Q1 FY25 Earnings Season

Varun Beverages delivered a strong Q1 CY2025, with consolidated revenue growing 28.9% YoY to INR 5,567 crore and PAT up 33.5% YoY to INR 731 crore.

ABB India reported a modest Q1 CY2025 with orders up 4% YoY and revenue up 3% YoY, while PAT grew 3%.

AIA Engineering reported Q1 FY25 revenue of INR 1,004 crore and EBITDA of INR 372 crore, with EBITDA margin of 37.1%.

Ajanta Pharma delivered a strong Q1 FY25 with revenue of INR 1,145 crore (+12% YoY) and EBITDA of INR 330 crore (+22% YoY), driven by branded generics growth of 17%.

Apar Industries reported Q1 FY25 consolidated revenue of INR 4,011 crore (+6.5% YoY), EBITDA of INR 394 crore (+6.8% YoY) with a 9.8% margin, and PAT of INR 203 crore (+2.6% YoY).

Apollo Hospitals delivered a strong Q1 FY25 with consolidated revenue of INR 5,086 crore (+15% YoY) and EBITDA of INR 675 crore (+33% YoY).

BEL reported a strong Q1 FY25 with revenue of INR 4,105 crore (+19.1% YoY) and PAT of INR 776 crore (+46.2% YoY), driven by robust execution across defense programs like LRSAM a...

Hero MotoCorp reported a strong Q1 FY25 with record revenue of INR 10,144 crore (+16% YoY) and highest-ever PAT of INR 1,123 crore (+36% YoY).

Kalyan Jewellers reported a strong Q1 FY25 with consolidated revenue of INR 5,535 crore (+27% YoY) and PAT of INR 178 crore (+24% YoY).

Aurobindo Pharma reported a solid Q1 FY25 with revenue of INR 7,567 crore (+10% YoY) and PAT of INR 919 crore (+61% YoY), driven by strong performance in Europe (EUR 221 million...

Dixon Technologies delivered a stellar Q1 FY25 with consolidated revenue surging 101% YoY to INR 6,588 crore, driven by a 189% jump in the mobile & EMS segment to INR 5,192 crore.

Biocon's Q1 FY25 revenue from operations was flat YoY at INR 3,433 crore, with adjusted EBITDA of INR 698 crore (20% margin) and adjusted PAT of INR 19 crore.

Bharti Airtel delivered a consistent quarter with consolidated revenues of just over INR 38,500 crore and India EBITDA margins of 53.7%.

Dabur India reported a steady Q1 FY25 with consolidated revenue growing 7% YoY in INR terms, driven by 5.2% volume growth in the domestic business.

Eicher Motors reported its highest-ever quarterly revenue of INR 4,393 crore (+10.2% YoY) and EBITDA of INR 1,165 crore (+14.1% YoY), with margins expanding 90bps to 26.5%.

Britannia reported Q1 FY25 revenue of INR 4,130 crore, up 4% YoY, with operating profit of INR 680 crore (16.5% margin), up 10% YoY.

Coromandel's Q1 FY25 consolidated total income fell 16.6% YoY to INR 4,783 crore, primarily due to lower subsidy rates.

ONGC reported a 15.1% YoY decline in standalone PAT to INR 8,938 crore for Q1 FY25, driven by lower natural gas realization, higher exploration write-offs (up INR 627 crore), an...

SBI reported a modest 0.9% YoY PAT growth to INR 17,035 crore in Q1 FY25, with operating profit up 4.55% to INR 26,449 crore.

Astral reported a 16% volume growth in Q1 FY25, in line with its 15% guidance, despite significant PVC price volatility.

Grasim's Q1 FY25 consolidated revenue stood at INR 33,861 crore and EBITDA at INR 4,076 crore.

Hindalco delivered a strong Q1 FY25 with consolidated EBITDA up 31% YoY to INR 7,992 crore and PAT up 25% YoY to INR 3,074 crore.

M&M reported a strong Q1 FY25 with consolidated PAT up 20% YoY to INR 3,283 crore (excluding one-time gains).

Sun Pharma reported a solid Q1 FY25 with consolidated sales of INR 12,524.5 crore (+6.3% YoY) and EBITDA margin expansion of 60 bps to 28.5%.

