Daily Brief India: Symphony Ltd, Zydus Lifesciences Ltd, CJ Darcl Logistics Limited, Hero FinCorp, LIC Housing Finance, Tata Motors Ltd and more

• 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 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 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 (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 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.

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.

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