Q2 FY25 earnings calls.

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. The mixed demand environment saw strong double-digit growth in automo

Fortis Healthcare delivered a strong Q2 FY25 with consolidated revenue of INR 1,988 crore (+12.3% YoY) and EBITDA of INR 435 crore (+31.9% YoY), driving a 330 bps margin expansion to 21.9%. The hospital business led grow

GAIL reported a strong Q2 FY25 with consolidated PAT of INR 2,694 crore, driven by robust marketing margins and higher transmission volumes. Gas marketing volume was 96.60 MMSCMD, while transmission volume was 130.63 MMS

Gland Pharma's Q2 FY25 consolidated revenue grew 2% YoY to INR 1,406 crore, with base business up 5% to INR 1,066 crore. Consolidated EBITDA margin contracted 200bps to 21%, dragged by Cenexi's negative EBITDA of INR 68.

Glenmark's Q2 FY25 consolidated revenue grew 7.1% YoY to INR 3,434 crore, driven by strong India (13.9% YoY) and Europe (14.6% YoY) performance, partially offset by a 1.2% decline in North America and 4.1% decline in ROW

GCPL reported a steady quarter with India standalone volume growth of 7% and value growth of 7%, but EBITDA was flat due to high palm oil inflation. The company maintained A&P spend at 11.6% despite margin pressure, emph

Godrej Properties delivered a robust Q2 FY2025, with booking value growing 3% YoY to INR 5,198 crore and collections up 68% YoY to INR 4,005 crore. Operating cash flow surged 126% YoY to INR 1,834 crore, driven by strong

Grasim's Q2 FY25 consolidated revenue grew 11% YoY to ₹33,563 crore, marking the 16th consecutive quarter of growth. However, consolidated EBITDA fell 10% YoY to ₹4,042 crore, dragged by lower profitability in cement and

GFL reported a strong Q2 FY25 with consolidated revenue of INR 1,188 crore (+25% YoY), EBITDA of INR 295 crore (+80% YoY), and PAT of INR 125 crore (+133% YoY). EBITDA margin improved to 25% (+300bps QoQ) driven by a shi

Happiest Minds delivered its best growth in two years, with Q2 FY25 revenue of INR 549 Cr, up 28% YoY and 12.7% QoQ in constant currency. EBITDA margin of 21.7% was impacted by wage hikes (230bps) and Gen AI investments

Havells India reported a healthy Q2 FY25 performance driven by improved consumer demand and early festive season pickup. Revenue growth was supported by strong performance in wires, B2C segments, and emerging categories

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. Operating margin expanded 149 bps QoQ to 18.6%, aided by o

HDFC Bank reported Q2 FY25 PAT of INR 16,800 crore, up 5.3% YoY (adjusted ~17% excluding bond gains and tax adjustments). Net interest margin remained stable at 3.46%. The bank is accelerating its loan-to-deposit ratio n

HDFC Life reported a strong H1 FY25 with individual APE growth of 31% YoY and VNB growth of 17.4% to INR 1,656 crore. However, new business margins compressed to 24.6% from 26.4% in FY24, driven by a higher ULIP mix (36%

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). The strong performance was driven by mix improv

HFCL's Q2 FY25 revenue declined 1.5% YoY to INR 1,094 crore, impacted by a global optical fiber cable (OFC) downturn. EBITDA grew 14.7% to INR 172 crore with margin expansion of 224 bps to 15.71%, driven by a favorable p

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 Novelis, better cost control in India alum

HUL reported a muted quarter with 2% underlying sales growth (3% volume growth) in a sluggish FMCG environment. Revenue stood at INR 15,319 crore, while EBITDA margin remained healthy at 23.8%. PAT before exceptional ite

Hindustan Zinc delivered a strong Q2 FY25 with record mined metal production of 256kt and refined metal production of 262kt, up 2% and 8% YoY respectively. Revenue grew 22% YoY to INR 8,252 crore, driven by higher volume

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. Core operating profit rose 12.1% YoY to INR 160.43 billion. Domestic

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). Total trading volume surged 38.2% YoY to 36.7 billion units, driven by robust growth in green mar

IRFC reported steady Q2 FY25 results, with no new disbursements for the sixth consecutive quarter as the company pauses to allow its debt-equity ratio to cool from over 9x to ~7.5x. Revenue and PAT remained stable, suppo

IGL reported Q2 FY25 revenue of INR 4,070 crore (+7% YoY) and EBITDA of INR 536 crore, impacted by higher gas costs. Volumes grew 9% YoY to 9.03 MMSCMD, driven by CNG (+9%) and PNG (+12%). The company achieved record dai

Indus Towers delivered a robust Q2 FY25 with revenue of ₹7,470 crore (+4.7% YoY) and EBITDA of ₹4,910 crore (+42% YoY), aided by a ₹1,080 crore provision writeback from a major customer. Core rental revenue grew 8.5% YoY

IndusInd Bank reported a challenging Q2 FY25 with PAT of INR 1,333 crore and ROA contracting to 1.0%, impacted by a cautious stance on unsecured lending and a deliberate increase in contingent provisions by INR 525 crore

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 discretionary spend. Operating margin held steady at 2

Inox Wind delivered a stellar Q2 FY25 with revenue of INR 742 crore (+93% YoY) and EBITDA of INR 189 crore (+171% YoY), driven by strong execution of 140 MW despite monsoon headwinds. PAT turned positive at INR 90 crore

IndiGo reported a net loss of INR 9.9 billion in Q2 FY25, impacted by peak aircraft groundings (mid-70s) and rising fuel costs. Revenue grew 14.6% YoY to INR 178 billion, but PAT swung from a profit of INR 1.9 billion la

Jio Financial Services reported consolidated PAT of INR 689 crore in Q2 FY25, up 3% YoY from INR 668 crore, driven by higher dividend income and treasury gains. Total income rose to INR 694 crore from INR 608 crore YoY,

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. Despite a sharp INR 3,000/ton sequential drop in domestic NSR and

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. India revenue grew 39% YoY, with strong same-store sales

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. Domestic mutual fund AUM grew 45% YoY, outpacing industry

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%). The bank's customer assets grew 18% YoY to

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. Consolidated PAT grew 5% YoY to INR 3,400 crore, or 25% excluding a one-of

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. Auto revenue grew 15% YoY with PBIT margin expanding 140bps, supported b

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. Domestic wholesale volumes declined 3.9% YoY, but exports grew 12.1%

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. Revenue was slightly lower due to a decline in average coal prices, but op

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. Crude oil production grew 0.7% YoY to 4.576 MMT, reversing a declining trend, aid

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 reduction under the new CERC tariff regulation an

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 Services (+18% YoY EBITDA) and Oil & Gas (+11

SBI Life reported a mixed H1 FY25. PAT grew 38% YoY to INR 1,050 crore, driven by strong investment income and operational efficiencies. However, new business premium growth was subdued at 7% to INR 15,730 crore, with in

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 0.38%). Domestic advances grew 15.55% YoY,

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 (+11%). EBITDA margin expanded 350 bps YoY to

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 (~30% YoY). India beverages revenue grew o

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 temporary quality hold on 6,000 vehicles. Do

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. India standalone EBITDA margin was 21% (INR 13,176/ton), driven by cost im

TCS reported Q2 FY25 revenue of INR 64,259 crore, up 7.6% YoY, with constant currency growth of 5.5%. Operating margin declined 60bps sequentially to 24.1%, impacted by a large transformational project and talent investm

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. PAT stood at INR 1,250 crore (9.4% margin). Deal win