Q3 FY25 earnings calls.

Escorts Kubota reported a steady Q3 FY25 with consolidated revenue from continuing operations at INR 2,948 crores, up 8.1% YoY, and EBITDA margin of 11.3%. Agri Machinery revenue grew 9.4% to INR 2,416.6 crores, but EBIT

Fortis Healthcare delivered a strong Q3 FY25 with consolidated revenue of INR 1,928 crore (+14.8% YoY) and EBITDA of INR 375 crore (+32% YoY), driven by the hospital business which grew 16.8% and expanded margins by 200

GAIL reported a strong Q3 FY25 with consolidated PAT of INR 4,082 crore, up 52% QoQ, boosted by an exceptional income of INR 2,440 crore from the SEFE arbitration settlement. Excluding this, marketing margin guidance of

Gland Pharma's Q3 FY25 consolidated revenue was INR 1,384 crore, with EBITDA margin improving 100 bps YoY to 26%. Base business (ex-Cenexi) revenue declined 8% YoY to INR 1,012 crore due to volume degrowth in key product

Glenmark delivered a strong Q3 FY25 with consolidated revenue of INR 3,388 crore, up 35.1% YoY, driven by a 300% surge in India formulation sales to INR 1,064 crore, aided by new launches like Lirafit and Jabryus. The US

Godrej Consumer Products reported a tough Q3 FY25 with consolidated organic revenue growth of 6% but flat volumes and a 10% decline in reported EBITDA. India business was particularly weak, with flat volumes, 4% revenue

Godrej Properties reported a record calendar year 2024 with booking value of ₹28,800 crore (+69% YoY) and net profit of ₹1,489 crore (+124% YoY). Q3 FY25 booking value was ₹5,446 crore, down 5% YoY but up 5% QoQ, marking

Grasim's Q3 FY25 consolidated revenue grew 9% YoY to INR 34,793 crore, marking the 17th consecutive quarter of YoY growth. However, consolidated EBITDA fell 9% YoY to INR 4,668 crore, dragged by lower cement profitabilit

GFL reported a strong Q3 FY25 with revenue of INR 1,148 crores (+16% YoY), EBITDA of INR 294 crores (+43% YoY), and PAT of INR 126 crores (+58% YoY). EBITDA margin expanded to 26% (+500 bps YoY), driven by improved produ

Happiest Minds reported Q3 FY25 revenue of INR 554 crore, up 27.5% YoY, driven by acquisitions (PureSoftware, Aureus) and strong BFSI growth. EBITDA margin was 21.1%, within the guided 20-22% range, despite investments i

Havells India reported a mixed Q3 FY25. Consumer, industrial, and infrastructure segments performed well, but commodity fluctuations impacted domestic wire growth, leading to moderate overall revenue. The Tumkur cable pl

HCL Tech reported a solid Q3 FY25 with constant currency revenue growth of 4.1% YoY and 3.8% QoQ, driven by broad-based demand recovery in technology, financial services, and retail verticals. Services revenue grew 4.9%

HDFC Bank's Q3 FY25 results reflect a challenging macro environment with tight liquidity and moderating urban demand. The bank reported robust average deposit growth of 15% YoY, outpacing loan growth of 8% YoY, as it con

HDFC Life reported a strong Q3 FY25 with PAT growing 15% YoY to INR 1,326 crore, driven by an 18% increase in backlog profits. Individual WRP growth of 22% outpaced the private industry (19%), expanding market share by 7

Hero MotoCorp reported Q3 FY25 revenue of ₹10,211 crore (+5% YoY), EBITDA of ₹1,476 crore (+8% YoY), and PAT of ₹1,203 crore (+12% YoY). EBITDA margin improved 50 bps YoY to 14.5%, driven by mix improvement and cost savi

HFCL's Q3 FY25 revenue declined ~2% YoY to ₹1,012 crore, while EBITDA margin expanded 116 bps YoY to 16.99% due to a favorable product mix shift (58% products vs 42% turnkey). PAT fell ~12% YoY to ₹72.6 crore on higher d

