Archives January 2025

Cipla Ltd Q3 FY25
Cipla Ltd Q3 FY25: Net Profit Soars 49% to ₹1,571 Cr, Strong Growth Across Segments

Cipla Ltd: Overview 

Cipla Ltd. is a leading global pharmaceutical company headquartered in India, known for its wide-ranging portfolio of affordable and high-quality medicines. The company operates across several therapeutic areas, including respiratory, cardiovascular, oncology, anti-infectives, and dermatology, with a strong focus on both branded prescription drugs and generic medicines. Cipla’s products cater to diverse markets, from emerging economies to developed nations, ensuring broad accessibility to essential healthcare solutions. The company is also actively expanding its presence in the consumer health sector, offering over-the-counter products and wellness solutions. 

The global increase in life expectancy, along with better healthcare access, is driving demand for pharmaceutical products, particularly those addressing chronic conditions and lifestyle diseases. Cipla has a robust global footprint, with subsidiaries in over 40 countries, including the United States, South Africa, and Uganda, among others. In addition to its manufacturing facilities in India, Cipla has invested in cutting-edge research and development to address critical health challenges, particularly in the areas of HIV/AIDS and malaria. Emerging markets represent a significant growth opportunity due to growing healthcare needs. India, Africa, and Latin America are seeing increased demand for affordable medicines, and Cipla has a strong presence in these regions. Operating in the highly competitive pharmaceutical industry, Cipla remains committed to providing sustainable healthcare solutions through innovation, affordability, and access to life-saving treatments. 

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In the U.S. Albuterol Generic market, Cipla’s Albuterol ranked #1, with its market share increasing to 21% during the quarter. However, Lanreotide supply issues impacted overall sales. As of December 2024, the company reported a total debt of ₹466 crores and a cash balance of ₹9413 crores. In the branded prescription segment, Cipla maintained its #2 market rank in the overall Chronic category, with an improved chronic mix of 61.5%. Key therapies like Respiratory, Urology, and Acute have been outpacing the market, with Urology achieving a 16% YoY market growth and maintaining its #2 rank. In Trade Generics, Cipla’s business is back on a growth trajectory, with two brands generating over INR 100 crore in TTM revenue and five brands generating INR 50 crore to INR 100 crore.  

Additionally, 18 new products were launched in 9M FY25. The Consumer Health segment also saw robust growth, with anchor and transitioned brands continuing to perform well. The company sustained a positive EBITDA trajectory, and key products such as Nicotex, Omnigel, and Cipladine ranked #1 in their respective markets. Furthermore, five new brands joined the market with revenue over INR 100 crore YoY. Cipla also received various generic drug approvals, including Phytonadione injectable 1mg/0.5ml, Esomeprazole granules 2.5mg/5mg, and Potassium Phosphates Injection USP. Additionally, Cipla’s Goa facility has been classified as ‘VAI’ (Voluntary Action Indicated) by the USFDA. 

Business Segments 

  • Branded Prescription: This is the primary segment of Cipla, consisting of prescription medicines that are sold under the Cipla brand to healthcare providers and patients. It covers a wide range of therapeutic areas, such as respiratory, cardiovascular, oncology, dermatology, and anti-infectives. The company’s branded products are well-established in several markets, including India, South Africa, and other emerging markets. They include both innovative drugs and generic formulations that provide affordable treatments. 
  • Trade Generics: This segment includes Cipla’s generic pharmaceutical products that are sold under non-branded names or as generic versions of branded medicines. Trade generics offer a more cost-effective option compared to branded prescription drugs. Cipla’s trade generics are available in several global markets, including India, where generics play a significant role due to high demand for affordable medicines. 
  • Consumer Health: Cipla’s Consumer Health segment is focused on non-prescription products, including over-the-counter (OTC) medicines and wellness products. These typically include treatments for common health issues like cough and cold, pain relief, digestive health, and dermatological needs. The company offers a wide range of vitamins, minerals, and supplements (VMS) in this category, targeting the growing wellness trend. It also includes products designed for specific consumer needs, like personal care products. 

Subsidiary Information 

  • Cipla Health Ltd: This subsidiary handles Cipla’s consumer health business, including over-the-counter (OTC) medicines and wellness products. Cipla Health focuses on non-prescription products like dietary supplements, personal care items, and vitamins, aiming to cater to the growing demand for health-conscious consumers. 
  • Cipla USA Inc.: Cipla USA is responsible for the distribution and marketing of Cipla’s generic and branded pharmaceutical products in the U.S. market. It plays a critical role in bringing Cipla’s generics to the U.S. and includes products in areas such as respiratory care, oncology, and central nervous system treatments. 
  • Cipla Europe Ltd: Cipla Europe focuses on the development and commercialization of Cipla’s products in European markets. The subsidiary supports Cipla’s growth in the European generic pharmaceuticals sector and markets products across various therapeutic areas, including oncology, respiratory, and cardiology. 
  • Cipla South Africa Ltd (Cipla Medpro): Cipla South Africa is one of Cipla’s most significant subsidiaries in Africa. The company provides affordable healthcare solutions across various therapeutic segments, including HIV/AIDS, oncology, and respiratory care, while also focusing on improving access to medicines across the continent. 

Q3 FY25 Earnings 

  • Revenue of ₹7073 crore in Q3 FY25 up by 7.01% YoY from ₹6604 crore in Q3 FY24.  
  • EBITDA of ₹1989 crore in this quarter at a margin of 28% compared to 26% in Q3 FY24. 
  • Profit of ₹1575 crore in this quarter compared to a ₹1068 crore profit in Q3 FY24. 

Financial Summary 

Amount in ₹ Cr Q3 FY24 Q3 FY25 FY23 FY24 
Revenue 6604 7073 22753 25774 
Expenses 4856 5084 17726 19483 
EBITDA 1748 1989 5027 6291 
OPM 26% 28% 22% 24% 
Other Income -10 222 293 552 
Net Profit 1068 1575 2833 4154 
NPM 16.2% 22.3% 12.5% 16.1% 
EPS 13.08 19.5 34.7 51.1 

Colgate-Palmolive (India) Q3 FY25
Colgate-Palmolive (India) Q3 FY25: Strong Growth, Market Leadership & Future Potential

Colgate Palmolive (India) Ltd: Overview 

Colgate-Palmolive (India) Ltd. is a leading player in the Indian oral care and personal care industry, with a strong brand presence and a legacy of over eight decades. Established in 1937 and headquartered in Mumbai, the company is a subsidiary of Colgate-Palmolive Company, USA. It dominates the oral care segment in India with its flagship brand “Colgate,” which enjoys high consumer trust and widespread market penetration. The Indian oral care industry is highly competitive, with increasing consumer demand for premium, natural, and innovative dental hygiene solutions. With a growing focus on personal care and hygiene, the company continues to expand its product portfolio by introducing new offerings in toothpaste, toothbrushes, mouthwashes, and personal care products. The company has a strong distribution network covering urban and rural markets, ensuring deep market penetration. Colgate-Palmolive (India) Ltd. is also focusing on sustainability, investing in eco-friendly packaging and sustainable sourcing initiatives. With a consumer-driven approach and technological advancements, the company remains a leader in India’s oral care industry while expanding its footprint in adjacent categories. 

