Sell

Revenue/EBITDA/PAT exceeded our estimates by 10.5%/46.6%/227%. EBITDA margin surpassed our estimate by 500bps

AU SFB logged a muted performance with a 5% miss on PAT at Rs5.3bn/RoA at 1.5%, mainly on lower other income and elevated provisions owing to ongoing stress in unsecured loans (MFI, Cards, PL) and seasonality impact on the agri and wheels book.

3QFY25 has yet again proven the volatility in Mphasis's business compared to its Tier-2 peers like Persistent & Coforge

GCPL has been a play on execution for a couple of years now. Our downgrade (to Reduce) after the Q3 business update factored in concerns on slowdown in/waning of execution.

Adjusted for the milestone payment received from Journey Medical Corp, 3QFY25 EBITDA for Dr Reddy’s was below street/our estimates. The PAT miss was higher on account of lower other income.

Coforge reported strong topline growth of 8.4% QoQ (CC), well ahead of our estimate of 4.7%. Growth was healthy across most horizontals, verticals, and geographies.

3QFY25 was blockbuster quarter 8.4% growth QoQ in CC terms (our estimate-2.8%. Belied seasonality)

Delivered better-than-expected revenue and margin. After a mid-single digit FY25, revenue growth in double digits in FY26 likely

DET business reported 3QFY25 revenues of USD175m, up 2.4% QoQ in CC vs. our estimate of 2.3% growth. Cyient reported broad-based growth in revenues across verticals, except Sustainability (down 1.3% QoQ cc).

Cyient posted inline revenue performance in DET in Q3, while EBITM missed estimates. DET revenue grew 1.3% QoQ (2.4% CC) to USD175.2mn. DET EBITM declined by 70bps QoQ to 13.5%, coming in below our estimate.