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We initiate coverage on One97 Communications (OCL-Paytm) with REDUCE and a ~13% downside. Following the recent regulatory salvo, the stock has corrected ~55% (~80% from its post-IPO peak in Nov-21), echoing the expected business/revenue dislocation in the Payments/Financial Services verticals; this was aggravated by high KMP attrition
Apollo Tyres’ (APTY) standalone EBITDAM was down 90bps QoQ at 17.2% vs I-Sec estimate of 19.6%, with Q4 being a seasonally strong quarter in terms of demand and raw material basket cost was likely to be favourable. Margin miss was due to i) lower-thanexpected revenue, ii) lower GM and iii) higher other expenses (even after adjusting for EPR provisioning) due to elevated ad/marketing expenses to enhance brand presence in replacement market
Our SELL call on Colgate has been a factor of limited visibility on earnings over the medium term, given that high margin gets into the base and structural growth remain elusive.
DIL's Q4 EBITDA was 7-8% higher vs. our estimates, largely helped by strong cost optimization as topline was weaker. Given a glut of weak consumption trends, with 7/14% SSG decline in KFC/PH, a flat margin is commendable (vs. 250bps QoQ margin decline for Sapphire PH/KFC).
Fine Organic Industries (FINEORG) reported higher-than-estimated EBITDA at INR1.3b (-29% YoY) in 4QFY24. EBITDAM contracted 140bp YoY to 25.4%, while gross margin improved 450bp YoY to 43.6%, primarily due to stable vegetable oil prices.
Union Bank reported an 11% miss on PAT at Rs33bn (vs Emkay est.: Rs37bn) owing to impact of wage revision (Rs13.3bn) and tax expenses, which overrode the benefits from higher treasury income and reversal of NPI provisions.
