New Research Reports

3QFY25 broadly in line. Estimate organic growth in FY25 is likely at ~16% CC terms. Possibly second best in the Tierr-2 set

Domestic sales were 6% below our estimates mainly due to slower recovery in the acute therapies and no price hike in NLEM portfolio

Q3 revenue grew by ~5% YoY to Rs 102bn, driven by realisation gains as volume growth stayed muted owing to fierce competition

Broadly in-line operating performance; sharp beat in APAT by 53% in Q3 due to lower interest expense on account of forex gain

The company is generating stable return ratios in line with return in sales.

Firstsource (FSOL) delivered yet another quarter of strong topline growth in Q3FY25; revenue grew 7.6% QoQ CC, compared to our growth estimate of 6.9%.

KIMS’s Q3FY25 revenues were ahead of Street/our estimates, while profitability lagged owing to certain write-offs in Maharashtra and AP clusters, and losses in the Nashik hospital.

HMCL reported a healthy Q3 with 5% revenue growth led by higher ASPs as volumes were flat. Domestic 2W market share rose by 70bps QoQ to 28.7% (declined by 120bps YoY), aided by the festive season.