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Colgate-Palmolive (India) has had a strong run, with seven straight quarters of over 5% growth and the last three in double digits. Despite tough market conditions, the company is growing faster than both the FMCG industry and its listed competitors. In the first half of FY24, its growth was 2.4 times the industry average—a result that reinforces its strategy of consistent, competitive performance. Gross margins remain solid at 68-70%, and while EBITDA margins saw a big jump last year, they are expected to stabilize. Colgate’s brand dominance is a major strength—found in nine out of ten Indian homes, it remains the most recognized and trusted name in oral care. Brand recall has strengthened, and consumers increasingly see Colgate as the expert in oral health, which helps drive market share. 

The toothpaste market has slowed in urban India, but rural demand, while steady, is also levelling off. On the other hand, toothbrush sales continue to rise, with rural markets now growing faster than urban ones. Colgate’s strategy remains steady: grow the oral care category, strengthen its key brands (Strong Teeth, Maxfresh, and Salt), premiumize through innovation, and expand toothbrushes and personal care. India still has huge potential for growth—people here use much less toothpaste than in similar countries, and daily brushing habits are far from universal. Only 20% of urban consumers brush twice a day, and in rural areas, half don’t even brush daily. Increasing brushing habits and upgrading toothbrushes are key opportunities. With its strong execution, Colgate is well-positioned to lead the market and drive long-term growth. 

Business Segments

  • Oral Care: Oral care is Colgate-Palmolive India’s primary revenue-generating segment, contributing a significant portion to its overall sales. The company leads the toothpaste and toothbrush market with brands such as Colgate Strong Teeth, Colgate Total, Colgate MaxFresh, Colgate Sensitive, and Colgate Vedshakti. It continuously innovates by introducing advanced formulations catering to varied consumer needs, including herbal, sensitivity relief, and whitening solutions. The company has also expanded into mouthwashes with products like Colgate Plax. 
  • Personal Care: Colgate-Palmolive India has a presence in the personal care segment through its Palmolive brand, which includes a range of shower gels, hand washes, and liquid soaps. The segment has been growing steadily as consumers prioritize hygiene and self-care. The company is leveraging its global expertise to introduce premium skincare and wellness products tailored to Indian consumers. 
  • Home Care: Under the home care segment, the company offers cleaning and hygiene solutions. Though this segment contributes a smaller portion of total revenue, Colgate-Palmolive (India) Ltd. continues to expand its presence in this category. 

Subsidiary Information

  • Colgate-Palmolive (Nepal) Pvt Ltd: This subsidiary helps the company expand its market reach in South Asia, particularly in Nepal, where Colgate products have a significant consumer base. It supports manufacturing, distribution, and marketing efforts tailored to regional preferences. 
  • Colgate Global Business Services Pvt Ltd: This subsidiary provides back-end operational support, including finance, human resources, and IT services, to Colgate-Palmolive’s Indian and global operations. It plays a crucial role in optimizing business efficiency. 
  • Colgate-Palmolive (Myanmar) Ltd: With an increasing focus on emerging markets, this subsidiary allows Colgate-Palmolive India to expand its brand footprint in Myanmar. The company leverages its Indian manufacturing and supply chain to cater to the growing demand in the Southeast Asian market. 
  • Colgate-Palmolive India Consumer Products Ltd: This subsidiary is focused on exploring new consumer segments and diversifying into adjacent product categories beyond oral care. It supports research and development initiatives aimed at catering to evolving consumer preferences. 
  • Colgate-Palmolive India Supply Chain Pvt Ltd: Responsible for optimizing logistics and distribution, this subsidiary ensures seamless supply chain operations across India and neighboring markets. It plays a key role in maintaining Colgate’s market leadership by ensuring product availability and efficient distribution. 

Q3 FY25 Earnings 

  • Revenue of ₹1462 crore in Q3 FY25 up by 4.7% YoY from ₹1396 crore in Q3 FY24.  
  • EBITDA of ₹454 crore in this quarter at a margin of 34% compared to 31% in Q3 FY24. 
  • Profit of ₹323crore in this quarter compared to a ₹330 crore profit in Q3 FY24. 

Financial Summary 

Amount in ₹ Cr Q3 FY24 Q3 FY25 FY23 FY24 
Revenue 1396 1462 5226 5680 
Expenses 927 1007 3679 3779 
EBITDA 468 454 1547 1901 
OPM 34% 31% 30% 33% 
Other Income 18 20 42 57 
Net Profit 330 323 1047 1324 
NPM 23.7% 22.1% 20.3% 23.3% 
EPS 12.1 11.9 38.5 48.67 
Coal India Q3 Results
Coal India Q3 Results: Net Profit Declines 17% to ₹8,491 Crore, Announces 2nd Interim Dividend

Coal India Ltd: Overview

Coal India Ltd (CIL), a Maharatna company, is the world’s largest coal producer and a major player in India’s energy ecosystem. Established in 1975 and headquartered in Kolkata, CIL operates under the Ministry of Coal, Government of India. It plays a pivotal role in meeting India’s energy demands, supplying over 80% of the country’s coal requirements. CIL’s operations span coal mining, production, and supply to diverse sectors such as power, steel, cement, and fertilizers. 

India’s coal sector is critical for supporting its growing economy, as coal remains the primary source of energy generation, contributing nearly 60% to the country’s electricity production. However, the industry is also undergoing a transformation, driven by increasing environmental concerns, the shift towards renewable energy, and technological advancements to improve efficiency and reduce emissions. Despite these challenges, CIL remains central to India’s energy security strategy, catering to the ever-growing demand for coal with consistent production growth and operational improvements. 

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Coal India declares a 2nd interim dividend of ₹5.6 per share. In November 2024, Coal India Limited (CIL) took a major step toward sustainability by commissioning a 50 MW solar power plant, its largest to date, at Northern Coalfields Limited (NCL) in Nigahi. A few weeks later, on December 2, 2024, CIL signed an MoU with Bharat Petroleum Corporation Limited (BPCL) to explore a ground breaking Coal-to-Synthetic Natural Gas project at Western Coalfields Limited (WCL) using surface coal gasification technology. The Ministry of Coal further bolstered these efforts by approving a financial incentive of ₹1,350 crore for each of three coal gasification projects. 

CIL also collaborated with IREL (India) Ltd through a MoU signed on January 6, 2025, to jointly develop critical mineral assets. Meanwhile, Mahanadi Coalfields Limited (MCL) recorded its first-ever income of ₹241 crore from the Basundhara rail line during the first nine months of FY 2024-25. Operationally, the company achieved a notable reduction of ₹365 crore in explosive expenses, although repair and maintenance costs rose by ₹89 crore. However, challenges persisted. Bharat Coking Coal Limited (BCCL) grappled with land issues and fires in overburden (OB) and coal benches. At the same time, excessive rainfall, nearly double that of the previous fiscal year, significantly impacted operations at NCL. 

