Buy

Quarterly Update Q4FY25

Sales 3% higher vs consensus likely on strong cigarette volumes. EBITDA 5% above cons. on higher margins

Revenues rose ~15% YoY in Q4FY25 on the back of ~9% volume gains, though realisations stayed flat (-1% YoY)

Sales/EBITDA/APAT were lower than our estimates by 3.5%/9.6%/29.4%. ETR for 4QFY25 stood at 32.9% including 1x tax expense of Rs 3.7bn

VA Tech Wabag Limited (Va Tech) reported a strong performance during Q4FY2025 with sales growth of 23.8% y-o-y to Rs. 1,156 crore. This helped them meet the 15% revenue growth guidance for FY25.

GKEL’s Q4FY25 LFL performance was strong with revenue (including other income) growing by 17% y-o-y to Rs. 706 crore and EBITDA margin expanding by 76 bps y-o-y to 14.4%.

Sun Pharmaceutical Industries (SUNP) delivered 4%/9%/4% miss on revenue/EBITDA/PAT for 4QFY25. Lower-than-expected sales in global specialty and ROW led to a miss on 4QFY25 performance.

TBO Tek’s overall GTV grew 3.7% y/y to Rs77.9bn due to slight impact from Ramadan-induced seasonality in Mar’25 and full consolidation of Jumboonline.

Bank of Maharashtra (BOM) is a midsized public sector bank headquartered in Pune (Maharashtra), is engaged in providing banking services for more than nine decades. It has largest network of branches of any nationalized bank in the state of Maharashtra. Of the 2,606 branches as on March 2025, 53% of branches are in rural and semi urban areas. The total business of the branch stood at Rs.5, 46,979 crs. The Central government ownership in the bank decreased from...