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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
Earnings beat estimates; strong recovery witnessed * Consolidated revenue grew 37% YoY to INR2.75b (est. INR2.4b), aided by a recovery in US business (up 57% YoY to INR1.6b). * Clean energy segment witnessed 98% YoY growth, followed by 59%/36% YoY growth in the medical/mobility segments. * EBITDA margin expanded by 470bp to 11% (est. 6.4%) despite gross margin contraction by 40bp YoY to 36.8%. Employee expenses/other expense as % of sales stood at ~17%/8.9% vs. ~22.7...
Company Update : Avalon Technologies Ltd - Motilal Oswal Financial Services
A miss on est. due to lower volumes and higher costs * JKLC’s 2QFY25 earnings were notably below our estimate due to lower-thanestimated volume (~11% miss) and higher-than-estimated opex/t (+3% vs. our est.). Consol. EBITDA declined ~59% YoY to INR893m (~42% below our estimate), and EBITDA/t was down ~55% YoY to INR360 (our est. at INR550). OPM dipped 6.6pp YoY to ~7% (est. ~11%). JKLC reported a net loss of INR140m (vs. estimated profit of INR262m) vs. PAT of INR927m in 2QFY24....
Company Update : JK Lakshmi Cement Ltd - Motilal Oswal Financial Services
In-line result; both India and the EU outperform the underlying industry * ENDU’s 2QFY25 consol. revenues grew 14% YoY to INR29.1b (in line). EBITDA rose 20% YoY to INR3.8b (in line), and adj. PAT was up 31% YoY at INR2b (in line). * Its 1HFY25 revenue/EBITDA/adj. PAT grew 15%/18%/28% YoY. India business: * Revenue grew 16.5% YoY to INR23b (inline) compared with underlying 2W industry production growth of ~10% YoY. There was an incentive of INR131m booked in 2...
Company Update : Endurance Technologies Ltd - Motilal Oswal Financial Services
Beat on EBITDA & PAT as strong margin offsets volume weakness * In 2QFY25, Gujrat Gas (GUJGA) reported EBITDA and PAT at 10%/17% above our estimates. The overall volume was down 4% vs our estimate, though this was offset by the EBITDA/scm margin coming in at INR6.4 (our est: INR5.6). The beat at the EBITDA level appears to be largely driven by gas cost optimization, as gross margin expanded from INR8.6/scm in 1QFY25 to INR10.4/scm in 2QFY25. In 3QFY25, we expect a sharp recovery in vol...
Company Update : Gujarat Gas Ltd - Motilal Oswal Financial Services
Operationally better than estimates * Apollo Hospitals’ (APHS) 2QFY25 revenues grew 15.3% YoY to INR55.9b (est INR54.0b). Healthcare services’ revenue grew 16.8% YoY to INR25.6b. Healthco’s revenue grew 15.3% YoY to INR20.8b. AHLL’s revenue grew 14.9% YoY to 3.7b * EBITDA margin expanded 160bp YoY to 14.6% (our est: 14.1%) due to lower employee/other expenses (down 80bp/130bp YoY as a % sales, respectively). * EBITDA grew 30% YoY to INR8.2b (our est:...
Company Update : Apollo Hospitals Enterprise Ltd - Motilal Oswal Financial Services
Robust India business performance drives EBITDA beat Highlights of standalone results: * Revenue stood at INR324b (-5% YoY/-2% QoQ), in line with our estimate of INR326. The QoQ decline was due to weak realization. * Steel production stood at 5.27mt, whereas deliveries stood at 5.1mt (+6% YoY/ +3% QoQ) against our estimate of 5.06mt. * ASP stood at INR63,404/t (-11% YoY/-5% QoQ) vs. our estimate of INR64,325/t. * EBITDA stood at INR66b (-4% YoY/-2% QoQ), bet...
Company Update : Tata Steel Ltd - Motilal Oswal Financial Services
Steady 2Q, in line with estimates * PWGR reported standalone (SA) revenue for 2QFY25 at INR102b (+5% YoY), just 2% below our estimate of INR104b. EBITDA came in at INR87.8b (+3% YoY), ~4% below our est. of INR91.3b, impacted by a sharp rise in opex. * Reported SA PAT was in line with our est. and stood at INR37.1b. Adjusted SA PAT of INR35b (+5% YoY) was 3% lower than our est. of INR36.2b. * On a consolidated basis, reported PAT came in at INR37.9b (flat YoY) and EBIT...
