ICICI Securities Limited Broker Research reports

Happiest Minds (HAPPSTMNDS) has once again revised down its FY25 revenue target to 27-28% vs 30-35% YoY CC earlier. We cut revenue by 7%/9% for FY26-27E, factoring in lower organic growth momentum and softness in edutech.

Page Industries (PAGE) had underwhelming growth in revenue (+7% YoY) and volume (5% YoY) amidst demand challenges, leading to sequential deceleration, while channel inventory has largely normalised.

Zydus Lifesciences’ (Zydus) Q3FY25 revenue was in line with our expectations, but lower sales of gRevlimid and gAsacol led to a miss in earnings.

Info Edge’s recruitment business revenue grew 12.1% YoY as billings grew 15.2% YoY, mostly led by increasing number of unique customers (up ~10%YoY) in Q3FY25.

In FD, we estimate Swiggy to have gained market share of ~30bps on GOV basis and ~50bps on MTU basis. This is broadly in line with our survey findings.

Power Grid has continued its momentum in project wins; it won bids for transmission projects worth INR 190bn in Q3FY25. In 9MFY25/ FY24, it won INR 760bn/ INR 500bn worth of new projects, respectively.

Metropolis’ Q3FY25 result was impacted by lower sales from institutional biz (2% impact on revenue) and muted growth in acute ailment tests. In last 4 years, Metropolis has widened its lab network by 68% to 209 labs in 9MFY25.

GE Vernova T&D (GE) has again delivered a strong performance (in Q3FY25) post Q2, with revenue up 28% YoY to INR 10.7bn and EBITDA soaring 86% YoY to INR 1.7bn, driven by a sharp margin expansion to 16.7% (+520bps YoY). That powered PAT to INR 1.4bn—almost triple to last year’s figure led by better product mix and improved utilisation.

Torrent Power reported subdued Q3FY25 result. Revenue was up 2% YoY to INR 65bn, EBITDA grew 6.5% YoY to INR 11bn and PAT grew 40% YoY.

Bajaj Electricals (BJE) reported a strong revival in consumer products in Q3FY25. There was healthy demand for most of its products despite the 2-4% price hike.