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All-round beat; growth acceleration to sustain * Page Industries (PAGE) reported sales growth of 11% in 2QFY25 (est. 7%; 4% in 1Q), with healthy 7% YoY volume growth (est. 3.5%; 3% in 1Q) to 55m. Demand improved sequentially, but a full recovery would be visible in 2HFY25. Demand uptick during the festive season has helped to further liquidate trade inventory by 3 days. The implementation of ARS system has been driving inventory efficiency for distributors, resulting in better secondary or...
Buy Page Industries Ltd For Target Rs.54,000 By Motilal Oswal Financial Services Ltd
Saragama's strong headline numbers masked the weakness in music licensing revenue. Consolidated revenue grew 40.3% YoY, aided by strong growth in the video segment. Music Licensing revenue growth was soft, up 8% YoY in Q2, despite the impact of select platforms moving to a paid model now being completely factored in. EBITDA margin of 25.2% fell short of our estimate on account of higher growth in the lower-margin video segment and elevated content investments. Despite some softness, mgmt ...
Buy Saregama India Ltd For Target Rs.580 By Emkay Global Financial Services
JK Tyre (JKI) Q2 results were soft, impacted by ~16% sales decline in Mexico on weak Latin American demand and 10% currency depreciation vs INR. While domestic MHCVs have been weak in H1 (JK is among the segment leaders with 53% CV contribution in consolidated sales), outlook is improving amid expected pickup in infra/capex activity and a favorable base. Further, softening rubber prices (down over 20% from recent peak), pricing action (~3-3.5% YTD), and better mix should aid margin recovery Q...
Buy JK Tyre and Industries Ltd Ltd For Target Rs.650 By Emkay Global Financial Services
eClerx reported strong results in Q2FY25; revenue growth and margin were both better than our estimates. Revenue growth was led by Financial Market supported by Customer Operations, whereas Digital saw mixed performance. The strong margin performance was aided by: i) Stronger revenue growth, ii) Higher utilizations, and iii) One-offs to the tune of 85bps. New deals ACV was down 1.7% YoY, attributable to longer decision making by clients, particularly in the digital segment. While the overall ...
Add eClerx Services Ltd For Target Rs.3,500 By Emkay Global Financial Services
Oil India clocked Q2FY25 SA EBITDA of Rs21.8bn – an 11% miss, mainly due to higher provisions and lower-than-expected output. The SA PAT miss, however, was lower at 6% on higher Other Income and lower ETR. Crude production rose 5% YoY to 0.88mmt (2% miss), while gas was 3% below estimate at 0.80bcm (down 1% YoY on customer offtake issues). NRL’s EBITDA fell 46% QoQ to Rs4bn, largely on lower basic GRM of USD2.3/bbl (impacted by inventory loss of USD4.5/bbl). Management guided to o...
Buy Oil India Ltd For Target Rs.665 By Emkay Global Financial Services
We downgrade Hindalco to SELL from Reduce following a disappointing outlook from Novelis. We had recently initiated coverage on Hindalco indicating that the stock is pricing in all the positives and a part of that optimism was around Novelis in the lead up to its IPO, which was later called off. We were not convinced with its steep EBITDA/t improvement trajectory in the medium term and in playing the Bay Minette capex cycle. With the company now withdrawing its EBITDA/t guidance over concerns...
Sell Hindalco Industries Ltd For Target Rs.600 By Emkay Global Financial Services
We upgrade GAIL to BUY from Add due to the recent stock correction, and lower Sep-25E TP by 5% to Rs255. GAIL reported Q2FY25 SA EBITDA of Rs37.4bn, a 4% slip, mainly due to a 25% miss in gas marketing (lower margins) and 7% miss in transmission (higher opex), partly offset by better petchem and other segments. Management reiterated its transmission volume guidance of >130mmscmd in FY25 and 10-12mmscmd annual growth in FY26-27. Marketing margin guidance of >Rs45bn should also rise post-...
