The Gross Written Premium (GWP) for Q2FY25 stood at INR 111,752 Mn, a growth of 7.2% YoY (+34.9% QoQ), primarily led by a 34.6% YoY surge in the first-year premium. GWP was lower than our estimates.

Supreme Petrochem reported better-than-expected top-line growth compared to our estimates due to an increase in price realization. However, profitability was in-line with our estimate with stable pricing in key raw material Styrene Monomer.

We upgrade the stock to HOLD from SELL rating as we roll over the estimates to FY27 which factors in the expected growth from ongoing expansion initiatives.

TVS Motor Company (TVSL) continued to move up the profitability curve. The company delivered yet another quarter of record margin at 11.7% (vs. consensus 11.8%).

SRF’s chemicals business is facing multiple headwinds from increased Chinese competition, weak demand from agro-chemical innovators, delay in new product commercialisation and drop in prices.

AU SFB’s Q2FY25 performance was mixed with it sustaining profitability (RoA of 1.6%) and growth momentum (loan growth at 6% QoQ) but credit cost continues to be higher than the guided range.

Dr Lal PathLabs’ (Dr Lal) Q2FY25 revenue growth of 9.8% YoY was lower than our expectation, though its better EBITDA margin of 30.7% was a surprise.