Sridhar Balakrishnan 🇮🇳🏆💰

KEC International Q2 FY25 (Consolidated, YoY)

Revenue up 13.7% to Rs 5,113.31 crore versus Rs 4,499.03 crore (Bloomberg estimate Rs 5094 crore).

Ebitda up 17% to Rs 320.24 crore versus Rs 274.32 crore (Bloomberg estimate Rs 338 crore).

Margin at 6.3% versus 6.1% ( Bloomberg estimate 6.6%).

Net profit up 53% to Rs 85.41 crore versus Rs 55.83 crore (Bloomberg estimate Rs 105 crore).

JK Paper Q2 FY25 (Consolidated, YoY)

Revenue up 2.0% to Rs 1,683 crore versus Rs 1,650 crore.

Ebitda down 35% to Rs 264 crore versus Rs 407 crore.

Margin at 15.7% versus 24.7%.

Net profit down 58% to Rs 129 crore versus Rs 306 crore.

Bata India Q2 FY25 (Consolidated, YoY)

Revenue up 2% at Rs 837 crore versus Rs 819 crore (Bloomberg estimate Rs 840 crore).

Ebitda down 4% at Rs 175 crore versus Rs 182 crore (Bloomberg estimate Rs 180 crore).

Ebitda margin at 20.9% versus 22.2% (Bloomberg estimate 21.4%).

Net profit up 53% at Rs 52 crore versus Rs 34 crore (Bloomberg estimate Rs 59 crore).

Amara Raja Q2 FY25 (Standalone, YoY)

Revenue up 11.56% at Rs 3136 crore versus Rs 2,811 crore (Bloomberg estimate Rs 3351 crore).

Ebitda up 7.56% at Rs 441 crore versus Rs 410 crore (Bloomberg estimate Rs 458 crore).

Ebitda margin down 52 bps at 14.06% versus 14.58% (Bloomberg estimate 13.7%).

Net profit up 6.63% at Rs 241 crore versus Rs 226 crore (Bloomberg estimate Rs 265 crore).

Board approved increasing investment limit in arm ARACT to Rs 2,000 crore from Rs 1,000 crore to set up gigafactories and plants.

Raymond Q2 FY25 (Consolidated, YoY)

Revenue up 122.12% at Rs 1,044 crore versus Rs 470 crore.

Ebitda up 105.35% at Rs 115 crore versus Rs 56 crore.

Ebitda margin down 89 bps at 11.01% versus 11.91%.

Net profit down 63.35% at Rs 59 crore versus Rs 161 crore.

*JINDALSTEL*
• Revenue expected at Rs 11632 crore versus Rs 12250 crore
• EBITDA expected to be seen at Rs 2078 crore versus Rs 2285 crore
• EBITDA margin expected to be seen at 17.86% versus 18.66%
• Net profit expected to be seen at Rs 791 crore versus Rs 1387 crore

*POWERGRID*
• Revenue expected at Rs 11522 crore versus Rs 11267 crore
• EBITDA expected to be seen at Rs 10542 crore versus Rs 9870 crore
• EBITDA margin expected to be seen at 91.50% versus 87.60%
• Net profit expected to be seen at Rs 3968 crore versus Rs 3781 crore

*RITES*
• Revenue expected at Rs 551 crore versus Rs 582 crore
• EBITDA expected to be seen at Rs 120 crore versus Rs 137 crore
• EBITDA margin expected to be seen at 21.78% versus 23.67%
• Net profit expected to be seen at Rs 100 crore versus Rs 101 crore

*TATASTEEL*
• Revenue expected at Rs 53734 crore versus Rs 55681 crore
• EBITDA expected to be seen at Rs 4980 crore versus Rs 4267 crore
• EBITDA margin expected to be seen at 9.27% versus 7.66%
• Net profit expected to be seen at Rs 139 crore versus Rs 702 crore

