New Research Reports

Retail Research

End of Day Summary

Bharat Electronics limited reported revenue growth from operations of 6.8% YoY to Rs 91,496 million on a consolidated basis in Q4 FY25 as compared to Rs 85,641 million in Q4 FY24.

Q4FY25 was yet another muted quarter for JLL amid subdued demand and higher competitive intensity hit revenue growth, while inflation in key input prices impacted profitability.

CESC’s Q4FY25 consolidated revenue/operating profit/PAT grew by 1.5%/ -3.1%/ -6.8% y-o-y to Rs. 4,017/ 952 / 373 crore.

Incorporated in Oct’20, Company manufactures polyester textured yarn (‘PTY Yarn’), unbleached synthetic grey fabric from its three manufacturing units located in Surat, Gujarat which are equipped with total of 15 texturizing machines, 6 warping machines, 700 water jet looms & 10 folding machines with current aggregate installed capacity of 2,332.80 lakh meters per annum which is proposed to be augmented by 1,127.52 lakh meters per annum with Unit 4 (proposed funding from IPO proceeds) which will constitute 32.58% of capacity post expansion.

DLF clocked INR 212bn of sales bookings in FY25 driven mainly by the stellar response to its super luxury Dahlias project in Phase V, Gurugram, which clocked over INR 135bn of sales bookings at a carpet area realisation of over INR 100,000/psf.

Zydus Lifesciences’ (Zydus) Q4FY25 revenue gained with healthy traction in US (+20%), domestic branded formulation (+10.7%) and its consumer business (+17.1%).

Retail Research

Retail Research

Whirlpool India’s Q4FY25 print was strong with likely market share gains in key categories of refrigerators and washing machines. With negligible price hikes, we believe revenue growth in Q4FY25 was largely volume driven.

Hindalco’s (HNDL) Q4FY25 performance was ahead of our/consensus estimates. Consolidated EBITDA rose 44% YoY to INR 96bn, mainly due to upstream aluminium (Al) division.

Bharat Electronics’ (BEL) Q4FY25/FY25 performance was above our and consensus estimates. Guidance exceeded for both revenue growth and EBITDA margin.

Q4FY25 revenues rose 34% led by robust growth across segments. Consumer durables segment did well, growing 27%, on strong demand for RAC and non-RAC products.

GCPL’s Q4FY25 performance was soft with consolidated revenue growing by 6% y-o-y with a 5% volume growth, OPM declining by 136 bps y-o-y to 21.1% and adjusted PAT lower by 21.2% y-o-y to Rs. 443 crore.

Strong operational performance had a positive surprise with revenue growth of 7% to Rs 9,150 crore versus our expectations of Rs 8,920 crore, margins too shone, with OPM improving by 407 bps.

Petronet LNG (PLNG) reported 16%/13% YoY/QoQ increase in adj. EBITDA to INR 12.8bn and +21%/+19% YoY/QoQ change in adj. PAT to INR 8.9bn. Reported PAT was INR 10.7bn with an INR 2.3bn reversal of UoP provision.

ACME reported a strong set of numbers – revenue grew 65% YoY to ~INR 5bn, EBITDA surged 117% YoY to INR 4.4bn with healthy EBITDA margin of ~90%, adj. PAT stood at INR 1.4bn (vs. INR 0.5bn loss in Q4FY24.

Marico’s Q4FY25 numbers were a mixed bag, led by sequential improvement in volume growth in the domestic business and revenue beating estimates, while OPM fell y-o-y and missed estimates.

Arvind Fashions reported 8.5%/13% y/y revenue growth/EBITDA margin in FY25. Growth was aided by 5.5% comparable growth, network expansion (0.12m sq. ft. net addition in FY25), higher adjacent categories’ share (20%; 15% in FY24), premiumization and investments in marketing.