Motilal Oswal Broker Research reports

Fusion Microfinance (Fusion) reported a net loss of ~INR3.1b in 2QFY25 (vs. MOFSLe loss of ~INR1.8b) due to significantly high credit costs.

Muthoot Finance (MUTH)’s 2QFY25 performance was characterized by: 1) strong gold loan growth of ~28% YoY to ~INR862b without the associated trade-off in margins; 2) sequentially stable NIM at ~11.8%; and 3) an increase in gold tonnage by ~3% QoQ to 199 tonnes.

SENCO delivered consolidated revenue growth of 31% YoY to INR15.0b (in line) in 2QFY25. SSSG was at 20% (vs. 4% in 1QFY25, 19% in 2QFY24).

Sunteck Realty (SRIN) reported pre-sales of INR5.2b in 2QFY25, up 33% YoY (13% lower than our estimate).

Kalyan Jewellers (KALYANKJ)’s consolidated revenue grew 37% YoY to INR60.7b (in line). The Indian business delivered 39% YoY revenue growth, driven by store additions.

Repco Home Finance (REPCO)’s 2QFY25 PAT grew 15% YoY to INR1.1b (in line).

Kolte Patil Developers (KPDL) reported pre-sales of INR7.7b in 2QFY25, up22% YoY, guided by the strong sales momentum in Life Republic (50% of total sales) and 24K (28%).

KOEL’s 2QFY25 results beat our estimates, with 13%/67%/90% YoY growth in revenue/EBITDA/PAT.

Eicher Motors’ (EIM) 2QFY25 operating performance was below our est. as margins contracted 90bp YoY to 25.5% mainly due to higher other expenses.

Sun TV Network (SUNTV) reported a largely in-line 2QFY25, with revenue/EBITDA declining 12%/26% YoY (on a high base).