Highest Upside

PVR Inox’s ad revenue grew ~36% QoQ to ~INR 1.48bn (highest quarterly ad-income post Covid) in Q3FY25, which in our view is an encouraging development.

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

KEII reported a 17% YoY rise in Q2 revenue, but margins declined due to raw material price volatility and lower share of EHV sales and exports

Infibeam Avenues Q2FY25 reported better than anticipated earnings. Gross revenue stood at INR 10,167 Mn, increased by 29.2% YoY (+36.5% QoQ), primarily driven by robust growth in the payment business.

Cyient DLM (CYIENTDL) reported a strong quarter, with revenue growth of ~33% YoY in 2QFY25, led by significant traction in the defense (up 82% YoY) and aerospace (up 20% YoY) verticals.

KEI Industries (KEII)’s 2QFY25 earnings were below our estimate due to a lower-than-estimated margin in the Cables and Wires (C&W) segment led by RM cost volatility and lower EPC revenue.

Ugro reported a satisfactory performance in Q2FY25, where it delivered a strong performance in terms of highest-ever net disbursement of Rs19.7bn (+34% YoY; +71% QoQ) and AUM reaching Rs101.6bn (+34% YoY; +10% QoQ).