Upgrades

Tata Consumer share price corrected ~7% post 2QFY25 result on Tea inflation and sales challenges in NourishCo. Correction is overdone

Q2 revenue grew in double digits at 13%/10% YoY/QoQ to Rs 92.3bn

Q2 achieved 82% YoY topline growth with 30bps EBITDAM expansion, although gains were tempered by the shift in product mix

Q2FY25 revenues totaling Rs. 1,201 crore, demonstrating a significant y-o-y growth rate of 20%.EBITDA stood at Rs. 236 crore, marking a remarkable y-o-y increase of 31%.

Coforge reported revenue of $369.4 million, up 26.8% q-o-q/32.8% y-o-y. Organic revenue stood at $309.8 million, up 5.5% q-o-q in constant currency terms, beating our estimate of $305.9 million.

Adjusted PBT at Rs 126.3 crore was in line estimates, but APAT missed estimates on higher tax provisions.

Colgate-Palmolive (India)’s (Colgate’s) Q2FY2025 numbers were mixed with revenue coming in line with expectations, while margins missed mark owing to higher advertising spends. Revenue grew by 10% y-o-y while OPM fell by 206 bps y-o-y leading to lower PAT growth at 3.9% y-o-y.

Godrej Properties (GPL) achieved its best ever second-quarter bookings of INR52b, guided by strong demand momentum (up 3% YoY). New launches/existing projects accounted for 53%/47% of total sales.

Godrej Properties (GPL) clocked strong Q2FY25 gross sales bookings of 5.2msf worth INR 52bn, led by 5.6msf of launches for the quarter worth INR71.7bn.

Amber’s business transformation journey is progressing well. The company is taking rapid strides under its electronics business –we expect it to compound materially over the medium term.