Q2 FY25 earnings calls.

ABB India reported Q2 CY2025 revenue of INR 3,175 crore, up 12% YoY, driven by strong base order execution. However, EBITDA margin contracted due to a one-off provision of INR 39.5 crore in Electrification, higher import

Adani Enterprises reported its highest-ever half-year EBITDA of INR 8,654 crore, driven by a 85% YoY surge in emerging core infra businesses (airports, roads, green hydrogen, data centers) to INR 5,233 crore. Consolidate

Adani Green Energy delivered a robust Q2 FY25 with revenue rising 20% YoY to INR 4,836 crore and EBITDA up 20% YoY to INR 4,518 crore, driven by capacity additions and operational excellence. Cash profits surged 27% YoY

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 (78% vs 60% YoY), lower imported coal costs, and strong merchant realizati

Adani Total Gas reported Q2 FY25 revenue of ₹1,315 crore, EBITDA of ₹313 crore, and PAT of ₹178 crore. Overall volumes grew 15% YoY driven by network expansion and stable gas prices. The company added 577 CNG stations an

Adani Ports reported a solid Q2 FY25 with revenue, EBITDA, and PAT growing 6%, 13%, and 37% YoY respectively, driven by container volume growth and market share gains. Cargo volumes rose 9% YoY to 220 MMT despite disrupt

Aditya Birla Capital reported a strong Q2 FY25 with consolidated PAT of INR 1,001 crore (up 42% YoY), including a one-time gain of INR 167 crore from the sale of its broking subsidiary. Revenue grew 36% YoY to INR 12,007

ABFRL reported Q2FY25 consolidated revenue of INR 3,644 crore (+13% YoY) and EBITDA of INR 410 crore (+11% YoY) with an 11.2% margin. PAT was negative INR 215 crore due to higher depreciation and interest from TCNS conso

AIA Engineering reported Q2 FY25 revenue of INR 1,030 crore, down ~19% YoY, with volumes of 60,330 tons vs 77,000 tons last year. EBITDA at INR 366 crore (margin ~35.5%) and PAT at INR 257 crore were both down ~18% and ~

Ajanta Pharma delivered a solid Q2 FY25 with revenue of INR 1,187 crore (+15% YoY), driven by strong branded generics growth of 20% (Asia +28%, Africa +35%). EBITDA margin came in at 26% (28% excluding forex loss), with

Alkem's Q2 FY25 PAT grew 11% YoY to INR 6,886 million, driven by cost controls and a favorable product mix. Domestic business lagged IPM growth due to acute market weakness and anti-infective underperformance, but manage

Apar Industries reported a strong Q2 FY25 with consolidated revenue of INR 4,645 crore, up 18.4% YoY, driven by robust domestic growth of 61.1%. EBITDA grew 7.8% YoY to INR 402 crore, with margins at 8.7%, impacted by a

Apollo Tyres reported a challenging Q2 FY25 with consolidated revenue of ₹6,440 crore (+3% YoY) and EBITDA margin of 13.6%, down ~70bps sequentially due to raw material cost inflation. India revenue was ₹4,460 crore with

Apollo Hospitals reported a strong Q2 FY25 with consolidated revenue of INR 5,589 crore (+15% YoY) and EBITDA of INR 816 crore (+30% YoY). PAT surged 63% YoY to INR 379 crore, driven by broad-based volume growth and marg

Ashok Leyland reported Q2 FY25 revenue of INR 8,769 crore, down 9% YoY, impacted by a 12% drop in M&HCV industry volumes due to seasonal factors and slow government CapEx. EBITDA margin improved to 11.6% (up 40bps YoY) d

Asian Paints reported a muted Q2 FY25 with decorative volume growth flat and value declining 6.7% YoY, impacted by weak consumer sentiment, extended monsoons, and intense competition. Consolidated revenue fell 5.5% YoY,

