Anand Rathi Broker Research reports

Belieing our Rs5bn estimate, Amara Raja’s Q2 standalone EBITDA grew 14% y/y to Rs4.4bn due to the lower-than-expected gross margin.

Less downstream demand due to a maintenance shutdown kept Oil India’s Q2 operational results muted. Ahead, we expect strong volume growth in the oil & gas segment.

Lagging the consensus and ARe, Narayana Hrudayalaya reported flat y/y Q2 EBITDA at Rs3.1bn on incremental cost incurred for the new Cayman unit.

Broadly in line with our Rs774m estimate, MM Forgings’ Q2 EBITDA grew a healthy 7% y/y to Rs769m. We reckon the domestic M&H CV volume uptrend would hold at a 5% CAGR over FY24-27.

Voltas’ UCP segment continued its strong performance, delivering 31% y/y revenue growth in Q2 and 56% y/y RAC volume growth in H1 FY25.

With 2% q/q growth (1.3% in CC),aided by broad-based growth across verticals, Cyient’s Q2 was in line with estimates. Sustainability, however, declined a steep 6.4% sequentially (-2.2% y/y) in CC.

On a consolidated basis, ITC topline grew by 15.6% YoY and 11.2% QoQ to Rs222,819 mn driven by growth in Hotels, Value Added Agri products and Leaf Tobacco.

Driven by robust, 32% y/y, NII growth, Cholamandalam Investment &Finance’s Q2 net profit rose 25% y/y to Rs9.6bn.

Weak demand because of the prolonged monsoon, less government infra funding and keen competition hurt Birla Corp’s Q2. Its FY25 volume guidance was lowered to 3-4% as demand at its core regions would be curbed by Mahakumbh (Central) and elections (Maharashtra) where EBITDA/tonne has been guided to rise Rs150-170 in H2 FY25.

KPIT Technologies maintainedits growth trajectory in Q2, with 4.7% q/q CC revenue growth. New TCV signed at $207m,up33% y/y, taking LTM to$859m, down 17.5% y/y,
incl. mega deals in FY23.