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.

Quarterly Update Q4FY25

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).