Astral's Q2 FY25 consolidated revenue was flat at INR 1,370 crore (+0.5% YoY), with EBITDA of INR 219 crore (-6% YoY) and margin of 16% (down ~100 bps YoY). The plumbing segment maintained 18.3% EBITDA margin despite a 1

AU Small Finance Bank reported a strong Q2 FY25 with PAT of ₹571 crore, up 14% QoQ, driven by robust deposit growth (total deposits crossed ₹1.1 lakh crore, up 12.7% QoQ) and improved cost efficiency (cost-to-income rati

Aurobindo Pharma delivered a steady Q2 FY25 with revenue of INR 7,796 crore (+8% YoY) and EBITDA margin of 20.1%, despite higher R&D costs and penicillin G ramp-up losses. PAT grew 8.6% YoY to INR 817 crore. Growth was d

Axis Bank reported a steady Q2 FY25 with PAT of INR 6,918 crore, up 18% YoY, driven by healthy operating income growth and moderation in operating expenses. Consolidated ROA improved to 1.92% and ROE to 18.08%. NIM stood

Bajaj Auto delivered a record quarter with revenue of INR 13,000 crore (+22% YoY) and EBITDA of INR 2,653 crore (+24% YoY), marking the fourth consecutive quarter of 20%+ EBITDA margin. Growth was driven by strong domest

Bajaj Finance reported a mixed Q2 FY25 with AUM growth of 29% YoY and PAT up 13% to INR 4,014 crore, but elevated credit costs dampened profitability. Loan losses remained high at 2.16% of average assets, driven by highe

Bajaj Housing Finance reported a strong Q2 FY25 with AUM crossing ₹1,00,000 crore, growing 26% YoY to ₹1,02,569 crore. PBT grew 23% to ₹708 crore, while PAT rose 21% (impacted by prior-year tax write-back). Asset quality

Bajaj Finserv reported consolidated revenue growth of 30% YoY to ₹33,703 crore, with PAT up 8% YoY. The general insurance business (BAGIC) saw core premium growth of 11% (3x market), though headline GWP fell 20% due to a

Bandhan Bank reported a mixed Q2 FY25 with PAT of INR 937 crore (+30% YoY) and NIM of 7.4%, but asset quality weakened as gross NPA rose to 4.7% and credit costs hit 2%. Growth was driven by secured book expansion (secur

Bank of Baroda reported a strong Q2 FY25 with PAT crossing INR 5,000 crore for the first time, growing 23.2% YoY. Domestic advances grew 12.5% YoY, driven by retail (20%) and corporate (10.6%). NIM stood at 3.10%, within

Berger Paints reported a muted Q2 FY25 with revenue nearly flat YoY (-0.4%), impacted by extended monsoon and flooding in key markets. EBITDA margin came in at 15.8%, within the guided 15%-17% range, while gross margin h

BEL reported a strong Q2 FY25 with revenue of ₹8,530 crore (+15.8% YoY) and PAT of ₹1,867 crore (+39% YoY). EBITDA margin expanded to 27.26% (+460bps YoY), driven by favorable product mix. Order book stood at ₹74,595 cro

BPCL reported Q2 FY25 PAT of ₹2,397 crore, impacted by ₹2,104 crore LPG under-recoveries and ₹1,113 crore marketing inventory losses. Refinery throughput was strong at 10.28 MMTPA (114% capacity) with GRM of $4.41/bbl, d

Bharti Airtel delivered a solid Q2 FY25 with consolidated revenue of INR 41,400 crore and India EBITDA margins expanding 110 bps to 54.8%. The tariff repair flow-through is on track, with ARPU rising to INR 223 (from INR

Biocon's Q2 FY25 consolidated revenue from operations grew 8% YoY to ₹3,590 crore, driven by biosimilars (up 19% like-for-like) but offset by generics decline (-8%) and flat Syngene performance. Group EBITDA margin was 2

Blue Dart reported Q2 FY25 revenue of INR 1,448.5 crore and PAT of INR 60.8 crore, with shipments of 96.6 million and tonnage of 343,676 tons. Revenue grew modestly, but margins remained under pressure due to a shift tow

