For Q2FY25, revenue rose 21.1% YoY (+10.9% QoQ) to INR 128,155 Mn, in line with our estimate. The growth was driven by an increase in volume and improvement in average realization.

Infosys Q2FY25 result earnings came largely in line with our projections.
Revenue reached INR 4,09,860 Mn, reflecting a 5.1% YoY increase (+4.3% QoQ), in line with our estimates, driven by broad-based growth across key verticals and regions.

Nestlé's Q2FY25 performance fell below our expectations, primarily due to low consumer demand, the impact of a high base from H1FY24, and commodity headwinds.
Increased competition has led to higher advertising and promotion (A&P) expenses, which in turn compressed EBITDA margins.

Q2 grew ~17% on improvement in consumer demand trends. High A&P spends and high staff cost hurt margins

we cut our AUM growth estimates to ~15% CAGR over FY24-27E vs ~18% CAGR earlier. We also cut our earnings estimates by 7-9% over FY25-27E. That said, the actual financial impact would be largely dependent on the duration of the restrictions.

Given the company's strong growth potential, supported by robust deal wins and superior execution capabilities, we recommend a HOLD rating on the stock.