Emkay Broker Research reports

We initiate coverage on Puravankara with BUY and SoTP-based TP of Rs430. The company is among the top-5 players in the South India real estate market with a strong brand recall

Indigo posted robust results in Q3FY25, with SA EBITDA of Rs66.2bn – a 15% beat. This was driven by a 3% beat each on RASK/yields, while fuel cost and rentals were also lower.

AU SFB logged a muted performance with a 5% miss on PAT at Rs5.3bn/RoA at 1.5%, mainly on lower other income and elevated provisions owing to ongoing stress in unsecured loans (MFI, Cards, PL) and seasonality impact on the agri and wheels book.

HPCL reported better than expected Q3FY25 earnings with EBITDA/PAT of Rs64.5/30.2bn, a 10%/19% beat, driven by better-than-expected GRMs and marketing volumes.

GCPL has been a play on execution for a couple of years now. Our downgrade (to Reduce) after the Q3 business update factored in concerns on slowdown in/waning of execution.

Ujjivan SFB logged a 30% miss on PAT at Rs1.1bn, mainly due to sharp contraction in margin and higher provisions as NPAs surged in the MFI portfolio driven by imposition of MFIN guardrails.

Adjusted for the milestone payment received from Journey Medical Corp, 3QFY25 EBITDA for Dr Reddy’s was below street/our estimates. The PAT miss was higher on account of lower other income.

Coforge reported strong topline growth of 8.4% QoQ (CC), well ahead of our estimate of 4.7%. Growth was healthy across most horizontals, verticals, and geographies.

Cyient posted inline revenue performance in DET in Q3, while EBITM missed estimates. DET revenue grew 1.3% QoQ (2.4% CC) to USD175.2mn. DET EBITM declined by 70bps QoQ to 13.5%, coming in below our estimate.

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.