Sharekhan Broker Research reports

Strong operational performance had a positive surprise with revenue growth of 7% to Rs 9,150 crore versus our expectations of Rs 8,920 crore, margins too shone, with OPM improving by 407 bps.

Marico’s Q4FY25 numbers were a mixed bag, led by sequential improvement in volume growth in the domestic business and revenue beating estimates, while OPM fell y-o-y and missed estimates.

JFL delivered 12.1% LFL growth (delivery LFL growth of 21.9%) in Domino’s’ India in Q4FY25 amid subdued demand, beating peers for another quarter. Standalone performance was good, with revenues growing by 19.2% y-o-y to Rs. 1,587 crore on strong delivery-led growth in Domino’s.

Tata Power Company Limited’s (TPCL) Q4FY25 Adjusted PAT grew by 14.5% y-o-y to Rs. 1,025 crore and was a little ahead of estimates. The earnings growth is attributable to the traditional generation, coal, Tata Power Solar (cell & module plant), Odisha discoms and a lower tax rate.

Consolidated revenue stood at Rs. 1,178.8 crore (up 9.3% y-o-y) in Q4FY25, while OPM grew 18 bps y-o-y to 10.3%.

RKL’s Q4FY25 numbers were good, with net revenue growing by 20.9% y-o-y to Rs. 1,304 crore and OPM rising by 225 bps y-o-y to 13.6%, which led to adjusted PAT growth of 59.5% y-o-y to Rs. 91 crore.

Consolidated revenue stood at Rs 47,876 crore, up 6.1% q-o-q/ 27.3% y-o-y nearly in line with our estimates of Rs 47,528 crore, driven by strong underlying momentum in India, rebound in reported CC revenue growth in Africa and full quarter impact of Indus Towers consolidation.

Titan’s consolidated total revenues (ex-bullion sales) grew by 21.4% y-o-y to Rs. 13,891 crore (in line with our expectation of Rs. 13,888 crore). Including bullion sales (ex-other income), consolidated revenues grew by 19.4% y-o-y to Rs. 14,916 crore.

IHCL’s Q4FY25 numbers were strong with consolidated revenues rising 27% y-o-y to Rs. 2,425 crore (in line with expectation of Rs. 2,440 crore) driven by growth across all businesses, EBITDA margin rising 70 bps y-o-y to 35.3% (in line with 35.4% expected) and adjusted PAT growing by 38% y-o-y to Rs. 542 crore (in line with expectation of Rs. 540 crore).

Q4FY25 numbers were weak as core operating performance was weak while asset quality trends improved mainly led by higher write off. Net interest income (NII) at Rs. 11,020 crore (below estimates) down by 7% y-o-y/ 3% q-o-q.