New Research Reports

Balkrishna Industries (BIL)’s 2QFY25 was operationally better than expected with EBITDA of INR6.2b (+13% YoY, est. INR5.9b), led by better ASP and lower promotional expenses.

Shriram Finance (SHFL)’s 2QFY25 PAT rose ~18% YoY to ~INR20.7b (in line), and PPoP grew 14% YoY to ~INR39.8b (in line). NII grew ~19% YoY to INR54.6b (in line), while reported NIM dipped ~5bp QoQ to ~8.75%.1HFY25 PAT grew ~18% YoY to INR40.5b and we expect 2HFY25 PAT to grow by ~15% YoY

Poonawalla Fincorp (PFL)’s 2QFY25 loss stood at ~INR4.7b (MOFSLe: INR3b+). The company reported a loss in 2QFY25 mainly due to a one-time provision in STPL book of ~INR6.7b and a one-time opex of ~INR710m from investments in technology.

ICICI Bank (ICICIBC) has reported six glorious years of performance since Mr. Sandeep Bakhshi took charge as MD & CEO on 15th Oct’18. The bank has consistently beaten street estimates on one or the other metric.

CreditAccess Grameen (CREDAG)’s 2QFY25 PAT declined ~46% YoY to ~INR1.86b (~29% miss). 1HFY25 PAT declined ~16% YoY to ~INR5.8b, and we expect 2HFY25 PAT to decline ~38% YoY.

Coromandel International (CRIN) reported subdued operating performance in 2QFY25 (EBIT down 10% YoY) due to a lower NBS rate and high raw material prices.

ICICI Bank posted a 3% beat on PAT at Rs117bn and a superior RoA of 2.4% among peers, primarily due to healthy NII and better fees/treasury gains.

KPIT Technologies maintainedits growth trajectory in Q2, with 4.7% q/q CC revenue growth. New TCV signed at $207m,up33% y/y, taking LTM to$859m, down 17.5% y/y,
incl. mega deals in FY23.

Despite the challenging retail environment Go Fashion’s Q2 revenue grew 10.4% y/y, in line with ARe, led by 0.5% SSSG.

With 2% y/y consolidated revenue growth (vs. the Street’s estimated 1%) and Rs7.6bn EBITDA (Rs7.5bn), Godrej Consumer’s Q2 was broadly in line with expectations.