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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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