Company Update : Power Grid Corporation of India Ltd - Motilal Oswal 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
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
Novelis 2QFY25: In-line performance * Shipments volume stood at 945kt (YoY/QoQ: +1%/ flat) against our estimate of 961kt. The growth was primarily led by strong demand from the beverage packaging segment offset by lower shipments to some specialty end markets and the automotive segment. Volumes were also impacted due to flooding-led production interruption at the Sierre plant. * Novelis (HNDL)’s 2QFY25 revenue stood at USD4.3b (YoY/QoQ: +5%/+3%) inline with our estimate ...
Company Update : Hindalco Industries - Motilal Oswal Financial Services
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
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
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
Two wheelers to outperform, but growth set to moderate 2Ws and tractors likely to report growth in retail; unlike CVs / PVs * We observed varied demand trends in Oct’24, with 2Ws and tractors showing positive momentum and PVs and CVs witnessing moderate demand. A better monsoon is helping drive positive sentiment in rural regions, though the sustainability of this demand remains to be seen. Overall, 2Ws performed better, with festive growth expected at 4-5% YoY, partially con...
Automobile Sector Update : Two wheelers to outperform, but growth set to moderate 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
Loan growth muted; asset quality improves Earnings in line; NIM stable QoQ * Repco Home Finance (REPCO)’s 2QFY25 PAT grew 15% YoY to INR1.1b (in line). The company’s 1HFY25 PAT grew ~16% YoY to ~INR2.2b, and we expect 2HFY25 PAT to increase ~7% YoY. * The NII declined ~2% YoY to ~INR1.7b (in line). REPCO reported a healthy growth in its other income, primarily led by improvements in insurance commissions, investment income, and recoveries from written-off accoun...
Neutral Repco Home Finance Ltd For Target Rs.500 By Motilal Oswal Financial Services Ltd
Operationally stable quarter, but P&L lags recognition INR34b of launches in 2HFY25 ensures achievement of guidance * Sunteck Realty (SRIN) reported pre-sales of INR5.2b in 2QFY25, up 33% YoY (13% lower than our estimate). Traction in uber-luxury projects remained intact, with bookings of INR1.6b, or 31% of overall pre-sales. The upper mid-income segment accounted for 41% of pre-sales. * During 1HFY25, the company achieved pre-sales of INR10.3b (up 31% YoY), fueled by t...
Buy Sunteck Realty Ltd For Target Rs.745 By Motilal Oswal Financial Services Ltd
Transitioning quarter KOEL’s 2QFY25 results beat our estimates, with 13%/67%/90% YoY growth in revenue/EBITDA/PAT. B2B segment growth was aided by powergen, industrial and distribution segments, while exports remained weak due to weakness in select markets. B2C segment growth was impacted by a planned plant transition. Powergen segment revenues declined QoQ on relatively lesser price hikes for lower-kVa nodes for KOEL vs. its competitor and a QoQ decline in market volumes due to norm...
Buy Kirloskar Oil Engines Ltd For Target Rs.1,500 By Motilal Oswal Financial Services Ltd
Star-Viacom merger a potential double whammy for SUN * Sun TV Network (SUNTV) reported a largely in-line 2QFY25, with revenue/EBITDA declining 12%/26% YoY (on a high base). A modest 2% YoY recovery in ad revenue (vs. -5% YoY in 1Q, -8% YoY for Zee) was offset by lower movie production revenue, higher direct costs and other expenses. * Recovery in ad revenue remains the key near-term monitorable. However, we believe the impending Star-Viacom merger could be a potential double w...
Neutral Sun TV Network Ltd For Target Rs.670 By Motilal Oswal Financial Services Ltd
Margins under pressure despite improved mix Focus on growth over profitability clearly visible * Eicher Motors’ (EIM) 2QFY25 operating performance was below our est. as margins contracted 90bp YoY to 25.5% mainly due to higher other expenses (higher promotional spend and warehousing). While VECV outperformed industry growth, it seems to have come at the expense of margins (down 70bp YoY to 7.1%). Management has indicated that they would continue to focus on demand generation ...