Bosch Limited reported a strong Q2 FY25 with revenue from operations at INR 4,394 crore, up 64% YoY, driven by broad-based growth across mobility aftermarket, power solutions, and consumer goods. EBITDA grew 141% YoY to

Britannia reported Q2 FY25 revenue of INR 4,566 crore, up 4.5% YoY, with volume growth of 8%. EBITDA came in at INR 707 crore, down 12% YoY due to high raw material inflation (palm oil +45% QoQ, wheat, cocoa). Management

Canara Bank reported a strong Q2 FY25 with net profit crossing ₹4,014 crore for the first time, up 11.31% YoY. Global business grew 9.42% to ₹23.59 lakh crore, driven by RAM sector growth of 11.54%. Asset quality improve

CDSL reported a strong Q2 FY25 with consolidated total income of INR 359 crore (+56% YoY) and net profit of INR 152 crore (+49% YoY), driven by robust demat account additions (1.2 crore in Q2) and higher transaction volu

Cipla reported Q2 FY25 revenue of INR 7,051 crore (+9% YoY) and an EBITDA margin of 26.7% (highest ever, +70bps YoY), driven by strong profitability in India chronic therapies and Africa growth. PAT stood at INR 1,303 cr

Coforge delivered an exceptionally strong Q2 FY25, with consolidated revenue of $369.4M, up 26.8% sequentially in USD terms, driven by broad-based growth across all verticals and geographies. The organic business grew 6.

Coromandel reported a strong Q2 FY25 with consolidated revenue of INR 7,498 crore (+7% YoY) driven by 13% volume growth in fertilizers and a 20%+ volume growth in domestic crop protection formulations. EBITDA came in at

Cummins India delivered a strong Q2 FY25 with revenue of ₹2,444 crore, up 31% YoY, driven by domestic powergen growth of 84% and industrial segment strength. Domestic sales rose 47% YoY to ₹2,008 crore, while exports dec

Dabur's Q2 FY25 consolidated revenue declined 5.5% YoY due to a one-time inventory correction in general trade, aimed at improving distributor profitability. Secondary sales grew 2.3%, with home & personal care up 6% and

Delhivery reported Q2 FY25 revenue of INR 2,190 crore (+13% YoY) and EBITDA of INR 57 crore (2.6% margin), with PAT of INR 10 crore. Express parcel volumes were flat at 185M consignments, while PTL freight tonnage grew 2

Divis Labs reported a strong Q2 FY25 with PAT surging 46.6% YoY to INR 510 Cr, driven by robust custom synthesis demand and operational efficiencies. Revenue grew 22.5% YoY to INR 2,444 Cr (total income), with generics f

Dixon Technologies delivered a stellar Q2 FY25 with consolidated revenue surging 133% YoY to INR 11,528 crore, driven by a 235% YoY jump in mobile & EMS revenue to INR 9,444 crore. Smartphone volumes exploded to 8.13 mil

DLF reported a strong Q2 FY25 with PAT of ₹781 crore from operations, plus a one-time deferred tax reversal of ~₹600 crore. New sales pre-sales for H1 stood at ₹7,000 crore, recovering from a weak Q1, and management reaf

Dr. Reddy's delivered a strong Q2 FY25 with consolidated revenues of ₹8,016 crore, up 17% YoY, driven by broad-based growth across all markets. EBITDA margin stood at 28.4% (29.1% adjusted for one-time costs), while PAT

Eicher Motors reported a steady Q2 FY25 with consolidated revenue of INR 4,263 crore (+3.6% YoY) and PAT of INR 1,100 crore (+8.3% YoY), aided by VECV's profit share. Royal Enfield volumes were flat at ~225k units, but r

Escorts Kubota reported Q2 FY25 standalone revenue of INR 2,476.2 crore with EBITDA margin of 10.8%, flat YoY. PAT surged to INR 326.7 crore, boosted by a one-time tax benefit of ~INR 91 crore from merger-related adjustm