Motilal Oswal Broker Research reports

HCL Technologies (HCLT) reported 4QFY25 revenue of USD3.4b, down 0.8% QoQ and 2.9% YoY in constant currency (CC) vs. our estimate of 0.6% QoQ decline. EBIT margins came in at 18% vs. our estimate of 17.6%.

AU Small Finance Bank (AUBANK) posted a 4QFY25 PAT of INR5.04b (7% beat; -5% QoQ), amid better other income partly offset by higher provisions. NII grew 3.5% QoQ to INR20.9b (in line), while NIM contracted 6bp QoQ to 5.8%, primarily on account of a change in asset mix.

Mahindra & Mahindra Financial’s (MMFS) 4QFY25 PAT declined ~9% YoY to ~INR5.63b (in line), while FY25 PAT grew ~33% YoY to INR23.4b. NII in 4QFY25 stood at INR19.3b (in line) and grew ~6% YoY.

Cyient DLM’s (CYIENTDL) 4QFY25 consolidated revenue/EBITDA grew ~18%/51% YoY. EBITDA margins surpassed our estimates, expanding 290bp YoY, led by a favorable product mix, operational efficiencies, and one-offs (~250bp).

Air express logistics companies benefit significantly from a reduction in the prices of aviation turbine fuel (ATF) as ATF costs account for 35-45% of their total operating costs. ATF price declined 6% MoM (-12% YoY) in Apr’25 to INR83,575/kl.

Mahindra Logistics (MLL)’s revenue grew ~8% YoY to INR15.7b in 4QFY25, in line with our estimate. EBITDA margin came in at 5% (+110bp YoY and +30bp QoQ) vs. our estimate of 4.7%. EBITDA rose ~37% YoY to INR777m (in line).

HDFC Bank (HDFCB) reported a 4QFY25 net profit of INR176.2b (7% YoY growth; in line). The bank’s NII grew 10.3% YoY to INR320.6b (5% beat), boosted by strong loan growth and INR7b of interest on IT refunds.

ICICI Bank has done it again! Seldom does a bank of the size of ICICI Bank (ICICIBC) surprise with its operating performance the way this bank has done, that too amid a volatile macro environment, elevated competition for deposits, and ongoing normalization in asset quality.

APSEZ has announced the acquisition of Abbot Point Port Holdings Pte. Ltd (APPH), Singapore, from Carmichael Rail and Port Singapore Holdings Pte. Ltd (CRPSHPL) through a non-cash share-swap transaction. CRPSHPL is a related party.

Angel One (ANGELONE) reported a total income of INR8.3b (-16% QoQ), which was broadly in line with our estimate. F&O regulations as well as weak market activity in 4QFY25 adversely impacted the company’s sequential growth.