Innova Captab Results: Latest Quarterly Results & Analysis

Revenue increased by 12.5% YoY (+5.8% QoQ) to ₹ 94.99 crore in Q2FY25. EBITDA increased by 13% YoY (+12.5% QoQ) to ₹20.36 crore. Subsequently, PAT was up by 18.7% YoY (+10.1% QoQ) at ₹ 13.66 crore. The EBITDA margin for the quarter increased by 127 bps YoY and 9 bps QoQ at 21.4%. For H1FY25 the revenue increased by 9.7% YoY to ₹184.74 crore while EBITDA increased by 10.2% and PAT by 15.4% to ₹ 38.4 crore and ₹ 26.07 crore, respectively. 

L&T reported strong operational performance for Q2FY25 across all parameters. The company reported a robust order inflow of ₹80,045 crore up 13% QoQ mainly led by International markets which constituted 63% of total order inflow and down 10% YoY on a higher base, Q2FY24 had the benefit of receipt of two ultra mega orders in the hydrocarbon business. The current order backlog stands at ₹510,402 crore up 13% YoY and 7% since Q4FY24. Strong execution in the Energy Projects (revenues up 31% YoY) and Infrastructure segment (revenues up 30% YoY) led to consolidated revenue growing by 21% YoY at ₹61,555 crore for Q2FY25. Consolidated EBITDA Margins came in at 10.3% down 70bps YoY. Positive surprise also came in from expansion of 60bps YoY in the core project and manufacturing segment at 6%. In terms of business prospects, for H2FY25E the company has bid pipeline of ₹8.1 trillion, which has declined 10% on account of project deferrals in the international hydrocarbon space, despite this the company is quite confident of meeting it's 10% YoY inflow growth guidance. The company also retained it's Revenue growth and margin guidance for FY25E. The NWC ratio to sales stood at 12.2% for H1FY25 vs 16.7% for H1FY24 and 13.9% for Q1FY25, despite 11% decline in other income in H1FY25. The ROE of the company improved 140bps QoQ and 80bps YoY to 16.1% on account of lower equity capital post buyback and improved cashflow. 

Larsen and Toubro (L&T) has bagged new orders in the Power Transmission and Distribution (PT&D) business. The aggregate order value ranges from ₹5,000 to ₹10,000 crore. L&T has won an order for building the new National System Control Centre for Kenya. This project is in consortium with leading original equipment manufacturer. The scope also involves implementation of backup energy management business system at distant location. Apart from this L&T has won order for turnkey construction of high voltage transmission lines in Saudi Arabia and Gas Insulated Substation orders have been secured for ongoing power system expansion in Qatar. 

According to the regulatory filing by Cipla Ltd., the routine current Good Manufacturing Practices (cGMP) inspection completed by the USFDA in between 10th-21st June at Cipla’s Manufacturing plant in Goa has now been classified as Voluntary Action Indicated (VAI).

Revenues grew 4% YoY to ₹ 3590 crore as growth in Biosimilars pulled down by generics and Syngene. Biosimilars grew ~11% (19% like to like) to ₹ 2182 crore, Research Services (Syngene) de-grew 2% to ₹ 891 crore, while Generic sales de-grew 8% to ₹ 624 crore. EBITDA stood at ₹ 685 core, a de-growth of 18% mainly due to higher employee expenses (Viatris integration) and other expenses even as R&D spend was significantly lower. EBITDA margins stood at 19.1% during the quarter (~233 bps lower). 

 In a regulatory filing, as part of its parent i.e. Suzuki Motors global collaboration with Toyota, MSIL has announced manufacturing of its first electric vehicle(EV) for Toyota, with production commencing in CY25 at its Gujarat facility in India. This collaboration, part of their ongoing partnership since 2016, will result in an SUV based on Suzuki's eVX platform, featuring a 60-kWh battery pack. The Maruti version is anticipated to launch first, followed by Toyota's variant, and both models will be available in India as well as for export to markets such as Japan, the Middle East, and Europe.