ICICI Securities Limited Broker Research reports

Landmark Cars’ (LMC) EBITDAM at 5.6%, was down 20bps QoQ, led by weaker gross margins as service revenues at new outlets is in ramp-up phase.

Cummins reported a robust Q3 revenue print; margin remains off its peak levels seen in H2FY24 (though still robust). A sequential revenue jump of 24% was largely driven by the HHP segment of the domestic power gen business (74% contribution to incremental revenue QoQ).

Whirlpool India reported a strong set of numbers in Q3FY25 with healthy revenue growth of 11% coupled with market share gains.

NHPC has reported a subdued result in Q3FY25 – standalone revenue slipped 15% YoY to INR 15bn, EBITDA shrunk 14% YoY to INR 4.3bn while reported PAT, at INR 2.7bn, tumbled 50% YoY impacted by two one-offs.

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.

Bharti Hexacom’s (BHL) Q3FY25 EBITDAaL soared 43% YoY; FCF after interest cost was up 97% and net debt slipped 2.5%.

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.