Sharekhan Broker Research reports

Order book has reached Rs. 1,050 crore in Q2FY2025 (vs. Rs. 1000 crore in Q1FY2025). Further, management is looking for healthy demand trends in H2FY2025.

Underlying EBITDA margin in IC business expanded by 150 bps y-o-y to 16.5%. Management maintains its blended EBITDA margin guidance of 14-16%.

We retain Buy on Grasim with a revised PT of Rs. 2,975, led by marginal downward revision in
valuation of Aditya Birla Capital and Vodafone Idea.

We retain BUY on Century Plyboards with an unchanged PT of Rs. 840, considering its strong earnings growth outlook over the next 2-3 years.

Operating profit grew 36% y-o-y to Rs. 278 crore. OPM improved by 176 bps. In line with revenue
and operating profit growth adjusted PAT grew 24% y-o-y to Rs. 197 crore against expectation of
Rs. 180 crore.

Devyani International Limited (DIL) posted another quarter of muted performance in Q2FY2025, with KFC’s and Pizza Hut’s SSSG declining by 7% and 5.7%, respectively. Revenue growth of 49% y-o-y was mainly led by the integration of Thailand’s KFC business.

? We retain a Buy on PNC Infratech with a revised PT of Rs. 400, factoring downwardly revised estimates and lowering valuation multiple to factor in medium-term uncertainties with respect to its disqualification by MoRTH.

Quarterly revenues reached Rs. 2,355 crore, marking a 16% y-o-y increase and a 13% rise from the
previous quarter. Profit after tax (PAT) came in strong at Rs. 245 crore, up 39% as compared to last year and 23%, sequentially.

Gokaldas Exports’s (GKEL’s) LFL performance was good with revenues growing strongly by 28% y-o-y to Rs. 652 crore, EBIDTA margins stood flat y-o-y at 11%.

Eicher reported a mixed performance in Q2, as it missed EBITDA margin estimates; bottom line came close to estimates on lower tax providing and higher income from VECV.