IndusInd Bank (IIB) reported weak performance in Q3FY2025 across key metrics on expected lines. Net interest income (NII) at Rs. 5,228 crore (below estimates led by lower NIM and slower credit growth) was down 1% y-o-y/2% q-o-q. NIM fell by 15 bps q-o-q to 3.93%, given lower growth in the unsecured book, repricing of the corporate book, higher slippages, and increased cost of funds (9 bps q-o-q).
TCPL’s Q3FY25 numbers are not exactly comparable on y-o-y basis due to consolidation of acquired businesses - Capital Foods and Organic India. TCPL’s Q3FY25 performance was impacted by sharp increase in the tea prices (up by 20-40%) which led to 234 bps y-o-y decline in the consolidated OPM to 12.7%.
Jyothy Labs Limited’s (JLL’s) Q3FY25 performance was muted with revenue growing by just 4%, while a ~110 bps y-o-y decline in OPM led to 4% y-o-y decline in PAT.
Strong asset quality trends continued to drive earnings and RoA although operating performance was muted. NII at Rs. 11,032 crore (above estimates) grew by 7% y-o-y/5% q-o-q. NIMs were broadly stable, improved by 1 bps q-o-q to ~2.93%. Interest on IT refund & interest income from NPA recoveries,
Transport Corporation of India Limited (TCI) reported higher-than-estimated consolidated revenue at Rs. 1,147 crore (up 14.5% y-o-y), driven by growth in SCM (12.9% y-o-y), while freight (up 8.8% y-o-y) remained soft as expected and Seaways revenue (up 9% y-o-y).
RKL’s Q3FY25 performance was good with revenue growth of 11.5% y-o-y to Rs. 1,294 crore and OPM rising by 191 bps y-o-y to 14.2%, which led to PAT growth of 27% y-o-y to Rs. 96 crore.
BOB reported a mixed performance in Q3FY25 as core operating performance was weak while asset quality trends were stable. Net interest income (NII) at Rs. 11,417 crore (below estimates) grew by 3% y-o-y/ down 2% q-o-q.
Standalone revenue growth of 9.9% to Rs. 1,185 crore was led by strong performance in electronics (27.9%), while electricals and consumer durables had a moderate growth of 1.2% and 8.1% respectively. Standalone net profit was flat, hit by lower operating margins.
Restaurant Brand Asia (RBA) saw SSSG improve sequentially in Q3FY25, with the India business’ SSSG falling 0.5% (versus a 3% decline in Q2FY25) and the Indonesia business’ SSSG declining 4.1% (versus 15% decline in Q2FY25).
