InterGlobe Aviation (IndiGo) has expanded its domestic network to 88 destinations and added new international routes, including 7 new destinations, while navigating fuel price volatility and economic risks.

An established ‘cash cow’, Eureka Forbes were the pioneers for introducing water purifier and
vacuum cleaner in India. Eureka Forbes has a long history of launching innovative products and
campaigns in India.

Varroc Engineering reported 5.2% y-o-y growth in 1Q FY25, driven by strong growth in India offsetting the decline in overseas operations.
Quarterly EBITDA (excl. MTM FX impact) declined 4.3 % y-o-y as EBITDA margin slid 90 bps y-o-y to 9.1%.

We met with the management of Bajaj Auto (BJAUT) to get an update on the different segments of the business. The management anticipates a 7-8% volume growth in the domestic 2W industry in FY25.

We interacted with Astral Ltd (Astral’s) management. Demand in pipe market was muted in Jul–Aug’24 due to volatility in PVC prices.

PIEL is committed to reducing its legacy AUM from ~INR130b as of Jun’24 to ~INR60-70b by Mar’25 and expects (not guidance) that a ~25% haircut.