Q1 FY25 earnings calls.

GAIL reported a strong Q1 FY25 with standalone PAT surging 93% YoY to INR 2,724 crore, driven by robust gas transmission volumes and improved gas trading margins. Revenue grew 5% YoY to INR 33,627 crore, supported by hig

Gland Pharma reported consolidated revenue of INR 14,070 million (+16% YoY), driven by 14% growth in the base business and Cenexi contribution. Base business EBITDA margin held at 29%, while consolidated margin fell to 1

Glenmark's Q1 FY25 consolidated revenue grew 6.9% YoY to INR 32,442 million, driven by strong India (11.9% YoY) and Europe (21.4% YoY) performance, while US remained soft. EBITDA margin adjusted for forex was 18.8%, with

Godrej Consumer Products reported a mixed Q1 FY25. India organic volume growth was 8% on a high base, but revenue growth was muted at 6% due to negative pricing. Indonesia delivered strong constant currency EBITDA growth

Godrej Properties delivered a stellar Q1 FY25, with booking value surging 283% YoY to INR 8,637 crore and PAT hitting a record INR 520 crore (up 316% YoY), aided by a commercial property revaluation. The standout launche

Grasim's Q1 FY25 consolidated revenue stood at INR 33,861 crore and EBITDA at INR 4,076 crore. The VSF business achieved record quarterly volumes of 212 KT, while chemicals saw improved ECU realizations of INR 32,529. Th

GFL reported Q1 FY25 consolidated revenue of INR 1,176 crore (up 4% QoQ) and EBITDA of INR 262 crore (up 10% QoQ), with EBITDA margin at 22%. PAT stood at INR 108 crore (up 7% QoQ). The sequential improvement was driven

Happiest Minds delivered a strong Q1 FY25 with revenue of INR 489 crore, up 20.6% YoY, driven by organic growth and contributions from PureSoftware and Aureus acquisitions. EBITDA margin came in at 23.9%, above the guide

Havells India reported a strong Q1 FY2025, driven by a favorable summer boosting cooling products like ACs, fans, and air coolers. The ECD segment grew 20%, while cables saw double-digit growth, though wires revenue was

HCLTech reported Q1 FY25 revenue of $3.36B, down 1.6% sequentially but up 5.6% YoY in constant currency, slightly above expectations. Services revenue declined 1.9% QoQ, while Software grew 0.4% QoQ with ARR at $1.01B. E

HDFC Bank's Q1 FY25 results reflect a period of transition post-merger, with management emphasizing stability over growth. Deposit accretion fell short of expectations due to seasonal outflows and a run-down of HDFC non-

HDFC Life delivered a strong Q1 FY25 with individual APE growth of 31% YoY, driven by broad-based momentum across products and channels. VNB grew 18% YoY to INR 718 crore, though margins compressed to 25% (vs 26.2% last

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). EBITDA grew 21% to INR 1,460 crore, with ICE margins improving to 16.4%, whil

HFCL reported Q1 FY25 revenue of INR 1,158 crore (+16% YoY), EBITDA of INR 185 crore (15% margin), and PAT of INR 111 crore (+46% YoY). Growth was driven by a surge in telecom equipment revenue to INR 401 crore (vs INR 1

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. The India business EBITDA surged 55% YoY to INR 3,840 crore, driven by lower input costs a

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. EBITDA margin improved 20 bps YoY to 23.8%, and PAT grew 3% to INR 2,538 cr

Hindustan Zinc delivered a strong Q1 FY25 with record mined and refined metal production of 263kt and 262kt respectively. Revenue grew 12% YoY to INR 8,130 crore, driven by higher volumes and favorable LME prices. EBITDA

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. Domestic loan growth was 15.9% YoY, led b

IRCTC reported an all-time high PAT of INR 308 crore in Q1 FY25, up 32.5% YoY, driven by strong catering and internet ticketing segments. EBITDA reached INR 375 crore with margins at 33.47%, flat YoY but up QoQ. Catering

IGL reported Q1 FY25 revenue of INR 3,877 Cr (+4% YoY), but EBITDA fell 9% to INR 582 Cr and PAT declined 8% to INR 401 Cr, primarily due to a CNG price cut in March. Total sales volume grew 5% YoY to 786 MMSCM, with CNG

