Net Interest Income (NII) for Q2FY25 stood at INR 301,139 Mn, a growth of 10.0% YoY/ 0.9% QoQ. NII was in line with our estimates (-0.6% deviation).

UltraTech Cement’s earnings for Q2FY25 exceeded our expectations, while revenue aligned with our forecasts.
Revenue for Q2FY25 came in at INR 156,347 Mn, down 2.4% YoY (-13.5% QoQ) was largely in line with our estimates.

Revenue declined by 2%/15% YoY/QoQ to ~Rs 31bn in Q2FY25 as focus returned to volume growth over guarding against declining realisations

Weak Q2 on sharp margin contraction due to high share of outsourced sales volume and high overhead costs of new commissioned units

Oberoi Realty’s (OBER) pre-sales grew 49% YoY to INR14.4b (80% above estimate) in 2QFY25, driven by strong bookings at ‘360-West’ project in Worli, which contributed INR6.6b to pre-sales across bookings of six units.

Bajaj Finance (BAF)’s reported PAT in 2QFY25 grew 13% YoY to ~INR40.1b (in line). NII grew 23% YoY to ~INR88.4b (in line). Non-interest income stood at ~INR21.1b (+3% QoQ).