Downgrades

IndusInd Bank (IIB) reported a loss of INR23.3b (vs our est. of INR1.4b loss), led by muted NII (interest reversal of INR6.7b and higherslippages) and tepid other income amid the reversal of derivative loss of INR19.6b.

Q4FY25 was yet another muted quarter for JLL amid subdued demand and higher competitive intensity hit revenue growth, while inflation in key input prices impacted profitability.

Zydus Lifesciences’ (Zydus) Q4FY25 revenue gained with healthy traction in US (+20%), domestic branded formulation (+10.7%) and its consumer business (+17.1%).

The company's international business (~26% revenue mix) experienced remarkable growth, fuelled by double-digit gains in the Middle East and North Africa (MENA) region and in the markets of Egypt, the UK, the US, Turkey, and Bangladesh and...

In Q4FY25, revenue increased 4.0% YoY to Rs. 13,384cr, driven by robust growth in the European markets (+5.1% YoY). Rest of the world rose 4.8% YoY, led by growth in the Asia-Pacific Japan region, while North America experienced a decline of 4.7%...

DOMS reported an in-line performance with revenues of Rs5,087mn (PLe core stationary business was at multi-quarter lows of 14%. Though we foresee near term growth challenges, the long-term story remains intact as the new development plan on 44-acres land parcel at Umbergaon is on track and the first building is expected to be ready by 3QFY26E. Further, phased expansion in capacities for pens, pencils, mathematical boxes, and paper stationary...

Quarterly Update Q4FY25

Quarterly Update Q4FY25

Petronet LNG (PLNG) reported 16%/13% YoY/QoQ increase in adj. EBITDA to INR 12.8bn and +21%/+19% YoY/QoQ change in adj. PAT to INR 8.9bn. Reported PAT was INR 10.7bn with an INR 2.3bn reversal of UoP provision.

Arvind Fashions reported 8.5%/13% y/y revenue growth/EBITDA margin in FY25. Growth was aided by 5.5% comparable growth, network expansion (0.12m sq. ft. net addition in FY25), higher adjacent categories’ share (20%; 15% in FY24), premiumization and investments in marketing.