Hindalco delivered a strong Q3 FY25 with consolidated EBITDA up 28% YoY to INR 8,108 crore and PAT up 60% YoY to INR 3,735 crore, driven by record Indian aluminum EBITDA of INR 4,222 crore (up 73% YoY) on low input costs

HUL reported Q3 FY25 revenue of ₹15,195 crore (+2% YoY underlying sales growth) with flat volume growth, as urban demand moderated and rural recovery remained gradual. Gross margin contracted 70bps YoY to 50%, while EBIT

Hindustan Zinc delivered a record Q3 FY25 with revenue of ₹8,614 crore (+18% YoY) and EBITDA of ₹4,539 crore (+28% YoY), driven by higher zinc and silver prices, record nine-month mine metal production of 784,000 tons, a

ICICI Bank reported a steady Q3 FY25 with PAT growing 14.8% YoY to ₹117.92 billion, driven by core operating profit growth of 13.1% YoY and strong fee income (+16.3% YoY). Domestic loan growth was 15.1% YoY, led by busin

IEX reported a solid Q3 FY25 with consolidated revenue of INR 160.5 crore (+13.7% YoY) and PAT of INR 107.3 crore (+16.9% YoY), driven by 30.5 BU electricity volumes (+16% YoY) and a 26% YoY decline in DAM prices to INR

IRCTC reported an all-time high revenue of ₹1,225 crore in Q3 FY25, up 10% YoY, with PAT of ₹341 crore (+14% YoY) and EBITDA margin of 34.07%. Growth was driven by tourism (+80% QoQ) and catering (+15% QoQ), while intern

IRFC reported stable Q3 FY25 results with no major financial disclosures. The company is strategically pivoting from its traditional railway leasing model to higher-margin railway ecosystem financing. Management highligh

IGL reported Q3 FY25 revenue of ₹4,130 crore, with EBITDA of ₹363 crore, down 36% YoY due to higher gas input costs. PAT stood at ₹285 crore. Sales volume averaged 9.11 MMSCMD, up 7% YoY, driven by CNG (+6%) and PNG (+12

Indus Towers delivered a strong Q3 FY25, with revenue of INR 75.5 billion (+4.8% YoY) driven by robust tower and co-location additions. EBITDA surged 93% YoY to INR 70 billion, largely due to a INR 30.2 billion provision

IndusInd Bank's Q3 FY25 results reflect a cautious quarter with stable profitability (PAT ₹1,402 crore, up 5% QoQ) but elevated stress in microfinance. NIM compressed to 3.93% from 4.08% QoQ due to MFI book rundown and E

Infosys reported Q3 FY25 revenue growth of 1.7% QoQ and 6.1% YoY in constant currency, with operating margin at 21.3% and free cash flow at an all-time high of $1.26 billion. Large deal TCV was $2.5 billion, with net new

Inox Wind delivered a stellar Q3 FY25 with revenue of INR 994 crore (+96% YoY) and EBITDA of INR 280 crore (+192% YoY), the highest-ever Q3 EBITDA. PAT came in at INR 112 crore, also a Q3 record. The strong performance w

IndiGo delivered a strong Q3 FY25 with revenue of INR 23,000 crore (+15% YoY) and EBITDA of INR 6,100 crore (+10.9% YoY). Excluding forex impact, PAT grew 26% YoY to INR 3,850 crore, driven by robust demand (31 million p

Jio Financial Services reported a consolidated PAT of ₹295 crore for Q3 FY25, nearly flat YoY from ₹294 crore, as higher expenses offset revenue growth. Total income rose to ₹449 crore from ₹414 crore YoY, driven by inte

JSW Steel reported a strong operational quarter with highest-ever consolidated crude steel production of 7.03 million tons and record domestic sales of 6.71 million tons, up 12% YoY. Revenue from operations stood at ₹41,

Kalyan Jewellers delivered a strong Q3 FY25 with consolidated revenue of ₹7,287 crore (+40% YoY) and PAT of ₹219 crore (+22% YoY). India revenue grew 42% to ₹6,393 crore, while Middle East revenue rose 23% to ₹840 crore.

