New Research Reports

Bharti Airtel (BHARTI) reported a strong 2QFY25, driven by flow-through of tariff hikes in the India wireless business (ARPU: +11% QoQ, vs. 7% QoQ for RJio) and robust incremental margins.

APL Apollo Tubes (APAT) reported the fourth consecutive quarter of weak operating performance (EBITDA/MT down 62% YoY in 2Q) on account of inventory loss of ~INR1.5b.

Adani Ports & SEZ (APSEZ) reported a revenue growth of 6% YoY to INR70.7b in 2QFY25 (in line). Cargo volumes grew 10% YoY to 111mmt. The growth was primarily driven by containers (+19% YoY).

Restaurant Brand Asia’s (RBA’s) Q2FY2025 performance was affected by negative SSSG in the India business and sustained weakness in Indonesia; EBITDA margins rose y-o-y aided by better profitability of the India delivery business and multiple initiatives in Indonesia.

We retain a Buy on Greenlam Industries Limited with an unchanged PT of Rs. 670, considering its strong earnings growth trajectory over FY2024-FY2026E.

? KPIL’s standalone revenues growth of 7.6% led by strong growth in T&D business (25%), Oil & Gas (170%), Urban Infra (31%) and B&F (19%) but was compensated by a decline in water (43%) and Railways (40%). Results broadly met estimates.

Sumitomo’s reported revenue of Rs. 988 crore, marking a 9% increase compared to the same period last year and an 18% rise from the previous quarter, exceeding our projections by 5%.

We maintain a Buy on the stock with an unchanged PT of Rs. 1850, considering its strong outlook led by capacity additions and structural demand drivers.

Marico’s Q2FY2025 performance was largely in line with expectations, with consolidated revenues growing by 8% y-o-y (India biz volumes grew 5%) and OPM declining marginally by 48 bps y-o-y to 19.6%, adjusted PAT grew by ~9% y-o-y.

Cipla’s revenue reached Rs. 7,051 crore, reflecting a 7% y-o-y increase and a 6% q-o-q rise, meeting our expectations.