Buy

MGL’s Q4FY24 SA EBITDA/PAT of Rs3.9bn/Rs2.7bn was 6%/10% lower than
our expectation, mainly due to lower realization (higher industrial volume
share) affecting gross margin and on slightly higher opex.

HPCL’s Q4FY24 SA EBITDA was 11% lower than expected at Rs48.7bn, mainly
due to lower cracks & discounts, MR shutdown, and intermediate stock generation impact (USD1-1.5/bbl), as reported GRM was USD7/bbl vs our
estimate of USD13.5/bbl.

BPCL clocked Q4FY24 EBITDA/APAT of Rs92.7/55.7bn – a sizable 17-18% beat each, driven by higher-than-expected implied marketing margin of ~Rs7/kg (at a 16% beat).

We recommend a BUY rating on the stock with a target price of Rs 2,050/share, implying an upside of 10% from the CMP.

DLPL posted a robust quarter, with revenue growing 11% YoY on the back of
sample volume increasing 9% YoY and Swasthfit contributing 24% to the
topline.

AEBITDA came at Rs 16,993 crore in Q4FY24 against estimate of Rs 17,392 crore.

KOEL’s revenue at INR13.9b grew 21% YoY/23% QoQ, led by 28%/19%/70% YoY
growth in industrial/distribution/export sectors. Powergen segment growth
stood at 11% YoY

We maintain our BUY' rating on the stock with a revised SOTP-based target price of Rs 1,010/share (Valuing Core-book at 1.5x FY26E ABV as we roll forward multiple and valuing subsidiaries at Rs 219), thereby implying an upside of 23% from the CMP.

We have BUY on the stock.

Stellar AUM growth with stable operating metrics

We interacted with industry participants to get a better understanding of the
Quick Commerce (QC) business. Key takeaways: a) QC companies have found
good product market fit in metros and large cities.

SBIN’s 4QFY24 PAT grew 24% YoY to INR207b (28% beat), driven by
higher other income, lower opex and lower-than-expected provisions. NII grew 3.1% YoY/4.6% QoQ (in line). NIMs expanded 8bp QoQ to 3.3% (domestic NIMs at 3.47%, up 13bp QoQ).