Sell

GFL’s Q4 EBITDA fell 54% YoY to Rs2.4bn (+15% QoQ) on sluggish
performance in the bulk and fluorochemicals businesses. Fluoropolymers
business is seeing sequential recovery in volumes on a lower base.

MMFS reported a satisfactory performance in Q4FY24, against the backdrop of
the already disclosed large-scale fraud at Company’s Aizawl branch comprising
of ~2.9K loan accounts and ~Rs1.36bn worth of loans

While MRPL delivered a solid beat vs. our estimates, we believe its earnings
are set to decline from 1QFY25 amid weaker SG GRM QoQ. We are building
in a GRM of USD8/bbl in FY25/26, leading to an RoE of 18.2%/15.4%.

In the aftermath of Zee’s merger breakoff with Sony, the Management and
Board of the company have embarked on a comprehensive plan to help regain
its lost glory, and announced multiple initiatives.

SS is currently trading at P/E of 35.8x on FY26 basis. We value the stock based on P/E methodology and assign multiple of 30x on FY26E PAT of Rs 2,248mn to arrive at a target
price of Rs613 per share, which is a potential downside of 16.3% from current market price and recommend “Sell” on the stock.

Kotak Mahindra Bank (Kotak) reported a huge 28% beat on PAT (which stood
at Rs41bn), mainly on treasury gains/debt syndication fees, reversal of AIF
provisions (Rs1.6bn), and lower tax rate @21%.

MRF’s 4QFY24 result was weak as higher RM costs and operating expenses
led to lower adjusted EBITDA margin of 16.2% (-100bp QoQ vs. est. 17%). A
provision of INR463.6m, which was made in FY23, was recognized in 4Q
along with the additional provision of INR981.4m for FY24 to cover EPR
costs.

Quarterly Update Q4FY24

BDE reported a strong quarter as consolidated sales grew 9% YoY and EBITDA
margins expanded 70bps YoY, on the back of higher utilization of new aircrafts
and general price increase undertaken in Q4