Q2 FY25 Earnings Season

Varun Beverages reported a resilient Q2 CY2025 despite an early monsoon in India, with consolidated revenue down 2.5% YoY to INR 7,017 crore and EBITDA margin expanding 82 bps t...

ABB India reported Q2 CY2025 revenue of INR 3,175 crore, up 12% YoY, driven by strong base order execution.

BEL reported a strong Q2 FY25 with revenue of ₹8,530 crore (+15.8% YoY) and PAT of ₹1,867 crore (+39% YoY).

Hero MotoCorp reported its highest-ever quarterly revenue of INR 10,463 crore (up 11% YoY), EBITDA of INR 1,516 crore (up 14% YoY), and PAT of INR 1,204 crore (up 14% YoY).

Kalyan Jewellers reported a stellar Q2 FY25 with consolidated revenue of ₹6,065 crore, up 37% YoY, driven by broad-based growth across gold and studded categories.

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).

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%.

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.

Sun Pharma delivered a strong Q2 FY25 with consolidated sales of INR 13,264 crore, up 10.5% YoY, driven by US specialty growth (+20.3% to $517M) and India formulation growth (+1...

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%).

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 inf...

Power Grid reported consolidated Q2 FY25 revenue of INR 11,846 crore (+2.7% YoY) and PAT of INR 3,793 crore (+0.3% YoY), with muted growth due to a INR 300 crore O&M cost reduct...

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.

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.

ONGC reported a 17.1% YoY increase in standalone PAT to ₹11,984 crore for Q2 FY25, driven by lower statutory levies and stable production.

Grasim's Q2 FY25 consolidated revenue grew 11% YoY to ₹33,563 crore, marking the 16th consecutive quarter of growth.

Hindalco reported a strong Q2 FY25 with consolidated EBITDA up 49% YoY to INR 9,100 crore and PAT up 78% YoY to INR 3,909 crore, driven by record beverage packaging shipments at...

Alkem's Q2 FY25 PAT grew 11% YoY to INR 6,886 million, driven by cost controls and a favorable product mix.

M&M delivered a strong Q2 FY25 with consolidated PAT up 35% YoY to INR 3,171 crore, driven by broad-based strength across auto, farm, and services.

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).

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.

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.

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.

Berger Paints reported a muted Q2 FY25 with revenue nearly flat YoY (-0.4%), impacted by extended monsoon and flooding in key markets.

BPCL reported Q2 FY25 PAT of ₹2,397 crore, impacted by ₹2,104 crore LPG under-recoveries and ₹1,113 crore marketing inventory losses.

Britannia reported Q2 FY25 revenue of INR 4,566 crore, up 4.5% YoY, with volume growth of 8%.

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.

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.

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.

Escorts Kubota reported Q2 FY25 standalone revenue of INR 2,476.2 crore with EBITDA margin of 10.8%, flat YoY.

Exide Industries reported a modest 4% YoY revenue growth in Q2 FY25, with EBITDA margin contracting 50bps to 11.3% due to lower fixed-cost absorption.

SBI delivered a strong Q2 FY25 with PAT of INR 18,331 crore (+28% YoY), driven by robust credit growth of 14.93% YoY and stable asset quality (slippage ratio 0.51%, credit cost...

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, da...

Adani Total Gas reported Q2 FY25 revenue of ₹1,315 crore, EBITDA of ₹313 crore, and PAT of ₹178 crore.

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%.

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 compet...

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 Syn...

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 a...

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.

L&T delivered a robust Q2 FY25 with group revenues of INR 61,600 crore, up 21% YoY, driven by strong execution in infrastructure and hydrocarbon.

NTPC delivered a strong Q2 FY25 with standalone PAT of ₹4,649 crore, up 19.66% YoY, driven by higher generation and cost pass-through mechanisms.

Tata Motors reported a disappointing Q2 FY25 with consolidated revenue down 3.5% YoY and JLR EBIT margin falling 190 bps to 5.6%, impacted by aluminum supply disruptions and a t...

Titan reported a strong Q2 FY25 with healthy growth across segments, led by jewelry (Tanishq, CaratLane, Mia) and analog watches.