*USHAMART*
• Revenue expected at Rs 880 crore versus Rs 784 crore
• EBITDA expected to be seen at Rs 161 crore versus Rs 144 crore
• EBITDA margin expected to be seen at 18.30% versus 18.37%
• Net profit expected to be seen at Rs 109 crore versus Rs 107 crore

*Q2FY25 EARNING CALENDAR 05.11.2024*

ALKYLAMINE, APTUS, BALMLAWRIE, *BERGEPAINT*, CCL, CEIGALL, CHEMPLASTS, DATAMATICS, *DRREDDY*, ECLERX, EVERESTIND, *GAIL*, JKTYRE, KPRMILL, *MANAPPURAM*, *MANKIND*, *MAXHEALTH*,*MAZDOCK*, MUTHOOTMF, *OIL*, *POLICYBZR*, RAYMONDLSL, SJVN, SUNDRMFAST, TIMKEN, *TITAN*, TRIVENI, WAAREERTL, WONDERLA, XPROINDIA

*BERGEPAINT*
• Revenue expected at Rs 2832 crore versus Rs 2767 crore
• EBITDA expected to be seen at Rs 457 crore versus Rs 473 crore
• EBITDA margin expected to be seen at 16.14% versus 17.12%
• Net profit expected to be seen at Rs 283 crore versus Rs 291 crore

*DRREDDY*
• Revenue expected at Rs 7658 crore versus Rs 6902 crore
• EBITDA expected to be seen at Rs 2145 crore versus Rs 2013 crore
• EBITDA margin expected to be seen at 28.00% versus 29.17%
• Net profit expected to be seen at Rs 1418 crore versus Rs 1482 crore

*GAIL*
• Revenue expected at Rs 33848 crore versus Rs 33673 crore
• EBITDA expected to be seen at Rs 4256 crore versus Rs 4528 crore
• EBITDA margin expected to be seen at 12.57% versus 13.45%
• Net profit expected to be seen at Rs 2600 crore versus Rs 2424 crore

*MNAPPURAM*
• NII expected at Rs 1502 crore versus 2043 Rs crore
• EBIT expected to be seen at Rs 994 crore versus Rs 849 crore
• EBIT margin expected to be seen at 66.85% versus 62.70%
• Net profit expected to be seen at Rs 519 crore versus Rs 558 crore

*MANKIND*
• Revenue expected at Rs 3071 crore versus Rs 2708 crore
• EBITDA expected to be seen at Rs 794 crore versus Rs 686 crore
• EBITDA margin expected to be seen at 25.85% versus 25.34%
• Net profit expected to be seen at Rs 614 crore versus Rs 501 crore

*MAXHEALTH*
• Revenue expected at Rs 2056 crore versus Rs 1363 crore
• EBITDA expected to be seen at Rs 550 crore versus Rs 387 crore
• EBITDA margin expected to be seen at 26.75% versus 28.39%
• Net profit expected to be seen at Rs 369 crore versus Rs 276 crore

*POLICYBZR*
• Revenue expected at Rs 1080 crore versus Rs 811 crore
• EBITDA expected to be seen at Rs 18 crore versus Rs -89 crore
• EBITDA margin expected to be seen at 1.67% versus -10.98%
• Net profit expected to be seen at Rs 45 crore versus Rs -20 crore

*TITAN*
• Revenue expected at Rs 13259 crore versus Rs 12529 crore
• EBITDA expected to be seen at Rs 1493 crore versus Rs 1411 crore
• EBITDA margin expected to be seen at 11.26% versus 11.26%
• Net profit expected to be seen at Rs 935 crore versus Rs 916 crore


