For Q4FY25, Net Interest Income (NII) came in at INR 6,101 Mn., up 8.5% YoY (-0.6% QoQ), below our estimates driven by higher-than-expected interest expenses. The Pre-Provision Operating Profit (PPOP) stood at INR 2,384 Mn, reflecting a 41.8% YoY decline (-36.1% QoQ) driven by sharp increase in employee and other operating expenses.

Supreme Petrochem’s Q4FY25 revenue stood at INR 15,390 Mn., down 1.5% YoY (+9.5% QoQ), was below our estimates led by weak volume; however, EBITDA came in at INR 1,446 Mn., down 17.4% YoY (+45.7% QoQ). Strong growth in EBITDA sequentially was driven by margin improvement of 234bps QoQ. Adj. PAT stood at INR 1,069 Mn., down 18.7% YoY (+49.8% QoQ), was above our estimates led by improved operating margins and higher other income.

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.

Strong volume-driven revenue growth, as realisation stays soft 3% YoY due to aggressive push in key markets

Laurus Labs’ revenue for Q4FY25 stood at INR 17,203 Mn., up 19.5% YoY (+21.6% QoQ), which was above our estimates led by strong growth in Custom Synthesis segment.
Adj. EBITDA came in at INR 4,206 Mn., up 74.2% YoY (+47.5% QoQ), led by margin improvement of 768bps YoY (+430 bps QoQ) to 24.4%.

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.

Q4FY25 revenue grew 11% YoY as a strong volume of 14% was offset by 3% fall in realisation, on weak pricing in key operating regions

Beats EBITDA estimate on unexpected sharp improvement in MDF gross margin, despite weak realisations and higher timber prices

4QFY25 came in at the upper end of guidance. 15.6% YoY CC revenue organic growth in FY25 top quadrant performance

Q4 revenue grew in double digits at 17%/5% YoY/QoQ) to Rs 95.5bn, backed by volume growth of 16% YoY (flat QoQ) to ~1.22mn units

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%.

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%.

We recommend our HOLD rating on the stock.

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.

TVS Motor (TVSL) delivered an in-line operating performance, excluding the PLI benefit. Adjusted PAT grew 42% YoY to INR6.9b, broadly in line with our estimate of INR6.75b.

Pre-sales: MLDL achieved bookings of INR10.5b in 4QFY25, down 3% YoY and up 3x QoQ (53% above estimates). FY25 bookings stood at INR28b, up 20% YoY (15% beat).

Cholamandalam Finance’s (Chola) Q4FY25 performance was broadly in line with highest quarterly PBT-ROTA at 3.6% driven by 30bps QoQ NIM expansion, 10bps QoQ each credit cost and operating expense moderation.