TCPL’s Q4FY25 numbers were good with consolidated revenue growing by 17.3% y-o-y to Rs. 4,608 crore (12% y-o-y organic revenue growth), with India beverage business revenues growing by 17% y-o-y (9% y-o-y organic growth), India foods business improving 27% y-o-y (organic growth at 17%), international business growing by 5% y-o-y and non-branded business reporting a 25% y-o-y growth.
HCLTech reported revenue of $3,498 million, down 1% q-o-q/ up 2% y-o-y missing our estimates of $3,502 million in constant currency (CC) terms. Revenue in rupee terms stood at Rs. 30,246 crore, up 1.2% q-o-q/6.1% y-o-y.
FY25 has been weak for the bank marked by elevated stress in unsecured retail loans resulting in a sharp increase in credit costs, higher interest rates and tight liquidity. Q4 earnings missed estimates led by accelerated provisioning on account of the stress in unsecured loans, yet PCR improved.
APE grew by 9% y-o-y in Q4FY25, while VNB grew by 12% y-o-y. For FY25, APE grew 16% y-o-y, Individual APE grew by 18% and value of new business (VNB) grew by 13% y-o-y.
Reported revenues stood at $104.6 million, up 2.9% q-o-q in constant currency (CC) terms, beating our estimates of 1.8% q-o-q growth in CC driven by core business in UK and Europe.
Q4FY25 numbers were decent with slight beat on earnings led by NIM expansion. NII at Rs. 32,066 crore (up 10% y-o-y/5% q-o-q) above estimates, led by higher NIMs. NIMs improved by 11 bps q-o-q to 3.54%, however excluding the impact of an ITR refund, core margins rose by 3 bps q-o-q.
ICICI Bank reported yet another steady quarter with strong return ratio amid a challenging environment. Net interest income (NII) at Rs. 21,193 crore (above estimates) grew by 11 y-o-y/4% q-o-q. Net interest margins (NIMs) improved by 16 bps q-o-q to 4.41% vs expectation of 2-5 bps decline however given the repo rate cut of 50 bps so far.
Reported revenues stood at $4,730 million, down 3.5% q-o-q/up 4.8% y-o-y in CC terms, missing our estimate of $4,842 million owing to lower third-party costs and revenue, and seasonality. Revenue in rupee terms stood at Rs 40,925 crore down 2% q-o-q/up 7.9% y-o-y.
Wipro reported IT services revenues of $2597 million, down 0.8% q-o-q/ 1.2% y-o-y in CC terms, missing our estimates of decline of 0.5% q-o-q in CC terms. Rupee revenue stood at Rs. 22,445 crore, up 0.7% q-o-q/1.7% y-o-y.
Earnings lagged estimates (~15%) at Rs. 510 crore, declined by 2% y-o-y mainly led by lower investment income (down 17% y-o-y) in Q4FY25. GDPI was also muted at just ~2.3% y-o-y in Q4 mainly due to slowdown in motor segment and deferred accounting of longterm policies.
