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).

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.

We maintain our HOLD rating on the stock.

We maintain our HOLD recommendation on the stock.

TCPL’s Q4FY25 consolidated revenue stood at INR 46,082 Mn up 17.3% YoY (+3.7% QoQ), which was above our estimates by 1.7%.
EBITDA came it at INR 6,210 Mn down1.4% YoY (+10.0% QoQ), which was below our estimates by 4.5% driven by higher-than-expected operating expenses.