Business Segments

  • Coal Mining and Production: CIL operates over 352 mines, categorized into underground, opencast, and mixed mines. The company’s production volumes stood at 703.2 million tonnes (MT) in FY23, a 12% year-on-year growth, with plans to achieve 1 billion tonnes of annual production by FY26. This aligns with India’s goal of reducing coal imports and boosting domestic supply. 
  • Coal Supply and Distribution: Coal India ensures reliable and efficient coal delivery through its robust distribution network, which includes rail, road, and dedicated freight corridors. The e-auctions play an important role here. Power utilities remain the largest consumers, accounting for approximately 80% of CIL’s total coal sales. The company also caters to non-power sectors like cement, steel, and chemicals. 
  • Coal Beneficiation: To address the growing demand for higher-grade coal and reduce the ash content, CIL operates 15 coal washeries (11 coking and 4 non-coking). These washeries play a vital role in improving the quality of coal supplied to industrial users, particularly in the steel sector. CIL is planning to expand its coal beneficiation capacity in the coming years to meet evolving market needs. 
  • Renewable Energy Initiatives: In line with India’s renewable energy goals, CIL is diversifying into solar and wind energy. The company has already set up solar projects at various locations and plans to invest ₹5,650 crore to develop 3 GW of renewable energy capacity by FY27. These initiatives align with CIL’s long-term sustainability strategy and the government’s focus on reducing carbon emissions. 

Subsidiary Information

  • Mahanadi Coalfields Limited (MCL): Mahanadi Coalfields Limited (MCL), established in 1992 and headquartered in Sambalpur, Odisha, is one of Coal India Ltd’s largest and most productive subsidiaries. Operating across Odisha, MCL plays a crucial role in India’s energy sector, contributing over 190 million tonnes (MT) of coal production in FY23. The company primarily caters to the power, steel, and cement industries, with a focus on large-scale opencast mining projects. MCL emphasizes sustainability and technological advancements to maintain operational excellence. 
  • Northern Coalfields Limited (NCL): Northern Coalfields Limited (NCL), established in 1986, is headquartered in Singrauli, Madhya Pradesh. NCL operates primarily in Madhya Pradesh and Uttar Pradesh, focusing on opencast mining to meet regional power demands. It produced over 122 MT of coal in FY23, making it a significant contributor to Coal India Ltd’s output. NCL is a key supplier to major clients like NTPC and has built a reputation for its highly mechanized operations. The company also prioritizes environmental management and community development, aligning with its commitment to sustainable mining practices. 
  • South Eastern Coalfields Limited (SECL): South Eastern Coalfields Limited (SECL), founded in 1985, is headquartered in Bilaspur, Chhattisgarh. It is Coal India Ltd’s largest subsidiary in terms of geographical area, operating across Chhattisgarh and Madhya Pradesh. SECL specializes in both opencast and underground mining and recorded a production of approximately 162 MT in FY23. It is a major coal supplier for the power, steel, and cement industries. SECL is actively involved in enhancing coal evacuation infrastructure and adopting eco-friendly mining techniques, further cementing its leadership in India’s coal sector. 
  • Western Coalfields Limited (WCL): Western Coalfields Limited (WCL), established in 1975 and headquartered in Nagpur, Maharashtra, operates across Maharashtra and Madhya Pradesh. WCL specializes in both opencast and underground mining, producing around 57 MT of coal in FY23. The subsidiary plays a vital role in meeting the energy demands of western India, supplying coal to thermal power plants and other industries. WCL is also dedicated to environmental conservation through initiatives like afforestation and reclaiming mined-out areas. Its focus on sustainable mining ensures long-term regional energy security. 
  • Central Coalfields Limited (CCL): Central Coalfields Limited (CCL), founded in 1975 and headquartered in Ranchi, Jharkhand, operates extensively in the coal-rich regions of Jharkhand. CCL produced approximately 74 MT of coal in FY23, serving power, steel, and cement sectors across the country. With a mix of opencast and underground mines, the subsidiary focuses on modernizing its operations through the adoption of advanced technologies. CCL is also developing coal washeries to supply cleaner coal, aligning with its commitment to environmental sustainability and meeting the rising demand for high-quality coal. 

Q3 FY25 Earnings 

  • Revenue of ₹35780 crore in Q3 FY25 down by 1.03% YoY from ₹36154 crore in Q3 FY24.  
  • EBITDA of ₹12317 crore in this quarter at a margin of 34% compared to 36% in Q3 FY24. 
  • Profit of ₹8491 crore in this quarter compared to a ₹10292 crore profit in Q3 FY24. 

Financial Summary 

Amount in ₹ Cr Q3 FY24 Q3 FY25 FY23 FY24 
Revenue 36154 35780 138252 142324 
Expenses 23183 23463 94020 94352 
EBITDA 12971 12317 44232 47971 
OPM 36% 34% 32% 34% 
Other Income 2489 2214 6560 8396 
Net Profit 10292 8491 31723 37396 
NPM 28.6% 23.7% 22.9% 26.3% 
EPS 16.6 13.8 51.5 60.7 
Union Bank of India Shares Surge 7% on Q3
Union Bank of India Shares Surge 7% on Q3 Profit Growth and Improved Asset Quality

Union Bank of India Ltd: Overview 

Union Bank Ltd (UBL), established in 1919 and headquartered in Mumbai, is one of India’s leading public sector banks. With a legacy of over 100 years, UBI offers a wide range of banking and financial services, including retail banking, corporate banking, investment banking, and treasury operations. It has total advances of ₹9.5 trillion and deposits worth ₹12.2 trillion. The bank is listed on both the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE) and operates across India with a significant presence in various key cities and towns. UBI plays a crucial role in India’s banking landscape, providing financial services to individuals, small businesses, and large corporations. It has network of about 8574 bank branches and 9080+ ATMs, and is giving employment to 74300+ employees. 

The Indian banking industry is experiencing a transformation with the increasing adoption of digital banking, improved financial inclusion, and regulatory changes. Union Bank, having recently merged with Andhra Bank and Corporation Bank, is focused on strengthening its market position and expanding its digital footprint. The Indian banking sector, which has witnessed robust growth over the years, continues to face challenges such as non-performing assets (NPAs), regulatory pressures, and the need for capital adequacy. It has some branches overseas in Dubai and Sydney, helping to cater the demand there. However, the sector is poised for growth driven by expanding credit demand, digital adoption, and government-led initiatives aimed at improving financial inclusion. 

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Union Bank Ltd has showcased steady and sustained growth across its financial performance metrics. Over the past year, credit growth increased by 3.76%, deposits grew by 5.94%, and advances in the Retail, Agriculture, and MSME (RAM) segments rose by 9.26%. The bank reported an impressive 28.24% year-on-year growth in net interest income (NII), reaching ₹9,168 crore for Q3 FY25, supported by a net interest margin (NIM) of 3.08%. 

Union Bank also made significant progress in improving asset quality. The gross non-performing asset (GNPA) ratio dropped to 3.85%, and the net NPA (NNPA) ratio declined to 0.82%, reflecting improved financial health. Credit costs also fell significantly from 1.24% in December 2022 to 0.63% in December 2023. The bank’s profitability and efficiency remain robust, with return on assets at 1.30% and return on equity at 17.75%. The book value per share improved to ₹135.90, while the capital adequacy ratio (CRAR) stood at a strong 16.72%, and the CET-I ratio rose to 13.59%, marking year-on-year improvements of 169 basis points and 188 basis points, respectively. 

