Sell

For Q3FY25, the revenue increased to 4.7% YoY (-9.7% QoQ) to INR 14,618 Mn, which missed our estimate by 3.9%. The company YoY growth, driven by toothpaste sales which showed mid-single digit volume growth.

• Company Q3FY25’s earnings performance exceeds our estimates across the board.
• For Q3FY25, BIL reported revenue of INR 25,603 Mn (+12.6% YoY/ +5.8% QoQ), which outperformed our estimates by 4.3%.

Sluggish Growth

Revenue/EBITDA/PAT exceeded our estimates by 10.5%/46.6%/227%. EBITDA margin surpassed our estimate by 500bps

AU SFB logged a muted performance with a 5% miss on PAT at Rs5.3bn/RoA at 1.5%, mainly on lower other income and elevated provisions owing to ongoing stress in unsecured loans (MFI, Cards, PL) and seasonality impact on the agri and wheels book.

3QFY25 has yet again proven the volatility in Mphasis's business compared to its Tier-2 peers like Persistent & Coforge

GCPL has been a play on execution for a couple of years now. Our downgrade (to Reduce) after the Q3 business update factored in concerns on slowdown in/waning of execution.

Adjusted for the milestone payment received from Journey Medical Corp, 3QFY25 EBITDA for Dr Reddy’s was below street/our estimates. The PAT miss was higher on account of lower other income.