Khambatta Securities Broker Research reports

Century Plyboards (India) Limited (CPIL) reported a healthy top-line of Rs 1,005.4 crore (+12.8% y-o-y) in 1Q FY25, driven by volume expansion in MDF (+29.0% y-o-y) and Plywood (+13.4% y-o-y). Laminates (-6.7% y-o-y) and Particle Board (-2.8% y-o-y) segments saw volume de-growth.

Krishna Institute of Medical Sciences (KIMS) reported healthy y-o-y growth in 1Q FY25 with consolidated operating revenues increasing by 13.8% to Rs 693 crore.
Calculated blended occupancy rate (basis total bed capacity) was 49.8% in 1Q FY25, compared to 51.4% in 4Q FY24.

Varroc Engineering reported 5.2% y-o-y growth in 1Q FY25, driven by strong growth in India offsetting the decline in overseas operations.
Quarterly EBITDA (excl. MTM FX impact) declined 4.3 % y-o-y as EBITDA margin slid 90 bps y-o-y to 9.1%.

Subros reported healthy y-o-y revenue growth of 16.8% in 1Q FY25, led by an increase in volume and additional revenue generation due to Start of Production (SOP) of rail coach air-conditioning during the quarter.
Quarterly EBITDA increased 63.4% y-o-y while EBITDA margin expanded 272 bps.

Emami’s healthy sales growth during the quarter is attributable to robust domestic volume growth and a hot summer. Demand witnessed a sequential improvement in the 1Q FY25, particularly in rural markets, as the company also launched 8 new products.

Krsnaa Diagnostics Limited’s (KDL’s) business growth remained healthy on a y-o-y basis. That said, the growth was lower than expectations.

Incorporated in 1984, EFC (I) Limited is a real estate management company headquartered in Pune. The company provides managed office spaces for startups, small and medium-sized businesses, and large corporations.

Home First Finance Company (HFFC) reported strong 1Q FY25 results as the company crossed the Rs 10,000 crore AUM milestone, clocking a robust 34.5% y-o-y growth to reach Rs 10,478 crore as of 31 June 2024.
Loan disbursals increased by 29.9% y-o-y to Rs 1,162 crore during the quarter.

Sharda Cropchem Limited (SCL) reported solid growth in 1Q FY25 as revenues increased by 23.1% y-o-y to Rs 785.1 crore. A volume growth of 41% y-o-y was driven by strong performance at the agrochemical segment.

The PESB stock is currently trading at an attractive FY26E forward PE of
10.6x. Assigning a target PE multiple of 15x FY26E EPS, we value PESB
at Rs 230, informing a BUY rating with a 42% upside potential.