Union Bank’s lending activities also expanded significantly. The retail portfolio reached ₹2.02 lakh crore as of December 2024, contributing 22.11% to domestic advances. The agriculture portfolio grew to ₹1.85 lakh crore (20.30% of domestic advances), while the MSME portfolio stood at ₹1.30 lakh crore (14.29% of domestic advances). In the renewable energy sector, credit facilities worth ₹27,269 crore were extended, along with ₹645 crore sanctioned under the “Union Green Miles” initiative to promote electric vehicle financing. Additionally, the bank renewed or reviewed over 5.26 lakh accounts, demonstrating its commitment to customer-centric growth and sustainable business practices. 

Business Segments

  • Retail Banking: UBI’s retail banking division offers a comprehensive range of products and services catering to the individual needs of customers. It has shifted the focus to being more customers centric by using UPI payments, mobile banking apps, online account opening services, etc. These include savings accounts, personal loans, home loans, car loans, credit cards, and wealth management services. The bank’s extensive branch network and digital platforms allow customers to access services seamlessly, contributing to the growth of retail deposits and loans. 
  • Corporate Banking: UBI provides a wide range of services to large businesses, SMEs (small and medium enterprises), and government entities. These include working capital financing, term loans, trade finance, cash management, and project finance. It also offers loan services, ease in transactions for deals. The bank has specialized products designed to meet the unique needs of different industries, including manufacturing, services, and infrastructure.  
  • Treasury Operations: The treasury division of Union Bank manages the bank’s investments in government securities, foreign exchange, and money market instruments. The bank aims to optimize the returns from these investments while adhering to regulatory guidelines and managing risks effectively. The treasury division also plays a vital role in foreign exchange management and assists in hedging currency and interest rate risks for corporate clients. 
  • Digital & Payments Business: Digital banking is one of the core strategic pillars for Union Bank. The bank has invested heavily in digital transformation and offers a range of online and mobile banking services, enabling customers to manage their accounts, transfer funds, pay bills, and invest in financial products with ease. UBI’s initiative for this segment includes UBI mobile banking, UPI, net banking, e-wallets service, etc. 

Subsidiary Information

  • Union Bank of India (UK) Ltd: The UK-based subsidiary of UBI focuses on providing banking services to NRIs (Non-Resident Indians) and customers with business interests in the UK and Europe. The subsidiary helps UBI establish a presence in international markets and serves as a gateway for facilitating cross-border trade and investments. 
  • Union Asset Management Company Pvt Ltd: Union Asset Management Company (AMC) is the asset management arm of UBI, providing a variety of investment products such as mutual funds, exchange-traded funds (ETFs), and portfolio management services (PMS). The AMC focuses on delivering value to investors by offering diversified and professionally managed investment options. 
  • Union Bank of India (Singapore) Ltd:  Union Bank’s Singapore branch serves as a significant player in providing financial services to customers in Southeast Asia. The branch offers a range of corporate and retail banking products, including trade finance, foreign exchange, and term loans, with a particular focus on supporting Indian businesses operating in the region. 
  • Union Finance and Investment Co. Pvt Ltd: A subsidiary engaged in various financial activities, Union Finance provides services such as lending, leasing, and investment management. The company plays a role in UBI’s broader strategy of offering financial products to individuals and businesses. 
  • Union Bank of India Services Ltd:  

Q3 FY25 Earnings 

  • Revenue of ₹27135 crore in Q3 FY25 up by 6.3% YoY from ₹25521 crore in Q3 FY24.  
  • Financing Profit of ₹1274 crore in this quarter at a margin of 5% compared to 5% in Q3 FY24. 
  • Profit of ₹4623 crore in this quarter compared to a ₹3625 crore profit in Q3 FY24. 

Financial Summary 

Amount in ₹ Cr Q3 FY24 Q3 FY25 FY23 FY24 
Revenue 25521 27135 81163 100376 
Interest  16236 17756 48083 63364 
Expenses 8012 8096 36155 32422 
Financing Profit 1273 1274 -3024 4590 
Financing Margin 5% 5% -4% 5% 
Other Income 4281 4614 15915 17813 
Net Profit 3625 4623 8512 13797 
NPM 14.2% 17.1% 10.5% 13.7% 
EPS 4.9 6.1 12.5 18.1 
Tata Steel Q3 Results
Tata Steel Q3 Results: Surprise Profit of ₹327 Crore, Beating Market Estimates

Tata Steel Ltd: Overview 

Tata Steel Ltd, a flagship company of the Tata Group, is one of the world’s largest steel manufacturers with a global presence spanning over 50 countries. Established in 1907, Tata Steel is a pioneer in the Indian steel industry, with its operations encompassing mining, steel production, and distribution. Tata Steel is one of the most diversified integrated steel producers in the world, with an annual crude steel production capacity of 35 MTPA. The Company’s manufacturing assets are spread across India, the Netherlands, the UK, and Thailand. The company’s products serve diverse industries, including construction, automotive, infrastructure, engineering, and consumer goods. 

Tata Steel has been a key player in driving India’s industrial growth and is renowned for its commitment to sustainability, innovation, and operational excellence. The global steel industry is poised for growth, supported by infrastructure development, rising urbanization, and demand for advanced automotive materials. With a production capacity of over 34 million tonnes per annum (MTPA) globally (as of FY25), Tata Steel has an integrated value chain that includes raw material mining, steelmaking, and value-added products. The global steel industry is driven by infrastructure development, urbanization, and demand from the automotive and construction sectors. Tata Steel, with its diversified product portfolio and strong brand equity, is well-positioned to capitalize on these opportunities. The company is also focusing on decarbonization and aims to achieve carbon neutrality by 2045, aligning with global sustainability trends. 

Latest Stock News 

India’s largest blast furnace at Kalinganagar is making great strides, with production steadily ramping up. In December 2024, the plant successfully produced its first annealed coil from the 2.2 MTPA Cold Roll Mill. That same month, the Coke Oven Battery #3A was commissioned, marking another milestone in the 5 MTPA capacity expansions at Kalinganagar. This expansion is set to boost production of high-strength hot-rolled steel, catering to key sectors such as Oil & Gas, Lift & Escalator, and Engineering. Deliveries were higher by 2% and include volumes to UK operations. Excluding transfers to UK, External deliveries were up 7% on QoQ basis. 

Tata Steel’s India operations continue to perform strongly, reporting an impressive EBITDA margin of about 24%, with Indian volumes contributing nearly 70% of total deliveries. The company also invested ₹3,868 crores in capital expenditure during the quarter to further its growth plans. Raw material cost decreased upon cessation of liquid steel production partly offset by higher purchases. Globally, steel prices remained under pressure between October and December 2024. In the U.S., prices dipped by 2%, while in the EU, they fell by around 5%. Meanwhile, raw material prices showed mixed trends—coking coal prices dropped by 7%, settling below $200 per ton, while iron ore prices remained steady, fluctuating between $100 and $110 per ton. 

Business Segments

  • Steel Manufacturing: Tata Steel operates an extensive network of steel plants in India and internationally, producing flat and long steel products. Its advanced manufacturing facilities in Jamshedpur, Kalinganagar, and Angul are benchmarks in productivity and efficiency. The company’s Indian operations contribute significantly to its overall production and profitability. 
  • Mining and Raw Materials: To ensure a stable supply of critical raw materials, Tata Steel has backward integrated operations with captive mines for coal, iron ore, and chrome. These mines are strategically located to support the company’s steel plants, reducing dependency on external suppliers and enhancing cost competitiveness. 
  • International Operations: Tata Steel has a strong international footprint, with operations in Europe (Tata Steel Europe), Southeast Asia, and the Middle East. Tata Steel Europe focuses on high-value products for automotive and construction industries, while the Southeast Asian operations are focused on cost-effective steelmaking for regional markets. 
  • Others: This includes a variety of niche products and solutions, such as automotive maintenance products, waterproofing services, and wood finishes. The company also operates in the animal health and crop care segment through specialty chemicals. 

