Motilal Oswal Broker Research reports

MM reported an in-line operating performance in 2QFY25. EBITDA margin expanded 150bp YoY to 14.3% (est. 13.5%).

Indian Hotels (IH) reported a strong consolidated revenue growth of 27% YoY in 2QFY25 led by healthy demand across regions. Like for like revenue growth stood at ~16% YoY (ex. consolidation of TajSATS).

Gujrat Gas (GUJGA)’s 2QFY25 EBITDA was ahead of our estimates as a strong EBITDA/scm margin offset the volume weakness. Management slightly raised its margin guidance to INR5-6/scm (from INR4.5-5.5).

Endurance Technologies (ENDU) reported an in-line performance, as EBITDA margin sustained a healthy 13%+ level in the last three quarters.

Avalon Technologies (AVALON) reported a strong quarter, with revenue growing 37% YoY in 2QFY25, led by a healthy recovery in US operations (up 57% YoY).

Apollo Hospital and Enterprise (AHEL) delivered better-than-expected 2QFY25 on account of improved occupancy and reduced operating costs at Healthco.

Raymond Lifestyle’s (RLL) 2Q revenue/EBITDA declined by 5%/17% YoY due to subdued discretionary demand. Higher depreciation and interest costs led to a 27% YoY decline in adjusted PAT.

Manappuram Finance’s (MGFL) consol. PAT in 2QFY25 grew 2% YoY to INR5.7b (in line). NII grew ~21% YoY to ~INR16.4b and PPoP rose ~19% YoY to ~INR10.3b.

LT Foods (LTFOODS) is a leading Indian basmati and specialty rice producer with over
70 years of experience in offering a diverse range of rice products under brands,
Daawat and Royal.

Tube Investments (TIINDIA)’s 2QFY25 result was weak, with standalone PBIT margin at 9.9% (-110bp YoY, vs. est. 10.6%), hit by one-offs in engineering segment and railway pricing challenge.