ICICI Securities Limited Broker Research reports

Prestige Estates Projects (PEPL) clocked tepid Q2FY25 gross sales bookings worth INR 40.3bn (43% YoY dip) owing to just three new launches across 8.2msf in Bengaluru and Mumbai during the quarter.

Ashoka has entered into an agreement to sell its BOT asset to India Highway Concession Trust – sponsored by CDPQ, a Canadian pension fund. Ashoka shall receive INR 25bn as the deal’s proceeds.

Q2FY25 for Fedbank Financial Services (Fedfina) has been eventful with: 1) a change in top management; 2) RBI circular dated 4 Oct’24 stressing upon carryout lending activities of similar products.

Godrej Properties (GPL) clocked strong Q2FY25 gross sales bookings of 5.2msf worth INR 52bn, led by 5.6msf of launches for the quarter worth INR71.7bn.

Amber’s business transformation journey is progressing well. The company is taking rapid strides under its electronics business –we expect it to compound materially over the medium term.

Dr Lal PathLabs’ (Dr Lal) Q2FY25 revenue growth of 9.8% YoY was lower than our expectation, though its better EBITDA margin of 30.7% was a surprise.

AU SFB’s Q2FY25 performance was mixed with it sustaining profitability (RoA of 1.6%) and growth momentum (loan growth at 6% QoQ) but credit cost continues to be higher than the guided range.

SRF’s chemicals business is facing multiple headwinds from increased Chinese competition, weak demand from agro-chemical innovators, delay in new product commercialisation and drop in prices.

TVS Motor Company (TVSL) continued to move up the profitability curve. The company delivered yet another quarter of record margin at 11.7% (vs. consensus 11.8%).

In Q2FY25, Zomato sustained >20% YoY GOV growth in food delivery. Gross take rate declined 20bps QoQ. We believe this was due to higher proportion of ‘zero delivery fee’ orders.