Subsidiary Information

  • Tata Steel Long Products Ltd: Tata Steel Long Products (TSLP) is a critical subsidiary of Tata Steel, focusing on the production of long steel products that cater primarily to the automotive and construction sectors. These products are essential for infrastructure development and automobile manufacturing, making TSLP a significant contributor to Tata Steel’s portfolio of value-added offerings. With its robust capabilities, TSLP plays an instrumental role in strengthening Tata Steel’s position in the long steel segment, ensuring high-quality solutions for its customers. 
  • Tata Steel Mining Ltd: Tata Steel Mining Ltd. oversees the company’s mining operations, ensuring a steady and reliable supply of key raw materials such as iron ore and ferroalloys for steel production. This vertical integration strategy allows Tata Steel to maintain cost efficiency and reduce dependency on external suppliers. The subsidiary’s operations are vital for supporting the company’s production processes, aligning with Tata Steel’s commitment to operational excellence and raw material security. 
  • Tata Metaliks Ltd: Tata Metaliks specializes in the production of pig iron and ductile iron pipes, catering to the burgeoning needs of India’s water infrastructure and construction sectors. The subsidiary’s products play a crucial role in facilitating the development of water supply systems, urban infrastructure, and housing projects across the country. Tata Metaliks contributes significantly to Tata Steel’s diversified product portfolio, ensuring the company’s presence in niche yet essential market segments. 
  • Tinplate Company of India Ltd: The Tinplate Company of India Ltd. is a leading manufacturer of tin-coated and tin-free steel products, serving the packaging industry. This subsidiary provides high-quality tinplate solutions that are widely used in packaging applications, including food and beverage containers. With a strong focus on quality and innovation, the subsidiary enhances Tata Steel’s value chain and strengthens its presence in the growing packaging sector. 
  • Tata Steel BSL Ltd: Acquired in 2018, Tata Steel BSL Ltd. significantly enhances Tata Steel’s capacity in the flat steel segment, catering to diverse industries such as automotive, consumer durables, and general engineering. This acquisition has enabled Tata Steel to expand its product offerings, address a wider range of customer requirements, and strengthen its market presence. The subsidiary plays a crucial role in supporting Tata Steel’s growth ambitions and delivering high-quality solutions to its customers.  

Q3 FY25 Earnings 

  • Revenue of ₹53648 crore in Q3 FY25 down by 3.01% YoY from ₹55312 crore in Q3 FY24.  
  • EBITDA of ₹2903 crore in this quarter at a margin of 11% compared to 11% in Q3 FY24. 
  • Profit of ₹295 crore in this quarter compared to a ₹522 crore profit in Q3 FY24. 

Financial Summary 

Amount in ₹ Cr Q3 FY24 Q3 FY25 FY23 FY24 
Revenue 55312 53648 243353 229171 
Expenses 49048 47745 211053 206923 
EBITDA 6264 5903 32300 22248 
OPM 11% 11% 13% 10% 
Other Income -33 142 1569 -6005 
Net Profit 522 295 8075 -4910 
NPM 0.9% 0.5% 3.3% -2.1% 
EPS 0.42 0.26 7.2 -3.6 

Macrotech Developers Shines in Q3 FY25
Macrotech Developers Shines in Q3 FY25: 88% YoY Profit Growth Boosts Stock by 3%

Macrotech Developers Ltd: Overview 

Macrotech Developers Ltd., also known by its brand name Lodha Group, is one of India’s leading real estate developers. The company is primarily engaged in the development of residential, commercial, and industrial properties. It has established a strong presence in key urban markets such as Mumbai Metropolitan Region, Pune, and Bengaluru. It has diversified its revenue with contribution of about 40 ongoing projects. With a focus on creating sustainable, high-quality developments, Macrotech Developers caters to diverse segments, including affordable housing, premium luxury residences, and office spaces. The company is recognized for its expertise in project execution and has delivered numerous landmark developments, positioning itself as a trusted name in the real estate sector. Additionally, Macrotech Developers has ventured into international markets, including London, with high-value residential projects that cater to global investors. 

The Indian real estate sector is a key contributor to the country’s economy, driven by rapid urbanization, rising disposable incomes, and government initiatives like ‘Housing for All’ and ‘Smart Cities Mission.’ The sector is expected to grow at a steady pace due to strong demand for residential properties, particularly in the affordable and mid-income segments. In addition, the commercial real estate market continues to attract investments, fueled by demand for office spaces from IT/ITeS, e-commerce, and co-working sectors. The post-pandemic recovery has also driven demand for integrated townships and mixed-use developments, areas where Macrotech Developers has a strong foothold. However, challenges such as rising input costs, regulatory hurdles, and fluctuating interest rates could impact the industry’s growth. 

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Macrotech Developers Ltd. launched 41 new projects in the first nine months of fiscal year 2025, increasing its gross development value (GDV) by ₹740 billion; an important ₹195 billion of this increase comes from only eight projects. An important portion of the company’s performance, over 90% of its ₹210 billion full-year guidance, comes from a major Bangalore project with a gross development value of ₹28 billion. Macrotech’s annuity income is increasing because of growth in its Digital Infrastructure platform investments and this increase is also due to the acquisition of approximately 33 acres of land near NCR for warehousing. Over the next three decades, Palava and Upper Thane projects are forecast to produce between $175 and $200 billion in revenue, with projected EBITDA margins around 50%.  

Macrotech is building a collection of high-street retail spaces within its projects to improve development quality, coupled with generating large recurring income. Xperia Mall in Palava, boasting 0.4 million square feet of gross leasable area, is projected to earn ₹4 billion in rental income by fiscal year 2031, with further growth anticipated. In Q3 of fiscal year 2025, the company acquired approximately 33 acres of land in the National Capital Region. This marked its first expansion outside the Mumbai Metropolitan Region, including about 45 acres acquired in Chennai. Macrotech’s actions this past quarter included an important increase in its Digital Infrastructure platform investment and a net lease of 0.3 million square feet, 0.2 million square feet of which went to Zomato for its Hyperpure business. 

Business Segments 

  • Residential Development: Macrotech Developers is a market leader in residential real estate, offering a wide range of properties, from affordable housing to luxury projects. The company’s flagship projects include Palava City, an integrated smart city near Mumbai, and premium developments like Lodha Altamount and Lodha Park. These projects cater to varied customer segments and are designed with a focus on sustainability and modern amenities. 
  • Commercial Development: The Company has been expanding its portfolio in the commercial real estate segment, developing Grade A-office spaces and retail hubs. Notable projects include Lodha Excelus and iThink Techno Campus, which cater to corporate clients seeking modern and efficient workspaces. 
  • Integrated Townships: Macrotech’s integrated township projects, such as Palava City, are designed to offer a holistic living experience. These townships combine residential, commercial, educational, and recreational facilities, making them self-sustained urban ecosystems. 
  • Industrial and Logistics Parks: Through its subsidiary, Macrotech Logistics Parks, the company is involved in developing industrial and logistics infrastructure to support India’s growing manufacturing and e-commerce sectors. These parks are strategically located to ensure seamless connectivity and operational efficiency for businesses. 
  • International Projects: Macrotech Developers has established a presence in London with high-end residential projects like Lincoln Square and Grosvenor Square. These projects target global investors and offer premium living spaces in prime locations. 

