weak base with realisations up 8%, aiding healthy topline growth

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9MFY23 net premium grew 21% YoY to Rs 3.4tn, lifting NBP market share 400bps YoY to 65.4%

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Transitioning to smaller orders in a bid to eliminate lumpiness in large projects and lift profitability

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Q4CY22 robust with revenue up 16% YoY and margins buoyed by motion and industrial automation businesses

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Q3 revenue grew 16% YoY to Rs 30bn led by double-digit growth across markets; flu season drove US sales of US$ 92mn

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Volume-led (+23%) revenue growth of 15% YoY in Q3 as realisations fell due to weak pricing in key regions

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Q4 revenue growth of 11% YoY contributed by volume gains of 8% with realisations up 3%

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Q3 revenue up 7% YoY to Rs 64bn led by growth in the US and EMs along with recovery in ARV business

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UCP revenue up 11% YoY but EBIT margin band seems to have softened to 7-9% from 12-14% earlier

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Grey cement volumes grew 23% YoY in Q3 backed by capacity addition in Central India and presence in remunerative areas guarding prices

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Q3 strong with revenue up 25% YoY despite supply chain constraints, as infrastructure-led demand improved; exports grew 23%

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Q3 topline growth robust at 70% YoY led by resilient domestic demand; order book expands further to Rs 21bn

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Q3 below consensus with softer recovery in India operations and acute losses in Europe

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Q3 revenue rose 29% YoY as utilisation improved to 69%; realisation gain of 9% came as a positive surprise

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Q3 revenue up 23% YoY backed by double-digit volume growth (11%) and equally strong realisation gains

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Q3 revenue down 8% YoY due to the persistent chip shortage; EBITDA margin under pressure at 3.8%

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Q3 volumes up 5% YoY to 0.9mt backed by healthy realisation gains; price hike impact to reflect fully in Q4

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Q3 revenue grew 3.5% YoY and gross margin expanded 700bps driven by a strong performance across categories

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Q3 marginally ahead; priority HP-HT allocation to bridge APM gas shortfall and cap on APM gas price to improve competitiveness

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Q3 net profit jumped 2x YoY to Rs 9.5bn backed by high coal profits and strong power demand

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Q3 disappoints as revenue/PAT of Rs 17bn/Rs 3bn missed consensus by 12%/38%

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Q3 recovered in line with street estimates and revival set to continue in Q4 on policy support in China and India

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Q3 revenue grew 8% YoY (3% QoQ), but margins contracted due to inflationary pressure and lag in pricing

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EBITDA margin deteriorated further to 6.7% in Q3; recovery on the anvil as high-cost inventory nearly exhausted

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Lighting (-20% YoY) saw tepid demand and volatile pricing in Q3 amid stiff competition; pumps fell 10%

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Steady Q3 performance with 11% YoY growth each in revenue and net profit

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MTM loss from subsidiary UTI International coupled with softer yields dampens Q3; core MF business market share intact at ~6%

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Q3 revenue grew 17% YoY to Rs 42bn driven by price hikes, with adj. PAT up 50%

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EBITDA margin muted for the second consecutive quarter at 4.6% in Q3, dragged down by muted profitability in standalone business

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Q3 sales grew 9% INR and 15% CC YoY; underlying volume growth stood at 1%

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UCP EBIT margin expands further to 7.4% (+100bps YoY) in Q3; outlook remains positive for Q4

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Topline boosted by better ECD performance; profitability turns positive with sequential margin expansion

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Q3 revenue ahead of estimates at Rs 464bn (+17% YoY); LT confident of exceeding 13-15% revenue and order growth guidance for FY23

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Q3 revenue growth subdued at 0.2% QoQ CC, though marginally above our estimate vs street’s estimate of 0.4%QoQ CC

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Q3 results weak but in line with consensus; capping of APM gas price could help restore margins and reboot structural growth

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Market share intact at ~7% with Q3 QAAUM up 4% YoY to Rs 2.9tn; competitive edge in ETFs maintained

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Q3 revenue (+43% YoY) a beat and PAT in line; on track for 18GW capacity addition over 3Y at projected Rs 750bn capex

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Market share declines to 7% as Q3 QAAUM falls 6% YoY to Rs 2.8tn vs. 5% growth for the industry

