Balkrishna Industries (BIL)’s 2QFY25 was operationally better than expected with EBITDA of INR6.2b (+13% YoY, est. INR5.9b), led by better ASP and lower promotional expenses.

IDFC First Bank (IDFCFB) reported 2QFY25 PAT of INR2b (73% YoY decline, significant miss to MOFSLe) due to a spike in provisions.

IEX delivered standalone revenue of INR1,392m in 2QFY25 (+28% YoY), in line with our estimate. Reported standalone PAT of INR1,061m came in 3% above our est. of INR1,025m (+28% YoY), mainly led by higher other income.

INDIGO reported a 26% YoY decline in EBITDA to INR16.2b in 2QFY25 and a net loss of INR9.9b (vs. our est. net loss of INR6.8b).

Gained market share in pipe segment in a difficult environment, but still missed our EBITDA estimates by 90% due to sharp margin contraction

Q2 results were broadly in line with our forecasts. Factoring in stronger growth momentum, we raise FY24-27E volume CAGR to 8.4% from 7.5%

NTPC reported standalone 2QFY25 EBITDA of INR96.7b (-8% YoY), 19% below our estimate of INR119b. Sharp rise in other opex (INR55b vs. INR34bin 2QFY24) led to the miss at the EBITDA level.

For Q2FY25, the revenue increased 1.9% YoY (1.4% QoQ) to INR 159,260 Mn, largely in line with our estimates -1.7%.
EBITDA remained flat on YoY basis(+ 0.1% YoY,+1.3%QoQ) to INR 37,930 Mn, largely in line with our estimates -0.9%.

Q2 revenue jumped 133% YoY, driven by Mobile and EMS growth; EBITDA margin slid 30bps on change in business mix

Compared to Bloomberg consensus, sales were 1% higher but EBITDA beat was 4% as margins came in 60bps above expectations