New Research Reports

Consolidated revenue stood at Rs 47,876 crore, up 6.1% q-o-q/ 27.3% y-o-y nearly in line with our estimates of Rs 47,528 crore, driven by strong underlying momentum in India, rebound in reported CC revenue growth in Africa and full quarter impact of Indus Towers consolidation.

CIPLA's Q4FY25 EBITDA (Rs15.4bn; 22.8% OPM) was in line with our estimates. While Q4 is seasonally weak quarter; margins at 23% were above our estimate. Despite delay in new launches and supply issues of gLanreotide; Cipla managed to deliver strong profitability/margins in H2FY25. We expect Cipla to maintain its existing US sales run-rate. This will be aided by several high value niche launches in the US like gAbraxane, Nilotininb, gAdvair. Further, Cipla's...

Rs264bn, BBGe: Rs268bn). Adj PAT came in at Rs111.6bn (+146.6% YoY; +54.3% Previous quarter, there was an exceptional gain of Rs75.5bn primarily due to consolidation of Indus Towers and lower tax rate due to recognition of deferred tax asset on unrecognized losses. This quarter, tere was a loss of Rs1.4bnon...

TSUK breakeven by Jul'25, ongoing TSN restructuring and planned cost transformation at all Indian units to drive savings of Rs115bn in FY26. Tata Steel (TATA) delivered strong sequential cons operating performance aided by inline standalone and improved other subsidiaries. TSI EBITDA declined 13% YoY on sharp 9% YoY decline in NSR and muted 3.3% YoY volume growth. European subs continued to make EBITDA losses led by UK. Domestic prices have inched up post February in anticipation of safeguard duty and...

Tata Steel’s Q4FY25 performance met our and consensus estimates. Consolidated EBITDA at INR 65.6bn (up 11% QoQ) was in line with our estimates, standalone EBITDA/te was up INR 1,000 QoQ.

Bharti reported in-line 4QFY25 performance, with ~1%/2% QoQ growth in India wireless revenue/EBITDA as the residual flow-through of tariff hikes was offset by two fewer days QoQ.

We expect the demand environment is likely to remain weak in coming quarters while increasing competition intensity in the sector will impact the outlook. we further reduce FY26/FY27 earnings by 7/8%, respectively....

Hero MotoCorp’s (HMCL) 4QFY25 margins remained stable YoY and were also in line with our estimates. Reported EBITDA margin came in at 14.2%, while ICE margins stood at 16.1%, adjusted for the INR1.43b loss in EV business.

Novelis’ Q4FY25 performance was in line with our estimates. Operating leverage benefits resulted in EBITDA/te rebounding to USD 494, sales volume rose 6% QoQ as beverage can market remains strong.

During Q4FY25, Dr. Reddy’s revenue stood at INR 85,284 Mn, up 19.9% YoY (+1.8% QoQ), above our estimates by 3.6%, driven by growth across key markets.
EBITDA stood at INR 20,747 Mn, up by 14.4% YoY (-8.7% QoQ), below our estimates by 7.0%, led by contraction in gross margins.