Khambatta Securities Broker Research reports

Emami’s reported fair sales growth in 2Q FY25 as higher food inflation negatively affected discretionary consumption. Management expects demand to improve in the second half of the financial year, driven by a predicted good winter season.

Subros reported a modest revenue growth of 1.8% y-o-y in 2Q FY25, whilst 1H FY25 sales increased 8.7% y-o-y led by higher volume and Start of Production (SOP) of new business award.
Quarterly EBITDA increased 8.9% y-o-y while EBITDA margin expanded 60 bps to 9.2%.

EFC reported strong growth in 2Q FY25 as revenues increased by 72.9% y-o-y to Rs 171.1 crore.
EBITDA increased 103.4% y-o-y to Rs 84.0 crore as EBITDA margin expanded by 736 bps y-o-y to 49.1%.

Krsnaa Diagnostics Limited (KDL) reported robust business growth in 2Q FY25. The company has its growth projection of 25% for the financial year.

Sharda Cropchem Limited (SCL) reported solid growth in 2Q FY25 as revenues increased by 33.8% y-o-y to Rs 776.9 crore. A volume growth of 21% y-o-y was driven by strong performance at the agrochemical segment with Europe being the key contributor.

Home First Finance Company (HFFC) reported strong 2Q FY25 results with continued momentum in disbursals (Rs 1,177 crore, +22.7% y-o-y, +1.2% q-o-q).
AUM exhibited robust growth to reach Rs 11,229 crore (+34.2% y-o-y, +7.2% q-o-q).

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.