Anand Rathi Broker Research reports

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.

Kewal Kiran’s H1 revenue grew 4.2% y/y, led by Kraus’ acquisition, though standalone sales fell 8.3% y/y on weak demand.

The only iron ore miner in Maharashtra, Lloyds has ~157m tonnes of extractable iron ore and ~701m tonnes of banded hematite quartzite (BHQ).

In the extremely volatile PVC pricing context Astral’s performance was decent though revenue was up only 0.5% to a muted Rs13.7bn.

Continuous decline in copper prices from end-May till Aug, leftover highcost Q1 inventory and destocking impacted Finolex Cables’ Q2. Multiple price cuts during Q2 dented margins.

In line with our estimates and consensus, Jupiter Lifeline Hospital reported healthy Q2 figures, with revenue/EBITDA/PAT up23%/23%/53% y/y.

Hindalco Industries’ strategic expansion in Bay Minette is on track and the recently commissioned 250k tonne Guthrie facility is ramping up, with production having commenced in Q2.