Buy

Tech Mahindra (TECHM) reported 4QFY25 revenue of USD1.5b, down 1.5% QoQ in constant currency (CC) vs. our estimate of 0.8% cc decline. BFSI/Communications grew 2.4%/1.0% QoQ, while Healthcare/Hi-tech and Media declined 5.6%/8.2% QoQ. EBIT margin was up 40bp QoQ at 10.5%, beating our estimate of 10.3%.

SBI Life Insurance (SBILIFE) reported 2% YoY growth in new business APE to INR54.5b (in line). For FY25, it grew 8% YoY to INR214.2b. Absolute VNB grew 10% YoY to INR16.6b (14% beat). VNB margin for the quarter stood at 30.5% vs. our estimate of 27.4% (28.3% in 4QFY24).

Hindustan Unilever’s (HUVR) 4QFY25 consolidated revenue was up 3% at INR154.5b (in line), with 2% underlying volume growth (est. 1%, 0% in 3QFY25). Rural demand continues to show gradual improvement, while urban demand remains subdued.

Thyrocare Technologies’ (Thyrocare) outperformance in Q4FY25 was driven by surge in volumes (up 15%) and realisation improvement, partially offset by higher ESOP cost.

Missed EBITDA estimate by 3% on weak pipe volume (+2.2% YoY vs +30% guidance), but beats PAT estimate by 3.5% on lower tax rate

Tea market share losses to unorganised / regional players are limiting inflation pass-through. Margin recovery now reliant on deflation

We maintain our BUY recommendation on the stock.

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.

Home First Finance (HomeFirst) in Apr’25 raised INR12.5b through a qualified institutional placement (QIP) at INR970 per share.

360 One WAM (360ONE) reported operating revenue of INR6.5b (11% beat), reflecting growth of 14% YoY, largely due to a 41% YoY growth in recurring revenue. For FY25, revenue grew 32% YoY to INR24.5b.