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Q3 revenue up 6% QoQ to Rs 5.4bn supported by sequential recovery in API business to parent and PLI benefits

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Strong all-round beat; Q3 EBITDA margin boosted to 29.8% by a better mix and one-offs, with 20-22% levels seen as sustainable

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Q3 revenue growth strong at 27% YoY to Rs 67.7bn, supported by US contribution and launches

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Q3 revenue grew 6% YoY to Rs 58bn (11% ex-Covid sales last year) driven by US business and despite a sharp decline in SAGA

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Q3 topline down 22% YoY with weakness across key segments; however, EBITDA margin a beat at 4.6%

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Q3 net profit growth muted at 3% YoY owing to weak revenue pickup and higher operating expense

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Q3 PAT missed our estimate by 8% due to increased funding costs and high operating expenses

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Q3 EBITDA recovered ahead-of consensus expectations but net income was a miss on impact of higher net debt

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Q3 topline grew 38% YoY but EBITDA margin disappoints at 5.8% (6.2% est.), dragging PAT well below expectations

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Strong performance in cables aids Q3 topline growth of 14% YoY; EHV drag transient

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Well positioned to benefit from emerging opportunities in digitalisation and sustainable solutions

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Q3 EBITDA recovers with capture of higher refining margin upside and improved natural gas realisation

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Strong 15% YoY growth in 9M gross premium with an in-line Q3; APE clocks robust 20% increase

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Robust momentum in gross premium to Rs 146bn in Q3; NBP market share climbs to 20.9%

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ROAE up 160bps YoY and 60bps QoQ to 23.5% in Q3, showing a consistent expansion trend

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Upbeat performance in wires & cables aided Q3 topline growth of 10% YoY despite a higher base

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Middling Q3 revenue growth of 13% YoY owing to soft B2C demand; growth led purely by volumes as no price hikes undertaken on QoQ

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Q3 revenue grew 16% YoY with volume growth of 5%; EBITDA margin improved sequentially by 70bps

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Q3 PAT growth strong at 58% YoY backed by healthy core income coupled with stable opex and lower provisions

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Management aims to double the annual growth run-rate to 6% in the medium term by accelerating network buildout

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Q3 consolidated revenue grew 27% YoY led by Oaknet, but standalone growth modest at 9%

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9MFY23 VNB grew 23% YoY to Rs 17.1bn with margin profile strong at 32%

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Q3 PAT grew 19% YoY (16% QoQ) to Rs 122.6bn aided by strong interest & other income and lower provisions

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Q3 revenue grew at a meagre 0.2% QoQ, underperforming our estimate

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Management expects to see benefit of PVC price recovery from Q4 after a muted Q3

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Q3 revenue growth at 5% QoQ CC beat consensus as well as our estimates

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Q3 revenue growth in line at 2.4% QoQ CC, supported by vendor consolidation

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Q3 revenue growth of 2.9% QoQ CC beat consensus and came in higher than our estimate

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IGL targets 10% volume growth over FY23-25E, aims to offset loss from electric vehicles

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Dominant player in explosives, both in India and overseas, focused on expanding its competencies in defence

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Successful delivery of 5mtpa Dolvi expansion with operational stability achieved within a year of startup

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Capacity addition on track to meet expected EMS demand boom, with a total of five SMT lines to be added by end-FY23

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Management does not anticipate return to double-digit RAC EBIT margins in medium term amid rising competition

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Q4 in line; management now focused on aggressive growth, in a shift from consolidation

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Niche EMS-ODM player capable of servicing diverse sectors across the electronics product value chain, yielding best-in-class margins

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Increase in MDF imports could pose a threat to domestic price realisation, if not curbed

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Higher capacities in power as well as mining to boost profitability and capitalise on the country’s strong power demand

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Q2 net sales of Rs 208bn (+6% QoQ) driven entirely by realisation gains with NRPV at Rs 763k (+6% QoQ)

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Demand for premium products buoyant but entry-level segment remains distressed

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Q2 revenue up 5% QoQ to Rs 33bn backed by 11% volume growth (MoM run-rate of 60k units), partly offset by 7% fall in ASP

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Q2 topline healthy at Rs 83bn backed by volume growth of 15% QoQ to 45.3k vehicles (+65% YoY on a weak base)

