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Ajanta Pharma’s Q4FY25 result was in line with our expectations. Revenue growth of 11% YoY was primarily driven by India and US businesses while Africa institutional biz continues to be a drag (-54.1% YoY).

Indus Towers (Indus)’ 4QFY25 reported financials were impacted by several one-offs on account of the consummation of tower purchases from Bharti Airtel, prior period revenue, and provision reversals.

Public hearing and mine inspection for EC enhancement has already been completed and is awaiting a formal response from the MoEF. Environmental public hearing for the EC expansion which completed in Jan’25 received consent from representatives of ~30 villages and the management expects receipt of formal response by end of May'25.

CEAT reported a strong Q4; revenue growth accelerated to 14% (9M: 9.5%). EBITDAM expanded by 100bps QoQ on 64bps higher gross margins (9% beat on consensus EBITDA).

Quarterly Update Q1CY25

Strong growth in non-interest income was counterbalanced by weak NII and higher opex which led to ~3% sequential de-growth in core operating profits for Federal bank.

For Q4FY25, Net Interest Income (NII) came in at INR 6,101 Mn., up 8.5% YoY (-0.6% QoQ), below our estimates driven by higher-than-expected interest expenses. The Pre-Provision Operating Profit (PPOP) stood at INR 2,384 Mn, reflecting a 41.8% YoY decline (-36.1% QoQ) driven by sharp increase in employee and other operating expenses.

UltraTech Cement’s Q4FY25 earnings was a beat on all fronts. Revenue came in at INR 230,633 Mn., up 13.0% YoY (+29.7% QoQ), driven by higher volume growth, which was 15.2% above our estimates.