Sharekhan Broker Research reports

ICICI Prudential Life Insurance (IPRU) reported a 28% y-o-y growth in APE in Q3FY25 although it lagged estimates. For 9MFY25, APE grew 27% y-o-y. Value of New Business (VNB) grew by 19% y-o-y in Q3 (~7% below estimates).

HUL’s Q3FY25 performance was in line with expectations, with revenues growing by 1.4% y-o-y to Rs. 15,408 crore (versus expectation of Rs. 15,682 crore) with underlying volumes flat y-o-y. Homecare revenues grew by 5.4% y-o-y (high single-digit volume growth), beauty & well-being revenues grew by 1.4% y-o-y (low single-digit volume decline), personal care revenue declined by 3% y-o-y (mid single-digit volume decline), while foods & refreshments revenue stood flat y-o-y (mid single-digit volume decline).

Q3FY2025 numbers were broadly in line given the transition period. NII at Rs. 30,653 crore (up 8% y-o-y/2% q-o-q) in line with estimates, led by stable NIM of ~3.4% (marginally declined by 3 bps q-o-q led by interest income reversals on NPA agri portfolio) and net loan growth of ~1% q-o-q.

Revenue growth of 117% was impressive backed by strong performance in the Mobiles & EMS segment (up 190% y-o-y). Management expects to clock a volume of 30 million phones in FY25 and 60 million phones by 2027. Mobile & EMS segments would be significant growth drivers.

Supreme Industries Limited (SIL) reported consolidated revenue of Rs. 2,510 crore (up only 2.5% y-o-y) on account of flattish realizations (0.5% decline y-o-y) while total volume growth was also soft at 3% y-o-y.

Consolidated revenues beat estimates at Rs. 5,433 crore (up 30% y-o-y) led by 37% y-o-y growth in sales volumes. Also, its quarterly EBITDA/tonne stood at Rs. 4,174 (up 129% QoQ) owing to better price realisation.

Can Fin Homes’ NII was slightly below estimates by 1.8% (up 4.8% y-oy and 1.5% q-o-q) at Rs. 345 crore in Q3FY2025 due to higher cost of funds. NIM stood at 3.71% (as a percentage of AUM), 4 bps below estimates (lower by 15 bps y-o-y).

Wipro reported IT services revenues of Wipro reported revenue at $2629.1 million, up 0.1% q-o-q/ down 0.7% y-o-y in CC terms, beating our estimates of decline of 0.4% q-o-q in CC . IT service revenue in rupee terms stood at Rs. 22,285 crore, up 0.4% q-o-q/0.6% y-o-y.

Kotak Mahindra Bank reported stable performance on modest expectation in Q3FY25. NII at Rs. 7,196 crore (in line) grew by 10% y-o-y/3% q-o-q led by healthy loan growth and stable NIMs. Net interest margin (NIM) was broadly stable q-o-q, improved by 2 bps q-o-q to 4.93% mainly led by lower cost of funds (down 9 bps q-o-q) driven by reduction in SA rate and higher share of current accounts

In Q3FY25, ICICI Lombard’s PAT beat estimates at Rs. 724 crore, rising 68% y-o-y. Higher investment income (up 28% y-o-y) and lower claims ratio (in motor & commercial lines) drove strong earnings.