Sharekhan Broker Research reports

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.

Q2FY25 standalone PAT was up 19.7% y-o-y to Rs. 4,649 crore with the regulated equity base growing 7.7% y-o-y to Rs. 89,430 crore. Consolidated PAT of Rs. 5,274 crore was up 14% y-o-y.

Sun Pharmaceutical Industries reported a revenue of ?13,291 crore for the quarter, reflecting a 9% year-over-year increase and a 5% rise quarter-over-quarter. This figure surpassed our estimates by 2%, despite experiencing price reductions in Taro’s portfolio and in Japan.

Revenues grew by 14.9% y-o-y to Rs. 4,605 crore with margins expansion of 510 bps y-o-y. Results outperformed expectations on margin front. Higher revenue and margin led to PAT growth of 38% y-o-y to Rs. 1092 crore. Revenue growth guidance is at 15% and OPM at 23-25% for FY2025.

Can Fin Homes reported a strong performance in Q2FY2025. Earnings were in line with estimates, mainly led by lower-than-expected credit cost and improvement in NIM.

Federal Bank reported an 11% y-o-y growth in earnings aided by 18% y-o-y growth in operating profits and a rise in provisions on very low base. The bank managed to report RoA/RoE at ~1.3%/ ~13.7%.

Revenues reached Rs. 696 crore, marking a 16% y-o-y increase and a 10% q-o-q rise, with
exports growing by 44% y-o-y.

Core operating profits grew by 12% y-o-y /4% q-o-q (better than estimates) led by better loan growth, strong fee income and contained opex growth. Credit cost stayed lower at 39 bps annualised vs 44 bps q-o-q and 21 bps y-o-y resulting in steady RoA at 2.4%.

V2 Retail’s (V2R’s) Q2FY2025 numbers were a mixed bag, with revenues growing strongly by 64% y-o-y while EBIDTA margins lagged expectation at 8.7% (flat y-o-y) due to lower gross margins and higher employee cost.

Torrent’s revenue reached Rs. 2,889 crore, reflecting a 9% y-o-y increase and a 1% q-o-q rise, driven by growth in key geographies.