Sharekhan Broker Research reports

Can Fin Homes’ NII was slightly below estimates by 1.8% (up 4.8% y-oy and 1.5% q-o-q) at Rs. 345 crore in Q3FY2025 due to higher cost of funds. NIM stood at 3.71% (as a percentage of AUM), 4 bps below estimates (lower by 15 bps y-o-y).

Wipro reported IT services revenues of Wipro reported revenue at $2629.1 million, up 0.1% q-o-q/ down 0.7% y-o-y in CC terms, beating our estimates of decline of 0.4% q-o-q in CC . IT service revenue in rupee terms stood at Rs. 22,285 crore, up 0.4% q-o-q/0.6% y-o-y.

Kotak Mahindra Bank reported stable performance on modest expectation in Q3FY25. NII at Rs. 7,196 crore (in line) grew by 10% y-o-y/3% q-o-q led by healthy loan growth and stable NIMs. Net interest margin (NIM) was broadly stable q-o-q, improved by 2 bps q-o-q to 4.93% mainly led by lower cost of funds (down 9 bps q-o-q) driven by reduction in SA rate and higher share of current accounts

In Q3FY25, ICICI Lombard’s PAT beat estimates at Rs. 724 crore, rising 68% y-o-y. Higher investment income (up 28% y-o-y) and lower claims ratio (in motor & commercial lines) drove strong earnings.

For Q3FY25, Tech Mahindra’s (Tech M) reported revenue stood at $1,568 million, up 1.2% q-o q/1.3% y-o-y, in constant currency (CC) terms, beating our modest estimate of 0.3% q-o-q growth in CC terms, led by healthy revenue growth in Communications, BFSI, and Healthcare & Life sciences.

Mastek reported revenues of $102.9 million, up 0.1% q-o-q/7.6% y-o-y in constant currency (CC), missing our estimates of $104.8 million. Revenue in $ terms was down 0.7%q-o-q/up 9.4% y-o-y while revenue in rupee terms stood at Rs 869.5 crore, up 0.2% q-o-q/10.9% y-o-y.

Indian Hotels Company Ltd’s (IHCL’s) Q3FY25 numbers were strong with domestic like-for-like (LFL) RevPAR growth at 13% y-o-y, management fees rising 32% y-o-y and new businesses seeing 40% y-o-y growth. Consolidated revenue/adjusted PAT (including Taj SATS) rose 29%/40% y-o-y, respectively.

Reported revenue stood at $4,939 million, up 1.7% q-o-q in constant currency (CC) terms, beating our estimate of $4,876 million. EBIT margins improved ~20 bps q-o-q to 21.3 %, beating our estimates. Company closed 17 large deals with TCV of $2.5 billion, up ~3% q-o-q/down 27% y-o-y.

Q3FY25 numbers were weak. Loan growth and deposit growth stood at a multi-quarter low. Slippages were elevated too at 2.3%, a multi-quarter high. Slippages largely attributed to Credit cards, Ppersonal loans, MFI and Agri-portfolio. Asset quality would stablise over the next couple of quarters.

LTTS reported revenue of $312 million, up 3.1% q-o-q/8.7% y-o-y in constant currency (cc) terms, missing our estimate of $315 million, led by Tech and Sustainability offset by weakness in Mobility. Reported revenue in $ terms was up 1.7% q-o-q/7.3% y-o-y while revenue in rupee terms stood at Rs 2,563 crore, up 3.1% q-o-q/9.5% y-o-y.