Downgrades

GRAV reported a stable quarterly performance, with Q4FY25 EBITDA of Rs1,085mn (+6.1% QoQ; +16.8% YoY). Operating revenue increased 3.5% sequentially to Rs10.5bn, with Lead sales being the key driver of the sequential delta, in line with our estimate of Rs10.2bn.

V-Mart’s Q4 profitability improved, with a 272bps y/y higher EBITDA margin at 8.7% (~90bps above ARe), driven by lower Limeroad losses and better offline margins. FY25 sales/EBITDA grew ~17%/77% y/y, led by 11% SSSG.

Consolidated revenues for Q4FY25 stood at INR 3,65,952 Mn., reflecting a growth of 14.2% YoY (+14.2% QoQ), surpassing our estimates led by higher revenue from operations and higher premium income. Consolidated profit stood at INR 47,563 Mn., up 16.4% YoY (+7.8% QoQ). The cost-to-income ratio improved to 72.5% from 74.6% in Q4FY24. Net income was largely in-line with our estimates.

In Q4FY25, AWL’s revenue increased 37.9% YoY (+8.3% QoQ) to INR 182,296 Mn, which was above our estimates by 4.8%, driven by strong traction in the edible oil segment and overall volume growth of 8% YoY (+2% QoQ).

Revenue came in at INR 5,796 Mn, up 22.6% YoY (+13.0% QoQ), driven by robust demand for the HPPC segment. Q4FY25 revenue came broadly in line with our estimates.

ACC reported strong topline performance for Q4FY25, revenue at INR 60,665 Mn, up 12.2% YoY (+14.7% QoQ), which was above our estimates by 16.7%, driven by sharp uptick in volume growth at 14.4% YoY (+11.2% QoQ) and higher premium product mix.

NII for Q4FY25 grew 22.4% YoY (+4.5% QoQ) to INR 98,072 Mn., which was below our estimates by 3.4%. PPOP stood at INR 79,675 Mn., up 24.3% YoY (+2.1% QoQ), which was below our estimates by 6.0%, led by weaker NII growth and higher other opex. PAT stood at INR 45,456 Mn., up 18.9% YoY (+5.5% QoQ), below our estimates led by higher provisions.

Net Interest Income (NII) for Q4FY25 stood at INR 30,557 Mn., up 29.8% YoY (+5.8% QoQ), led by strong business momentum and improved yields on loans. NII surpassed our estimates by 1.1%.
PPOP came in at INR 23,315 Mn., up 43.2% YoY (+9.6% QoQ). PPOP surpassed our estimates by 12.6%, led by slower growth in employee expense, while sequential decline in other operating expenses. PAT stood at INR 12,667 Mn., up 19.7% YoY (+16.6% QoQ).