Sell Eicher Motors Ltd For Target Rs.4,000 By Motilal Oswal Financial Services Ltd
Continues to deliver robust performance Earnings below estimates * Kaynes Technologies India Ltd (KAYNES) delivered an all-round performance in 2Q with: revenue surging 59% YoY in 2QFY25, led by strong traction in the Industrials vertical (up 2.2x YoY; includes EV); order book growing 57% YoY to ~INR54.2b; and EBITDA margins expanding 90bp YoY during the quarter due to the favorable business mix. * Its revenue has been growing at an average rate of ~58% over the last eight ...
Buy Kaynes Technologies India Ltd For Target Rs.6,600 By Motilal Oswal Financial Services Ltd
Decent performance; maintains volume guidance for FY25 despite challenges in EXIM * Container Corporation of India (CCRI)’s revenues grew 4% YoY to INR22.8b during 2QFY25 (in line with our estimate). Total volumes grew 6% YoY to 1.3m TEUs with EXIM/Domestic volumes at 1.0m/0.29m TEUs, respectively (+4%/+14% YoY). * Blended realization declined ~2% YoY to INR17,516/TEU. EXIM/Domestic realization stood at INR15,232/INR25,231 per TEU, respectively (+2%/-12% YoY). EBITDA mar...
Buy Container Corporation of India Ltd For Target Rs.1,050 By Motilal Oswal Financial Services Ltd
Healthy UCP performance; recovery continues in EMPS * Voltas (VOLT)’s 2QFY25 earnings were above our estimates, led by higherthan-estimated revenue/EBIT growth in the UCP segment and higher margin in the EMPS segment. Revenue grew 14% YoY to INR26.2b (5% beat), while EBITDA jumped 131% YoY to INR1.6b (11% beat). OPM surged 3.1pp YoY to ~6% (+30bp vs. our est.). Adj. PAT jumped 265% YoY to INR1.3b (est. INR1.2b). * Management indicated that VOLT maintains a leadership pos...
Buy Voltas Ltd For Target Rs.2,070 By Motilal Oswal Financial Services Ltd
Weak volumes continue to hurt profitability Performance below our estimates * TCI Express (TCIE)’s 2QFY25 revenue decreased 3% YoY to ~INR3.1b (7% below our estimate), while volumes declined ~1% YoY. Volumes were hit by slower growth in the manufacturing, automobiles, and textile sectors. The quarter also saw several challenges, such as higher costs from multimodal enhancements and high inflation adversely affecting customers. * Volumes stood at 0.25m tonnes (-2% YoY)...
Neutral TCI Express Ltd For Target Rs.1,060 By Motilal Oswal Financial Services Ltd
Space and Clean Energy business drives recovery Operating performance in line with estimates * MTARTECH reported healthy revenue growth in 2QFY25 (14% YoY/48% QoQ) after three consecutive quarters of declining revenue, indicating a recovery going ahead. Margins improved 640bp QoQ (down 230bp YoY), led by favorable operating leverage. The order book remained healthy at INR9.4b (up 5% QoQ). * The management expects a strong performance in 2HFY25, with full-year revenue guidance of ~INR...
Buy MTAR Technologies Ltd For Target Rs.2,000 By Motilal Oswal Financial Services Ltd
Strong SSSG and lower LR losses drive 2Q beat * V-Mart Retail’s (VMART) revenue grew 20% YoY in 2QFY25, led by strong SSSG and store additions. EBITDA beat our estimate by 30%, aided by better productivity, improvement in gross margin for offline format, and lower losses in LimeRoad (LR). * We broadly maintain our revenue/EBITDA estimates for FY25/FY26. We expect revenue/EBITDA CAGR of 17%/39% over FY24-27 as we build in improved SSSG and lower losses in the online segme...
Neutral V-Mart Retail Ltd For Target Rs.4,750 By Motilal Oswal Financial Services Ltd
Broad-based improvement in margin profiles Operating performance in line with estimates * Godrej Agrovet (GOAGRO) reported healthy operating performance (EBIT grew 11% YoY) in 2QFY25 despite a decline in revenue (down 5% YoY). This can be attributed to the improved profitability in the Animal Feed (AF)/palm oil/dairy business (EBIT up ~24%/7%/2.9x YoY), which was partly offset by a decline in the operating profitability in the Crop Protection (CP)/Poultry (Tyson) business (EBIT down 15%...
