Sharekhan Broker Research reports

We retain a Buy on Greenlam Industries Limited with an unchanged PT of Rs. 670, considering its strong earnings growth trajectory over FY2024-FY2026E.

? KPIL’s standalone revenues growth of 7.6% led by strong growth in T&D business (25%), Oil & Gas (170%), Urban Infra (31%) and B&F (19%) but was compensated by a decline in water (43%) and Railways (40%). Results broadly met estimates.

Sumitomo’s reported revenue of Rs. 988 crore, marking a 9% increase compared to the same period last year and an 18% rise from the previous quarter, exceeding our projections by 5%.

We maintain a Buy on the stock with an unchanged PT of Rs. 1850, considering its strong outlook led by capacity additions and structural demand drivers.

Marico’s Q2FY2025 performance was largely in line with expectations, with consolidated revenues growing by 8% y-o-y (India biz volumes grew 5%) and OPM declining marginally by 48 bps y-o-y to 19.6%, adjusted PAT grew by ~9% y-o-y.

Cipla’s revenue reached Rs. 7,051 crore, reflecting a 7% y-o-y increase and a 6% q-o-q rise, meeting our expectations.

Consolidated revenue stood at Rs 41,473 crore, up 7.7% q-o-q/ 12% y-o-y , marginally beating our estimates of Rs 41,375 crore.

We retain a Buy on Mahindra Lifespace Developers Limited (MLDL) with a revised PT of Rs. 644, removing NAV premium due to slower-than-anticipated new project additions and higher leverage.

Welspun Living Limited’s (WLL’s) Q2FY2025 numbers were mixed, with revenue beating estimates and growing by 14.5% y-o-y to Rs. 2,873 crore, while EBITDA margin fell by 182 bps y-o-y to 12.4% and missed the mark. PAT stood flat y-o-y at Rs. 202 crore.

Company reported a Revenue of Rs. 30,673 crore (down 6.4% y-o-y). Volume offtake decreased 3.5%% y-o-y while the blended realizations fell 5.8% y-o-y. Both the segments, FSA and e-auction witnessed a volume and pricing decline.