Buy GAIL Ltd For Target Rs.255 By Emkay Global Financial Services
A steady quarter… ..but 3Q outlook soft amid BFSI and IT hiring * TeamLease (TEAM)'s 2QFY25 revenue growth of 23% was in line with our estimate of +21% YoY. Revenue growth was fueled by 8% QoQ growth in General Staffing (+25% YoY). Specialized staffing was down 1.5% QoQ (-1.3% YoY). Overall EBITDA margin of 1.2% was in line, backed by operating leverage in Staffing Business and growth in EDtech billing. Adj. PAT at INR249m was down 10% YoY/28% QoQ. The company's reve...
Buy TeamLease Services Ltd For Target Rs.3550 By Motilal Oswal Financial Services Ltd
Healthy volume growth offset by pricing pressure * Alkyl Amines Chemicals (AACL)’s 2QFY25 revenue increased 18% YoY to INR4.1b. Volume growth of 17% YoY was aided by healthy domestic volumes and exports, offset by persistent pricing pressure from Chinese suppliers. Gross margin declined 30bp YoY to 45.4%, while EBITDAM stood at 17.7%. PAT came in at INR475m vs. our estimate of INR406m. * The management highlighted that destocking is easing currently in the pharma sector,...
Neutral Alkyl Amines Chemicals Ltd For Target Rs.2,095 By Motilal Oswal Financial Services Ltd
2Q in-line; gradually ramping supply from the Gagillapur facility Outlook slowly improving for the PFI/API segment * Granules India (GRAN) delivered in-line 2QFY25 performance. The proactive measures taken to address issues highlighted in the recent USFDA inspection led to a temporary shutdown of the Gagillapur facility. This resulted in a deterioration in revenue/EBITDA/PAT in 2QFY25 on a YoY as well as QoQ basis. * We lower our earnings estimate slightly by 3%...
Buy Granules India Ltd For Target Rs.680 By Motilal Oswal Financial Services Ltd
Result Synopsis TTKPT delivered muted revenue growth despite favorable base. Lower rural demand has resulted in muted revenue growth. General trade has done well during the quarter, they continued to feel the pressure from the e-commerce and modern format stores which did well during this quarter ahead of the festive season. Rural Channel driven by MFI has not performed well as they had their own issues to deal with. Gross margin has contracted 238bps on sequential basis on higher commodit...
Neutral TTK Prestige Ltd For Target Rs. 946 by Yes Securities Ltd
Result Synopsis VGRD reported inline revenue growth of 14.1% driven by strong performance of electronics segment (+18.8%) followed by Electricals (+16.3%). Consumer durables revenue grew 10.6%, while Sunflame Appliances revenue declined 1.1% on yoy basis. Non-south revenue grew 16.9%, while south revenue grew 13.6%. Sunflame appliances revenue de-growth was attributed to lower demand for kitchen appliances and significant decline in CSD orders. Gross margins for the quarter expanded by 207...
Add V-Guard Industries Ltd For Target Rs. 467 by Yes Securities Ltd
Result Synopsis Greenlam Industries Ltd (GRLM) reported healthy growth in Q2FY25, which was better than our estimates. Growth was driven by strong performance in laminates segment (88% revenue) wherein sales increased by 12%YoY (2-year CAGR stood at 13%) owing to 9%YoY growth in volumes & 3% improvement in realizations. Domestic sales (49% of laminates), increased by 15%YoY, backed by 16% growth in volumes (2- year volume CAGR came in at 18%). Export sales (51% of laminates), grew by 1...
Add Greenlam Industries Ltd For Target Rs. 600 by Yes Securities Ltd
Dabur India Ltd. (DABUR) Sep’24 quarter was marred by strategic decision of rationalization of inventory in the General Trade (GT) channel and impact from heavy rains & floods on the business especially the beverages portfolio. India FMCG sales was down by ~7.6% but secondary sales for the quarter grew at over 2%. International business reported strong constant currency (CC) growth of 13% YoY but due to currency conversion impact, reported INR growth stood at 3.3%. With rural footpr...
