Khambatta Securities Broker Research reports

EFC reported robust results in FY25. For it’s core division, Leasing, Management aims to expand their capacity by 22,000-25,000 new seats in FY26 at Rs 6,500-7,000 per seat and expects 90% occupancy.

Emami reported healthy sales growth in 4Q FY25 despite tepid urban mass demand. In FY25, the company's domestic business launched over 25 new products.

Sharda Cropchem Limited (SCL) reported solid growth in 4Q FY25 as revenues increased by 39.4% y-o-y to Rs 1,828.5 crore. This robust quarterly growth was mirrored by a strong overall top-line performance for the entirety of FY25.

Krsnaa Diagnostics Limited’s (KDL’s) revenue decreased due to seasonal
factors and temporary operational issues. The Mumbai BMC project ended
earlier than expected, and the Maharashtra city and Madhya Pradesh MRI
installations experienced delays due to site handover issues which led to a
temporary dip in revenues.

Varroc Engineering reported healthy revenue growth of 10.1% y-o-y in 3QFY25. This was driven primarily by a strong showing by the company’s India business, which achieved 9.5% growth despite headwinds in the 2W, 3W and PV markets.

Century Plyboards (India) Limited (CPIL) reported robust revenue of Rs 1,140.5 crore (+21.7% y-o-y) in 3Q FY25, driven by volume expansion in MDF (+19.0% y-o-y) and Plywood (+16.0% y-o-y). The Particle Board (1.2% y-o-y) and Laminates (-9.4% y-o-y) segments witnessed volume de-growth.

? Krishna Institute of Medical Sciences (KIMS) reported a robust 29.7% y-o-y increase in total income to Rs 790.2 crore in 3Q FY25.
? Calculated blended occupancy rate (basis total bed capacity) was 50.7% in 3Q FY25, compared to 56.8% in 2Q FY25.

Raw material costs, especially for palm oil and potatoes, continued to rise in the third quarter as expected. The reinstatement of import duties on crude and refined palm oil exacerbated the RM cost issue and its consequent impact on margins.

Subros reported a revenue growth of 12.1% y-o-y in 3Q FY25, while 9MFY25 sales increased 9.8% y-o-y, led by higher volume and Start of Production (SOP) of a new business award. Quarterly EBITDA increased 27.4% y-o-y while EBITDA margin expanded 111 bps to 9.2%.

EFC reported modest results in 3Q FY25. The company has lowered its revenue growth forecast for FY25 from a potential doubling of FY24 revenue to a more conservative target of at least 50% growth.

Home First Finance Company (HFFC) reported robust 3Q FY25 results driven by continued growth in disbursals (Rs 1,193 crore, +18.4% y-o-y, +1.4% q-o-q). AUM reached Rs 11,945 crore (+32.6% y-o-y, +6.4% q-o-q).

Emami’s reported moderate sales growth in 3Q FY25, encountering economic and industry headwinds. Urban demand remained subdued due to rising food inflation and cash-strapped retail and wholesale trade.

? Sharda Cropchem Limited (SCL) reported solid growth in 3Q FY25 as revenues increased by 46.9% y-o-y to Rs 929.3 crore, fuelled by a robust increase in sales volume and a strategic price adjustment. Growth was observed across regions, with Europe and North America exhibiting
strong performance.
? Gross margin expanded by 650 bps y-o-y to 32.7%.

Century Plyboards (India) Limited (CPIL) reported highest ever quarterly top-line of Rs 1,183.6 crore (+18.7% y-o-y) in 2Q FY25, driven by volume expansion in MDF (+16.4% y-o-y), Plywood (+19.3% y-o-y) and Particle Board (8.0% y-o-y). The Laminates (-9.8% y-o-y) segment saw volume de-growth.

Varroc Engineering reported healthy revenue growth of 10.3% y-o-y in 2Q FY25. The growth is primarily attributable to the strong performance of the Indian business, which saw a 13.4% expansion, offsetting the decline in overseas operations.

PSL reported modest results in 2QFY25, impacted by inflationary pressures. Significant inflation in palm oil, coupled with increased duties in September, is anticipated to negatively impact 3Q FY25.

Krishna Institute of Medical Sciences (KIMS) reported a robust 19.4% y-o-y increase in Total Income during 2QFY25, reaching Rs 782.3 crore.
Calculated blended occupancy rate (basis total bed capacity) was 49.7% in 2Q FY25, compared to 47.8% in 1Q FY25.

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%.