New Research Reports

With a 24% upside potential from the CMP, we maintain our BUY rating on the stock.

Trent Ltd (TRENT) delivered yet another robust quarter, albeit slightly weaker than our high expectations.

V-Mart Retail’s (VMART) revenue grew 16% YoY in 3QFY25, led by strong SSSG (10%) and store additions. EBITDA beat our estimate by 12%, aided by improvement in gross margin for offline format, lower losses in LimeRoad (LR), and benefits from unprofitable store closures in Unlimited.

Swiggy delivered a revenue of INR39.9b in 3QFY25 (up 11% QoQ) vs. our estimate of INR38.9b. The food delivery (FD) business’s GOV grew 19.2% YoY, whereas the contribution margin was 7.4%, recording 80bp QoQ expansion.

Info Edge’s Q3FY25 standalone revenue stood at Rs. 672 crore, up 2.4% q-o-q/12.8% y-o-y, slightly missing our estimate of Rs. 682 crore. Total billings stood at Rs. 668 crore, up 15.8% y-o-y. Billing growth for the recruitment business grew 15.2% y-o-y.

Info Edge (INFOE) delivered in-line revenue growth in 3QFY25, with standalone revenue rising 12.8% YoY/2.4% QoQ. EBITDA margin came in at 43.1% (up 130bp QoQ/270bp YoY), beating our estimate of 40.6%.

We maintain our HOLD rating on the stock.

Relaxo Footwears (RLXF) reported another weak quarter with revenue declining 6% YoY due to a 15% YoY dip in volume.

Vedant Fashions (VFL) reported a muted performance in 3QFY25, with YoY flat EBITDA and PAT (11-12% miss) due to weak SSSG (2.6%) and higher other expenses.