Anand Rathi Broker Research reports

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.

Ended FY24 on a strong note. FY24 was a turnaround year. The balance
sheet grew healthily, with overall AUM registering >40% growth combined
with a consistent decline in the incremental cost of borrowing.

With its shift to a retail franchisee ahead of its Lakshya 2026 target, L&T
Finance’s Q4 consolidated (adjusted) net profit jumped ~32% y/y to Rs5.5bn, with the share of retail surging 300bps q/q to 94%.

Stable margins, strong fees income and modest provisions led to IndusInd’s strong Q4 profitability

Margin expansion and strong fee income counter-balanced opex, which
led to ~10% sequential growth in DCB Bank’s Q4 operating profit.

Jindal Drilling & Industries Limited (JDIL) is part of the D P Jindal Group. JDIL has more than three decades of experience in offshore drilling and allied services
including directional drilling and mud logging. JDIL owns rigs or takes rigs on lease from group companies or third parties and provides drilling services to
upstream companies in Mumbai Offshore (Bombay High) region