*Q2FY25 EARNING CALENDAR 06.11.2024*

AADHARHFC, *APOLLOHOSP*, AVALON, BLUESTARCO, *CHAMBLFERT, DELTACORP, DHANUKA, ENDURANCE, FDC, GANDHAR, GEPIL, GPPL, *GRANULES*, *GUJGASLTD*, GULFOILLUB, HITECH, IPL, JBCHEPHARM, *JINDALSTEL*, JKLAKSHMI, JYOTISTRUC, KANSAINER, KIRLFER, KPEL, KPGEL, KPIGREEN, MMWL, NEULANDLAB, *POWERGRID*, PRICOLLTD, RAIN, *RITES*, RPSGVENT, SBCL, SONATSOFTW, TARC, *TATASTEEL*, TEAMLEASE, THANGAMAYL, TRIDENT, *USHAMART*

*APOLLOHOSP*
• Revenue expected at Rs 5513 crore versus Rs 4846 crore
• EBITDA expected to be seen at Rs 772 crore versus Rs 627 crore
• EBITDA margin expected to be seen at 14.00% versus 12.95%
• Net profit expected to be seen at Rs 363 crore versus Rs 232 crore

*CHAMBLFERT*
• Revenue expected at Rs 4935 crore versus Rs 5385 crore
• EBITDA expected to be seen at Rs 705 crore versus Rs 615 crore
• EBITDA margin expected to be seen at 14.28% versus 11.42%
• Net profit expected to be seen at Rs 446 crore versus Rs 381 crore

*GRANULES*
• Revenue expected at Rs 1015 crore versus Rs 1189 crore
• EBITDA expected to be seen at Rs 209 crore versus Rs 213 crore
• EBITDA margin expected to be seen at 20.59% versus 17.90%
• Net profit expected to be seen at Rs 93 crore versus Rs 102 crore

*GUJGASLTD*
• Revenue expected at Rs 3806 crore versus Rs 3845 crore
• EBITDA expected to be seen at Rs 435 crore versus Rs 496 crore
• EBITDA margin expected to be seen at 11.50% versus 12.91%
• Net profit expected to be seen at Rs 251 crore versus Rs 296 crore

*🇮🇳: India Daybook – Stocks in News*


*RVNL:* Company Emerges as the Lowest Bidder from South Central Railway, RVNL awarded EPC contract for track doubling (Positive)

*ABS Marine:* Company signed a charter party agreement with Schlumberger Asia services, size of contract is Rs 1.97 billion for first 3 years (Positive)

*Zenith Drugs:* Company has been awarded a tender by Uttar Pradesh Medical Supplies Corporation Limited for supplying 5,480,000 tubes of Betamethasone Valerate Cream (Positive)

*Maruti:* Suzuki unveils first battery EV, the e VITARA. (Positive)

*Royal Enfield:* Company launches Flying Flea electric vehicle brand. (Positive)

*Dixon:* Technologies incorporates Dixon Teletech as a wholly owned subsidiary. (Positive)

*KEC:* Net profit at ₹85.4 cr vs ₹55.8 cr, Revenue at ₹5,113.3 cr vs ₹4,499 cr (YoY) (Positive)

*Raymond:* Net profit at ₹59 cr vs ₹27.8 cr, Revenue at ₹1,044.7 cr vs ₹470 cr (YoY) (Positive)

*Tilak Nagar:* Net profit at ₹58.2 cr vs ₹37 cr, Revenue up 5.8% at ₹374.8 cr vs ₹354.4 cr (YoY) (Positive)

*BF Investment:* Net profit at Rs 49.3 cr vs Rs 51.4 cr, Revenue at Rs 74.5 cr vs Rs 69.8 cr (YoY) (Positive)

*P&G Health:* Net profit at Rs 82.3 cr vs Rs 65.6 cr, Revenue at Rs 313.4 cr vs Rs 304.9 cr (YoY) (Positive)

*ABB India:* Net profit at Rs 440.45 cr vs Rs 362.87 cr, Revenue at Rs 2912 cr vs Rs 2769 cr (YoY) (Positive)