Subsidiary Information 

  • Lodha Developers International Ltd: This subsidiary focuses on Macrotech Developers’ international operations, primarily in the United Kingdom. It oversees premium residential and commercial real estate projects in London, targeting the high-end luxury segment. Notable projects include developments in prime London locations like Grosvenor Square and Mayfair. The subsidiary aims to expand the group’s global footprint and reputation in the international real estate market. 
  • Lodha Real Estate Pvt Ltd: This subsidiary handles the development and sale of real estate projects in India. It operates across various segments, including affordable housing, premium housing, and commercial spaces. The company focuses on urban centers like Mumbai Metropolitan Region (MMR) and Pune, contributing significantly to the parent company’s revenue. 
  • Palava City Management Pvt Ltd: Palava City Management focuses on the development and management of the Palava smart city, one of India’s largest private township projects located near Mumbai. It includes residential, commercial, and recreational spaces, along with state-of-the-art infrastructure. The subsidiary oversees the operations, maintenance, and governance of the township, ensuring sustainability and high living standards for its residents. 
  • Lodha Buildcon Pvt Ltd: Lodha Buildcon Pvt Ltd undertakes specific real estate projects, primarily focusing on large-scale developments. It plays a critical role in executing high-quality residential and commercial properties that meet the company’s strategic goals. 
  • Cowtown Infotech Services Pvt Ltd: This subsidiary focuses on providing IT and infrastructure services to Macrotech Developers’ various projects. It ensures the integration of smart technologies, infrastructure planning, and digital solutions in township developments, including Palava. 

Q3 FY25 Earnings 

  • Revenue of ₹4083 crore in Q3 FY25 up by 39.3% YoY from ₹2931 crore in Q3 FY24.  
  • EBITDA of ₹1306 crore in this quarter at a margin of 32% compared to 30% in Q3 FY24. 
  • Profit of ₹945 crore in this quarter compared to a ₹505 crore profit in Q3 FY24. 

Financial Summary 

Amount in ₹ Cr Q3 FY24 Q3 FY25 FY23 FY24 
Revenue 2931 4083 9470 10316 
Expenses 2055 2777 7406 7651 
EBITDA 876 1306 2064 2665 
OPM 30% 32% 22% 26% 
Other Income -77 64 -1037 48 
Net Profit 505 945 490 1554 
NPM 17.2% 23.1% 5.2% 15.1% 
EPS 5.2 9.5 5.1 15.6 

NTPC Q3 Results
NTPC Q3 Results: Net Profit of ₹4,711 Cr, 2nd Interim Dividend of ₹2.5 per Share

NTPC Ltd: Overview 

NTPC Ltd., formerly known as National Thermal Power Corporation Limited, is India’s largest energy conglomerate. Established in 1975, the company primarily focuses on the generation and distribution of electricity. It is the largest power generator in India with installed capacity of over 76 GW. Over the years, NTPC has diversified its portfolio to include renewable energy, hydroelectric projects, and energy-efficient technologies, making it a critical player in India’s power sector. It holds about 24% market share of Indian electricity generation. 

Due to the strong focus on the “Make-in-India” initiative of the Government coupled with changes in residential consumption patterns, it is expected that India will continue to register 6-7% annual growth in power demand at least for the next decade. With India’s growing demand for electricity, NTPC plays a pivotal role in ensuring reliable and affordable power supply. The company contributes nearly 25% of India’s total electricity generation with a robust installed capacity that spans across thermal, solar, hydro, and wind energy sources. As part of its vision to become a global energy major, NTPC is heavily investing in green energy and aims to achieve 60 GW of renewable energy capacity by 2032. Additionally, NTPC is aligning its operations with India’s “Net Zero” goals, emphasizing sustainability and environmental conservation. 

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NTPC has seen a notable increase in its share of profits from joint ventures and subsidiaries, rising from ₹1,445 crore in 9M FY24 to ₹1,581 crore in 9M FY25. The company also received ₹1,039 crore in dividends from its subsidiaries and JVs during this period, compared to ₹652 crore in the same period last year. In line with its commitment to rewarding shareholders, NTPC has declared an interim dividend of ₹2.5 per share. On the investment front, NTPC has achieved a consolidated capital expenditure of ₹31,330 crore so far this fiscal year, with a standalone capex of ₹16,305 crore. The successful commissioning of the Khurja Super Thermal Power Project (STPP) and consistent dividend payouts underscore NTPC’s dedication to driving long-term value and operational excellence. 

The company has also approved an ambitious 8 GW capacity expansion, backed by a budget of over ₹1 lakh crore. As part of its renewable energy initiatives, NVVN has been assigned to execute specialized projects addressing heavy power and water usage. Furthermore, NTPC Paramanu Urja Nigam, its newly established subsidiary in the nuclear energy space, has secured approval to conduct feasibility studies for four sites in Madhya Pradesh. Operationally, NTPC generated 91.25 billion units (BUs) of electricity in Q3 FY25, up from 89.47 BUs in Q3 FY24. Its captive coal mines also reported significant growth, producing 10.98 million metric tonnes (MMT) compared to 8.09 MMT in the previous year.  

Business Segments 

  • Thermal Power Generation: The cables and wires segment is the largest and most significant contributor to KEI Industries’ revenue. KEI’s cables are designed to meet the diverse and demanding requirements of industries such as power generation and distribution, real estate, oil and gas, railways, and infrastructure development. These cables are known for their superior quality, reliability, and ability to withstand extreme conditions, ensuring safety and efficiency in operations. With advanced manufacturing capabilities and adherence to stringent quality standards, KEI consistently delivers innovative cable solutions tailored to the specific needs of its clients, making it a preferred partner for various sectors. 
  • Renewable Energy: NTPC is rapidly expanding its renewable energy portfolio, with solar, wind, and hybrid projects taking center stage. It has commissioned several solar parks across the country and is actively exploring offshore wind energy opportunities. NTPC is also implementing floating solar power projects to maximize resource utilization. India’s energy landscape is undergoing a shift towards non-fossil energy, and NTPC is at the forefront of this transition. 
  • Others: NTPC is also involved in various segments which include hydroelectric projects to support clean energy generation, to supply the fuel to thermal power plants and is also does the consultancy services, project management, etc. in the power sector. 

