Sell

Coforge reported strong topline growth of 8.4% QoQ (CC), well ahead of our estimate of 4.7%. Growth was healthy across most horizontals, verticals, and geographies.

3QFY25 was blockbuster quarter 8.4% growth QoQ in CC terms (our estimate-2.8%. Belied seasonality)

Delivered better-than-expected revenue and margin. After a mid-single digit FY25, revenue growth in double digits in FY26 likely

DET business reported 3QFY25 revenues of USD175m, up 2.4% QoQ in CC vs. our estimate of 2.3% growth. Cyient reported broad-based growth in revenues across verticals, except Sustainability (down 1.3% QoQ cc).

Cyient posted inline revenue performance in DET in Q3, while EBITM missed estimates. DET revenue grew 1.3% QoQ (2.4% CC) to USD175.2mn. DET EBITM declined by 70bps QoQ to 13.5%, coming in below our estimate.

Zee reported another quarter of subpar advertising growth, down another 8% YoY in Q3FY25. Ad revenue has now declined (YoY) in nine of the last ten quarters.

3QFY25 revenue/EBIT margin beat our sub-consensus estimate. It did not say discretionary demand has turned around but said it will deliver

Go Digit reported a better set of numbers in Q3FY25 than our estimates, on account of higher inward reinsurance business growth and sharp improvement in Group Health (including PA) underwriting.

Q3FY25 operating performance was a tad better than our estimate. Revenue growth of 4.6% QoQ CC was in-line, while EBITM of 14.9% was slightly ahead of our estimate. Unlike in previous few quarters, growth was broad-based across verticals/geographies

PSYS delivered 22.6% YoY revenue growth in Q3FY25, driven by strong vertical performance and acquisitions. EBIT grew 25.5% YoY, while PAT surged 30.4% YoY, reflecting improved margins and robust execution.