Anand Rathi Broker Research reports

Broadly in line with our Rs774m estimate, MM Forgings’ Q2 EBITDA grew a healthy 7% y/y to Rs769m. We reckon the domestic M&H CV volume uptrend would hold at a 5% CAGR over FY24-27.

Voltas’ UCP segment continued its strong performance, delivering 31% y/y revenue growth in Q2 and 56% y/y RAC volume growth in H1 FY25.

With 2% q/q growth (1.3% in CC),aided by broad-based growth across verticals, Cyient’s Q2 was in line with estimates. Sustainability, however, declined a steep 6.4% sequentially (-2.2% y/y) in CC.

On a consolidated basis, ITC topline grew by 15.6% YoY and 11.2% QoQ to Rs222,819 mn driven by growth in Hotels, Value Added Agri products and Leaf Tobacco.

Driven by robust, 32% y/y, NII growth, Cholamandalam Investment &Finance’s Q2 net profit rose 25% y/y to Rs9.6bn.

Weak demand because of the prolonged monsoon, less government infra funding and keen competition hurt Birla Corp’s Q2. Its FY25 volume guidance was lowered to 3-4% as demand at its core regions would be curbed by Mahakumbh (Central) and elections (Maharashtra) where EBITDA/tonne has been guided to rise Rs150-170 in H2 FY25.

KPIT Technologies maintainedits growth trajectory in Q2, with 4.7% q/q CC revenue growth. New TCV signed at $207m,up33% y/y, taking LTM to$859m, down 17.5% y/y,
incl. mega deals in FY23.

Despite the challenging retail environment Go Fashion’s Q2 revenue grew 10.4% y/y, in line with ARe, led by 0.5% SSSG.

With 2% y/y consolidated revenue growth (vs. the Street’s estimated 1%) and Rs7.6bn EBITDA (Rs7.5bn), Godrej Consumer’s Q2 was broadly in line with expectations.

The good growth momentum from Q1 continued for Dixon in Q2, largely from the cell-phone category. Backward integration in mobiles via screen manufacturing is underway while tie-ups for camera modules and mechanicals is being explored.