India Oil, BPCL, Marico, Godrej Properties, Home First Finance, Nuvoco Vistas Q4 Review - HDFC Securities

Marico Ltd.'s Q4 FY25 results were ahead of HDFC Securities Institutional Equities' estimates, with domestic volume growth of 7% versus expectations of 4-5%, higher owing to solid offtake in foods and digital first brands. However, profitability remained strained, given the inflation in key raw material and high advertising costs..NDTV Profit’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer NDTV Profit’s subscribers an opportunity to expand their understanding of companies, sectors and the economy..HDFC Securities Institutional Equities.Indian Oil - Petchem drags earnings down Our Reduce rating on Indian Oil Corporation Ltd. with a target price of Rs 128 is premised on margin pressure due to increasing petchem supplies/capacity, lower refining margins, and moderation in auto fuel marketing margins. IOCL’s Q4 FY25 reported Ebitda at Rs 136 billion (+30% YoY, +90.7% QoQ) and adjusted profit after tax at Rs 73 billion (+50% YoY, +1.5x QoQ) came in above our estimates due to higher-than-expected gross refining margins. Reported gross refining margins came in at $7.9/barrel of oil (-6.4% YoY, +166.1% QoQ). IOCL’s gross debt increased to Rs 1,345 billion (+15.4% YoY, +2.3% QoQ)..Marico - Well-oiled for growth in medium term Marico Ltd.'s Q4 FY25 results were ahead of our estimates, with domestic volume growth of 7% versus our expectations of 4-5%, higher owing to solid offtake in foods and digital first brands. However, profitability remained strained, given the inflation in key raw material and high advertising costs. We maintain our Buy rating on Marico with a target price of Rs 785/share (50x its FY27 consolidated EPS, 22% premium to its five-year average PE), with revenue/Ebitda/PAT CAGRs of 9/11/11% for FY25-FY28E. In our view, the growth will be driven by-strong performance of the domestic business led by Parachute (estimating MSD volume growth), Saffola edible oil (price hike led growth), VAHO (easing competitive intensity), and improving profitability of the foods and digital-first business andsustained double-digit CCG momentum in the international business (reported numbers to improve as currency headwinds subside)..Click on the attachment to read the full report:.Indian Oil Q4 Results: Net Profit Zooms Over 150%, Revenue Up Marginally.DISCLAIMERThis report is authored by an external party. NDTV Profit does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of NDTV Profit..Users have no license to copy, modify, or distribute the content without permission of the Original Owner.

India Oil, BPCL, Marico, Godrej Properties, Home First Finance, Nuvoco Vistas Q4 Review - HDFC Securities

The brokerage recommends 'Buy' rating for Nucovo Vistas, 'Add' rating for Godrej Properties, Marico, Home First Finance and 'Reduce' rating for Indian Oil, BPCL.

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