Highest Upside

Aditya Birla Fashion & Retail Limited’s (ABFRL) Q3FY25 performance was driven by festive and wedding demand, leading to better LFL growth of key businesses, while overall demand sentiments continued to be muted.

DreamFolks (DFS) posted a revenue growth of 7.3% QoQ/11.5% YoY to INR3.4b, in line with our estimate of INR3.3b. Gross profit was flat YoY and down 2.5% QoQ to INR382m, with a gross margin of 11.2% (down 110bp QoQ). EBIT margin came in at 6.5%, down 220bp YoY/50bp QoQ. Consolidated PAT was INR169m (down 16% YoY/up 5% QoQ).

Update note

A strong set; timing of launches a key monitorable

Suspension of Indus Water Treaty to accelerate NHPC projects

Stovekraft logged healthy ~12% revenue growth (vs 3% decline at larger peer TTK Prestige), which was in line with the company’s guidance of sustained 8-10% revenue outperformance vs the underlying industry.

Quarterly Update Q3FY25

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.

Integrated Model Driving Sustainable Growth

Company Update

In FD, we estimate Swiggy to have gained market share of ~30bps on GOV basis and ~50bps on MTU basis. This is broadly in line with our survey findings.

Transformation Begins

Unlocking Value in an expanding business hospitality landscape

Scaling profitably with consistent execution

Black & White

A steady execution pace, continued operating profitability and steady orders make HG Infra’s FY25 results comforting with one-off margins in Q4. This sets the tone for an even better performance ahead.