Buy Dabur India Ltd For Target Rs. 700 by Yes Securities Ltd
Challenges to navigate in H2 FY25 Reasonably good Q2 FY25 driven by GL business; asset quality in MFI, VF and HF businesses further deteriorate Manappuram delivered 4% beat on NII/PPOP and 7% beat on PAT versus our expectations, driven by 1) strong growth in Gold Loans (GL) portfolio in H1 FY25 (9% qoq in Q1 and 3% qoq in Q2), 2) improvement in GL portfolio yield (22.5% in Q2 v/s 22.2% in Q1), 3) slight decline in consolidated CoB (driven by Asirvad), and 4) controlled increase in opex ...
Add Manappuram Finance Ltd For Target Rs. 175 by Yes Securities Ltd
Weak quarter; demand recovery to be in focus in 2H * Raymond Lifestyle’s (RLL) 2Q revenue/EBITDA declined by 5%/17% YoY due to subdued discretionary demand. Higher depreciation and interest costs led to a 27% YoY decline in adjusted PAT. * RLL’s net working capital (NWC) increased to 105 days (from 78 days as of Mar’24 end) as it stocked up inventory ahead of the festive and wedding season. This also led to RLL’s debt rising to INR5.7b from net cash o...
Buy Raymond Lifestyle Ltd For Target Rs.3,000 By Motilal Oswal Financial Services Ltd
Core story intact; attractively priced * Oil India (OINL)’s 2QFY25 financial result was a miss at the EBITDA level and following the conference call, we cut our FY25/26 PAT by 2/5%, mainly as we moderate our volume growth assumptions. The core story still largely remains intact – Numaligarh Refinery Limited (NRL)’s expanded capacity is on track for commissioning in FY26 and Indradhanush Gas Grid phase I has already achieved mechanical completion. Despite a marginal c...
Buy Oil India Ltd For Target Rs.660 By Motilal Oswal Financial Services Ltd
Weak volumes and lower realization drag performance; earnings set to improve in 2HFY25 * Revenue stood at INR112b (YoY/QoQ: -9% / -18%), which was below our estimate of INR133b. Revenue was impacted due to weak volumes and lower realization. * Production volume stood at 1.97mt (YoY/QoQ: +4% / -4%). The QoQ volume decline was led by a planned shutdown at the Raigarh plant. Sales volume came in at 1.85mt (YoY/QoQ: -8%/ -12%) against our est. of 2.11mt. * ASP stood at IN...
Buy Jindal Steel & Power Ltd For Target Rs.1200 By Motilal Oswal Financial Services Ltd
Tariff hikes, transmission volumes to drive FY26E profitability * GAIL’s 2QFY25 performance was in line, with transmission EBITDA being stable QoQ, petchem turning profitable again in 2Q (on higher volumes), and trading business performance being largely in line with expectations. We see three catalysts ahead for FY26-27: 1) potential ~10% tariff hike for the transmission business in 4QFY25; 2) moderate but sustained growth in transmission/marketing volumes in FY26-27 (with pote...
Buy GAIL Ltd For Target Rs.265 By Motilal Oswal Financial Services Ltd
Basmati brilliance on a global scale! LT Foods (LTFOODS) is a leading Indian basmati and specialty rice producer with over 70 years of experience in offering a diverse range of rice products under brands, Daawat and Royal. The company operates on a farm-to-fork model, ensuring comprehensive control over the value chain. With a significant presence in over 80 countries, LTFOODS achieved a 15% revenue CAGR over FY19-24. It focuses on expanding margins while maintaining a strong market share ...
Buy LT Foods Ltd For Target Rs.520 By Motilal Oswal Financial Services Ltd
Demand trends positive; miss on margins * Titan Company (TTAN) posted consolidated sales growth of 16% YoY in 2QFY25 (in line). The pressure on EBITDA margins led to a 7% miss on EBITDA (after adjusting customs duty). Higher interest costs (+71% YoY) and depreciation (+19%) led to only 2% YoY growth in adjusted PAT. * Jewelry sales growth (standalone, excluding bullion) was strong at 26% YoY (+9% in 1QFY25) due to strong demand recovery after customs duty reduction. Buyer grow...
