Sharekhan Broker Research reports

Q4FY25 numbers were weak as core operating performance was weak while asset quality trends improved mainly led by higher write off. Net interest income (NII) at Rs. 11,020 crore (below estimates) down by 7% y-o-y/ 3% q-o-q.

Q4FY25 consolidated revenue of Rs. 37,825 crore was up 1.1% y-o-y. Volume and realization growth were both tepid and almost flat y-o-y. The volume growth has been slow overall due to increase in captive consumption of coal.

KEI reported a healthy revenue growth of 26% y-o-y, reaching Rs. 2,914 crore (our estimate of Rs 2,737 crore) for Q4FY2025 led by 35% y-o-y growth in C&W revenues.

Q4FY25 performance beat our estimates. Revenue growth of 25% was strongly backed by strong performance across segments. In C&W segment cables outpaced the growth of wires segment. Volume growth remained at 15-17% and the balance of growth came from an increase in realizations.

Q4FY25 marked a mixed performance from life insurance and lending business but the general insurance business reported weak numbers. Bajaj Finance’s consolidated asset under management (AUM) stood at Rs. 4,16,661 crore, up 26% y-o-y/5% q-o-q.

Q4FY2025 Consolidated revenue of Rs. 4,988 crore (up 27.5%y-o-y) was ahead of our estimates. Revenues increased due to strong volume growth in the fertilizer and the crop protection business.

Q4FY25 numbers were weak. NII, at Rs. 7,284 crore (marginally below estimates), grew by 5% y-o-y/1% q-o- q. Net interest margin (NIM) was broadly stable q-o-q, improved by 4 bps q-o-q to 4.97% benefiting from the lower day count in Q4 although outlook on NIMs remains negative.

Q4 numbers were a mixed bag. NII at Rs. 42,775 crore (in line) grew by 3% y-o-y/ 3% q-o-q. NIMs were stable, declined marginally by 1 bps q-o-q to 3.0% although outlook on NIMs remains negative. Core fee income growth was healthy at 13% y-o-y/ 36% q-o-q.

Net earnings in line for Q4FY25. NII grew 22.4% y-o-y/4.5% q-o-q at Rs. 9,807 crore due to lower yield on AUM and reduction of interest rate on select unsecured products. It marginally missed our estimates. NIM at 9.42% (as a percentage of AUM), was almost in line with estimates.

Q4FY25 numbers were a mixed bag. NII at Rs. 2,377 grew by 8% y-o-y/ down 2% q-o-q. Net interest margin (NIMs) were stable, improved marginally by 1 bps q-o-q to 3.12% despite spreads under pressure (down 13 bps q-o-q.

UltraTech Cement (UltraTech) reported consolidated revenue of Rs. 23,063 crore (up 13%% y-o-y) for Q4FY2025. The consolidated operating profit of Rs. 4,618 crore (up 12% y-o-y). Indian Cement sold 2.64 MT in volume and reached breakeven in Q4FY25, with an EBITDA of Rs. 40/tonne.

For Q4FY2025, Dalmia Bharat Limited’s (Dalmia) consolidated revenue of Rs. 4,091 crore (down 5.0% y-o-y) missed our estimate, primarily due to a 2.8% y-o-y decline in cement volumes (excluding JPA tolling volumes of 0.6 mt).

Core performance was healthy and in line with expectations in Q4FY25. Core revenues grew by 21.0% y-o-y/ down 4% q-o-q to Rs. 567 crore in Q4. For FY25, core revenue grew by 36% y-o-y. Overall, AUM reached Rs 6.5 lakh crore (up 25% y-o-y/ flat q-o-q), while MF QAAUM rose by 29% y-o-y / down 2% q-o-q.

Net earnings slightly beat estimates by 3.6% to Rs. 234 crore in Q4FY2025. NII was slightly below estimates by 0.8% (up 6.3% y-o-y and 1.1% q-o-q) at Rs. 349 crore due to a higher cost of borrowings.

Tech Mahindra’s (TechM’s) reported revenue stood at $1,549 million, down 1.5% q-o-q in CC terms, missing our estimate of 0.6% q-o-q decline in CC terms, driven by weakness in Hi-Tech, Healthcare & Lifesciences, Retail and Others.

LTTS reported revenues of $345 million, up 10.5% q-o-q in constant currency (CC) terms, but missed our estimates of $352.6 million.

Consolidated revenue stood at Rs. 3,027 crore, flat y-o-y, due to a 2% y-o-y fall in realisations, while total volumes grew at just 2.3% y-o-y in Q4FY25.

Q4FY25 earnings were a mixed bag. Net interest income (NII), at Rs. 13,811 crore (in line), grew by ~6% y-o-y/2%q-o-q. NIMs marginally improved by 4 bps q-o-q to 3.97% led by better asset quality and income tax refund.

Revenue stood at $375.2 million, up 4.5% q-o-q in constant currency (CC), beating our estimates of 4% q-o-q growth in CC terms. Revenue in rupee terms stood at Rs. 3,242 crore, up 5.9% q-o-q/25.2 % y-o-y. EBIT margin improved ~70 bps q-o-q to 15.6% % but missed our estimate of 15.9%.

Reported revenues stood at $1,131 million, down 0.6% q-o-q/ 6.3% y-o-y in CC missing our estimates of 0.2% q-o-q growth in CC. Rupee revenues stood at Rs 9,772 crore, up 1.1% q-o-q/9.9% y-o-y.