ABFRL reported Q1 FY25 revenue of INR 3,428 crore (+7% YoY) and EBITDA of INR 406 crore (+15% YoY) with an 11.8% margin.

Bank of Baroda reported a 9.5% YoY PAT growth to INR 4,450 crore for Q1 FY25, driven by stable margins and lower credit costs.

Escorts Kubota reported a mixed Q1 FY25 with standalone revenue declining 1.5% YoY to INR 2,292.5 crore, impacted by lower tractor and CE volumes.

SBI Life reported a strong Q1 FY25 with PAT up 36% YoY to INR 5.2B, driven by robust new business premium growth of 13% to INR 70.3B and improved operational efficiency (OpEx ra...

Tata Consumer Products reported a mixed Q1 FY25.

Tata Steel's Q1 FY25 consolidated revenue stood at INR 54,771 crore with EBITDA of INR 6,822 crore, yielding a margin of 12.5%.

Adani Power delivered a strong Q1 FY25 with 29% revenue growth to INR 14,717 crore and 57% EBITDA growth to INR 6,290 crore, driven by higher PLF of 78% (vs 60% YoY) and lower i...

Adani Total Gas reported a strong Q1 FY25 with revenue of ₹1,237 crore (+9% YoY) and EBITDA of ₹308 crore (+21% YoY), driven by 17% volume growth (CNG +20%, PNG +10%).

Divis Labs reported a steady Q1 FY25 with consolidated revenue of INR 2,197 crore, up 18% YoY, and PAT of INR 430 crore, up 21% YoY.

PowerGrid reported a steady Q1 FY25 with consolidated PAT of INR 3,724 crore (+3.5% YoY) and total income of INR 11,280 crore.

Maruti Suzuki reported a strong Q1 FY25 with net sales of ₹33,875 crore (+9.8% YoY) and net profit of ₹3,650 crore (+46.9% YoY), driven by cost reduction, favorable commodity pr...

Alkem Laboratories reported a strong Q1 FY25 with EBITDA margin expanding 700 bps YoY to 20.1%, driven by favorable API pricing, improved product mix, and cost controls.

Ashok Leyland reported a strong Q1 FY25 with record total CV volumes of 42,893 units, up 6% YoY, and EBITDA of INR 901 crore, up 11% YoY.

Bandhan Bank reported a strong Q1 FY25 with PAT of INR 1,063 crore (+47% YoY) driven by robust advances growth of 22% YoY and stable NIM of 7.6%.

Berger Paints reported a mixed Q1 FY25 with 11.8% volume growth but only 2.4% value growth, as price cuts and mix shift to lower-value products weighed.

Bosch Limited reported Q1 FY25 revenue of INR 4,317 crore, up 3.8% YoY, with EBITDA margin improving 70 bps YoY to 12%.

Cipla delivered a strong Q1 FY25 with revenue of INR 6,694 crore (+7% YoY) and EBITDA margin of 25.6% (+154 bps YoY), driven by a favorable product mix and calibrated pricing.

Cummins India reported Q1 FY25 revenue of INR 2,262 crore, up 4% YoY, driven by strong domestic demand (up 12% YoY) while exports declined 22% YoY.

Adani Enterprises reported its highest-ever quarterly EBITDA of INR 4,300 crore, up 38% YoY, driven by a stellar performance from incubating businesses (62% of EBITDA vs 45% a y...

Adani Green reported a strong Q1 FY25 with revenue from power supply up 24% YoY to INR 2,528 crore and EBITDA margin of 92.6%, driven by tech-enabled O&M and capacity additions...

Adani Ports delivered a stellar Q1 FY25 with revenue of INR 7,560 crore (+21% YoY), EBITDA of INR 4,848 crore (+29% YoY), and PAT of INR 3,107 crore (+47% YoY), all record highs.

Bata India reported a muted Q1 FY25 with revenue declining -1.4% YoY, impacted by heatwaves, elections, and a sluggish wedding season.

AU Small Finance Bank reported a steady Q1 FY25, with the board approving a universal bank application.

Bajaj Finserv reported a mixed Q1 FY25.

