New Research Reports

Bharat Dynamics (BDL) reported a healthy Q3FY25 performance. EBITDA (adj. for provisions created) sored 120% YoY to INR 2.6bn while revenue surged 34% YoY to INR 7.9bn.

Aurobindo Pharma’s Q3FY25 performance was below our expectation due to lower-than-anticipated sales in US while Europe (up 22.7% YoY) and growth markets (up 39.2% YoY) maintained traction. EBITDA margin was 20.4% despite lower gRevlimid sales and INR 600mn cost of Pen-G plant.

Continually good offline margins, lower Limeroad losses and efficiency measures pushed up V-Mart’s Q3 EBITDA margin to 16.7%, considerably above ARe.

Despite muted demand, Arvind Fashions posted 11% retail LTL growth y/y, with double-digit LTL growth for all its five brands. The retail channel outshone (15% growth y/y), driven by higher ad-spend, store expansion and celebrity collaborations.

Automotive and tractor segment volume grew in double digits by ~16% /20% YoY; reflects strong show in festive/post-festive season

Q3 revenue declined ~6%/3% YoY/QoQ as pricing pressures impacted realisations and profitability severely (down by 10%/5% YoY/QoQ)

APE and net premium income declined 24% YoY and 11% YoY; renewal premium rose 4% YoY in Q3FY25