Sharekhan Broker Research reports

Zydus Wellness Limited’s (ZWL’s) Q3FY25 numbers were mixed with revenue beating estimates and growing by 14.6% y-o-y to Rs. 462 crore (versus expectation of Rs. 435 crore), while OPM stood flat y-o-y at 3.1% and missed expectations of 5.8%. Volume growth stood at 4.8%.

KPR Mills’ (KPR) Q3FY25 performance was impacted by a sharp decline in the profitability of the sugar business, which dragged overall margins, while strong revenue growth was driven by doubledigit growth in both textile and sugar businesses.

VA Tech Wabag Limited reported a decent performance during Q3FY2025 with sales growth of 15.1% y-o-y to Rs. 811 crore. Domestic revenue increased 24% y-o-y to Rs. 496 crore while the international revenue was up 2% y-o-y to Rs. 308 crore.

Britannia’s Q3FY25 numbers beat estimates on all fronts. Consolidated revenue grew 7.9% y-o-y to Rs. 4,593 crore (higher than our and average street expectation of Rs. 4,499 crore) with standalone revenue growing by 7.7% and subsidiaries’ revenue increasing 13.3%.

Birlasoft reported revenue of $160.8 million, down 1.1% q-o-q/0.1% y-o-y, in constant currency (CC) terms, missing our estimate of $164.3 million. Revenue in rupee terms stood at Rs. 1362.7 crore, down 0.4% q-o-q/up 1.5% y-o-y.

Honeywell’s Q3FY2025 revenue and profitability were lower than estimates. Net revenue was barely up by 2% y-o-y due to weak execution and accounting treatment change, which adversely affected the company.

Affle’s Q3FY2025 revenue grew 10.8% q-o-q/20.6% y-o-y to Rs. 602 crore, beating our estimate of Rs. 591 crore, driven by strong momentum in CPCU revenue. For Q3FY2025, CPCU revenue recorded strong growth at Rs. 597 crore, up 10.3% q-o-q/25% y-o-y.

Q3 numbers were a mixed bag. NII at Rs. 41,446 crore (below estimate) grew by 4% y-o-y/ flat q-o-q. NIMs declined by 13 bps q-o-q to 3.01% led by higher cost of funds.

APL’s Q3FY25 revenue growth was hit by multiple headwinds, while OPM came better than expectation. Consolidated revenues fell by 6.1% y-o-y to Rs. 8,549 crore owing to muted demand conditions, downtrading by consumers and a weak festive season.

Net earnings significantly beat estimates due to negligible credit costs driven by reversal of provisions. NII beat estimates, rising 3.2% to Rs. 1,911 crore, growing by 12.5%/5.6% (y-o-y/q-o-q) driven by AUM growth and higher than expected yield on portfolio.