Highest Upside

Broadly in line with our Rs774m estimate, MM Forgings’ Q2 EBITDA grew a healthy 7% y/y to Rs769m. We reckon the domestic M&H CV volume uptrend would hold at a 5% CAGR over FY24-27.

FCL reported a revenue of INR 1,457 Mn, a growth of 2% QoQ, flat YoY. Gross Margins remained flat declining by 36bps, coming in at 38.22%.EBITDA margins (excl. OI) were maintained on a QoQ basis, coming in at 25%, with a 133bps decline on a YoY basis, margins were in line with our expectations.

IndusInd Bank (IIB)’s PAT declined 40% YoY/ 39% QoQ at ~INR13.3b (17% miss adjusted for contingent provision of INR5.25b).

Ugro reported a satisfactory performance in Q2FY25, where it delivered a strong performance in terms of highest-ever net disbursement of Rs19.7bn (+34% YoY; +71% QoQ) and AUM reaching Rs101.6bn (+34% YoY; +10% QoQ).

Quarterly Update Q2FY25

Driving India's digital financial solutions

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.

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.

PVR Inox’s Q2 results reflect better box office performance after a disappointing Q1. Footfalls, ATP, and SPH all improved in Q2 and were slightly higher than our estimates.