Canara Bank reported a strong Q2 FY25 with net profit crossing ₹4,014 crore for the first time, up 11.31% YoY.

KFin Technologies delivered a strong Q2 FY25 with 34% YoY revenue growth and EBITDA margins crossing 45%, driven by robust performance across all business lines.

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 operation...

Maruti Suzuki reported Q2 FY25 net sales of INR 35,589 crore, nearly flat YoY, while PAT fell 17.4% to INR 3,069 crore due to a one-time tax provision.

DLF reported a strong Q2 FY25 with PAT of ₹781 crore from operations, plus a one-time deferred tax reversal of ~₹600 crore.

ICICI Bank reported a strong Q2 FY25 with PAT growing 14.5% YoY to INR 117.46 billion, driven by healthy loan growth and controlled operating expenses.

JSW Steel reported Q2 FY25 consolidated revenue of INR 39,684 crore, down 8% QoQ, with EBITDA of INR 5,437 crore (margin 13.7%) and PAT of INR 404 crore.

Tata Consumer Products reported a mixed Q2 FY25 with consolidated revenue up 13% to INR 4,200 crore, but EBITDA margin contracted 30 bps to 14.9% due to sharp tea cost inflation...

Tata Steel's Q2 FY25 consolidated revenue stood at INR 53,905 crore with EBITDA of INR 6,224 crore, yielding a 12% EBITDA margin, up 300 bps YoY.

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.

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 im...

Bajaj Finserv reported consolidated revenue growth of 30% YoY to ₹33,703 crore, with PAT up 8% YoY.

Bank of Baroda reported a strong Q2 FY25 with PAT crossing INR 5,000 crore for the first time, growing 23.2% YoY.

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, a...

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...

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...

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 an...

Dr.

Federal Bank reported a record net profit of INR 1,057 crore (+10.79% YoY) and NII of INR 2,367 crore (+15.11% YoY) in Q2 FY25.

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 sub...

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.

Bajaj Housing Finance reported a strong Q2 FY25 with AUM crossing ₹1,00,000 crore, growing 26% YoY to ₹1,02,569 crore.

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%.

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.

HUL reported a muted quarter with 2% underlying sales growth (3% volume growth) in a sluggish FMCG environment.

IEX reported a strong Q2 FY25 with consolidated revenue of ₹167.8 crore (+26.2% YoY) and PAT of ₹108.3 crore (+25.2% YoY).

SBI Life reported a mixed H1 FY25.

Tech Mahindra reported Q2 FY25 revenue of INR 13,313 crore (+3.5% YoY) and EBIT margin of 9.6% (+110bps QoQ), driven by Project Fortius savings and currency tailwinds.

UltraTech Cement reported a weak Q2 FY25 with capacity utilization at 68% and volume growth of only 3%, impacted by election slowdown and extended monsoons.

Kotak Mahindra Bank reported a consolidated PAT of ₹5,044 crore (+13% YoY) for Q2 FY25, driven by strong subsidiary performance (capital markets +52%, AMC +58%, insurance +50%).

HDFC Bank reported Q2 FY25 PAT of INR 16,800 crore, up 5.3% YoY (adjusted ~17% excluding bond gains and tax adjustments).

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...

Infosys reported a strong Q2 FY25 with 3.3% YoY constant currency revenue growth, driven by broad-based growth across geographies and a rebound in financial services discretiona...

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.

Wipro's Q2 FY25 results met expectations with IT services revenue of $2.66B (0.6% QoQ CC) and operating margin of 16.8%, expanding 71bps YoY.

HCLTech delivered a strong Q2 FY25 with constant currency revenue growth of 6.2% YoY and 1.6% QoQ, driven by broad-based demand across verticals and geographies.

Reliance Industries reported a mixed Q2 FY25 with consolidated revenue of INR 2,58,000 crore (+0.8% YoY) and EBITDA of INR 44,000 crore (-2% YoY), as strong growth in Digital Se...

TCS reported Q2 FY25 revenue of INR 64,259 crore, up 7.6% YoY, with constant currency growth of 5.5%.

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 (78% vs 60% YoY), lower importe...