Alembic Pharma’s revenue missed our estimate due to lower-than-expected revenue in the Ex-USA segment and lower-than-expected revenue in the API segment. We believe the Company will aim to maintain a growth trajectory in the US with new product launches while continuing to outperform the Indian Pharmaceutical Market in the long term.

We maintain our HOLD recommendation on the stock.

We downgrade to HOLD from BUY.

We revise our rating from BUY to HOLD on the stock primarily driven by the expected delay in the recovery of the aroma business and the facility in Europe.

SUNPHARMA exceeded our profitability estimates by a huge margin for Q1FY25. The EBITDA exceeded by 12% and EBITDA margins by 391 bps from our estimates while GPMs exceeded the expectations marginally by 36 bps from our estimates for Q1FY25.

MUTH’s 1QFY25 performance was characterized as gold loan growth of ~11% YoY to ~INR809b, NIM compression of ~15bp QoQ to 11.8%.

Vodafone Idea (VIL) reported a 1%/4% revenue/EBITDA decline sequentially (pre-Ind-AS-116), due to subscriber loss, flat ARPU, and operating deleverage.

PCBL’s Q1FY25 volume growth accelerated with new capacity addition alongside spreads remaining favourable. The company expects volumes to grow at a CAGR of 11–12% p.a. over the next five years.

Natco’s Q1FY25 beat was driven by higher sales of gRevlimid while its subsidiaries in Brazil and Canada (INR 1.8bn of sales) also did well.