ICICI Securities Limited Broker Research reports

Samvardhana Motherson International’s (SAMIL) EBITDAM at 9.7% in Q3FY25, (up ~90bps QoQ) was above consensus’ estimate of 9.2%. Consolidated revenue was up 8% YoY, mostly led by inorganic growth amidst muted industry volumes.

Bajaj Consumer (BaCo) had another disappointing print with a 3% YoY revenue decline (~2% YoY volume decline) due to continued stress in wholesale channel for core ADHO (~80% revenue salience), while diversification journey continues, though at a moderated pace.

Hindalco’s (HNDL) Q3FY25 performance was ahead of our/consensus estimates. Consolidated EBITDA
rose 30% YoY to INR 76bn, mainly due to upstream aluminium (Al) division. HNDL secured 12mtpa Meenakshi coal mine, providing a significant boost to coal security.

Genus Power (Genus) has reported strong Q3FY25 earnings with standalone revenue of INR 6bn (2.3x YoY), EBITDA of INR 1.2bn (4.1x YoY) and PAT of INR 682mn (5x YoY).

We initiate coverage on Lloyd Metals and Energy (LMEL) with BUY recommendation. Structural iron ore cost advantage compared to peers. capex of INR 327bn for 4.2mpta steel plant likely to be value accretive.

The REIT manager of Nexus Select Trust announced the closure of the acquisition of Vega City Mall, a Grade A mall located in south Bengaluru for a total EV of INR 9.1bn (initial purchase cost of INR 8.7bn – funded 100% by debt at 7.7% and balance towards planned capex).

Fusion Finance (Fusion) has bolstered its balance sheet by upping its provision cover across Stage-1/2/3 assets and de-recognising interest income on Stage-3 assets.

Landmark Cars’ (LMC) EBITDAM at 5.6%, was down 20bps QoQ, led by weaker gross margins as service revenues at new outlets is in ramp-up phase.

Cummins reported a robust Q3 revenue print; margin remains off its peak levels seen in H2FY24 (though still robust). A sequential revenue jump of 24% was largely driven by the HHP segment of the domestic power gen business (74% contribution to incremental revenue QoQ).

Whirlpool India reported a strong set of numbers in Q3FY25 with healthy revenue growth of 11% coupled with market share gains.