*IRCTC:* Net profit at Rs 307.86 cr vs Rs 294.67 cr, Revenue at Rs 1064 cr vs Rs 992 cr (YoY) (Positive)

*Samkrg Piston:* Net profit at Rs 2 cr vs Rs 1.3 cr, Revenue at Rs 62 cr vs Rs 65 cr (YoY) (Neutral)

*Narmada Gelatine:* Net profit at Rs 3.8 cr vs Rs 2.6 cr, Revenue at Rs 48 cr vs Rs 41 cr (YoY) (Neutral)

*Suraj Products:* Net profit at Rs 6.4 cr vs Rs 7.3 cr, Revenue at Rs 75.68 cr vs Rs 67.80 cr (YoY) (Neutral)

*Chemfab Alkalis:* Net profit at Rs 2.9 cr vs Rs 5.4 cr, Revenue at Rs 79.0 cr vs Rs 79.6 cr (YoY) (Neutral)

*Gland Pharma:* Net profit at Rs 163.5 cr vs Rs 194 cr, Revenue at Rs 1406 cr vs Rs 1373 cr (YoY) (Neutral)

*Amara Raja:* Net profit at Rs 240.7 cr vs Rs 226.4 cr, Revenue at Rs 3135 cr vs Rs 2811 cr (YoY) (Neutral)

*Automobile Corp Of Goa:* Net profit at Rs 7.3 cr vs Rs 7.6 cr, Revenue at Rs 129 cr vs Rs 122.5 cr (YoY) (Neutral)

*Sundaram Fin:* Net profit at Rs 436 cr vs Rs 365 cr, Revenue at Rs 2080 cr vs Rs 1708 cr (YoY) (Neutral)

*Bata India:* Net profit at ₹52 cr vs ₹34 cr, Revenue up 2.2% at ₹837.1 cr vs ₹819.1 cr (YoY) (Neutral)

*ITD Cem:* Renew Exim DMCC makes open offer for ITD Cementation shares. (Neutral)

*HBL Power:* Company announced the resignation of Director Advay Bhagirath Mikkilineni, effective November 4, 2024. (Neutral)

*Bharti Airtel:* Bharti Telecom accepts Rs 11,150 cr bids for biggest bond issue of FY25 (Neutral)

*Sandur Manganese:* Company approves acquisition of additional 20% stake in Arjas Steel. (Neutral)

*Maral Overseas:* Net loss at Rs 7.0 cr vs Net loss of Rs 2.3 cr, Revenue at Rs 270 cr vs Rs 245 cr (YoY) (Negative)

*Andhra Paper:* Net profit at Rs 42 cr vs Rs 100 cr, Revenue at Rs 432 cr vs Rs 482 cr (YoY) (Negative)

*JK Paper:* Net profit down 57.8% at ₹129 cr vs ₹305.7 cr, Revenue up 2% at ₹1,683 cr vs ₹1,650 cr (YoY) (Negative)

*SPARC:* Net loss at Rs 107 cr vs Rs 87 cr, Revenue at Rs 13 vs Rs 21 cr. (YoY) (Negative)

*News Headlines from Business News Agencies :*

*Business Standard :*

📝 Oil buyers, producers dialogue needed for market stability: Hardeep Puri

📝 India's semiconductor design sector booms despite Q2 hiring dip: Report

📝 Taj Gvk Hotels Q3 PAT jumps 39% YoY to Rs 17 crore

📝 SAT Televenture to acquire Tikona Infinet for Rs 669 cr in cash, stock deal

📝 Sebi allows MFs to invest in foreign funds with Indian securities exposure

📝 Kotak Alternate Asset Managers to raise Rs 1,600 cr via healthcare PE fund

📝 Coal Minister urges CIL to boost production and reduce import reliance

📝 TechEagle launches eight drone hubs with healthcare partners across India

📝 Fitch affirms IIFL Finance's rating after RBI lifts ban on gold-loan biz

📝 October weather did not favour Ukraine's winter crops: Scientists

📝 Exide Industries Q2 result: PAT falls 13.66% to Rs 233.4 cr on higher costs

📝 UAE opens its annual oil-and-gas summit, pledges to increase output


*Economic Times :*

📝 CIL should prioritise augmenting coal production, supplies to reduce import: Minister