Buy Titan Company Ltd For Target Rs.3,850 By Motilal Oswal Financial Services Ltd
Result Synopsis BLSTR delivered inline revenue growth with EMPS delivering robust 32.6% growth, while unitary products business saw muted growth of 5.1%. PEIS segment has declined by 3.8% yoy. Muted revenue growth is attributed to challenges in the commercial refrigeration business arising from regulatory changes related to BIS and Quality Control Order (QCO) as well as delays in ramping up production of the new range of glass top deep freezers. RAC continued its growth momentum with BLSTR...
Reduce Blue Star Ltd For Target Rs. 1,749 by Yes Securities Ltd
Growth outlook improving View – Recent stock correction yet not make risk reward favorable Escorts Kubota (ESCORTS) 2QFY25 results were weak led by first quarter of amalgamation of EKI and KAM. While CE/railways business performance was in-line, lower than expected margins in FES led EBITDA margins at 10.8% (flat YoY/ -240bp QoQ). Margins expansion for the merged entity to likely be gradual given full benefits of localization etc. to only kick-in over 2-3 years. However, improved ...
Neutral Escorts Kubota Ltd For Target Rs. 3,693 by Yes Securities Ltd
Results Synopsis Tata Steel's Q2FY25 performance was above the consensus expectations, primarily driven by volumes and falling coking coal prices, which offset the declines in NSR on a QoQ basis. Net revenue from operations decreased by 1.6% QoQ and 3.2% YoY, with EBITDA down 8.3% QoQ and up 43% YoY. Raw material costs were higher on a standalone basis due to change in value of chrome ore inventory. The company’s Kalinganagar 5.0 mtpa brownfield expansion remains on schedule, ...
Neutral Tata Steel Ltd For Target Rs. 157 by Yes Securities Ltd
Result Synopsis Astral ltd (ASTRA) reported a muted performance in Q2FY25. Pipe volumes declined marginally by 2.5%YoY (2-year volume CAGR stood at 12%) at 50,754Te (13% below our est). Volume growth was dented due to dealers resorting to de-stocking with constant fall in PVC resin prices and extended monsoons. The silver lining was that despite lower volumes, ASTRA improved their EBITDA/Kg to ~Rs35.5 from Rs33/Kg in the previous quarter which was impacted owing to Jaipur launch event and ...
Buy Astral Ltd For Target Rs. 2,135 by Yes Securities Ltd
Weak volumes & tariffs impact core performance; dividend income drives reported earning GSPL's Q2FY25 performance presents a weak picture, EBITDA and PAT witnessed YoY de-growth of 53%/26.8%; EBITDA was down 35.9% on lower volumes and tariffs but PAT was up 83.6% QoQ on higher other income. Volumes at 29.68mmscmd was lower than our expectations of 34.1mmscmd, on lower-than-expected volumes across sectors. However, the tariffs at (Rs 0.831/scm) were lower than our expectations of (R...
Neutral Gujarat State Petronet Ltd For Target Rs. 434 by Yes Securities Ltd
Changing mix of order book hurts 3Q ABB India (ABB)’s 3QCY24 performance was below our expectations due to lower-than-expected order inflows and execution. The quarter was hit by the changing mix of order book towards a higher share of long-gestation, large-sized orders. Margin performance, though, remained strong YoY, with improved pricing and lower RM costs. We expect the near-term execution velocity to be affected by slower-than-expected growth in order inflows and a shift of orde...
Buy ABB India Ltd For Target Rs.8,500 By Motilal Oswal Financial Services Ltd
Demand trends positive; miss on margins * Titan Company (TTAN) posted consolidated sales growth of 16% YoY in 2QFY25 (in line). The pressure on EBITDA margins led to a 7% miss on EBITDA (after adjusting customs duty). Higher interest costs (+71% YoY) and depreciation (+19%) led to only 2% YoY growth in adjusted PAT. * Jewelry sales growth (standalone, excluding bullion) was strong at 26% YoY (+9% in 1QFY25) due to strong demand recovery after customs duty reduction. Buyer grow...