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Q2 revenue at Rs 72bn (+29% YoY) backed by higher ASP (Rs 69.3k, +13%) and volumes (+14%)

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Q2 revenue dipped 3% YoY (-8% QoQ) to Rs 57bn as decline in US/ Europe outweighed growth in other businesses

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Net premium grew 24% YoY to Rs 2.3tn in H1FY23, lifting NBP market share from 64.5% to 68.3%

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Q2 revenue increased 14% YoY supported by growth across businesses; commissioning of new facilities in Q4 to further propel topline

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Revenue grew 10% YoY to Rs 31bn in Q2 led by India business, but US price erosion continued to weigh on margins

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Q2 revenue grew 7% YoY backed by realisation gains of 8%, which offset flat volumes on a weak base

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Consolidated Q2 revenue declined 2% YoY with plumbing down 11% but paints & adhesives up 27%; pipe volumes dipped 4%

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Q2 revenue grew 11% QoQ (+1% YoY) with recovery in US business and continued momentum in India

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Q2 revenue growth at 9% YoY due to 24.5% increase in blended realisation (+13% QoQ); however, tile volumes declined 2% YoY

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Consolidated Q2 net revenue increased 15% YoY to Rs 30bn as the C&B/B2B segments grew 14%/17%

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Q2 revenue grew 12% YoY (-38% QoQ) to Rs 4.3bn aided by 5% volume growth

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Q2 net revenue per vehicle grew ~5% YoY to Rs 0.22mn though volumes fell 4% due to poor tractor sales

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Consolidated Q2 revenue grew 3% YoY aided by demand from home renovation and upgrade projects

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Q2 revenue increased 8% YoY to Rs 4.6bn led by 14% growth in MDF, though plywood business was down 17%

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Q2 revenue fell 7% YoY to Rs 18.5bn, weighed down by a decline in custom synthesis business

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Consolidated Q2 revenue grew 14% YoY on a 7% increase in volumes and 6% higher realisations in India plywood operations

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Q2 gross margin improved to 27% (25% in Q1) due to softer raw material cost and better synergies; volumes up 11% QoQ on festive sales

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Q2 revenue up 6% YoY as US/India sales offset decline in other markets; growth at 12% YoY ex-Covid sales in base quarter

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Q2 in the red as fans business remained a drag, marked by transition to new energy norms and one-time distribution exercise

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Q2 unitary product margin up 110bps YoY to 6.2%; management commentary positive, unlike tepid outlook from peers

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Q2 revenue growth muted at 6% YoY as lower Africa/US sales offset a strong uptick in India/Asia business

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Q2 revenue grew 11% YoY aided by a 10% rise in tile realisations while volume growth stayed flat at ~25msm

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UCP EBIT margin at 10Y low of 7.3% with flat revenue; exit market share at 23% in Aug’22 vs. 24% in Jun’22

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Brisk Q2 revenue growth at 14% YoY to Rs 110bn backed by ramp-up in global specialty business and healthy India/EM sales

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Weak Q2 results as cost adjustments lagged prices; European operations saw a sharper pullback from a stronger Q1

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Q2 revenue grew 8% YoY led by a 9% volume uptick despite seasonal weakness

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Q2 revenue up 9% YoY on sales of gRevlimid in the US; gross margin expansion aids EBITDA growth of 42% YoY

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Q2 results weak as cost adjustment lagged price declines; we cut FY23E EBITDA by 20% as we now expect margin stabilisation in FY24

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Q2 subdued as EBITDA margin slid 310bps YoY to 7.4% amid absorption of high-cost inventory; RM recovery guided by Q4

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Operating expenses rose 33% YoY in Q2 on higher client acquisition cost; credit cost also moved up

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Q2 EBITDA normalised with pullback in O2C profits from record levels; consumer business continued to deliver strong YoY growth

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Q2 EBITDA margin subdued at 11.4% (-410bps YoY) despite in-line revenue; BGAL’s revenue back on track with double-digit margins

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Q2 revenue decreased 13% YoY as realisations in PVC resin/PVC pipes & fittings dropped 29%/17%

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Q2 revenue grew 31% YoY (+2% QoQ) led by synthesis division and other APIs; FDF revenue at record-low of Rs 1.5bn

