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Firstsource (FSOL) delivered yet another quarter of strong topline growth in Q3FY25; revenue grew 7.6% QoQ CC, compared to our growth estimate of 6.9%.
Happiest Minds (HAPPSTMNDS) has once again revised down its FY25 revenue target to 27-28% vs 30-35% YoY CC earlier. We cut revenue by 7%/9% for FY26-27E, factoring in lower organic growth momentum and softness in edutech.
While there will be a favourable base starting from Q4FY25, Asian Paints is likely to post muted growth rates in CY25 considering: (1) The stress in urban markets is likely to continue. It has also resulted in downtrading impacting the profit pool.
PAG’s Q3 EBITDA was 7-19% ahead of street/our estimates, largely led by 250- 370bps better margin, as topline was 1-5% lower. Revenue growth moderated to 7% (vs 11% in Q2) due to muted demand environment.