TVSL reported a strong Q4 with ~4.6% QoQ ASP growth and reported EBITDA margin of 14%, aided by recognition of PLI benefit for the full year; margins excl 9M PLI stood at 12.5% vs 11.9% in Q3 (2.3% ASP growth at ~Rs76,800 without considering 9M PLI).
MOFS continued its steady performance in Q4FY25 amid volatile markets and despite impact of the new F&O regulations, with operating PAT at Rs5.2bn (+4% YoY; -1% QoQ). However, treasury loss of Rs7.43bn resulted in reported consolidated loss (including OCI) of Rs2.2bn.
Go Digit’s Q4FY25 results were a mixed bag. Amid the volatile and difficult external environment in FY25, marked by EoM glidepath, no Motor TP tariff hike, sustained competition in Motor OD, and implementation of 1/n regulations for gross premium accounting, the company found it difficult to replicate its past success of accelerating growth with improving profitability.
L&T Finance (LTF) reported a weaker than estimated set of numbers, with changing asset composition and interest-rate cuts in MFI causing NIM compression (35bps QoQ).
Firstsource (FSOL) reported inline operating performance in Q4 – revenue grew 2.1% QoQ CC; EBITM expanded by 10bps QoQ to 11.2%. Growth was broadbased across verticals, except Diverse industries that saw seasonal weakness.
Poonawalla reported another patchy quarter (Q4) with elevated credit cost (3.03% of AUM) and opex (4.6% of AUM) pushing profitability materially lower (RoA of 0.76%).
MSIL reported ~9% YoY/5% QoQ lower EBITDA on Kharkhoda plant costs, higher advertising, and lumpy other expenses; margins declined by 113bps QoQ to 10.5%, with underlying margins adjusted for lumpy expenses at ~11.4% (~5% miss vs Consensus).
RBL continued with its clean-up drive in Q4 as it fully provides for the MFI NPA portfolio leading to historically lower NNPA at 0.3%. However, the bank utilized its contingent provision buffer of Rs2.7bn which along with nearly flat margins and strong card fees helped manage profitability, albeit negligible at Rs0.7bn.
DLPL reported a steady Q4, with EBITDA beating street/our estimates by 6% and adj PAT improving 34% on YoY basis. Strong performance in core markets (Delhi NCR), buoyed by network expansion, offset the persistent muted performance of Suburban (mid-single digit revenue growth).