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In Q3FY25, companies within our pharma coverage revenue, EBITDA and Adj. PAT exceeded our expectations by 1.6%/3.7%/9.8%, respectively. The EBITDA margin and Adj. PAT margin outperformed our estimates by 53 bps and 133 bps, respectively.
In Q3FY25, we observed low teen YoY revenue growth and slight expansion in EBITDA margins for our coverage companies, but overall numbers were below our estimates across the board.
In Q3FY25, we observed low teen YoY revenue growth and slight expansion in EBITDA margins for our coverage companies, but overall numbers were below our estimates across the board.
Top Conviction Ideas (BFSI) - ICICI Bank, HDFC Bank, State Bank of India, City Union Bank, Bajaj Finance, Cholamandalam Investment & Finance, Shriram Finance
In January 2025, Consumer Price Index (CPI) inflation eased to 4.3%, while Wholesale Price Index (WPI) inflation ticked down to 2.3%. The Manufacturing Purchasing Managers' Index (PMI) increased compared to the previous month, while services PMI witnessed a decline.
The unemployment rate rose marginally in January 2025. Foreign Institutional Investment (FII) and and mutual funds (MF) witnessed outflows during the month. Crude oil prices rose on a MoM basis in January 2025.