HPCL reported better than expected Q3FY25 earnings with EBITDA/PAT of Rs64.5/30.2bn, a 10%/19% beat, driven by better-than-expected GRMs and marketing volumes.
GCPL has been a play on execution for a couple of years now. Our downgrade (to Reduce) after the Q3 business update factored in concerns on slowdown in/waning of execution.
Ujjivan SFB logged a 30% miss on PAT at Rs1.1bn, mainly due to sharp contraction in margin and higher provisions as NPAs surged in the MFI portfolio driven by imposition of MFIN guardrails.
Adjusted for the milestone payment received from Journey Medical Corp, 3QFY25 EBITDA for Dr Reddy’s was below street/our estimates. The PAT miss was higher on account of lower other income.
Coforge reported strong topline growth of 8.4% QoQ (CC), well ahead of our estimate of 4.7%. Growth was healthy across most horizontals, verticals, and geographies.
Cyient posted inline revenue performance in DET in Q3, while EBITM missed estimates. DET revenue grew 1.3% QoQ (2.4% CC) to USD175.2mn. DET EBITM declined by 70bps QoQ to 13.5%, coming in below our estimate.
Zee reported another quarter of subpar advertising growth, down another 8% YoY in Q3FY25. Ad revenue has now declined (YoY) in nine of the last ten quarters.
HDFC Bank reported a slight miss (of 2%) on PAT, which came in at Rs167bn/1.8% RoA, primarily due to slower credit growth and higher provisions. Deposit growth remains healthy at 16% YoY/2.5% QoQ (up by Rs0.6trn QoQ), but credit growth fell to a new low of 3% YoY as the bank focused on LDR management (down by160bps QoQ to 98%).
Go Digit reported a better set of numbers in Q3FY25 than our estimates, on account of higher inward reinsurance business growth and sharp improvement in Group Health (including PA) underwriting.
Q3FY25 operating performance was a tad better than our estimate. Revenue growth of 4.6% QoQ CC was in-line, while EBITM of 14.9% was slightly ahead of our estimate. Unlike in previous few quarters, growth was broad-based across verticals/geographies