Topline rose 17% y-o-y and 5% q-o-q, with operating Profit of Rs. 243 crore and adjusted PAT of Rs. 112 Crore surpassing our estimates, attributed to margin enhancements in LSC and POC.
PAT rose 43% y-o-y to Rs. 92 crore, supported by strong revenue growth of 29% y-o-y and good OPM of 22.2%. OPM improved by 306 bps led by lower other expenses.
We retain a BUY on Ramco with a revised PT of Rs. 1,060, marginally increasing our valuation multiple considering its strong cost competitiveness and future capacity additions at minimal capex requirements.
We retain a Buy rating on Shree Cement with a revised PT of Rs. 28,800, factoring a marginal downward revision in operational profitability led by lower volume growth than earlier envisaged.
We retain BUY on JKL with a revised PT of Rs. 900, factoring downwardly revised estimates partly offset by roll forward of valuation to FY2027E earnings.
We retain a Buy rating on Gateway Distriparks Limited (GDL) with a revised PT of Rs. 105, factoring downwardly revised estimates and expecting a growth revival, led by rise in EXIM growth.
Britannia’s Q2FY2025 numbers missed expectations due to lower-than-expected OPM at 16.8% (versus expectation of 19%) dragged down PAT by 9% y-o-y. Volume growth sustained at 8% better than large peers.
Revenues stood at Rs. 3,590 crore, up 4% y-o-y and a 5% rise q-o-q. EBITDA reached Rs. 730 crore, down 1% y-o-y but up 24% q-o-q. PAT stood at Rs. 27 crore, a decline of 84% y-o-y and 97% q-o-q.
