Emkay's research report on Ethos. Ethos continued to outperform, with 22%/27% revenue growth in Q4/FY24. Advance investments in Employees (planned store roll-outs/new vertical) and Tech/App led to a ~140bps miss on EBITDA margin which should normalize in coming quarters. Back-ended store openings in FY25 and the general elections should cause some growth moderation in H1.
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Emkay's research report on Dr Lal Pathlabs. DLPL posted a robust quarter, with revenue growing 11% YoY on the back of sample volume increasing 9% YoY and Swasthfit contributing 24% to the topline. DLPL’s focus and execution prowess on expanding its presence in Tier 3+ cities (bulk of expansion) is likely to support its high single-digit revenue growth in core markets (Delhi NCR).
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Emkay's research report on BPCL. BPCL clocked Q4FY24 EBITDA/APAT of Rs92.7/55.7bn – a sizable 17-18% beat each, driven by higher-than-expected implied marketing margin of ~Rs7/kg (at a 16% beat). BPCL’s reported GRM of USD12.5/bbl (vs. our estimate of USD13.5/bbl) was better than peers’, with LPG buffer net positive vs. net negative for peers. Mgmt. reiterated its capex plans of Rs1.7trn up till.
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