External broker reports(aggregated public sources), Motilal Oswal Financial Services Limited

Motilal Oswal

External broker reports(aggregated public sources)

Motilal Oswal Financial Services Limited

Motilal Oswal Financial Services Limited is an Indian diversified financial services firm offering a range of financial products and services. 

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Equity Bottom-Up

Aditya Birla Fashion and Retail Ltd / Equity Bottom-Up

Aditya Birla Fashion and Retail Ltd provides a wide range of mid-priced garments for men. The Company's collection includes internationally styled formal, elite, casual, party, and wedding apparel.

Aditya Birla Fashion and Retail Ltd (ABFRL IN)

<ul><li>Aditya Birla Fashion and Retail (ABFRL)’s revenue growth remained muted at ~3% YoY (in line) in 3QFY25.</li><li>The growth was driven mainly by Ethnic and TMRW (to be part of demerged ABFRL), whereas growth remained muted in Lifestyle Brands (robust LTL offset by weak wholesale) and Pantaloons (shift in Pujo dates).</li><li>EBITDA was up 15% YoY (11% beat), driven by broad-based improvement in profitability, with ~150bp YoY expansion in consolidated EBITDA margin.</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.

Aditya Birla Fashion and Retail (ABFRL)’s revenue growth remained muted at ~3% YoY (in line) in 3QFY25.The growth was driven mainly by Ethnic and TMRW (to be part of demerged ABFRL), whereas growth remained muted in Lifestyle Brands (robust LTL offset by weak wholesale) and Pantaloons (shift in Pujo dates).EBITDA was up 15% YoY (11% beat), driven by broad-based improvement in profitability, with ~150bp YoY expansion in consolidated EBITDA margin.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.

Aditya Birla Fashion and Retail - GM Expansion Drives Beat; Near-Term Focus on Demerge

Cello World is an Indian consumer products company. The firm is a leading company in the consumerware market in India.

<ul><li>CELLO reported ~5% revenue growth in 3QFY25, driven by festive demand in the first half of the quarter.</li><li>However, this was offset by a slowdown in consumption and discretionary spending later in the quarter.</li><li>Growth in Consumerware (up 9% YoY) and Moulded Furniture &amp; Allied products (up 7% YoY) was partially impacted by a decline in the Writing Instrument segment (down 11% YoY), despite export markets showing sequential recovery.</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.

CELLO reported ~5% revenue growth in 3QFY25, driven by festive demand in the first half of the quarter.However, this was offset by a slowdown in consumption and discretionary spending later in the quarter.Growth in Consumerware (up 9% YoY) and Moulded Furniture &amp; Allied products (up 7% YoY) was partially impacted by a decline in the Writing Instrument segment (down 11% YoY), despite export markets showing sequential recovery.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.

Cello World - Muted Q3 Performance; Consumption-Led Rebound on the Horizon

Hindalco Industries Limited is an integrated aluminum manufacturer. The Company mines bauxite and refines it into alumina. The Company's other operations include the smelting of alumina into aluminum, the manufacture of semi-fabricated rolled and extruded products. The Company's products include aluminum ingots, steel rods and rolled flat steel products.

<ul><li>3QFY25 consolidated net sales stood at INR584b (+11 YoY/flat QoQ), in line with our est. of INR595b, aided by better realization.</li><li>Consolidated EBITDA stood at INR76b (+29% YoY/-4% QoQ), in line with our est. of INR77b, driven by lower costs and operating efficiencies.</li><li>APAT stood at INR38b (+61% YoY/-12% QoQ), in line with our estimate.</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.

3QFY25 consolidated net sales stood at INR584b (+11 YoY/flat QoQ), in line with our est. of INR595b, aided by better realization.Consolidated EBITDA stood at INR76b (+29% YoY/-4% QoQ), in line with our est. of INR77b, driven by lower costs and operating efficiencies.APAT stood at INR38b (+61% YoY/-12% QoQ), in line with our estimate.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.

Hindalco - In-Line Performance; Muted Novelis Performance Offset by Strong India Operation

IIFL Holdings Limited is a financial services company and is engaged, through its subsidiaries, in the businesses of  non-banking finance, housing finance, wealth management, asset management, institutional & retail brokerage and investment banking. The Company is also a distributor of insurance and other financial products.

<ul><li>IIFL Finance (IIFL)’s 3QFY25 PAT declined ~85% YoY to INR817m.</li><li>NII declined 22% YoY and ~8% QoQ to ~INR12.4b (~7% miss).</li><li>Other income stood at ~INR1.1b (PY: INR1.1b).</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.

IIFL Finance (IIFL)’s 3QFY25 PAT declined ~85% YoY to INR817m.NII declined 22% YoY and ~8% QoQ to ~INR12.4b (~7% miss).Other income stood at ~INR1.1b (PY: INR1.1b).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.

IIFL Finance - Earnings Miss; Asset Quality Weakness in Unsecured and Micro-LAP

Kalpataru Projects International / Equity Bottom-Up

Kalpataru Projects International Limited provides engineering, procurement, and construction services. The Company offers complete solutions covering design, testing, fabrication, erection, and construction of transmission lines, oil and gas infrastructure, and railways projects on a turnkey basis. Kalpataru Projects International serves customers globally.

Kalpataru Projects International (KPIL IN)

<ul><li>Kalpataru Projects (KPIL) reported a broadly in-line revenue growth of 16% YoY, while its EBITDA/PAT grew 17%/9% YoY.</li><li>PAT was hit by higher-than-expected interest expenses, as the collections from Water projects continued to be delayed.</li><li>The company continues to maintain a 20-25% market share in the T&amp;D opportunitypipeline while it is affected in the near term by delayed payments on the water segment.</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.

Kalpataru Projects (KPIL) reported a broadly in-line revenue growth of 16% YoY, while its EBITDA/PAT grew 17%/9% YoY.PAT was hit by higher-than-expected interest expenses, as the collections from Water projects continued to be delayed.The company continues to maintain a 20-25% market share in the T&amp;D opportunitypipeline while it is affected in the near term by delayed payments on the water segment.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.

Kalpataru Projects - Delayed Payments Hurt Performance