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Krishna Institute of Medical Sciences’ (KIMS) Q3FY25 revenue was in-line while EBITDA and PAT were dragged by seasonality and its new Nashik hospitals. KIMS’ hospitals in Telangana/Andhra Pradesh grew a robust 26.1%/27.8% YoY. In Q3FY25, it commenced operations at its 325-bed hospital in Nashik (EBITDA loss of INR 50mn in Q3FY25), which is likely to break even by Q3FY26.
Jupiter Life Line Hospital’s (Jupiter) Q3FY25 result undershot our expectation. Revenue growth of 17.6% was driven by its Pune/Indore hospitals while price hike fuelled modest growth at the Thane hospital. Dombivli (200–220 beds) hospital is likely to commence operations in Q1FY27.
Gujarat State Petronet (GSPL) reported a 49%/48% YoY decline in EBITDA/PAT to INR 1.9/INR 1.36bn with EBITDA/PAT below our estimate of INR 2.1bn /INR 1.4bn.
Ad revenue declined 6.4% YoY in Q3FY25 as there was a sharp cut in ad spends by FMCG companies in Nov’24 and Dec’24. Subscription grew 2% YoY, lower than our estimated 4% YoY, as pricing hikes by the company are taking time to implement.
OIL India delivered a relatively muted Q3, with a 4%/23% YoY decline in standalone EBITDA/PAT to INR 22.6/INR 12.2bn, missing I-Sec’s estimates of INR 25.9/INR 16.2bn. Higher forex loss, lower other income and marginally lower gas realisations dragged earnings in Q3. Consol.
Dynamatic Technologies’ (DTL) Q3FY25 performance was impacted by its hydraulics division. Aerospace division sustained its strong showing due to refined product mix and better inventory management.
Service level EBITDA margin for Delhivery express parcel segment was ~500bps lower than what was realised in Q3FY24, despite a similar top line due to a one-off surge in intracity vehicle rental expenses (cINR 540mn differential).
Bharti Airtel (Bharti) delivered another strong quarter with an improvement in its key focus criteria, AGR market share win with Bharti continuing to narrow the gap vs. RJio.
