Anand Rathi Broker Research reports

We attended United Breweries’ first analyst meet and plant visit on Thursday. The former involved a panel discussion and Q&As with senior management, incl. Vivek Gupta (CEO & MD), Vikram Bahl (CMO), Wiggert Deelen (head, supply chain) and Jorn Kirsten (CFO).

After a muted Q1, PVR Inox is set for sequential improvement from Q2FY25. Plus, advertising income, which has been lagging pre-Covid levels should get a boost.

Globally, renewable energy capacity added in CY23 was a record 507GW, up 50% y/y. The International Energy Agency estimates 3,178GW are likely to be added over CY24-28. In India, capacity is likely to be 500GW by 2030.

Its FY24 annual report highlighted Arvind Fashions’ steps for growth with premiumisation being a core theme across brands. It is focusing on launching high-quality seasonal collections.

Led by a ~13% y/y rise in inventory (Aurika MIAL property operational from Q3 FY24) and ~9% y/y ARR growth, Lemon Tree Hotel’s Q1 revenue grew 19.5%.

Go Fashion’s Q1 revenue came in line with our estimates but the EBITDA margin was ~80bps lower than ARe at 32.8%, on the 0.2% y/y SSSG as sluggish demand was further hurt by the elections and searing heat.

With revenue up 1.3% (vs. the Street’s 1.2% estimate) and volumes rising 4% (3%), HUL’s Q1 was broadly in line with estimates. Rural demand uptick, innovations and premiumisation aided Q1.

Steady AUM growth, led by premiumization. Barring tractors, disbursements were healthy, which drove AUM up 23% y/y, 4% q/q.

Q1 PAT rocketed 42% y/y. Consolidated revenue ratcheted up 20% y/y to Rs58bn, driven by huge offtake in cooling products. Cable and wire revenue grew a mere 2% y/y as wire revenue was affected by the elections.

Revenue grew 21% y/y; margins hurt. Powered by 10% volume growth, Q1 revenue rose 21% y/y to Rs46.9bn. Cable and wire revenue rose 12% y/y to Rs39.4bn and FMEG revenue.