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We've been long critical of Colgate India's (consistent) strategy of not investing (enough) for toothpaste category growth (our opinion), not aggressive (enough) in diversifying outside of oralcare (parent has a good HPC portfolio though), over-earning, in our opinion (operating margins at ~37% after adding back royalty).
NHPC has reported a steady result in Q4FY25 – standalone revenue grew 15% YoY to INR 21bn, EBITDA grew 4% YoY to INR 9.4bn while adjusted PAT, at INR 8bn, grew 14% YoY.
IndusInd Bank (IIB) reported higher-than-expected Q4FY25 loss of INR 22.4bn (RoA of -1.74%) burdened by multiple oneoffs, including derivative loss and irregularities in its MFI book while slippages/net NPA jumped QoQ.
Our initial estimates factored in spread compression in FY25 vs. FY24. While, in H1FY25, this played out more than we expected, there was a big recovery in H2.
Power Grid had a strong FY25, adding projects worth >INR 1trn (project cost) to its kitty. It had an impressive run in competitive bids, winning 24 transmission projects (market share of >50%) with estimated cost of INR 920bn; the most notable was Khavda-Nagpur HVDC project worth INR 250bn.
Solar Industries’ (SOIL) Q4FY25 EPS was 5% and 13% ahead of our estimates and consensus, respectively. EBITDA rose 53% YoY to INR 5.4bn. Defence revenue rose 2.2x YoY to INR 4.3bn.
Mankind Pharma (Mankind) delivered in-line revenue in 4QFY25; however, EBITDA/PAT came in 14%/12% below our estimates. Higher-than-expected spending on marketing and promotional activities affected the company’s 4Q performance.
