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HCL Technologies (HCL Tech) reported revenue of $3,533 million, up 3.8% q-o-q/4.1% y-o-y in constant currency (CC) terms, missing our estimates of $3,561 million. Revenue in rupee terms stood at Rs. 29,890 crore, up 3.6% q-o-q/5.1% y-o-y. Revenue growth was led by Software, ER&D, and Services business, up 18.7%, 5.4%, and 1.5% q-o-q in CC, respectively.
Equitas SFB (EQUITASB) reported 3QFY25 PAT of ~INR663m (-67% YoY; 17% miss to MOFSLe) amid lower other income, partially offset by slightly lower provisions.
HPCL reported better than expected Q4FY25 earnings, with SA EBITDA/PAT of Rs57.3/33.5bn – at a sizable beat, driven by better-than-expected GRMs as well as marketing margins.
We initiate coverage of Kalpataru Projects International Ltd (KPIL) with a BUY recommendation and a target price of Rs 1,590/share, implying an upside potential of 25% from the CMP
We met CEAT management at the RPG Conference on 3rd Jun’25. In India business, management continues to expect good demand in the tractor and 2W replacement segments even as 2W OEM demand is now slowing down.
We recommend a BUY rating on the stock and assign a 24x P/E multiple to its FY26E earnings of Rs 91/share to arrive at a TP of Rs 2,175/share. The TP implies an upside of 10% from the CMP.
Triveni Turbine (TRIV)’s 3QFY25 results came in line with our expectations on all parameters. The company reported revenue/EBITDA/PAT growth of 17%/31%/35% YoY in 3QFY25.