Subsidiary Information 

  • NTPC Renewable Energy Ltd (NREL): It is a dedicated subsidiary established to spearhead NTPC’s efforts in the renewable energy sector. The company focuses on developing solar, wind and hybrid energy projects, aligning with NTPC’s ambitious goals of significantly increasing its renewable energy capacity. NREL plays a critical role in development of large-scale solar parks, wind farms, and hybrid projects in various states in India. Its initiatives include innovative ventures such as floating solar plants and battery energy storage systems, showcasing NTPC’s commitment to sustainability and energy diversification. 
  • NTPC Vidyut Vyapar Nigam Ltd (NVVN): It serves as NTPC’s power trading arm and plays a vital role in the renewable energy and power trading ecosystem. NVVN is engaged in trading of electricity generated from NTPC’s power plants, to ensure that surplus power is efficiently distributed across states and regions. In addition to power trading, NVVN is actively involved in renewable energy development projects, such as establishing solar-based rural electrification systems in remote areas. The company also undertakes energy storage projects to enhance grid stability and reliability. 
  • NTPC Mining Ltd: NTPC Mining Ltd. is a subsidiary dedicated to managing NTPC’s coal mining operations. It ensures a consistent and reliable supply of coal for NTPC’s thermal power plants, reducing the company’s dependency on external coal suppliers. These mines contribute significantly to NTPC’s fuel security and cost efficiency. The subsidiary has also played an important role in modernizing coal mining practices by incorporating advanced technologies to enhance productivity and minimize environmental impact. By ensuring uninterrupted coal supplies, NTPC Mining Ltd. supports the operational efficiency of NTPC’s thermal power plants. 
  • NTPC Electric Supply Company Ltd (NESCL): It is a subsidiary focused on electricity distribution and retail supply, further expanding NTPC’s footprint across the energy value chain. NESCL plays a vital role in ensuring that power generated by NTPC reaches consumers efficiently and reliably. It manages projects related to electricity distribution infrastructure, rural electrification and strengthening India’s power distribution network. By addressing challenges, NESCL helps NTPC deliver affordable and uninterrupted electricity to diverse customer segments, from urban centers to remote rural areas. The subsidiary is integral to NTPC’s strategy of offering end-to-end energy solutions and enhancing customer satisfaction. 

Q3 FY25 Earnings 

  • Revenue of ₹45053 crore in Q3 FY25 up by 5.21% YoY from ₹42820 crore in Q3 FY24.  
  • EBITDA of ₹13324 crore in this quarter at a margin of 30% compared to 27% in Q3 FY24. 
  • Profit of ₹5170 crore in this quarter compared to a ₹5209 crore profit in Q3 FY24. 

Financial Summary 

Amount in ₹ Cr Q3 FY24 Q3 FY25 FY23 FY24 
Revenue 42820 45053 176207 178501 
Expenses 31458 31729 128611 127045 
EBITDA 11362 13324 47596 51456 
OPM 27% 30% 27% 29% 
Other Income 2532 1003 2561 5190 
Net Profit 5209 5170 17121 21332 
NPM 12.2% 11.5% 9.7% 11.9% 
EPS 5.3 5.2 17.4 21.5 
IDFC First Bank Ltd Q3
IDFC First Bank Ltd Q3: Revenue Growth and Asset Quality Improvement

IDFC First Bank Ltd: Overview 

IDFC First Bank Ltd. was established in December 2018 following the merger of IDFC Bank and Capital First, combining robust banking infrastructure with expertise in retail lending. The bank operates as a full-service financial institution offering a wide range of products and services across retail banking, wholesale banking, and other financial services. Its primary goal is to provide customer-centric solutions, leveraging technology to enhance efficiency and financial inclusion. It has made its focus to become retail demonstrated bank, with retail loans making up a significant portion of its loan book. Its product suite includes personal loans, home loans, vehicle loans, business loans, working capital finance, and rural financing, alongside liability products like savings accounts, current accounts, and fixed deposits. IDFC First Bank also offers credit cards, insurance, and investment products, along with treasury services. The bank has adopted a digital-first approach, ensuring seamless banking experiences through its mobile and internet banking platforms. The bank has seen a consistent growth in retail deposit book, led by its customer-friendly features such as zero-balance savings accounts and competitive interest rates. It has also focused on expanding its footprint with physical branches, micro-ATMs, and partnerships to drive financial inclusion across urban and rural markets. Additionally, the bank continues to strengthen its asset quality through prudent underwriting practices and efficient risk management frameworks. 

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Customer deposits for the bank grew robustly by 28.8% YoY, reaching ₹227,316 crore, with retail deposits increasing by 29.6% YoY to ₹180,752 crore. CASA deposits also saw strong growth of 32.3% YoY, driven by a 32.9% rise in savings accounts and a 28.9% increase in current accounts. The cost of deposits remained stable QoQ at 6.38%. Excluding the microfinance (MFI) business, the rest of the bank’s loan book—comprising corporate, retail, MSME, and rural loans remained steady. The bank’s gross non-performing assets (GNPA) marginally rose by 2 bps QoQ to 1.94%, while net non-performing assets (NNPA) increased by 4 bps QoQ to 0.52%.  

Excluding the microfinance book, GNPA and NNPA stood at 1.81% and 0.49%, respectively, in Q3 FY25, compared to 1.88% and 0.48% in Q2 FY25. The SMA 1+2 ratio for the retail, rural, and MSME book but it is excluding microfinance improved by 3 bps QoQ, declining from 0.85% to 0.82%. GNPA and NNPA for this segment remained stable at 1.46% and 0.56%, respectively. Gross slippages for Q3 FY25 totalled ₹2,192 crore, up ₹162 crore from ₹2,031 crore in Q2 FY25, primarily driven by slippages in the MFI business, which accounted for ₹143 crore of the increase.  

The provision coverage ratio was steady at 73.6%. The bank has continued to reduce its microfinance portfolio, which declined from 5.6% of the overall loan book in September 2024 to 4.8% in December 2024. No provision buffers were utilized during Q3 FY25. Provisions for the quarter stood at ₹1,338 crore, primarily due to higher slippages in the microfinance book. Despite this, the bank’s overall financial performance reflects stability and continued focus on reducing exposure to high-risk segments. 

Q3 FY25 Earnings 

  • Revenue of ₹9343 crore in Q3 FY25 up by 18.6% YoY from ₹7880 crore in Q3 FY24.  
  • Financing loss of ₹-1358 crore in this quarter at a margin of -15% compared to -7% in Q3 FY24. 
  • Profit of ₹340 crore in this quarter compared to a ₹732 crore profit in Q3 FY24. 
ICICI Bank Ltd Q3 FY25
ICICI Bank Ltd Q3 FY25: Transforming Banking Through Innovation and Growth

ICICI Bank Ltd: Overview 

ICICI Bank Ltd., one of India’s largest private-sector banks, was established in 1994 and is headquartered in Mumbai, Maharashtra. The bank is widely recognized for its diversified range of banking and financial services, including retail banking, wholesale banking, treasury operations, and a strong emphasis on digital banking. As a key player in India’s financial sector, ICICI Bank is known for its innovative approach to banking, robust risk management practices, and technological leadership. The subsidiaries are also key players in their own segments makes an extra ordinary revenue. With a vast network of over 5,000 branches and over 15,000 ATMs across India, ICICI Bank has a strong presence in both urban and rural markets, making financial services more accessible to a wide customer base. 

The bank has consistently focused on technological advancement and has been at the forefront of the digital banking revolution in India, offering innovative solutions such as mobile banking, internet banking, and digital payment services. India’s banking industry continues to grow due to factors like increasing digital adoption, rising credit demand, and initiatives for financial inclusion. ICICI Bank is strategically well-positioned to capitalize on these growth opportunities, thanks to its established brand reputation, extensive reach, and emphasis on retail banking and digital transformation. 

