Sharekhan Broker Research reports

Q4 numbers were a mixed bag. NII at Rs. 42,775 crore (in line) grew by 3% y-o-y/ 3% q-o-q. NIMs were stable, declined marginally by 1 bps q-o-q to 3.0% although outlook on NIMs remains negative. Core fee income growth was healthy at 13% y-o-y/ 36% q-o-q.

Net earnings in line for Q4FY25. NII grew 22.4% y-o-y/4.5% q-o-q at Rs. 9,807 crore due to lower yield on AUM and reduction of interest rate on select unsecured products. It marginally missed our estimates. NIM at 9.42% (as a percentage of AUM), was almost in line with estimates.

Q4FY25 numbers were a mixed bag. NII at Rs. 2,377 grew by 8% y-o-y/ down 2% q-o-q. Net interest margin (NIMs) were stable, improved marginally by 1 bps q-o-q to 3.12% despite spreads under pressure (down 13 bps q-o-q.

UltraTech Cement (UltraTech) reported consolidated revenue of Rs. 23,063 crore (up 13%% y-o-y) for Q4FY2025. The consolidated operating profit of Rs. 4,618 crore (up 12% y-o-y). Indian Cement sold 2.64 MT in volume and reached breakeven in Q4FY25, with an EBITDA of Rs. 40/tonne.

For Q4FY2025, Dalmia Bharat Limited’s (Dalmia) consolidated revenue of Rs. 4,091 crore (down 5.0% y-o-y) missed our estimate, primarily due to a 2.8% y-o-y decline in cement volumes (excluding JPA tolling volumes of 0.6 mt).

Core performance was healthy and in line with expectations in Q4FY25. Core revenues grew by 21.0% y-o-y/ down 4% q-o-q to Rs. 567 crore in Q4. For FY25, core revenue grew by 36% y-o-y. Overall, AUM reached Rs 6.5 lakh crore (up 25% y-o-y/ flat q-o-q), while MF QAAUM rose by 29% y-o-y / down 2% q-o-q.

Net earnings slightly beat estimates by 3.6% to Rs. 234 crore in Q4FY2025. NII was slightly below estimates by 0.8% (up 6.3% y-o-y and 1.1% q-o-q) at Rs. 349 crore due to a higher cost of borrowings.

Tech Mahindra’s (TechM’s) reported revenue stood at $1,549 million, down 1.5% q-o-q in CC terms, missing our estimate of 0.6% q-o-q decline in CC terms, driven by weakness in Hi-Tech, Healthcare & Lifesciences, Retail and Others.

LTTS reported revenues of $345 million, up 10.5% q-o-q in constant currency (CC) terms, but missed our estimates of $352.6 million.

Consolidated revenue stood at Rs. 3,027 crore, flat y-o-y, due to a 2% y-o-y fall in realisations, while total volumes grew at just 2.3% y-o-y in Q4FY25.