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Q2 topline meets estimates but bottomline disappoints with net loss of Rs 30mn owing to higher finance/forex cost

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VNB growth strong with margin at 31% in H1FY23, leading us to raise margin estimates through FY25

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Q2 revenue fell 9% YoY led by a 10% decline in API business owing to lower sales to parent Glenmark Pharma (-33% YoY)

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H1 gross premium grew 13% YoY; however, Q2 gross premium missed our estimate by 7%

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Strong Q2 beat with topline up 38% YoY to Rs 39bn and PAT 15% ahead of our estimates at Rs 777mn

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Muted margins in Q2 owing to poor profitability in both ECD and cables along with wider losses at Lloyd

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Q2 AUM grew 5% YoY to Rs 2.7tn with flows muted at Rs 61bn; however, earlier profit guidance remains intact

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Q2 revenue growth (16%) driven by realisation gains as volumes stayed flat YoY. Costs dented meaningful margin gains (17% vs. 16% YoY)

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Strong performance in wires & cables boosts Q2 topline by 11% YoY to Rs 33bn; exports up 75%

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Value fashion marketplace LimeRoad.com acquired for Rs 0.7bn in a bid to strengthen online presence

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H1FY23 VNB grew 25% YoY to Rs 10.9bn with margin profile strong at 31%; on course to double VNB by end-FY23 vs. FY19

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Proposed merger with 7 group entities will simplify the group structure and enable more efficient funding of NINL and mining expansions

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Leading EMS player with best-in-class EBITDA margins of 11-13% vs. 4-8% for listed peers

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EBITDA margin up 10ppt from FY19 levels to ~20% in FY22 as efforts to improve operational efficiency pay off

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Slew of fund launches by IIFL AMC a positive; AMC along with IIFL One remain focus segments, with the lens on up-and-coming tier-2/3 markets

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FY23 order inflow (+15% YoY) and margin guidance remains broadly unchanged

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Plans to expand MDF capacity by adding 231,000cbm at a capex of Rs 6bn, for commercial production in Q2FY25

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Management focused on driving recurring income and net fund flows to scale the business and curb cyclicality

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Positives from the AGM include a clear succession plan, supercharged 5G rollout, restart of O2C investments, and targets in new energy

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Expect full benefits of Rs 600bn expansion to flow by FY25; doubling of capacity needed to align employee cost with peers

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Product innovation, distribution expansion and international footprint expected to aid brisk PAT CAGR of 20% over FY22-FY24, in our view

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Q1 revenue broadly in line with consensus at Rs 22.5bn (+15% YoY/-10% QoQ), but EBITDA 10% below

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Consolidated Q1 revenue grew 73% YoY with plumbing/paints & adhesives up 74%/72%; pipe volumes increased 49%

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Q1 revenue of Rs 62bn came in 5% above consensus as US business outperformed; however, EBITDA margin slid 570bps YoY to 15.5%

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Consolidated Q1 net revenue increased 60% YoY to Rs 31bn as the C&B/B2B segments grew 64%/50%

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Q1 revenue growth at 67% YoY due to 42% increase in tile volumes (+20% vs Q1FY20) &15.5% rise in blended realisation (+17% vs Q1FY20)

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Q1 EBITDA margin down 100bps QoQ to 5.4% and adj. PAT below estimates at Rs 429mn

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Q1 revenue grew 230% YoY to Rs 5.9bn (80% from VMART, 20% from Unlimited stores); 3.8% growth (ex-Unlimited) vs. Q1FY20

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Consolidated Q1 revenue grew 74% YoY backed by a 79% increase in plywood volumes and 3% rise in price realisation for India operations

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Q1 revenue declined 6% YoY (+4% QoQ) to Rs 25.7bn on a high base, and EBITDA dropped 66% on weak margins

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Q1 revenue fell 7% YoY on a high base (+6.5% ex-Covid portfolio) with CDMO/ API down 38%/7%; RM relief and PLI incentives boosted gross margin

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Q1 EBIT margin in cooling business relatively strong at 8.1%, outperforming peers

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Consolidated Q1 revenue grew 74% YoY backed by high demand from home renovation projects, real estate launches and price hikes

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Subpar Q1 on double whammy of lower cooling business margins and provisioning-led losses in projects business

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