Anand Rathi Broker Research reports

In FY25, we expect verticals across EFGH (E-Commerce, FinTech, Gaming, Healthcare & hospitality) apart from RMG (Real money gaming) to start showing robust growth and expect strong 25% y/y growth in revenue.

Rossari Biotech is a leading specialty chemicals manufacturing company, focusing on four core chemistries of enzymes, silicones, acrylics and surfactants. It caters to industries such as home and personal care, and performance chemicals (HPPC), textile specialty chemicals (TSC) and animal health and nutrition (AHN) products

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