Sharekhan Broker Research reports

JLR has maintained its full-year guidance despite subdued performance in Q2FY2025.

PAT at Rs. 18,331 crore (up 28% y-o-y) was significantly above estimates mainly driven by higher treasury gains and other income resulting in RoA/RoE at 1.17%/18.0% in Q2FY25.

Emami’s Q2FY2025 operating performance missed the mark with domestic volume growth coming at 1.7% versus expectations of 3-4%. Consolidated OPM came in-line at 28.1%.

With sharp gross margin expansion and healthy traction in non-vehicle business ALL beats estimates in Q2FY25.

Aditya Birla Fashion & Retail Limited’s (ABFRL’s) Q2FY2025 numbers were muted with revenues rising 13% y-o-y (LFL growth of key brands remained muted), while EBITDA margin stood flat y-o-y at 9.9% and adjusted loss widened y-o-y to Rs. 230 crore.

We retain BUY on Astral with a revised PT of Rs. 2,150, factoring downwardly revised estimates and valuation multiple owing to near-term demand sluggishness.

? Indian Hotels Company Ltd’s (IHCL’s) Q2FY2025 performance on like-for-like (LFL) basis was strong despite a lean season with hotel business revenues growing by 16% y-o-y and EBIDTA growing by 30% y-o-y.

M&M reported AEBITDA at Rs. 3,950 crore in Q2FY2025 vs. estimate of Rs. 3,914 crore. This was the consecutive second quarter when it held up blended AEBITDA margin above 14% level.

Trent’s Q2FY2025 numbers were strong amid muted demand, with revenues growing by ~40% y-o-y, EBITDA margins stable y-o-y at 15.9% and PAT rising by 46% y-o-y.

Consolidated revenues increased 7% y-o-y for Q2FY2025 to Rs 1,224 crore lower to our estimates of Rs 1,270 crore.