Indus Towers delivered a robust Q1 FY25 with revenue of ₹7,380 crore (+4.3% YoY) and EBITDA of ₹4,550 crore (+29.4% YoY), driven by strong tower additions (6,174 macro towers) and a write-back of provisions worth ₹760 cr

IndusInd Bank reported a subdued Q1 FY25 with revenue of INR 7,849 crore (+11% YoY) and NIM stable at 4.25%. Loan growth was 15% YoY, below the guided 18-23% range, due to election disruptions and heat waves impacting ve

Infosys reported a strong Q1 FY25 with broad-based revenue growth, margin expansion, and record large deal wins. Revenue grew 3.6% sequentially and 2.5% YoY in constant currency, driven by a 7.9% growth in financial serv

Inox Wind delivered a stellar Q1 FY25 with revenue of INR 651 crore (+85% YoY) and EBITDA of INR 157 crore (+349% YoY), marking the highest quarterly performance in company history. PAT turned positive at INR 50 crore ve

IndiGo reported a solid Q1 FY25 with EBITDA of INR 5,810 crore (margin ~30%) and PAT of INR 2,728 crore (margin ~14%), despite a 10.5% YoY increase in fuel CASK and mid-70s aircraft groundings. Revenue growth was driven

Jio Financial Services reported a consolidated PAT of INR 313 crore for Q1 FY25, flat sequentially from INR 311 crore in Q4 FY24. Total income was INR 418 crore, similar to the prior quarter, with treasury income declini

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. Performance was impacted by plant shutdowns at Dolvi and BPSL, inventory losses,

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). Growth was driven by robust same-store sales, a rising share of new customers (>35%)

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. NIM compressed 20bps QoQ to 5.02% due to rising deposit costs and a shif

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) and Hydrocarbon (+27% YoY). Order inflows g

M&M reported a strong Q1 FY25 with consolidated PAT up 20% YoY to INR 3,283 crore (excluding one-time gains). Auto and Farm segments drove performance: SUV market share gained 130bps, LCV 160bps, and tractors 180bps. Aut

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 prices, and forex gains. Total volumes grew 4

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), and increased depletion costs. Consolidated P

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. The company maintained transmission system availability at 99.80%, enabling maximum regulator

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 consumer businesses (Jio and Retail) and upstrea

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 ratio down 70bps to 6.1%). VNB grew 12% to IN

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. Domestic advances grew 15.55% YoY, while deposits grew only 8.18%, widening the gap. Net inter

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%. PAT surged 40.2% YoY to INR 2,835.6 crore, aided by lower base and operational

Tata Consumer Products reported a mixed Q1 FY25. Consolidated revenue grew 16% to INR 4,352 crore, with organic growth of 10% and acquisitions adding 6%. EBITDA rose 23% to INR 671 crore, with margin expansion of 80 bps

Tata Motors reported a decent Q1 FY25 with revenue growth of 5.7% YoY, driven by volume and mix, though volume grew only 2.5%. EBITDA margin was flat at 14.4%, while PBT before exceptional items surged to INR 8,800 crore

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%. India operations delivered strong performance with standalone EBITDA margin of 20% and per-t

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. Net profit stood at INR 12,038 crore (19.2% margin). Growth was broad-based acro

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. PAT stood at ₹851 crore (6.5% of revenue). Growth was led by

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. Revenue growth was driven by robust credit and deposit growth of ~5% sequentially,

IHCL reported a record Q1 with consolidated revenue of INR 1,596 crore (+5% YoY), EBITDA of INR 496 crore (+8% YoY), and PAT of INR 248 crore (+12% YoY). EBITDA margin expanded 70 bps to 31%. Performance was resilient de

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. Management noted competitive intensity rema

UltraTech Cement reported a mixed Q1 FY25 with volume growth of ~6% YoY, outperforming industry growth of ~3-3.5%. Realizations declined 2.4% YoY, with July prices further softening 1.5% sequentially. The company maintai

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. Volume growth of 30.1% was driven by 15.5% organic growth in India and c