Sharekhan Broker Research reports

Revenues stood at Rs. 957 crore, falling 19% y-o-y and 18% q-o-q, falling 5% short of our estimates.

Triveni Engineering and Industries Ltd’s (TEIL’s) Q2FY2025 performance was affected by a decline in profitability of sugar and alcohol divisions, resulting in a 93% y-o-y decline in EBIDTA; it registered loss of Rs. 22.4 crore.

Wonderla Holidays Ltd.’s (WHL’s) Q2FY2025 numbers were weak, with sharp decline in footfalls and margins. Footfalls fell by 13.9% y-o-y (like-for-like basis); EBITDA margins contracted to 1.2% versus 27.2% in Q2FY2024.

Honeywell’s Q2FY2025 numbers saw a miss on estimates on all fronts, impacted by
weak execution, softer demand, and accounting treatment change.

Order book is at a record high of ~Rs. 42,500 crore (including L1 position of Rs 8412 crore),representing a 2.5x revenue potential on the base of FY24x revenues. Revenue growth of 14% was led by T&D segment (28%) which was compensated by non-T&D segment (-3%).

Titan Company’s (Titan’s) Q2FY2025 numbers were affected by lower margins in the jewellery business. Consolidated revenues grew by 16% y-o-y; adjusted PAT stood flat y-o-y.

Q2 consolidated Adj. PAT of Rs. 1,067 crore was up 22% y-o-y (adjusted for one off items). Delhi Discom had a PAT of Rs. 297 crore (+178% y-o-y) due to a favorable tariff order impact.

CIFC reported net earnings of Rs. 963 crore, 3.5% (up 26.3%/2.2%, y-o-y/q-o-q) below estimates due to higher credit cost. Core PBT grew by 27.5% y-o-y/3.5% q-o-q, driven by AUM/NII growth. NIM, at 6.59% up 10 bps y-o-y, was in line with estimates.

EBITDA margin missed estimates on a 130 bps y-o-y contraction in gross margins.

We retain a Buy with a revised PT of Rs. 1,250, factoring in a downward revision of estimates and expecting a revival in growth from FY2026.