Q2 revenue jumped 133% YoY, driven by Mobile and EMS growth; EBITDA margin slid 30bps on change in business mix

Compared to Bloomberg consensus, sales were 1% higher but EBITDA beat was 4% as margins came in 60bps above expectations

Q2 underlying EBITDA broadly in line factoring in UOP adjustments; Dahej utilisation can hold up in Q3 if LNG prices remain range bound

Navin Fluorine International Ltd. (NFIL) Q2FY25 earnings exceeded projections while revenue missed our estimates.
Revenue increased to INR 5,186 Mn by 9.9% YoY (-1.0% QoQ), missing our estimates by 4.4%.

In Q2FY25, Net Interest Income (NII) grew by 5.3% YoY (-1.1% QoQ) to INR 53,473 Mn. Pre-Provision Operating Profits (PPOP) declined by 7.9% YoY (-8.9% QoQ) in Q2FY25 to INR 35,998 Mn.

ITC reported strong topline performance amidst a challenging operating environment.
For Q2FY25, the revenue increased 16.7% YoY (+12.3% QoQ) to INR 207,359 Mn, outperformed our estimate.

Laurus Labs’ revenue missed our estimate due to weak demand in the Generic API segment. The profitability missed our estimates significantly due to operating deleverage and lower utilization.

We maintain our HOLD recommendation on the stock

With a 7% downside from the CMP, we maintain our HOLD rating on the stock

With limited growth potential due to first-quarter impact, we recommend a HOLD recommendation on the stock.