Buy Titan Company Ltd For Target Rs.3,850 By Motilal Oswal Financial Services Ltd
Results Synopsis SAIL's Q2FY25 performance was below the consensus expectations, primarily driven by lower export sales volumes and falling realizations on a QoQ basis, which offset the declines in imported coking coal prices. Net revenue from operations stood at Rs 246,746 mn (which included Rs 16,369.4 mn towards rail price revision for FY22-23), up 3% QoQ and down 17% YoY. Adjusted EBITDA stood at Rs 12,673 mn down 43% QoQ and 67% YoY. Debottlenecking to be the focus while the 35...
Reduce Steel Authority of India Ltd For Target Rs. 112 by Yes Securities Ltd
Result Synopsis Bata India Ltd (BATA) reported another muted quarter on the back of sluggish demand environment & subdued consumption. Consequently, topline stood at Rs8.37Bn (largely in-line with est), a marginal growth of 2%YoY (2-Year CAGR remained flat). Gross margins declined by 143bps YoY & improved by 176bps sequentially to 56.6% & similarly EBITDA margins declined by 133bps YoY & expanded by 127bps QoQ to 20.9% (above est of 20%). Hence, Absolute EBITDA stood at Rs1...
Neutral Bata India Ltd For Target Rs. 1,388 by Yes Securities Ltd
All round beat builds ground for optimism Result Synopsis Base business growth in Vijaya is running healthy coupled with robust addition from new hubs opened between FY21-23. We had been circumspect about base business expansion, but it does appear to be running at 8-10% YoY in our view and indeed Vijaya has surprised for 2 quarters in a row. Company has not added any hubs between JanNov’24 barring one opened in Ongole, AP as management focused on integration of PH. With ~4 hubs l...
Add Vijaya Diagnostics Ltd For Target Rs. 1,240 by Yes Securities Ltd
Positive MHCV outlook maintained for 2HFY25 Valuation and View – MHCV volume trajectory key to watch for AL’s 2QFY25 operating performance was slightly better as EBITDA margins came in at 11.6% (vs est 11.2%, cons 11.1%, +40bp/+100bp YoY/QoQ). This was led by better-than-expected gross margins as RM continues to be benign (+50bp impact) and cost control initiatives (+50bp impact). We believe, despite volumes trajectory likely to be uncertain (flat to mid-single digit growth)...
Add Ashok Leyland Ltd For Target Rs. 256 by Yes Securities Ltd
Macro challenges yet not over both at JLR&S/A View – Sharp stock correction still not make risk reward favorable! TTMT’s 2QFY25 consol results were operationally weaker than expected led by supply disruptions at JLR (~16k units) dragged consol EBITDA miss of ~17%/20% to our/street estimates. JLR EBITDAM contracted 320bp YoY (-410bp QoQ) at 11.7% (est 13.2%) more than negating better S/A margins delivery at 12.4% (est 12%, +50bp YoY). On the positive side, deleveraging is...
Add Tata Motors Ltd For Target Rs. 948 by Yes Securities Ltd
Asset quality stress and upfront provisioning impact RoA Substantial flows/slippages and credit cost in MFI portfolio impacts profitability Equitas SFB’s credit cost (3.7% annualized) was higher than even Q1 FY25 (3.5% - which included Rs1.8bn of additional floating provision) due to 1) significantly increased flows/slippages in MFI portfolio, 2) moderate incremental deterioration in vehicle finance, affordable housing and MSE finance asset quality and 3) additional provisioning o...
Add Equitas Small Finance Bank Ltd For Target Rs. 94 by Yes Securities Ltd
Result Synopsis Whirlpool’s consolidated revenue came 2.5% below estimates. Revenue grew 12.6% yoy. WHIRL revenue grew in double digit despite overall industry for refrigerator and washers was flattish in Q2. Revenue growth was driven by strong volume share growth in Refrigerators and Washers compared to last year as well as more premium product mix driving value growth. The company continued to gain market share in its key categories of refrigerators and washers. Gross margin has im...
