Motilal Oswal's research report on Cyient DLM: Cyient DLM’s (CYIENTDL) 3QFY25 consolidated revenue/EBITDA grew by ~38%/23% YoY. However, EBITDA missed our estimates as margins declined 90bp YoY due to a high mix of low-margin business (BEL order execution). Standalone revenue (excl. Altek – recently acquired) grew only ~11% YoY in 3QFY25. The order book continued its downward trend.
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India Cements reported a 3QFY25 operating loss of INR1.9b, missing estimates, due to a 20% YoY decline in blended realization to INR4,333. Capacity utilization stood at 57%, but a sharp decline in realization led to a higher operating loss. UTCEM has acquired a 32.7% stake, making ICEM a subsidiary, and ICEM aims to strengthen its presence in core markets.
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Sunteck Realty reported 40% YoY growth in 3QFY25 presales to INR6.35b, driven by strong traction in uber-luxury projects, with collections declining 23% YoY to INR3.36b. The company remains debt-free with a net cash surplus of INR610m and has a BUY rating with a target price of INR745, implying a 51% upside potential.
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