Highest Upside

Traction in overall performance; expect re-rating

Quarterly Update Q4FY25

Reported revenue growth stood at $7,539 million, down 1.7% q-o-q/up 3.5% y-o-y missing our estimates of $7,591 million. Revenue growth in constant currency (CC) terms stood at 4.5% y-o-y. Revenue in rupee terms stood at Rs. 63,973 crore, down 0.4% q-o-q/up 5.6% y-o-y. Seasonality and softness in discretionary demand led to the decline in revenues

Quarterly Update Q3FY25

Resilient Recovery: How Asset Quality Reforms Revived

AGEL’s consolidated Q4FY25 EBITDA rose 31% YoY to Rs24bn (up 28% QoQ), led by 30% YoY uptick in operational capacity and improvement in CUF (Khavda achieved 32% in Q4), leading to 44% growth in sale of power.

Black & White

LTTS reported revenue of $312 million, up 3.1% q-o-q/8.7% y-o-y in constant currency (cc) terms, missing our estimate of $315 million, led by Tech and Sustainability offset by weakness in Mobility. Reported revenue in $ terms was up 1.7% q-o-q/7.3% y-o-y while revenue in rupee terms stood at Rs 2,563 crore, up 3.1% q-o-q/9.5% y-o-y.

GHCL’s Q3 EBITDA at Rs2.3bn (+53% YoY/+9% QoQ) was above our estimates largely due to operational efficiency resulting in cost savings (volumes are flat YoY/QoQ).