Motilal Oswal Broker Research reports

ZENT reported a decent 4QFY25, with revenue growth of 0.9% QoQ CC (est. decline 0.5% CC). BFSI/TMT grew 3.4%/1.7% QoQ CC, while HLS and Manufacturing declined 1.4%/2.6% QoQ CC.

Mphasis (MPHL)’s 4QFY25 gross revenue was 2.9% QoQ in Constant Currency (CC), in line with our estimate of 3.0% QoQ CC. Direct business grew 3.8%/6.8% QoQ/YoY in CC, aided by BFS and TMT.

Laurus Lab (LAURUS) delivered a second consecutive quarter with betterthan-expected performance, led by healthy traction in the Formulation (FDF)/API segment. Despite softer-than-expected performance in the CDMO business during 4QFY25, the quarterly sales run rate continued its uptrend.

Our recent interactions with industry participants and defense consultants focused on the need to put defense and aerospace projects on a fast track, the potential bidders for future tenders for MRFA, the potential impact on the overall defense budget kitty if such large deals were to go through.

Dalmia Bharat (DALBHARA)’s 4QFY25 EBITDA increased ~21% YoY to INR7.9b (6% miss, due to lower-than-estimated volume). EBITDA/t was up ~24% YoY at INR922 (est. INR946).

Persistent Systems (PSYS) reported a 4QFY25 revenue of USD375m, up 4.2% QoQ in USD terms (est. +3.8%) and 4.5% in CC (est. +4.0%). EBIT margin stood at 15.6% (est. 14.8%).

Tech Mahindra (TECHM) reported 4QFY25 revenue of USD1.5b, down 1.5% QoQ in constant currency (CC) vs. our estimate of 0.8% cc decline. BFSI/Communications grew 2.4%/1.0% QoQ, while Healthcare/Hi-tech and Media declined 5.6%/8.2% QoQ. EBIT margin was up 40bp QoQ at 10.5%, beating our estimate of 10.3%.

SBI Life Insurance (SBILIFE) reported 2% YoY growth in new business APE to INR54.5b (in line). For FY25, it grew 8% YoY to INR214.2b. Absolute VNB grew 10% YoY to INR16.6b (14% beat). VNB margin for the quarter stood at 30.5% vs. our estimate of 27.4% (28.3% in 4QFY24).

Hindustan Unilever’s (HUVR) 4QFY25 consolidated revenue was up 3% at INR154.5b (in line), with 2% underlying volume growth (est. 1%, 0% in 3QFY25). Rural demand continues to show gradual improvement, while urban demand remains subdued.

SBI Cards (SBICARD) reported a 5% miss on PAT, which stood at INR5.3b in 4QFY25. The share of the revolver mix was flat at 24% and management expects the revolver mix to have a downward bias toward 23%. NIMs improved to 11.2%.