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L&T delivered a robust Q1 FY25 with group revenues of INR 55,100 crore (+15% YoY) and PAT of INR 2,800 crore (+12% YoY), driven by strong execution in Infrastructure (+22% YoY)...

Tech Mahindra reported Q1 FY25 revenue of ₹13,005 crore, down 1.2% YoY, with EBIT margin expanding 110 bps QoQ to 8.5%, driven by Project Fortius cost savings.

Asian Paints reported a challenging Q1 FY25 with standalone revenue declining -3% YoY and volume growth of 7% (vs 10% last year), missing the double-digit target.

DLF reported a strong Q1 FY25 with pre-sales of INR 6,400 crore, driven by the successful Privana West launch.

HUL reported Q1 FY25 revenue of INR 15,166 crore with 4% underlying volume growth, while underlying sales growth was 2% due to negative pricing.

Titan reported a subdued Q1 FY25, with jewelry same-store growth of only 3% and total growth of 9%, impacted by high gold prices, fewer wedding dates, elections, and heatwaves.

Aditya Birla Capital reported a strong Q1 FY25 with consolidated PAT up 15% YoY to INR 745 crore and revenue up 26% YoY to INR 10,258 crore.

BPCL reported Q1 FY25 revenue of INR 128,103 crore and PAT of INR 3,015 crore, despite absorbing ~INR 2,300 crore in LPG under-recoveries.

HDFC Bank's Q1 FY25 results reflect a period of transition post-merger, with management emphasizing stability over growth.

ICICI Bank reported a solid Q1 FY25 with PAT growing 14.6% YoY to INR 110.59 billion, driven by core operating profit growth of 11% YoY and strong fee income growth of 13.4% YoY.

Kotak Mahindra Bank's Q1 FY25 consolidated PAT (ex-KGI transaction) grew 7% YoY to INR 4,435 crore, but bank-level PAT was flat at INR 3,520 crore.

Blue Dart Express reported Q1 FY25 revenue of ₹1,345.7 crore, up 6.74% YoY, and PAT of ₹51.5 crore.

Canara Bank reported a steady Q1 FY25 with net profit of INR 3,905 crore (+10.47% YoY), driven by strong retail growth (23.54% YoY) and improved asset quality.

CDSL reported a strong Q1 FY25 with consolidated total income up 65% YoY to INR 287 crore and net profit up 82% YoY to INR 134 crore, driven by robust market activity and retail...

Delhivery reported a steady Q1 FY25 with revenue of ₹2,170 crore, up 12.6% YoY, driven by strong growth in Part Truckload (PTL) and Supply Chain Services (SCS).

JSW Steel reported Q1 FY25 consolidated revenue of INR 42,943 crore and EBITDA of INR 5,510 crore (13% margin), with PAT at INR 867 crore.

Reliance Industries reported a mixed Q1 FY25 with consolidated revenue of INR 258,000 crore (+11.5% YoY) and EBITDA of INR 42,748 crore (+2% YoY), as strong performance in consu...

Federal Bank reported a strong Q1 FY25 with highest-ever quarterly net profit of INR 1,010 crore and operating profit of INR 1,501 crore.

UltraTech Cement reported a mixed Q1 FY25 with volume growth of ~6% YoY, outperforming industry growth of ~3-3.5%.

Bajaj Auto delivered a strong Q1 FY25 with revenue of INR 11,928 crore (+16% YoY) and EBITDA margin of 20.2% (+130bps YoY), marking the third consecutive quarter above 20%.

Infosys reported a strong Q1 FY25 with broad-based revenue growth, margin expansion, and record large deal wins.

Axis Bank reported a mixed Q1 FY25.

Coforge delivered a solid Q1 FY25 with 3.7% sequential CC growth excluding India, driven by broad-based demand across verticals.

HCLTech reported Q1 FY25 revenue of $3.36B, down 1.6% sequentially but up 5.6% YoY in constant currency, slightly above expectations.

Wipro's Q1 FY25 IT services revenue declined 1% QoQ in constant currency to $2.63 billion, within guided range but at the lower end.

TCS reported a steady Q1 FY25 with revenue of INR 62,613 crore (+5.4% YoY) and operating margin of 24.7% after absorbing annual wage hikes.