📝 Aptus has appointed Atul Jain as Managing Director and Chief Executive

📝 China's Haier Group plans JV with JSW Group envisaging Rs 1K cr investment

📝 BFSI office leasing continues to surge as digital growth points to new record in 2024

📝 India to emerge as a Global South leader in AI global governance: Abhishek Singh

📝 India re-elected as President of International Solar Alliance till 2026

📝 Bajaj auto domestic 2-wheelers sales dropped 8 pc in Oct (YoY), exports surge 22 pc

📝 Ashok Leyland total sales fell 9% to 15,310 units in Oct

📝 Bangladesh fast tracks payment to Adani Power after supply cut

📝 Welspun Corp gets Rs 1,300 cr pipe supply order in US

📝 India to revamp power demand forecasting for better planning

📝 Crystal Crop acquires I&B Seeds to expand vegetable, flower seed business


*Mint :*

📝 RBI likely selling dollars to support rupee amid equity outflows: Report

📝 IRFC Q2 Results: Net profit rises 4% YoY to ₹1,613 crore, revenue up 2%

📝 Indian rupee touches all-time low due to equity outflows from domestic market

📝 Lulu Retail Holdings expects to raise $1.43 billion from its Abu Dhabi IPO

📝 DLF’s New ‘Ultra-Luxury’ Project to Have the Costliest Apartments in India

📝 Reliance Jio IPO may hit Indian market in 2025: Report

📝 NBFCs brace for slower growth as asset stress, fund costs pinch

📝 Skillmatics likely to go for India listing in 3 years: CEO Dhvanil Sheth

📝 SBI Mutual Fund average AUM surges to record ₹11 lakh crore in Q2

📝 Bosch to cut over 7,000 jobs as it lowers growth forecast for 2024

📝 InCred plans insurance, mutual fund arms as it seeks to diversify offerings

HDB Financial IPO: Citi explains the impact on HDFC Bank shares

Global brokerage firm Citi has reiterated its 'Buy' rating on HDFC Bank, with a price target of ₹1,990 per share, as HDB Financial Services (HDB), a key subsidiary of HDFC Bank, has filed for a ₹12,500 crore initial public offering (IPO).

Citi estimates that HDB’s post-issue valuation, at a 3-4 times price-to-book (PB) ratio, could reflect 2.8-4.3% of HDFC Bank's market capitalisation.

HDB may also consider a pre-IPO placement of up to 20% of the fresh issue.

HDB Financial has files for an IPO, consisting of a ₹2,500 crore fresh issue and a ₹10,000 crore offer for sale to meet regulatory listing requirements for NBFC-UL by September 2025.

HDFC Bank would sell equity shares worth ₹10,000 crore through the OFS. Parent HDFC Bank holds a 94.6% stake in HDB Financial Services.

The price and other details of the proposed IPO will be determined in due course, the lender said.

Incorporated in 2007, HDB Financial Services provides secured and unsecured loans and has more than 1,680 branches across India.

As one of the top-tier, diversified NBFCs with a retail focus, HDB has a loan book of ₹98,600 crore, growing at over 20% CAGR since FY22, with a 3% Return on Assets (RoA) and a 19% Return on Equity (RoE).

HDB operates across enterprise lending, asset finance, and consumer finance, yielding 14-14.2%.

Its AAA rating enables borrowing at competitive rates of 7.6-7.9%, resulting in a net interest margin of 7.5%. Its broad network and focus on granular, low-ticket loans keep operating expenses at 3.8-3.9% of assets, while credit costs remain manageable at 1.5-1.8%.