ICICI Securities Limited Broker Research reports

Bajaj Electricals (BJE) reported a strong revival in consumer products in Q3FY25. There was healthy demand for most of its products despite the 2-4% price hike.

While there will be a favourable base starting from Q4FY25, Asian Paints is likely to post muted growth rates in CY25 considering: (1) The stress in urban markets is likely to continue. It has also resulted in downtrading impacting the profit pool.

Titan's domestic jewellery business revenue growth continued to be strong (~25% YoY; LFL: 22% YoY) driven by gold jewellery with good performance in studded segment (+21% YoY, strong buyer growth in sub-100k price point) while solitaire segment continued to be muted (global price uncertainty), leading to ~100bps (~23%) reduction in the studded share.

Godrej Properties (GPL) clocked strong Q3FY25 gross sales bookings of 4.1msf worth INR 54.5bn, led by over 2msf of launches across India. Buoyed by a strong 9MFY25 performance, wherein it achieved gross sales bookings of INR 193bn.

Kajaria Ceramics (KJC) reported Q3FY25 consol. revenue growth of 1% YoY with tile volume growth of 6.7% YoY (5- year CAGR of 7.2%) and realisation decline of 3.7% YoY (-1.9% QoQ). EBITDA margin shrunk 274bps YoY/69bps QoQ to 12.8% due to higher employee cost, other expenses and lower utilisation of new sanitaryware plant, resulting in 16.8%/25.4% YoY EBITDA/APAT dip.

Tata Power commissioned 4GW of solar cell capacity in Q3FY25. Its solar manufacturing capacity reported an excellent set of result – INR 13bn in revenue and INR 1bn in profit in Q3. It now operates largest integrated solar cell and module manufacturing plant in the country.

Alembic Pharma’s (Alembic) Q3FY25 result was dragged by tepid performance in India and API biz. India biz growth has been weaker (5.8% in 9MFY25) for the last couple of quarters due to pressure in acute segment even though animal health biz has been growing <20%.

Aditya Birla Capital Limited (ABCL) reported a decent set of numbers with reported PAT at INR 7.36bn for Q3FY25, lower 4% YoY and 15% QoQ (vs. adjusted PAT of INR 8.34bn in Q2FY25).

In H1FY25, Awfis Space Solutions (Awfis) delivered on two of its main FY25 guidance parameters, viz. 30%-plus revenue growth for FY25 and expansion in IGAAP EBITDA margin upwards of 12% (H1FY25 YoY revenue growth of 39% and IGAAP EBITDA margin of 13.3%). With an overall operational and committed pipeline of 150,649 seats (over 110,000 operational) as of Sep’24, we expect continued growth ahead.

Bajaj Finance (BAF) has unveiled its Long-Range Strategy (LRS) 2025-2029 in which it targets – a) total credit market share of 3-3.25% by FY28 and 3.2-3.5% by FY29 from 2.1% as on Sep’24, b) strong customer franchise of 130-140mn by FY28 and 190-210mn by FY29 from 92.1mn on Sep’24,