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).

Quarterly Update Q3CY24

Net Interest Income (NII) for Q2FY25 has surged to INR 70,196 Mn, a growth of 11.5% YoY (+2.6% QoQ). This NII figure is 1.3% lower than our estimates.

Net Interest Income (NII) for Q2FY25 stood at INR 2,050 Mn, a growth of 10.2% YoY/ 26.7% QoQ. Pre-Provision Operating Profit (PPOP) was INR 3,388 Mn, a decline of 6.0% YoY but grew by 6.9% QoQ, led by higher dividend income.

Tech Mahindra’s Q2FY25 revenue met our estimates while earnings surpassed expectations. Revenue stood at INR 133,132 Mn, up 3.5% YoY (+2.4% QoQ).

In Q2FY25 TATACONS’S India Foods, International, and non-branded segments showed healthy performance, while India Beverages faced a weaker quarter.
Elevated tea prices prompted staggered price increases in the Indian tea business.