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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 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).
HUL’s Revenue for Q4FY25 stood at INR 1,56,700 Mn., up 3.0% YoY (-0.9% QoQ), largely in-line with our estimates. EBITDA came in at INR 36,190 Mn. up 2.4% YoY (-2.1% QoQ), which was below our estimates mainly due to higher-than-expected employee costs.
UltraTech Cement’s (UTCEM) commentary on short-term challenges (mainly low demand in Q1FY26 and no comments on price hike sustainability) may unnerve a few investors. However, we continue to believe in our sector revival hypothesis (of reducing competitive intensity) and of UTCEM being its largest beneficiary.
Nestle’s Q4FY25 revenue came at INR 55,039 Mn up 4.5% YoY (+15.2% QoQ), which was in-line with our estimates. EBITDA stood at INR 13,890 Mn., up 2.9% YoY (+26.0% QoQ), beating our estimates by 5.4%, mainly driven by positive operating leverage. EBITDA margin contracted -39 bps YoY (+217 bps QoQ) to 25.2%.
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.
SBI Life’s GWP for Q4FY25 stood at INR 240,016 Mn., a decline of 4.9% YoY (-4.0% QoQ), led by lower new business premium. The VNB Margin expanded by 213bps YoY (+351 bps QoQ) in Q4FY25 to 30.5%.
