Anand Rathi Broker Research reports

Healthy loan growth and stable asset quality led to Kotak Mahindra Bank’s 4.1% q/q core PPOP growth. The faster than the system loan growth and greater operating efficiencies would drive a 2.2% RoA over FY25-27.

Fluctuating commodity prices dented domestic wire growth, resulting in overall moderated Q3 revenue growth for Havells. The festival season, though, saw improved demand. Investments in brand-building and talent were elevated in Q3, but are likely to stabilise; thus, better margins are
expected ahead with growth coming in.

HCL Tech reported revenue by an increased of 5.1% YoY to Rs 29,890 crores on a consolidated basis. In constant currency (CC) terms the revenue grew by 4.1% YoY and 3.8% QoQ. In dollar terms, revenue of $3,533M, up 2.5% QoQ & up 3.5% YoY. The uptick in the revenue was seen due to increasing spending patterns in the verticals.

Dixon Technologies has signed a binding term sheet with vivo India to undertake OEM business of electronic devices, including smartphones. The company would hold 51% stake in the JV, while vivo India would hold 49%, with no cross-stakes between them

Ceat’s takeover of Camso would expand its presence in the higher profitability OHT segment. Further, it would also strengthen its presence in construction equipment (CE) globally. It would also add OEMs and distributors (key for success).

Bajaj Finance completed its long-range strategy (LRS) 2025-29 meet last week and released an investor presentation. Its targets are lofty; however, with impeccable execution skills, we believe the same are achievable.

Godrej Consumer Products’ Q3 business update highlighted temporary headwinds. Flat Q3 volumes (vs. average ~7% y/y organic growth in H1 FY25 and in the last six quarters) are expected due to challenges in soaps and home insecticides (HI), which account for nearly two-thirds of domestic revenue.

We believe that the IPO is fairly priced and recommend a “Subscribe-Long term” rating to the IPO.

Cera Sanitaryware’s H1 remained soft as revenue was flat at Rs8.9bn. EBITDA declined 11.4% y/y, while PAT inched up 1.7% y/y to Rs1.2bn.

TBO Tek’s H1 FY25 revenue grew ~24.7% y/y to ~Rs8.7bn (organic growth ~17.1% y/y). The overall take rate rose from ~5.2% in H1 FY24to ~5.5%, with monthly transacting buyers growing ~6.8% y/y to 28,252.