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Marico Ltd. – Marico posted in-line performance in both revenue and Ebitda margin. Consolidated revenue was up 3% YoY while revenue/volume was up 1/3% YOY (three-year revenue/volume compounded annual growth rates of 11/7% compared to Hindustan Unilever Ltd.’s 10/3 %).
TVS Motor Company Ltd. – TVS’s Q2 profit after tax, at $4.1 billion, was ahead of our estimate of $3.9 billion due to better-than-expected revenue growth as margins were in line.
SRF Ltd. – Our optimism for SRF is based on continued healthy performance in the specialty chemicals industry; A strong balance sheet; and capex deployment in the specialty chemicals industry over the next three to four years to support opportunities from the agrochemical and pharma industries.
City Union Bank Ltd. – Despite another low earnings, City Union Bank’s Q2 FY23 earnings beat our estimates due to lower-than-expected debt costs (1.1% annualized).
JK Lakshmi Cement Ltd. We remain optimistic about JK Lakshmi Cement by focusing on increasing the market share and share of blended cement/alternative fuel and raw material consumption and increasing the lead distance.
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