Motilal Oswal Broker Research reports

We attended Siemens Innovation Day, where the company highlighted its key products and solutions that it has established for its customers.

ONGC’s reported EBITDA stood at INR182b (flat YoY) in 2QFY25, in line with our estimate. PAT was 30% above our estimate, mainly aided by higherother income.

Jubilant Foodworks (JUBI) reported standalone sales growth of 9% YoY to INR14.7b (in line), led by 20% order growth. LFL grew 2.8% (in line).

Asian Paints (APNT) registered weak 2Q performance with a 5%/7% YoY decline in consolidated/standalone revenue.

Relaxo Footwears’ (RLXF) revenue declined 5% YoY as the 6% YoY ASP increase was offset by a 10% YoY volume decline on subdued demand and higher competition from lower-priced unorganized players.

Campus Activewear (Campus) delivered 29% YoY revenue growth (8% beat) on a lower base, driven by 36% YoY volume growth.

Devyani International Ltd’s (DEVYANI) consol. revenue grew 49% YoY (est. +42%), including the recent acquisition in Thailand.

EPLL reported a healthy operating performance in 2QFY25. EBITDA grew 22% YoY, led by Europe (up 2.1x YoY), followed by the Americas (up 59% YoY; ramp-up of Brazil).

Shree Cement (SRCM)’s 2QFY25 EBITDA was in line as lower-than-estimated
realization/t was offset by lower-than-estimated opex/t.

Bata India (BATA) delivered a modest growth recovery with 2% YoY revenue growth. The 10% miss on EBITDA was primarily driven by lower gross margin (-140bp YoY) on account of a shift in the channel mix.