Sell

Zee reported another quarter of subpar advertising growth, down another 8% YoY in Q3FY25. Ad revenue has now declined (YoY) in nine of the last ten quarters.

3QFY25 revenue/EBIT margin beat our sub-consensus estimate. It did not say discretionary demand has turned around but said it will deliver

Go Digit reported a better set of numbers in Q3FY25 than our estimates, on account of higher inward reinsurance business growth and sharp improvement in Group Health (including PA) underwriting.

Q3FY25 operating performance was a tad better than our estimate. Revenue growth of 4.6% QoQ CC was in-line, while EBITM of 14.9% was slightly ahead of our estimate. Unlike in previous few quarters, growth was broad-based across verticals/geographies

High valuation unwarranted in competitive FMEG market

India Cements (ICEM) reported an operating loss of INR1.9b (vs. estimated loss of INR854m) in 3QFY25. Sales volume increased ~5% YoY to 2.1mt (~2% below our estimate), while blended realization declined ~20% YoY to INR4,333 (~5% below our estimate).

LTF delivered an in-line performance in Q3FY25, in terms of AUM growth, PAT, and credit cost. However, ongoing stress in the MFI segment is expected to keep near-term asset growth below the targeted growth of 25%.

ICICIGI reported a strong performance for Q3FY25, wherein GWP at Rs64.7bn (+0.6% YoY), impacted by the 1/n regulation, came in 0.9% lower than our estimate; however, combined ratio at 102.7% was significantly lower than our estimate of 103.9%, driving PAT of Rs7.2bn (+68% YoY) and beating our estimate by 12.4%.

LTIM reported a mixed performance in Q3FY25; revenue growth of 1.8% QoQ CC was in line with our estimate, while EBITM of 13.8% fell slightly short of our expectations.

While 3QFY25 was decent on revenue, ability to counter the wage hike impact was missing resulting in a 170bps EBIT margin drop QoQ