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Reliance Industries' (RIL) consolidated EBITDA came in flat QoQ at Rs438.3bn (PLe: Rs397.1bn, BBGe: Rs433.6bn) while PAT grew 5% QoQ to Rs194.1bn (PLe: Rs166bn, BBGe: Rs184.7bn). Standalone EBITDA at Rs151.2bn was flat QoQ with sequentially week product cracks and petchem deltas. Retail EBITDA grew 14.6%YoY to Rs65.1bn. Jio ARPU increased 1.4% QoQ Rs206.2 on the back of tariff hike, with a subscriber addition of 6.1mn to 488.2mn. The stock is trading...
We remain structurally positive on KPIT. While most auto ER&D players reported weak results, the company delivered an in-line performance amid challenging macro; however, no guidance for FY26 was given.
Core performance was healthy and in line with expectations in Q4FY25. Core revenues grew by 21.0% y-o-y/ down 4% q-o-q to Rs. 567 crore in Q4. For FY25, core revenue grew by 36% y-o-y. Overall, AUM reached Rs 6.5 lakh crore (up 25% y-o-y/ flat q-o-q), while MF QAAUM rose by 29% y-o-y / down 2% q-o-q.
TVS Motor (TVSL) delivered an in-line operating performance, excluding the PLI benefit. Adjusted PAT grew 42% YoY to INR6.9b, broadly in line with our estimate of INR6.75b.
Pre-sales: MLDL achieved bookings of INR10.5b in 4QFY25, down 3% YoY and up 3x QoQ (53% above estimates). FY25 bookings stood at INR28b, up 20% YoY (15% beat).
India Cements (ICEM), following the recent change in management (the first quarter after UTCEM took control), has reported an improved performance in 4QFY25. It has reported an EBITDA of INR5m (vs. an estimate of an operating loss of INR1.2b) in 4QFY25.
MRPL’s 4QFY25 EBITDA beat our estimates by 34%, as reported GRM came in ~USD1/bbl above our estimates at USD6.2/bbl. Adjusting for inventory gain, core GRM stood at ~USD5.8/bbl.
Aditya Birla Sun Life AMC’s (ABSLAMC) 4QFY25 operating revenue grew 17% YoY to ~INR4.3b (in line), leading to a ~0.9bp YoY improvement in yield on management fees to 44.9bp (vs. our est. of 45.4bp). For FY25, revenue grew 25% YoY to INR16.8b.