KFin Technologies delivered a strong Q3 FY25 with revenue growing 33% YoY and EBITDA up 35% YoY, driven by broad-based expansion across mutual funds, issuer solutions, international, and alternatives. Mutual fund AUM mar

Kotak Mahindra Bank reported a 10% YoY rise in consolidated PAT to ₹4,700 crore, driven by strong capital markets performance in subsidiaries (Kotak Securities, AMC, Investment Banking) and stable NIM at 4.93%. Advances

L&T reported a strong Q3 FY25 with group revenues of INR 64,700 crore (+17% YoY) and PAT of INR 3,360 crore (+14% YoY). Order inflows surged 53% YoY to a record INR 1.16 trillion, driven by infrastructure, hydrocarbon, a

M&M delivered a strong Q3 FY25 with consolidated PAT up 20% YoY, driven by robust performance in Auto & Farm. Auto volumes grew 16% and SUV market share expanded 200bps to 23%, while Farm volumes rose 20% with market sha

Maruti Suzuki reported Q3 FY25 net sales of INR 36,800 crore (+15.5% YoY) and PAT of INR 3,525 crore (+12.6% YoY), driven by festive demand and record exports of 99,020 units (+38% YoY). Domestic sales grew 8.7% YoY to 4

NTPC reported a strong Q3 FY25 with standalone PAT of INR 4,711 Cr (+3% YoY) and group EBITDA of INR 16,056 Cr for 9M FY25 (+8% YoY). Operational performance was robust: coal PLF of 76.20% vs 67.20% for rest of India, an

ONGC reported a turnaround in domestic oil and gas production during Q3 FY25, with crude oil output growing 1.02% YoY and gas production showing a marginal increase, reversing a multi-year decline. The KG-DWN-98/2 field

PowerGrid reported consolidated Q3 FY25 total income of INR 11,743 crore and PAT of INR 3,862 crore. Revenue growth was muted due to the regulated tariff structure where interest income declines as assets depreciate, tho

Reliance Industries reported a strong Q3 FY25 with consolidated EBITDA up 8% YoY and PAT up 12% YoY, driven by robust performance across all segments. Jio's ARPU rose 12% YoY to INR 203.3, with 3.3M net subscriber additi

SBI Life delivered a strong Q3 FY25 with PAT surging 48% YoY to INR 16 billion, driven by robust investment income and a growing backbook. Individual new business premium grew 10% (vs industry 6%), with agency channel AP

SBI reported a stellar Q3 FY25 with net profit surging 84% YoY to INR 16,891 crore, driven by robust credit growth of 13.49% YoY, industry-leading asset quality (slippage ratio 0.39%, credit cost 0.24%), and strong fee i

Sun Pharma delivered a solid Q3 FY25 with consolidated sales of INR 13,437 crore, up 10.5% YoY, driven by strong India (13.8% growth) and emerging markets (10.1% growth). EBITDA margin expanded 120 bps YoY to 29.3%, aide

Tata Consumer Products reported a strong Q3 FY25 with consolidated revenue growth of 17% YoY to INR 4,444 crore, driven by broad-based volume growth of 7% in India Beverages and robust performance in Foods (31% total, 11

Tata Motors reported a mixed Q3 FY25. Consolidated revenue grew 2.7% YoY and EBIT improved 60 bps, driven by strong JLR performance (highest Q3 revenue at GBP 7.5B, EBIT 9%) and cost savings in CV/PV. However, JLR faces

Tata Steel's Q3 FY25 consolidated revenue stood at INR 53,648 crore with EBITDA of INR 5,994 crore, impacted by subdued global steel prices and elevated Chinese exports. Excluding a INR 1,100 crore FX revaluation hit, ad

TCS reported Q3 FY25 revenue of INR 63,973 crore, up 5.6% YoY, with operating margin expanding 40 bps sequentially to 24.5%. The highlight was a record TCV of $10.2 billion, broad-based across industries and geographies,