New Research Reports

With an upside potential of 10% from the CMP, we maintain our BUY rating on the stock.

Sales were in line with consensus and our estimates. EBITDA was 4% below consensus and 1% above our estimates

Versus consensus, sales miss 1%, EBITDA miss 2% on 15bps lower-than-expected margins. Parachute volumes +4% vs retail offtake +8%

Dabur’s 2QFY25 performance was largely in line with our estimate. Consolidated revenue declined 5% YoY (in line) primarily due to a temporary adjustment in General Trade (GT) inventory because of the growth in emerging channels.

On a consolidated basis, ITC topline grew by 15.6% YoY and 11.2% QoQ to Rs222,819 mn driven by growth in Hotels, Value Added Agri products and Leaf Tobacco.

Marico’s Q2FY2025 performance was largely in line with expectations, with consolidated revenues growing by 8% y-o-y (India biz volumes grew 5%) and OPM declining marginally by 48 bps y-o-y to 19.6%, adjusted PAT grew by ~9% y-o-y.

With 2% y/y consolidated revenue growth (vs. the Street’s estimated 1%) and Rs7.6bn EBITDA (Rs7.5bn), Godrej Consumer’s Q2 was broadly in line with expectations.

Radico Khaitan Limited’s (RKL’s) Q2FY2025 numbers were strong beating estimates on all fronts, with net revenues rising by 21% y-o-y and OPM improving 152 bps y-o-y to 14.6%, leading to 33% y-o-y growth in PAT.