ICICI Securities Limited Broker Research reports

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.

Takeaways: (1) Varun (VBL) has aggressively ramped up production (operating at maximum utilisation) at its recently commissioned DRC facility, due to strong demand. It plans to scale up production capacity at DRC in a phased manner.

MCX’s Q2FY25 results exhibit three main trends: 1) consolidating on the new steady cost profile; 2) Healthy volumes across futures, options and premium conversions. 3) Growth in option participation.

In Q2FY25, Supreme Industries (SI) reported disappointing operational performance. Blended plastic volume was flat YoY with pipes volume being flat too YoY (-27.1% QoQ; 5-year CAGR of 8.6%).