ICICI Securities Limited Broker Research reports

City Union Bank (CUBK) reported better than our expected set of results with Q2FY25 PAT of INR 2.85bn (9% beat; RoA of 1.59%) aided by improved asset/earnings quality.

Rossari Biotech’s (Rossari) Q2FY25 HPPC revenue growth (+6.2% YoY) was hurt from softer demand and restricted ethylene oxide (EO) capacity.

Despite 9% YoY growth in NII, Axis Bank (Axis) reported Q2FY25 PAT of INR 69.2bn, up 18% YoY, driven by strong treasury gains (INR 11.1bn) and contained opex.

Havells reported strong performance in B2C segment with 20% revenue growth YoY. Broad-based growth across segments led to strong revenues but higher operational costs weighed on margins.

Nestle’s Q2FY25 revenue growth was disappointing; it further de-accelerated to 1% YoY (vs 4% in Q1FY25) due to subdued consumer demand.

Polycab reported robust broad-based revenue growth YoY led by favourable demand tailwinds. All segments reported strong double digit revenue growth YoY.

Tata Communications’ (TCom) H1FY25 revenue print was muted due to subdued orderbook in FY24, and longer deal conversion cycle.

Wipro’s (WPRO) 0.6% QoQ CC revenue was ahead of our and consensus estimates. BFSI-led growth was in line with the results announced so far in the sector, marking third consecutive quarter of BFSI vertical growth for WPRO.

Newgen reported strong revenue growth of 23.2% YoY in Q2FY25 led by license sales predominantly in APAC and healthy growth across other markets.

Angel One’s business execution remains strong, underlined by increasing share in cash volumes (17.5%), share in F&O volumes (20.7%)