New Research Reports

Eternal reported 4QFY25 revenues of INR58b, up 8% QoQ, in line with our estimate. Growth was led by Blinkit (GOV up 20% QoQ/134% YoY). The food delivery business delivered 16% YoY growth in GOV with a steady increase in margins.

Adani Ports & SEZ (APSEZ) reported a revenue growth of 23% YoY to INR85b in 4QFY25 (in-line). Cargo volumes grew 8% YoY to 118mmt. The growth was primarily led by containers. In FY25, APSEZ managed ~27% of the country’s total cargo and ~45% of container cargo.

UltraTech Cement’s Q4FY25 earnings was a beat on all fronts. Revenue came in at INR 230,633 Mn., up 13.0% YoY (+29.7% QoQ), driven by higher volume growth, which was 15.2% above our estimates.

Axis Bank’s Q4FY25 Net Interest Income stood at INR 1,38,105 Mn., a growth of 5.5% YoY (+1.5% QoQ). The Bank’s PPOP (Pre-Provisioning Operating Profit) for the quarter came in at INR 1,07,524 Mn., a growth of 2.1% YoY (+2.1% QoQ) led by operating efficiencies, while the Net profit declined 0.2% YoY (+12.9% QoQ) to INR 71,175 Mn.

We maintain our BUY recommendation on the stock.

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.

AUM growth healthy at 26% YoY, guided for 24-25% in FY26, aided by new lines of business, gold, and secured business segments

We downgrade IIB to REDUCE from Add, cutting our TP by 9.4% to Rs725 (from Rs800). This is in view of the spate of top management resignations, including the MD & CEO, which should increase business/margin disruption including risk of another round of deposit run-down, impact on asset quality, middlemanagement attrition, and possibility of appointment of an RBI nominee on the Board as well as a PSU banker as MD & CEO (similar to Bandhan/RBL).

MSIL sold 604,635 vehicles during Q4FY25, up by 3.5% YoY driven by domestic volume (+2.8% YoY), and export volume (+8.1% YoY). Revenue stood at INR 409,201 Mn, up by 6.4% YoY (+5.6% QoQ), which was below our estimates by 2.1%, driven by lower-than expected realizations.