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A Tale of Two Cities: MGL continues to post robust volume growth, while IGL faces stagnation in its core Delhi market MoPNG has cut APM allocation for CGD entities and accordingly revised domestic gas allocation for MGL and IGL is ~18% and ~20% lower than previous allocation. The shortfall will be met by New Well Gas which is Brent linked. We believe sourcing cost post de-allocation may not increase significantly due to softening Brent and LNG prices, and with price hikes undertaken by both the companies in April, the impact may not be detrimental. We re-iterate positive...
Wipro reported IT services revenues of $2597 million, down 0.8% q-o-q/ 1.2% y-o-y in CC terms, missing our estimates of decline of 0.5% q-o-q in CC terms. Rupee revenue stood at Rs. 22,445 crore, up 0.7% q-o-q/1.7% y-o-y.
Wipro (WPRO) reported 4QFY25 IT Services revenue of USD2.6b, down 0.8% QoQ in constant currency (CC), below our estimate of flat QoQ. It posted an order intake of USD3.9b (up 12.5% QoQ), with a large deal TCV of USD1.8b (up 43% QoQ).
Earnings lagged estimates (~15%) at Rs. 510 crore, declined by 2% y-o-y mainly led by lower investment income (down 17% y-o-y) in Q4FY25. GDPI was also muted at just ~2.3% y-o-y in Q4 mainly due to slowdown in motor segment and deferred accounting of longterm policies.
In March, Consumer Price Index (CPI) inflation eased to 3.3%, while Wholesale Price Index (WPI) inflation declined to 2.1%. This sharp sequential drop in headline CPI inflation was mainly driven by lower food prices.
Aditi Nayar, Chief Economist at ICRA, noted that rising temperatures could push up prices of perishables in the coming weeks. Although the initial above-normal monsoon forecast is positive, its timing and distribution will be crucial for agricultural output and food inflation.
Asian markets are trading lower, mirroring the US markets as investors evaluate quarterly earnings amid ongoing concerns over tariffs that continue to dampen sentiment. Nikkei, Hang Seng, and Shanghai are trading lower by 0.63%, 1.71%, and 0.54%, respectively.
APE declined 3% y-o-y in Q4FY25, while VNB grew by 2% y-o-y. For FY25, APE grew 15% y-o-y, Individual APE grew by 13% and value of new business (VNB) grew by 6% y-o-y. VNB margins improved to 22.7% (up 120 bps y-o-y/ up 150 bps q-o-q) versus estimates of 21.9% in Q4 driven by product mix changed towards non-par segment and retail protection.
ABB, in its annual report, highlighted its focus on high-growth segments and deeper penetration into Tier 2 cities, along with new product development. During the year, the company continued to benefit from demand for premium products and increased penetration into Tier 2 and Tier 3 cities.
ICICIGI’s gross written premium was 10% up YoY in 4QFY25 to INR69b (in line), impacted by 1/n regulation implementation for long-term products. NEP grew 20% YoY to INR52.3b (15% beat). For FY25, it grew 17% YoY to INR198b.
ICICI Prudential Life Insurance (IPRU) reported a slight decline of 3% YoY in new business APE to INR35b (in line) in 4QFY25. For FY25, APE grew 15% YoY to INR104.1b.
