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Margin guidance at Rs6-7/scm for Q1FY26 and Rs7-8/scm for long term Indraprastha Gas (IGL) reported a revenue of Rs39.5bn, however there was provision reversal of Rs1.14bn with regard to trade margin agreements with the OMCs. Accordingly, adj rev came in at Rs38.4bn, up 2.1% QoQ (PLe: Rs38.3bn, BBGe:Rs38.6bn). While reported EBITDA came in at Rs5bn, adj EBITDA stood at Rs3.8bn (up 5.4% QoQ, PLe:Rs3.9bn, BBGe: Rs4.2bn). Reported PAT came in at Rs3.5bn while adj PAT stood at Rs2.4bn (down 17.7% QoQ, PLe:Rs2.5bn,...
MSIL reported muted Q4FY25 performance with lower than anticipated realizations and high other expenses weighed in on overall profitability. Its standalone revenue grew by 6.4% YoY, marginally lower than PLe while it was in-line with consensus estimates. Realization increased by 2.8% YoY, however, UV mix declined sequentially leading realization to decline by 1% QoQ. Gross profit increased by 4.5% YoY while margin contracted by 50bps YoY to 28.1%. Higher other expenses due to the new SMG plant dragged EBITDA lower by 9%...
ACC reported robust operating performance in 4QFY25 aided by strong volume growth and improved NSR. Volumes grew 14% YoY to 11.9mt aided by higher trade volume and better growth in premium products (7% YoY). Average MSA and traded volumes, all other costs have been constrained. Optimization of the fuel basket, lower fuel costs, increased use of Green share, and higher volumes led to a 22% YoY decline in P&F costs. Reduction in lead distance and higher direct dispatch resulted in a 9% YoY decline in freight costs. Strong operating leverage contributed to an 18% YoY decline in Other Expenses. These...
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).
