Divis Lab revenue beat our estimates significantly due to strong growth in the Custom Synthesis segment. EBITDA beat our estimate due to lower-than-expected other expenses and employee expenses.

Shree Cement (SRCM)’s 2QFY25 EBITDA was in line as lower-than-estimated
realization/t was offset by lower-than-estimated opex/t.

Asian Paints Limited’s (APL’s) Q2FY2025 performance was a miss on all fronts with consolidated revenue declining by 5% y-o-y, OPM lower by 480 bps y-o-y to 15.4%; adjusted PAT decreased 34% y-o-y. Decorative paints’ volumes decreased by 0.5%.

Relaxo Footwears’ (RLXF) revenue declined 5% YoY as the 6% YoY ASP increase was offset by a 10% YoY volume decline on subdued demand and higher competition from lower-priced unorganized players.

Asian Paints (APNT) registered weak 2Q performance with a 5%/7% YoY decline in consolidated/standalone revenue.

Jubilant Foodworks (JUBI) reported standalone sales growth of 9% YoY to INR14.7b (in line), led by 20% order growth. LFL grew 2.8% (in line).

Aditya Birla Fashion and Retail (ABFRL)’s consol. revenue grew 13% YoY,driven by TCNS consolidation and improvement in Lifestyle’s LTL growth.

Bata India (BATA) delivered a modest growth recovery with 2% YoY revenue growth. The 10% miss on EBITDA was primarily driven by lower gross margin (-140bp YoY) on account of a shift in the channel mix.

Q2 EBITDA declined 54% YoY primarily on sharp tariff cut from May'24; GIGL called on GUJS for cash deficit support under sponsor agreement