In today’s briefing:
- Narrative and Numbers | Household Durables | FY24
- Zydus Lifesciences (ZYDUSLIF IN): Q1FY25 PAT Jumps 31%; Increasing Focus on US To Augur Well
- CJ Darcl Logistics Pre-IPO – Diversifying and Integrating Operations for a Larger Pie
- Hero Fincorp Pre-IPO – The Negatives – Still Has Issues to Contend With
- LICHF: On Track for a Strong FY25, Despite Weaker than Expected Q1
- Morning Views Asia: Tata Motors ADR, Yankuang Energy Group
![](http://www.smartkarma.com/assets/plugins/a3-lazy-load/assets/images/lazy_placeholder.gif)
Narrative and Numbers | Household Durables | FY24
- This Insight is focued on Whirlpool of India (WHIRL IN) ; Crompton Greaves Consumer Electricals (CROMPTON IN) ; TTK Prestige (TTKPT IN) & Symphony Ltd (SYML IN).
- As per ARs, the Indian durables industry is poised for significant growth due to increasing consumer demand, premiumization trends, and government support.
- SYML and WHIRL are the ones that warrant attention. Challenges faced by TTKPT are likely to continue.
Zydus Lifesciences (ZYDUSLIF IN): Q1FY25 PAT Jumps 31%; Increasing Focus on US To Augur Well
- Zydus Lifesciences Ltd (ZYDUSLIF IN) reported stellar performance in Q1FY25, with all key parameters improved sequentially and YoY. The company achieved highest ever operating profit and margin during the quarter.
- Sustained growth momentum across all the businesses along with enhanced profitability drove Q1FY25 performance. Execution success of differentiated pipeline in the U.S. and outperformance of India business were particularly noteworthy.
- Despite delivering 21% YoY revenue growth in Q1FY25, Zydus reiterated FY25 revenue growth guidance of high teens. The company expects EBITDA margin of 28.5–29.0% for FY25.
CJ Darcl Logistics Pre-IPO – Diversifying and Integrating Operations for a Larger Pie
- CJ Darcl Logistics Limited (1506129D IN) is looking to raise around US$100m in its upcoming India IPO.
- CJ Darcl Logistics (CJDL) is a diversified logistics company in India, with market leadership in full truck load (FTL) vertical in terms of revenue for FY23, according to CRISIL.
- In this note, we talk about the company’s historical performance.
Hero Fincorp Pre-IPO – The Negatives – Still Has Issues to Contend With
- Hero FinCorp (HF) is looking to raise around US$438m in its upcoming India IPO.
- HF is a non-deposit taking NBFC. It offers a suite of financial products catering primarily to the retail segment and the MSME customer segment in India.
- In this note, we talk about the not-so-positive aspects of the deal.
LICHF: On Track for a Strong FY25, Despite Weaker than Expected Q1
- LICHF reported weaker than expected NIM due to lower than usual recoveries, however, adjusted for it, NIM was as expected. FY25 NIM is on track as per the 2.7-2.9% guided.
- Weak growth of 4% YoY was the biggest negative surprise; however, this is just random quarterly variation rather than any structural slowdown. LICHF is expecting 10%+ YoY growth for FY25.
- Asset quality has been improving consistently. Q1FY25 Stage-3 assets declined to 3.30% vs 4.96% YoY and 3.31% QoQ. Stage-2 assets declined to 4.06% vs 5.74% YoY and 4.20% QoQ.
Morning Views Asia: Tata Motors ADR, Yankuang Energy Group
Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region, based on key company-specific developments in the past 24 hours. Our Morning Views include a section with a brief market commentary, key market indicators and a macroeconomic and corporate event calendar.