Highest Upside

AAL is currently the largest independent manufacturer of rear drive axle assemblies for CVs (primarily M&HCVs) in India. AAL has continuous focus on working capital
improvement and inventory optimization and continuous focus on revenue
improvement, new product development, operational excellence & cost optimization as part of Industry 4.0 Strategy.

We maintain our BUY recommendation on the stock.

Retail Research

Crompton reported revenue/PAT growth of 13.9%/24.4% YoY. Gross margin expanded 106bps YoY on channel mix and price increases (across segments).

G R Infraprojects (GRINFRA)’s revenue was down 12% YoY to ~INR18.9b in 1QFY25 (in line). EBITDA margin was 13% (-160bp YoY) vs. our estimate of 13.7%.

We maintain our BUY recommendation on the stock.

Muted NII and lower Treasury income led to the decline in South Indian
Bank’s Q4 operating profit.