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During Q4FY25, Dr. Reddy’s revenue stood at INR 85,284 Mn, up 19.9% YoY (+1.8% QoQ), above our estimates by 3.6%, driven by growth across key markets. EBITDA stood at INR 20,747 Mn, up by 14.4% YoY (-8.7% QoQ), below our estimates by 7.0%, led by contraction in gross margins.
During Q4FY25, Asian Paint’s revenue came in at INR 83,589 Mn., down 4.3% YoY (-2.2% QoQ), below our estimates by 3.3%, led by muted demand coupled with downtrading. EBITDA stood at INR 14,362 Mn, down 15.1% YoY (-12.3% QoQ), below our estimates by 19.8%, mainly driven by higher-than-expected other expenses and weaker revenue traction.
The strong FD performance (+17.6% y/y GOV growth vs. Zomato’s 15.9% y/y) indicates some market-share gain for Swiggy, largely due to the ~10-15-minute delivery initiative ‘Bolt’ (now constituting 12%+ overall volumes vs. ~9% in Q3 FY25).
Archean chemical revenue for Q4FY25 stood at INR 3,456 Mn, up 21.7% YoY (+42.6% QoQ), above our estimates by 19.5%, led by sharp recovery in industrial salt volumes following the resolution of logistics issues. EBITDA came in at INR 883 Mn., up 1.3% YoY (+10.4% QoQ). EBITDA missed our estimates by 8.7% despite sharp recovery in revenue, driven by higher-than-anticipated other expenses offset by higher gross profit.
During Q4FY25, Alembic Pharma’s revenue stood at INR 17,696 Mn, up by 16.7% YoY (+4.5% QoQ), above our estimates by 11.6% driven by strong growth traction in the USA and Ex-USA segment. EBITDA stood at INR 2,719 Mn., up by 4.6% YoY (+4.5% QoQ), sharply above our estimates led by 34.7% led by higher-than-expected revenue and higher operating leverage.
During Q4FY25, the revenue increased 6.3% YoY (-4.5% QoQ) to INR 35,980 Mn., below our estimates (-2.5%) driven by weaker India revenue. Revenue growth was driven by 6.0% YoY organic volume growth.
Zee Entertainment’s (Zee) revenue was largely flat at INR22b (+10% QoQ, 5% beat) as the impact of weak domestic ad revenues (-27% YoY) was offset by a 3.2x YoY jump in other sales and services (movie releases).
In 4QFY25, BHFC (standalone) posted a 9% YoY decline in PAT to INR3.6b (in line). The key highlight of 4Q was that the US subsidiary achieved EBITDA break-even for the first time in many quarters.
Escorts Kubota’s (ESCORTS) Q4 results were ahead of our estimates, with better-than-expected margins in the tractor segment. Both MM and tractors reported a healthy margin revival QoQ in a seasonally weak quarter.