Buy Whirlpool of India Ltd For Target Rs. 2,483 by Yes Securities Ltd
Broad investment thesis remains intact Our view – Management guides for reasonably healthy loan growth Balance sheet growth – Loan growth outcome and guidance were both positive, while management was currently willing to allow deposit growth to lag: Whole bank advances grew 2.9%/15.3% QoQ/YoY driven by all segments, barring retail. In terms of guidance, the bank is looking at a credit growth in the range of 14-16% YoY. There is good corporate credit visibility due to healthy...
Buy State Bank of India Ltd For Target Rs. 1025 by Yes Securities Ltd
RoEV improves due to underlying factors, Upgrade Our view – Growth and margin show improved traction, BUY VNB margin - VNB margin has improved in a reasonably healthy manner on YoY basis, driven by product mix change: The VNB margin for 2QFY25 amounts to 17.9% compared with 15.3% in 2QFY24, up 257 bps YoY. On half-year basis, VNB margin has improved 160 bps YoY, with product mix change enhancing 1H margin by 430 bps whereas economic assumption change offsetting the same by 290 bps...
Buy Life Insurance Corporation of India Ltd For Target Rs. 1150 by Yes Securities Ltd
Result Synopsis CARYSIL Ltd reported decent performance in Q2YFY25 wherein revenue grew by 26.6%YoY to Rs2.07Bn (in-line with our est) which was driven by exports biz (82% of revenue) which grew by 31%YoY. GP margins on a consolidated basis improved from 53%/53.3% in Q2FY24/Q1FY25 to 55.6%, however, operating margins declined by 218bps YoY to 18% due to higher employee & other cost. On standalone basis, revenue increased by 11%YoY, but gross margins declined from 61.4% in Q2FY24 to 58%...
Buy Carysil Ltd For Target Rs. 1,035 by Yes Securities Ltd
Healthy gold loan growth; MFI business remains key monitorable Asset quality deteriorates across segments; credit costs high in microfinance * Manappuram Finance’s (MGFL) consol. PAT in 2QFY25 grew 2% YoY to INR5.7b (in line). NII grew ~21% YoY to ~INR16.4b and PPoP rose ~19% YoY to ~INR10.3b. 1HFY25 PAT grew 7% YoY to INR11.3b and we expect 2HFY25 PAT to decline 8% YoY. * Consol. credit costs stood at ~INR2.6b, resulting in annualized credit costs of ~2.3% (vs. ~2.1%...
Neutral Manappuram Finance Ltd For Target Rs.160 By Motilal Oswal Financial Services Ltd
Performance impacted by lower margin and higher interest cost KEC International Ltd (KECI)’s results were a mixed bag with in-line revenue being offset by a PAT miss. Revenue growth could have been higher; however, it was impacted by labor shortage and heavy monsoons in certain states. YTD order inflows jumped 50% YoY to INR134.8b, taking the order book to INR340.9b, up 9% YoY. For 1HFY25, the company reported revenue/EBITDA/PAT growth of 10%/14%/76% while for 2HFY25, we expect the s...
Neutral KEC International Ltd For Target Rs.900 By Motilal Oswal Financial Services Ltd
Performance below estimates; 2HFY25E to be better To launch 3W cargo and e-tractors/e-SCVs in the next 2-3 months * Tube Investments (TIINDIA)’s 2QFY25 result was weak, with standalone PBIT margin at 9.9% (-110bp YoY, vs. est. 10.6%), hit by one-offs in engineering segment and railway pricing challenge. However, management remains optimistic for 2HFY25, expecting strong 2W volumes, improved exports, and diversification beyond automotive that would drive growth. * We c...
