Anand Rathi Broker Research reports

In line with our estimates, Kewal Kiran’s Q4 revenue grew 10% y/y, but the
19.3% EBITDA margin slightly lagged ARe. Better working capital led to
higher, Rs1.4bn/1.3bn, OCF/FCF generation (FY23 Rs0.8bn/0.5bn).

Operating at 97% capacity, Birla Corporation’s revenue growth came from
firm volume growth, whereas weak prices dented realisations.

Boosted by robust loan growth and the higher NIM, Kotak Mahindra
Bank delivered healthy, 20% q/q, core earnings growth in Q4.

Muted NII and lower Treasury income led to the decline in South Indian
Bank’s Q4 operating profit.

The ~1.6bn wage revision-related expenses piled pressure on Federal
Bank’s operating profits, but, provision write-backs aided profitability,
with the RoA at 1.22% (down 17bps q/q).

Driven by the strong, 42% y/y, NII growth, Cholamandalam Investment
and Finance’s Q4 net profit rose 25% y/y to Rs10.6bn.

Anaemic demand in Mar’24 and keener competition hurt Orient’s Q4
volume growth, while realisations rose y/y on the higher share of premium
cement.

TCV in Q4 (down 16% y/y) and H2 (down 11% y/y) was soft. In FY24, it was flattish (up 1%). However, the book:bill was 1.5x (LTM 1.4x),hence, the slow FY24 TCVgrowth may not impact revenue growth in FY25

While its cash collection grew 16% y/y to Rs4.8bn, IndiaMart’s Q4 FY24
17.1% y/y revenue growth came in line with our estimate.

A diverse product company and a well-known brand, Havells is aptly
placed to capitalise on the strong summer demand trend, with Lloyd
margins turning positive and ECD margins inching up.