Downgrades

Sales were 12% higher vs consensus likely due to the volatile, pass-through-based Agri Business segment. EBITDA was in line

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

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

Quarterly Update Q2FY25

IndusInd Bank (IIB)’s PAT declined 40% YoY/ 39% QoQ at ~INR13.3b (17% miss adjusted for contingent provision of INR5.25b).

DCB Bank (DCBB) reported 22.6% YoY growth in PAT to INR1.55b (15% beat)
due to higher other income.

Godrej Consumer Products Limited’s (GCPL’s) Q2FY2025 performance was in line with expectations with revenue rising ~2% y-o-y (high single-digit domestic volume growth), OPM rising by 70 bps y-o-y to 20.8% and adjusted PAT growing by 12% y-o-y.

Reported APAT at Rs 247 crore against estimate of Rs 256 crore (up 5.1% y-o-y), while EBITDA margins contracted by 40 bps y-o-y to 18.1% (against estimate of 18%).