New Research Reports

The good growth momentum from Q1 continued for Dixon in Q2, largely from the cell-phone category. Backward integration in mobiles via screen manufacturing is underway while tie-ups for camera modules and mechanicals is being explored.

Core operating profits grew by 12% y-o-y /4% q-o-q (better than estimates) led by better loan growth, strong fee income and contained opex growth. Credit cost stayed lower at 39 bps annualised vs 44 bps q-o-q and 21 bps y-o-y resulting in steady RoA at 2.4%.

NTPC reported standalone 2QFY25 EBITDA of INR96.7b (-8% YoY), 19% below our estimate of INR119b. Sharp rise in other opex (INR55b vs. INR34bin 2QFY24) led to the miss at the EBITDA level.

We recommend a BUY with a target price of Rs 31,420/share (46.5x P/E for FY26E), implying an upside of 10% from the CMP.

Q2 results were broadly in line with our forecasts. Factoring in stronger growth momentum, we raise FY24-27E volume CAGR to 8.4% from 7.5%

Decent 16% revenue surge with 210bps gross margin boost from smart cost cuts and strategic price hikes

Gained market share in pipe segment in a difficult environment, but still missed our EBITDA estimates by 90% due to sharp margin contraction

Q2 revenue/PAT above our estimates due to better traction in both base and acquired businesses