Motilal Oswal Broker Research reports

Cummins India’s (KKC) 2QFY25 results exceeded our and consensus estimates, with 31%/42%/37% YoY growth in revenue/EBITDA/PAT.

Escorts Kubota’s (ESCORTS) 2QFY25 operating performance was stable YoY as the company reported flattish revenue/EBITDA growth YoY.

2QFY25 revenue stood at INR324b (-5% YoY/-2% QoQ), in line with our estimate of INR326. The QoQ decline was due to weak realization.

Gujarat State Petronet (GUJS)’s 2QFY25 EBITDA was 18% below our estimate at INR1.9b, as total volumes came in 13% lower than our estimate.

Clean Science (CLEAN)’s reported EBITDA in 2QFY25 was below our estimate at INR897m (+20% YoY), with a gross margin of 62.4% (vs. 65.9% in 2QFY24).

Alembic Pharma’s (ALPM) 2QFY25 results came in below our estimates due to the deterioration in API business and higher operational costs.

AAVAS Financiers (AAVAS)’s 2QFY25 PAT grew 22% YoY to ~INR1.48b (in line). 1HFY25 PAT grew 18% YoY to ~INR2.74b.

Trent Ltd (TRENT) continued to buck the weak consumer sentiment trends, delivering robust ~40% YoY revenue (though weaker than 50%+ YoY in the past few quarters) and 46% YoY PAT growth in 2Q.

Page Industries (PAGE) reported sales growth of 11% in 2QFY25 (est. 7%; 4% in 1Q), with healthy 7% YoY volume growth (est. 3.5%; 3% in 1Q) to 55m.

Max Healthcare (MAXH) delivered slightly better-than-expected operational performance in 2QFY25. The annualized EBITDA per bed improved to INR7.8m from INR7.0m QoQ at its existing centers.