Buy Godrej Agrovet Ltd For Target Rs.910 By Motilal Oswal Financial Services Ltd
Outperformance driven by strong SSSG * Vedant Fashions (VFL) delivered good quarter with revenue/PAT rising 23%/37% YoY (10%/21% beat) driven by strong SSS growth of 17% YoY, lower base (-12% YoY in 2QFY24), and a favorable shift in festive dates. * Our estimates are broadly unchanged. We build in FY24-27E CAGR of 15%/17%/19% in revenue/EBITDA/PAT, mainly driven by footprint expansion and single-digit SSSG. * Demand revival in 2HFY25 on account of the festive season a...
Neutral Vedant Fashions Ltd For Target Rs.1,500 By Motilal Oswal Financial Services Ltd
Marginal miss in EBITDA; higher other income drives beat in APAT * IRB Infrastructure’s (IRB) revenue declined 9% YoY to INR15.9b in 2QFY25 (9% below our estimate). EBITDA margin came in at 48.3% (est. 46.3%), up 280bp YoY and 200bp QoQ. EBITDA declined 4% YoY to INR7.7b (5% miss). APAT rose 4% YoY to INR999m, 16% above our estimate of INR 860m, led by higher other income. * Construction revenues stood at INR10b (-15% YoY), while BOT revenue came in at INR5.8b (+2.4% YoY...
Neutral IRB Infrastructure Developers Ltd For Target Rs.60 By Motilal Oswal Financial Services Ltd
Elevated loss ratio hits profitability, PAT miss of 29% * Star Health (STARHEAL)’s net earned premium grew 16% YoY to INR37b (in line). For 1HFY25, net earned premium rose 16% YoY. * Total investment income stood at INR3.6b (15% above est.), up 39% YoY. For 1HFY25, it came in at INR6.5b, a growth of 29% YoY. * Claim ratio stood at 72.8% (vs. our est. of 70.5%). It increased 410bp YoY mainly due to the rising share of the group segment (leading to a higher loss ra...
Buy Star Health and Allied Insurance Ltd For Target Rs.630 By Motilal Oswal Financial Services Ltd
Continues to deliver robust performance Earnings below estimates * Kaynes Technologies India Ltd (KAYNES) delivered an all-round performance in 2Q with: revenue surging 59% YoY in 2QFY25, led by strong traction in the Industrials vertical (up 2.2x YoY; includes EV); order book growing 57% YoY to ~INR54.2b; and EBITDA margins expanding 90bp YoY during the quarter due to the favorable business mix. * Its revenue has been growing at an average rate of ~58% over the last eight ...
Buy Kaynes Technologies Ltd For Target Rs.6,600 By Motilal Oswal Financial Services Ltd
Generic/currency headwinds in biologics drag down earnings * Currency headwinds in the biologics segment, pricing challenges, and a planned shutdown in the generics segment affected the overall performance of BIOS in 2QFY25. * Despite these challenges, BIOS delivered improved profitability QoQ thanks to a strong revival in its Syngene business. It also continued to gain decent market share by volume in its key biosimilars in the US and EU. New launches, including liraglutide ...
Neutral Biocon Ltd For Target Rs.300 By Motilal Oswal Financial Services Ltd
Decent performance; maintains volume guidance for FY25 despite challenges in EXIM * Container Corporation of India (CCRI)’s revenues grew 4% YoY to INR22.8b during 2QFY25 (in line with our estimate). Total volumes grew 6% YoY to 1.3m TEUs with EXIM/Domestic volumes at 1.0m/0.29m TEUs, respectively (+4%/+14% YoY). * Blended realization declined ~2% YoY to INR17,516/TEU. EXIM/Domestic realization stood at INR15,232/INR25,231 per TEU, respectively (+2%/-12% YoY). EBITDA mar...
Buy Container Corporation of India Ltd For Target Rs.1,050 By Motilal Oswal Financial Services Ltd
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