Sharekhan Broker Research reports

Birlasoft reported revenue of $160.8 million, down 1.1% q-o-q/0.1% y-o-y, in constant currency (CC) terms, missing our estimate of $164.3 million. Revenue in rupee terms stood at Rs. 1362.7 crore, down 0.4% q-o-q/up 1.5% y-o-y.

Honeywell’s Q3FY2025 revenue and profitability were lower than estimates. Net revenue was barely up by 2% y-o-y due to weak execution and accounting treatment change, which adversely affected the company.

Affle’s Q3FY2025 revenue grew 10.8% q-o-q/20.6% y-o-y to Rs. 602 crore, beating our estimate of Rs. 591 crore, driven by strong momentum in CPCU revenue. For Q3FY2025, CPCU revenue recorded strong growth at Rs. 597 crore, up 10.3% q-o-q/25% y-o-y.

Q3 numbers were a mixed bag. NII at Rs. 41,446 crore (below estimate) grew by 4% y-o-y/ flat q-o-q. NIMs declined by 13 bps q-o-q to 3.01% led by higher cost of funds.

APL’s Q3FY25 revenue growth was hit by multiple headwinds, while OPM came better than expectation. Consolidated revenues fell by 6.1% y-o-y to Rs. 8,549 crore owing to muted demand conditions, downtrading by consumers and a weak festive season.

Net earnings significantly beat estimates due to negligible credit costs driven by reversal of provisions. NII beat estimates, rising 3.2% to Rs. 1,911 crore, growing by 12.5%/5.6% (y-o-y/q-o-q) driven by AUM growth and higher than expected yield on portfolio.

Info Edge’s Q3FY25 standalone revenue stood at Rs. 672 crore, up 2.4% q-o-q/12.8% y-o-y, slightly missing our estimate of Rs. 682 crore. Total billings stood at Rs. 668 crore, up 15.8% y-o-y. Billing growth for the recruitment business grew 15.2% y-o-y.

Tata Power Company Limited’s (TPCL) Q3FY25 Adjusted PAT grew by 8.2% y-o-y to Rs. 1,031 crore, which was inline with our estimates.

Operational performance was healthy led by strong loan growth/ fee income, recoveries from W/O accounts and contained opex growth. Net Interest Income at Rs. 588 crore (marginally below estimates) was up 14% y-o-y/ 1% q-o-q.

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).