Anand Rathi Broker Research reports

State Bank of India saw a soft Q3 on subdued NII and miss in other income. The bank’s dominant market position, best-in-class management and strong digital abilities would aid in maintaining its market share, while delivering healthy profitability.

We believe that easing liquidity conditions by the new RBI governor and greater government spending would drive improvement in Axis Bank’s outlook. We see the +ve macro impetus to drive a re-rating in a quality franchisee with a positive risk-reward.

J Kumar's execution velocity grew accompanied by steady margins, and a sound balance sheet. Together, these can facilitate a greater scale of operations ahead.

Mayur’s Q3 revenue surged 17% y/y to Rs2.1bn. The greater share of value-added products and a ramp-up in the B2C business helped the gross margin expand 305bps y/y to 46.9%.

Greenlam’s Q3 revenue stepped up 7% y/y to Rs6bn. Stable input costs led to a slight, 20bps y/y, better gross margin to 55%. Front-loading of certain costs w.r.t the particle board plant pushed EBITDA down 11% y/y to Rs635m.

Keener competition in Birla Corp’s core regions affected its Q3 performance where revenue/EBITDA declined 2.3%/34.5% y/y chiefly due to lower realisations.

One of the leaders in premium and mid-premium biscuits (a 5% share in North India), and other bakery items mainly in north India, Mrs Bectors Food Specialties manufactures and markets biscuits under its flagship brand ‘Mrs Bector’s Cremica’ and bakery items under ‘English Oven’.

The company's revenue stood at Rs. 47,797 Millions in Dec 24 quarter, showing a 3.9% increase compared to Rs. 46,004 Millions in the corresponding quarter of the previous year whereas there was a de growth of 6.4% on QoQ basis. In 9M FY25 basis, the company reported a revenue of Rs. 146,977 Millions a growth of 2.8% on annual basis.

Decent core operating performance and modest provisioning (~40bps) led to the Bank of Baroda’s strong profitability in Q3, its RoA coming at 1.15%. Asset quality improved.

Orient Electric’s lighting category retained industry-leading growth, while its ECD was hit by late winter. Margins expanded on cost savings, premiumization and operating leverage.