External broker reports(aggregated public sources), Prabhudas Lilladhar

Prabhudas Lilladhar

External broker reports(aggregated public sources)

Prabhudas Lilladher is one of India's leading research based financial services organisation.

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Equity Bottom-Up

Navneet Education Limited publishs educational and general books. The Company operates in three segments: book publishing, paper stationary and others. The Book publishing segment publishes educational, children and general books. The Paper stationery segment deals in scholastic stationery products. Others segment includes windmill power generation.

<ul><li>We cut our EPS estimates by 7.8%/7.3%/6.7% for FY25E/FY26E/FY27E given near-term growth challenges in publishing division and rising competitive intensity in the domestic stationery market.</li><li>NELI reported weak set of numbers with revenue miss of 5% and a break-even at operating level as publishing and domestic stationery business suffered amid fall in realization.</li><li>The publishing division has been facing considerable growth challenges of late due to increasing usage of second hand books.</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.

We cut our EPS estimates by 7.8%/7.3%/6.7% for FY25E/FY26E/FY27E given near-term growth challenges in publishing division and rising competitive intensity in the domestic stationery market.NELI reported weak set of numbers with revenue miss of 5% and a break-even at operating level as publishing and domestic stationery business suffered amid fall in realization.The publishing division has been facing considerable growth challenges of late due to increasing usage of second hand books.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.

Navneet Education - Growth Struggle Continues

Vinati Organics Limited produces organic intermediates and monomers.

<ul><li>Vinati Organics (VO IN) reported a topline of Rs5.53bn, reflecting 19.5% YoY and 5.4% QoQ growth.</li><li>It has maintained 20% revenue growth guidance for FY25. ATBS, the company’s key product, contributed to 36% of total revenue in Q2FY25.</li><li>Antioxidants segment revenue, which is expected to double in FY25 from Rs1.3bn in FY24, stood at Rs1bn in H1FY25.</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.

Vinati Organics (VO IN) reported a topline of Rs5.53bn, reflecting 19.5% YoY and 5.4% QoQ growth.It has maintained 20% revenue growth guidance for FY25. ATBS, the company’s key product, contributed to 36% of total revenue in Q2FY25.Antioxidants segment revenue, which is expected to double in FY25 from Rs1.3bn in FY24, stood at Rs1bn in H1FY25.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.

Vinati Organics - ATBS Expansion to Align with Demand

Oil & Natural Gas Corp / Equity Bottom-Up

Oil and Natural Gas Corporation Limited specializes in the exploration and production of crude oil and gas. The Company has joint ventures in oil fields in Vietnam, Norway, Egypt, Tunisia, Iran and Australia. The Group's other activities include deep sea explorations on the east and west coasts of India, and the exploration of coal bed methane.

<ul><li>Oil and Natural Gas Corporation’s (ONGC) operating profit stood at Rs182.4bn (down 2% QoQ, PLe: Rs181.5bn, BBGe: Rs189.9bn).</li><li>PAT increased 34.1% to Rs119.8bn on a standalone basis (PLe: Rs92.7bn, BBGe: Rs107.3bn) led by higher other income and lower tax rate.</li><li>Oil and gas production continued to decline YoY.</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.

Oil and Natural Gas Corporation’s (ONGC) operating profit stood at Rs182.4bn (down 2% QoQ, PLe: Rs181.5bn, BBGe: Rs189.9bn).PAT increased 34.1% to Rs119.8bn on a standalone basis (PLe: Rs92.7bn, BBGe: Rs107.3bn) led by higher other income and lower tax rate.Oil and gas production continued to decline YoY.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.

Oil & Natural Gas Corporation - Production Ramp-Up Key Monitorable

Zydus Lifesciences Ltd / Equity Bottom-Up

Cadila Healthcare Ltd. manufactures, and markets healthcare solutions ranging from formulations, active pharmaceutical ingredients, vaccines, diagnostics, health and dietetic foods, animal healthcare to cosmeceuticals.  The Company's products are available in tablets, capsules, injections, liquids, dry syrups, powders, granules, and ointments.

<ul><li>Zydus Lifesciences (ZYDUSLIF) Q2 EBITDA of Rs14.2bn (up 33% YoY) was in line with our estimate.</li><li>The stock price has corrected by ~25% over last 3 months on account of concerns of high product concentration risk, incremental competition in gAsacol and litigation delay news flow on gCabometyx.</li><li>We believe the company’s steady domestic franchise, strong balance sheet and potential new launches in the US will help negate pricing pressure and likely competition in some key products like gAsacol.</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.

Zydus Lifesciences (ZYDUSLIF) Q2 EBITDA of Rs14.2bn (up 33% YoY) was in line with our estimate.The stock price has corrected by ~25% over last 3 months on account of concerns of high product concentration risk, incremental competition in gAsacol and litigation delay news flow on gCabometyx.We believe the company’s steady domestic franchise, strong balance sheet and potential new launches in the US will help negate pricing pressure and likely competition in some key products like gAsacol.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.

Zydus Lifesciences - Guided for 2-3 High Value Launches in US over FY27/28

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>Hindalco Industries (HNDL) Q2FY25 delivered strong cons operating performance on strong India upstream AL business and stable Novelis.</li><li>Indian business volumes were muted, but better pricing and lower operating cost benefited.</li><li>Mgmt.guided for tad higher coal costs at Mahan and Renukoot operations on higher spot premiums, but impact of higher alumina prices will aid earnings.</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.

Hindalco Industries (HNDL) Q2FY25 delivered strong cons operating performance on strong India upstream AL business and stable Novelis.Indian business volumes were muted, but better pricing and lower operating cost benefited.Mgmt.guided for tad higher coal costs at Mahan and Renukoot operations on higher spot premiums, but impact of higher alumina prices will aid earnings.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 Industries - Strong India but Lower Spreads to Impact Novelis