Sharekhan Broker Research reports

Reported revenues stood at $103.6 million, up 4.7% q-o-q/10.2% y-o-y in constant currency (CC) terms, beating our estimates of $101.5 million.

Revenues stood at $1,589 million, up 0.7% q-o-q/ 1.2% y-o-y in CC terms, beating our estimates of $ 1,577 million.

Tata Consumer Product Ltd’s (TCPL’s) Q2FY2025 performance was broadly in line with expectations with revenues growing by ~13% y-o-y (organic growth at 5%) and OPM rising ~50 bps y-o-y to 14.9%.

Nestle India’s (Nestle’s) Q2FY2025 numbers were weak, missing estimates on all fronts. Muted revenue growth at 1.3% y-o-y along with 144 bps y-o-y decline in OPM and lower other income lead to 9.1% y-o-y decline in adjusted PAT.

Revenue was strong at $4,894 million, up 3.1% q-o-q in constant currency (CC) terms, nearly in line with our estimate of $4,897 million.

Reported revenue stood at $307 million, up 3.4% q-o-q/ up 6.3% y-o-y in constant currency (cc) in line with our estimate.

KEI reported a 10% y-o-y growth in net earnings for Q2FY2025 led by a 17% y-o-y growth in
revenues.

APAT stood at Rs 2216 crore (against estimate of Rs 2228 crore) on a 21.8% growth in revenue and 40 bps expansion in EBITDA margin on y-o-y basis.

PVRINOX’s revenue stood at Rs. 1,622, up~36% q-o-q/down 19% y-o-y, beating our estimate of Rs. 1,581 crore.

VNB margins lagged estimates, fell by ~200 bps y-o-y reported at 24.3% vs estimates of 25.4% due to adverse product mix and repricing of IRR downwards for some of the existing non-par savings & annuity products (one off item).