Buy Tube Investments of India Ltd For Target Rs.4,750 By Motilal Oswal Financial Services Ltd
North America/Russia/ROW drive earnings Limited visibility to grow beyond the g-Revlimid opportunity * Dr Reddy’s Lab (DRRD) delivered in-line 2QFY25 performance. DRRD exhibited robust YoY growth in North America (NA), Russia, and ROW markets and a healthy scale-up in the pharmaceutical services and active ingredients segment. This was offset by moderate YoY growth in the Europe/CIS business. * Higher volume growth and new launches have been the key factors driving su...
Neutral Dr Reddy`s Laboratories Ltd For Target Rs.1,390 By Motilal Oswal Financial Services Ltd
Superior execution in consumer wellness/exports drives beat on 2Q estimates Integration of BSV under way * Mankind Pharma (MANKIND) delivered better-than-expected 2QFY25 performance, fueled by a strong revival in growth of the consumer business and continued growth momentum in the exports business. * MANKIND continues to deliver a better growth rate than the industry in the Rx-prescription business, supported by a niche portfolio and superior execution in chronic therapies....
Buy Mankind Pharma Ltd For Target Rs.3,140 By Motilal Oswal Financial Services Ltd
Demand trends positive; miss on margins * Titan Company (TTAN) posted consolidated sales growth of 16% YoY in 2QFY25 (in line). The pressure on EBITDA margins led to a 7% miss on EBITDA (after adjusting customs duty). Higher interest costs (+71% YoY) and depreciation (+19%) led to only 2% YoY growth in adjusted PAT. * Jewelry sales growth (standalone, excluding bullion) was strong at 26% YoY (+9% in 1QFY25) due to strong demand recovery after customs duty reduction. Buyer grow...
Buy Titan Company Ltd For Target Rs.3,850 By Motilal Oswal Financial Services Ltd
Changing mix of order book hurts 3Q ABB India (ABB)’s 3QCY24 performance was below our expectations due to lower-than-expected order inflows and execution. The quarter was hit by the changing mix of order book towards a higher share of long-gestation, large-sized orders. Margin performance, though, remained strong YoY, with improved pricing and lower RM costs. We expect the near-term execution velocity to be affected by slower-than-expected growth in order inflows and a shift of orde...
Buy ABB India Ltd For Target Rs.8,500 By Motilal Oswal Financial Services Ltd
Charting the high margin trajectory… ...by focusing on the Business Support Services (BSS) business * Updater Services (UDS) reported 13.3% YoY/4.3% QoQ revenue growth to INR6.7b, in line with our estimate of ~INR7.1b. EBITDA margin came in at 6.4% (est. 6.1%), stable YoY. IFM’s PBT margin improved 100bp QoQ to 5.2%. BSS’s PBT margin contracted 80bp QoQ to 5.8%. Consolidated adj. PAT stood at INR280m (up 42% YoY), in line with our estimate of INR264m. The company...
Buy Updater Services Ltd For Target Rs.450 By Motilal Oswal Financial Services Ltd
Pre-sales driven by Life Republic & 24K product Approval delays might weigh on INR52b launches planned for 2HFY25 * Kolte Patil Developers (KPDL) reported pre-sales of INR7.7b in 2QFY25, up 22% YoY, guided by the strong sales momentum in Life Republic (50% of total sales) and 24K (28%). Volumes inched up 5% YoY to 1.03msf as presales were driven by the higher ticket size products. In 1HFY25, pre-sales stood at INR14.8b (11% YoY). * As per its FY25 launch plan, KPDL coul...
Buy Kolte Patil Developers Ltd For Target Rs.525 By Motilal Oswal Financial Services Ltd
Upstream-Downstream performance divergence Hindalco delivered a strong upstream performance that is on a firm foot vs a starkly different downstream performance with bleak near-term outlook for Novelis, balancing out one another in Q2 and resulting in EBITDA beat of 9.5% at business segment level. On Novelis, there is no incremental clarity, especially on quantification in terms of impact on profitability from rise in scrap prices. It seems a part of margin contraction is structural. Near ...
Sell Hindalco Industries Ltd For Target Rs.600 By Emkay Global Financial Services
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