Buy

Home First Finance’s 4QFY24 PAT grew 30% YoY to INR835m (in line), while its FY24 PAT grew 34% YoY to INR3.1b.

Revenue for the quarter of Rs. 3570 crore was down 7% y-o-y and up 17% q-o-q. Chemical/ Technical textiles/packaging films segments grew 30%/8%/2% q-o-q and -14%/2%/9% y-o-y. Growth was affected due to the weak external environment in specialty chemicals and fluorochemicals.

? Abbott reported healthy earnings an annual basis but earnings lagged our estimates where sales grew by 7%
y-o-y to Rs 1438 crore (1.3% below our estimates), EBITDA grew by 17.7% y-o-y to Rs 329 crore (13% below our estimates) and PAT grew by 29% y-o-y to Rs 287 crore (4% below our estimates).

? Earnings were marginally above estimates in Q4FY24 mainly led by lower provisions. Core credit cost stood at 0.85% annualised versus 1.3% q-o-q.

Bajaj Consumer Care Ltd’s (BCC’s) Q4FY2024 performance was weak, with revenues declining by 4%, OPM lower by 225 bps y-o-y to 14.5% (versus expectations of 16.6%) and PAT falling by 12% y-o-y to Rs. 36 crore.

SBI reported a solid quarter with beat on all fronts. The bank reported RoA of ~1.36% in Q4, led by strong growth in operating profit and lower credit cost.

KPIL’s 4QFY24 result was slightly lower than our estimates. Revenue/EBITDA/PAT
grew 17%/29%/52% YoY in 4Q. Revenue growth was led by healthy project execution in the T&D, water and urban infra segments.

Gujarat State Petronet’s (GUJS) 4QFY24 EBITDA was in line with our est.
at INR3.8b, led by higher transmission volume of 33.4mmscmd. EBITDAM
was 50bp higher than our estimate at 83.1%. Realization was lower than
our estimate at INR1,495/mmscm.

Cargo volumes handled by JSW Infrastructure (JSWINFRA) exhibited YoY
growth of 15% in FY24 to 106.5MMT from 93MMT in FY23 (three-year CAGR
of 33% over FY21-24). Considering capacity ramp-up at existing ports along
with higher share of volumes from third-party customers, we expect the
growth momentum to continue.