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. 

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Equity Bottom-Up

Affle (India) Limited operates as a technology company. The Company offers consumer intelligence platform that delivers consumer engagements, acquisitions, and transactions through mobile advertising, as well as platform aims to enhance returns on marketing investment through contextual mobile ads and also by reducing digital ad fraud. Affle (India) serves customers worldwide.

<ul><li>Reported revenue grew 4.5% q-o-q/25.9 y-o-y to Rs. 543 crore, beating our estimates of Rs. 533 crore.</li><li>EBITDA margin improved 76 bps q-o-q/65 bps y-o-y to 20.9%, beating our estimates of 20.3%.</li><li>Converted users grew 4.4% q-o-q/31.7% y-o-y to 9.5 crore. </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.

Reported revenue grew 4.5% q-o-q/25.9 y-o-y to Rs. 543 crore, beating our estimates of Rs. 533 crore.EBITDA margin improved 76 bps q-o-q/65 bps y-o-y to 20.9%, beating our estimates of 20.3%.Converted users grew 4.4% q-o-q/31.7% y-o-y to 9.5 crore. 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.

Affle (India) Ltd - Strong Q2, Maintain Buy

Aurobindo Pharma Limited manufactures and markets oral and sterile antibiotics, antibacterials, anti-ulcerants and other generic basic drugs. Products include semi-synthetic penicillin drugs like ampicillin and amoxycillinas well as antibiotics, which include cloxacillin and dicloxacillin. The Company also manufactures formulations like astemizole, domeperidone and omeprazole.

<ul><li>Quarterly revenue reached Rs. 7,796 crore, reflecting an 8% y-o-y and 3% q-o-q increase, exceeding our estimates by 1%, while PAT was Rs. 817 crore, rising 9% y-o-y growth but an 11% q-o-q decline, falling 19% below our estimates.</li><li>EBITDA for the quarter was Rs. 1,566 crore, reflecting a 14% y-o-y increase and a 3% q-o-q decline, missing our estimates by 12%, with margins standing at 20%, up 106 basis points y-o-y but down 131 basis points q-o-q.</li><li>U.S. formulations (excluding Puerto Rico) revenue grew by 4.3% y-o-y to Rs. 3,530 crore ($421 million), Europe formulations revenue increased by 19.0% y-o-y to INR 2,105 crore (EUR 229 million), and Growth Markets revenue rose by 44.0% y-o-y to INR 812 crore ($97 million). </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.

Quarterly revenue reached Rs. 7,796 crore, reflecting an 8% y-o-y and 3% q-o-q increase, exceeding our estimates by 1%, while PAT was Rs. 817 crore, rising 9% y-o-y growth but an 11% q-o-q decline, falling 19% below our estimates.EBITDA for the quarter was Rs. 1,566 crore, reflecting a 14% y-o-y increase and a 3% q-o-q decline, missing our estimates by 12%, with margins standing at 20%, up 106 basis points y-o-y but down 131 basis points q-o-q.U.S. formulations (excluding Puerto Rico) revenue grew by 4.3% y-o-y to Rs. 3,530 crore ($421 million), Europe formulations revenue increased by 19.0% y-o-y to INR 2,105 crore (EUR 229 million), and Growth Markets revenue rose by 44.0% y-o-y to INR 812 crore ($97 million). 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.

Aurobindo Pharma Ltd - Slight Dip in Profitability Due to Temporary Activities

Divi's Laboratories Ltd. manufactures pharmaceutical products which include generic drugs and their intermediates. The Company also undertakes contract research activities for other pharmaceutical companies.

<ul><li>Divis Labs’ revenue for the quarter amounted to Rs. 2,238 crore, marking a 17% y-o-y increase and a 6% q-o-q rise, which was 4% above estimates.</li><li>EBITDA stood at Rs. 616 crore, reflecting a 29% y-o-y increase but a slight decline of 1% q-o-q, falling short of our expectations by 4%.</li><li>Margins stood at 28%, indicating a 243 bps y-o-y improvement but a 184 bps q-o-q decrease. </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.

Divis Labs’ revenue for the quarter amounted to Rs. 2,238 crore, marking a 17% y-o-y increase and a 6% q-o-q rise, which was 4% above estimates.EBITDA stood at Rs. 616 crore, reflecting a 29% y-o-y increase but a slight decline of 1% q-o-q, falling short of our expectations by 4%.Margins stood at 28%, indicating a 243 bps y-o-y improvement but a 184 bps q-o-q decrease. 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.

Divis Laboratories Ltd - Company Set for Continued Growth

Exide Industries Ltd. manufactures a wide range of lead and electric storage batteries. The Company's batteries for automobiles, railways, aircrafts, power stations, telephone exchanges, and other uses.

<ul><li>A muted show by OEMs marred Q2FY25 numbers, even though replacement demand was strong.</li><li>Li-ion project on track , while management is emphasising on an increase in penetration in export markets.</li><li>Outlook We retain a Buy with a revised SOTP-based PT of Rs 534 on the expectation of continued recovery in replacement demand, improvement in EBITDA margins on steady raw material costs and timely execution of Li-ion cell project.</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.

A muted show by OEMs marred Q2FY25 numbers, even though replacement demand was strong.Li-ion project on track , while management is emphasising on an increase in penetration in export markets.Outlook We retain a Buy with a revised SOTP-based PT of Rs 534 on the expectation of continued recovery in replacement demand, improvement in EBITDA margins on steady raw material costs and timely execution of Li-ion cell project.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.

Exide Industries Ltd - Q2 Misses Mark Despite Strong Replacement Demand

Zydus Wellness Ltd. processes dairy products.  The Company produces margarine, butter, and cheese.

<ul><li>Zydus Wellness Limited’s (ZWL’s) Q2FY2025 numbers were mixed with revenue growing by 12% y-o-y to Rs. 493 crore (versus Rs. 475 crore expected), while OPM stood flat y-o-y at 4% (against expectation of 5.3%).</li><li>Adjusted PAT came in at Rs. 16 crore. Volume growth of 8.4% beat industry growth.</li><li>The HFD category is recovering. ZWL expects to beat category growth of 5-6% in medium to long term. </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 Wellness Limited’s (ZWL’s) Q2FY2025 numbers were mixed with revenue growing by 12% y-o-y to Rs. 493 crore (versus Rs. 475 crore expected), while OPM stood flat y-o-y at 4% (against expectation of 5.3%).Adjusted PAT came in at Rs. 16 crore. Volume growth of 8.4% beat industry growth.The HFD category is recovering. ZWL expects to beat category growth of 5-6% in medium to long term. 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.