External broker reports(aggregated public sources), Sharekhan

Sharekhan

External broker reports(aggregated public sources)

Sharekhan is India's leading broking house providing services from easy online trading, research to wide array of financial products. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

Maruti Suzuki India Limited manufactures and exports automobiles. Maruti collaborated with Suzuki of Japan to produce affordable cars for the average Indian.

<ul><li>Maruti’s EBITDA was better than estimates led by beat in margin.</li><li>Retail sales improved and grew 3.5% y-o-y in 9MFY25. Similar growth is expected in Q4.</li><li>Traction in exports, improvement in demand environment and launch of first EV will aid the growth of the company.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Maruti’s EBITDA was better than estimates led by beat in margin.Retail sales improved and grew 3.5% y-o-y in 9MFY25. Similar growth is expected in Q4.Traction in exports, improvement in demand environment and launch of first EV will aid the growth of the company.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Maruti Suzuki India Ltd - Decent Q3; Maintain Buy

Jubilant Foodworks Ltd. owns and operates fast food chains. The Company offers donuts, baked goods, coffee, bagels, muffin, fruit milkshakes, smoothies, tea, sandwiches, pizza, and beverages. Jubilant Foodworks serves its products to customers throughout India.

<ul><li>Jubilant Foodworks’s (JFL’s) Q3FY25 standalone operating performance was mixed, with revenues growing by 19% y-o-y, while EBIDTA margins fell by 145 bps y-o-y to 19.4%.</li><li>Consolidated revenues and adjusted PAT grew by 56% and 2% y-o-y, respectively.</li><li>Domino’s India’s like-for-like (LFL) growth improved to 12.5% (~25% delivery LFL growth).</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Jubilant Foodworks’s (JFL’s) Q3FY25 standalone operating performance was mixed, with revenues growing by 19% y-o-y, while EBIDTA margins fell by 145 bps y-o-y to 19.4%.Consolidated revenues and adjusted PAT grew by 56% and 2% y-o-y, respectively.Domino’s India’s like-for-like (LFL) growth improved to 12.5% (~25% delivery LFL growth).Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Jubilant Foodworks Ltd - Mixed Quarter, Healthy Outlook

KPR Mill Limited manufactures apparel products. The Company's products include carded and combed cotton and knitted fabrics.

<ul><li>KPR Mills (KPR) reported mixed performance in Q3FY25, with revenue growing by 23% y-o-y to Rs. 1,592 crore, while EBITDA margin fell 211-bps y-o-y to 19.8%, leading to 8.1% y-o-y PAT growth to Rs. 202 crore.</li><li>The textile business delivered good performance with volume-led 22% y-o-y revenue growth and ~190 bps y-o-y rise in margins.</li><li>Sugar volumes rose ~3x y-o-y, while ethanol volumes fell ~34% y-o-y. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

KPR Mills (KPR) reported mixed performance in Q3FY25, with revenue growing by 23% y-o-y to Rs. 1,592 crore, while EBITDA margin fell 211-bps y-o-y to 19.8%, leading to 8.1% y-o-y PAT growth to Rs. 202 crore.The textile business delivered good performance with volume-led 22% y-o-y revenue growth and ~190 bps y-o-y rise in margins.Sugar volumes rose ~3x y-o-y, while ethanol volumes fell ~34% y-o-y. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Honeywell Automation India / Equity Bottom-Up

Honeywell Automation India Limited supplies industrial automation and control solutions to the petrochemicals, refining, oil and gas, mining, metal and power industries.

<ul><li>Honeywell’s Q3FY2025 numbers saw a miss on estimates on all fronts, impacted by weak execution, softer demand, and accounting treatment change.</li><li>The company reported revenue/operating profit/Adj. PAT of Rs. 1091/142/132 crore for a growth of 2%/-12%/3%, respectively.</li><li>The company is a leading player and well positioned to drive growth in pharma, specialty chemicals, and cyber security.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Honeywell’s Q3FY2025 numbers saw a miss on estimates on all fronts, impacted by weak execution, softer demand, and accounting treatment change.The company reported revenue/operating profit/Adj. PAT of Rs. 1091/142/132 crore for a growth of 2%/-12%/3%, respectively.The company is a leading player and well positioned to drive growth in pharma, specialty chemicals, and cyber security.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Honeywell Automation India Ltd - Disappointing Quarter Q3; Downgrade to Hold

Birlasoft Limited is a domain, enterprise and digital technology consulting company. The company is located on 6 continents. Birlasoft is based in India.

<ul><li>Birlasoft reported revenue at $160.8 million, down 1.1% q-o-q/0.1% y-o-y, in constant currency (CC) terms, missing our estimate of $164.3 million.</li><li>EBITDA margin fell ~10 bps q-o-q to 12%, beating our estimate of 10.6%.</li><li>The company signed TCV deals of $226 million, up 66%q-o-q/4% y-o-y.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Birlasoft reported revenue at $160.8 million, down 1.1% q-o-q/0.1% y-o-y, in constant currency (CC) terms, missing our estimate of $164.3 million.EBITDA margin fell ~10 bps q-o-q to 12%, beating our estimate of 10.6%.The company signed TCV deals of $226 million, up 66%q-o-q/4% y-o-y.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Birlasoft Ltd - Higher than Usual Furloughs Mars Q3