New Research Reports

AVL’s Q3 EBITDA was 9-14% below street/our estimates, due to weaker gross margin in a sluggish demand environment. In the wake of significant growth moderation for the durable industry in Q3 (vs H1), AVL’s strong and in-line revenue growth of 23% marks a huge outperformance (13%/15% SSG in Q3/9M).

Scaling new heights in Value Fashion

We recommend a BUY with a near term TP of Rs 6,050 implying an upside of 10 from the CMP

Sector leading performance; retail giant in the making

We maintain our BUY rating on the stock.

IndiaMART (INMART) reported 3QFY25 revenue growth of 16% YoY/1.9% QoQ, in line with our estimate of 17.6% YoY growth. Collection growth was 10% YoY at INR3.6b.

Zomato reported 3QFY25 revenues of INR54b, up 13% QoQ, in line with our estimate of 14% QoQ growth. Growth was led by Blinkit (GOV up 27% QoQ/120% YoY).

Zomato logged a mixed performance in Q3FY25 – Revenue grew 12.6% QoQ, in line with our estimate, led by the Quick Commerce (QC), Hyperpure, and Going Out. Food Delivery growth was muted, with GOV growing only 2.3% QoQ, largely attributed to broad-based slowdown from mid Nov. Blinkit’s GOV surged 27.2% QoQ, continuing on the strong growth path.

Metro’s Q3 results were largely inline – Revenue growth inched up to doubledigits (11%), aided by recovery in revenue per sqft (vs declining trend), ~9% network expansion, and faster ~37% growth in the e-com channel (~11% of sales). With EOSS and higher number of weddings, Metro expects to sustain the improving growth trajectory in Q4.