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In the third quarter of FY25, ICICI Bank demonstrated improved asset quality as its gross non-performing assets (NPA) ratio declined to 2.3% from 2.48% in the preceding quarter, primarily due to recoveries of ₹5,015 crore from bad debts. Additionally, write-offs during the quarter reduced to ₹1,425 crore, reflecting better management of non-performing assets. The bank continued to expand its physical presence, adding 129 new branches in the quarter and a total of 375 branches over the last 12 months. Its domestic loan portfolio grew significantly by 15.1% year-on-year, while the retail loan portfolio posted a 10.5% year-on-year growth, accounting for 43.1% of the bank’s overall loan portfolio.  

Notably, the credit card portfolio witnessed a strong 17.9% year-on-year growth, although the personal loan portfolio experienced a slowdown in growth. In a strategic move, the bank divested its stake in the merchant acquiring business joint venture to First Data, with plans to bring the process under its in-house operations. However, treasury operations gains saw a decline, amounting to ₹681 crore for FY25, of which ₹375 crore was recorded in the current quarter. This performance highlights the bank’s ongoing efforts to strengthen its asset quality, expand its business footprint, and streamline operations to enhance overall efficiency. 

Business Segments

  • Wholesale Banking: The wholesale banking segment caters to corporate clients, large businesses, and medium-sized enterprises. ICICI Bank offers a very wide range of services, which includes working capital financing, trade finance, cash management, and corporate lending. Through its strong relationships with businesses and industries, the bank is able to provide tailored solutions to meet the diverse financing needs of corporates.  
  • Retail Banking: Retail banking is the cornerstone of ICICI Bank’s operations, contributing significantly to its revenue and profitability. The bank provides a wide array of services, including personal loans, home loans, auto loans, credit cards, savings and current accounts, and insurance products. ICICI Bank has made a name for itself by offering competitive interest rates and comprehensive solutions that cater to the diverse needs of individual customers. ICICI’s “iMobile” app and its digital payment systems, such as ICICI Pay, have made banking more convenient for millions of customers.  
  • Treasury: ICICI Bank’s treasury division manages its investment portfolio, liquidity, and foreign exchange activities. The treasury division plays an essential role in optimizing returns while ensuring liquidity for the bank’s operations. The Bank is dealing in debt markets, equity, foreign exchange markets, and derivative products to maximize profitability and manage risk effectively. 
  • Digital & Payments Business: ICICI Bank has established itself as a leader in India’s digital banking landscape, offering cutting-edge services that include mobile banking, internet banking, and digital payment solutions. The bank’s “Digital Banking 2.0” initiative has transformed the customer experience, making banking services more accessible, faster, and personalized. 

Subsidiary Information: 

  • ICICI Prudential Life Insurance Company Ltd: ICICI Prudential Life Insurance is one of India’s leading life insurance providers, offering a comprehensive range of products, including term insurance, ULIPs, retirement plans, and health insurance. It operates in a customer-centric approach, helping individuals secure their financial futures with tailored insurance solutions. The company is well-regarded for its financial strength and commitment to providing high-quality customer service. ICICI Prudential Life Insurance leverages the digital infrastructure of ICICI Bank, enabling seamless integration of insurance products with banking services. 
  • ICICI Lombard General Insurance Company Ltd: ICICI Lombard is a prominent player in India’s general insurance market; it provides a range of products such as health insurance, motor insurance, travel insurance, home insurance, and commercial insurance. The company is recognized for its quick claims processing, comprehensive coverage options, and strong digital platforms for policy management and customer support. ICICI Lombard continues to innovate in the insurance space, offering customized solutions and leveraging data analytics for better risk assessment and customer experience. 
  • ICICI Securities Ltd: ICICI Securities is one of India’s leading investment services companies, offering a broad spectrum of services such as equity trading, mutual funds, fixed-income products, and wealth management solutions. The company provides both retail and institutional clients digital platforms for easy trading, portfolio management, and financial planning. It is also a key player in investment banking, offering services such as mergers and acquisitions, private equity, and corporate advisory. ICICI Securities focuses on providing personalized services and investment strategies, helping clients achieve long-term wealth creation goals. 
  • ICICI Home Finance Company Ltd: ICICI Home Finance is a subsidiary of ICICI Bank that specializes in providing housing finance products to customers. It offers home loans, loan against property, and other mortgage products designed to meet the housing needs of individuals. The company is known for offering competitive interest rates and flexible loan terms, making homeownership more accessible to a broad range of customers. 

Q3 FY25 Earnings 

  • Revenue of ₹47037 crore in Q3 FY25 up by 15.1% YoY from ₹40865 crore in Q3 FY24.  
  • Financing Profit of ₹-9106 crore in this quarter at a margin of -19% compared to -8% in Q3 FY24. 
  • Profit of ₹13847 crore in this quarter compared to a ₹11515 crore profit in Q3 FY24. 

Financial Summary 

Amount in ₹ Cr Q3 FY24 Q3 FY25 FY23 FY24 
Revenue 40865 47037 121067 159516 
Interest  19409 22633 50543 74108 
Expenses 24929 33510 87864 99560 
Financing Profit -3473 -9106 -17341 -14152 
Financing Margin -8% -19% -14% -9% 
Other Income 18874 27608 65112 76522 
Net Profit 11515 13847 35461 46081 
NPM 28.2% 29.4% 29.3% 28.9% 
EPS 15.8 18.3 48.7 63.1 
HUDCO Ltd Q3 FY25 Earnings
HUDCO Ltd Q3 FY25 Earnings: Strong Revenue Growth and Profit Surge in Housing and Infrastructure Financing

HUDCO Ltd: Overview 

The Housing and Urban Development Corporation Limited (HUDCO) is a public sector enterprise under the Ministry of Housing and Urban Affairs, Government of India. Established in 1970, HUDCO’s primary objective is to promote and finance the development of urban infrastructure and affordable housing in India. Headquartered in New Delhi, the company plays a critical role in supporting the government’s mission to address the nation’s housing shortage and improve urban infrastructure, it has over 21 regional offices and 11 development offices. HUDCO is a unique organization that focuses on financing housing projects and urban development across the country.  

The company works closely with state and central governments, public sector organizations, and private developers to fund projects that improve living conditions and stimulate economic growth. With a focus on providing affordable housing to low and middle-income groups, HUDCO has contributed significantly to housing development, urban renewal, and infrastructural progress. The government initiative for this industry is 1 crore houses for urban poor and middle class. The housing and urban development sector in India is witnessing rapid growth, driven by urbanization, rising income levels, government schemes, and increased demand for affordable housing. HUDCO, with its expertise and strong financial backing, is well-positioned to leverage these opportunities and continue to play a pivotal role in meeting the housing and infrastructure demands of the country. 

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HUDCO has distributed the highest-ever dividend payout of 41.5% since FY21. The company’s order book is strong, with urban infrastructure projects valued at ₹92,151 crore. In the first nine months of FY25, HUDCO raised ₹39,043.54 crore, marking a significant increase compared to ₹11,257.07 crore in the same period of FY24. Due to this substantial growth in business, HUDCO has revised its borrowing plan for FY25, increasing it from ₹40,000 crore to ₹55,000 crore. The company continues to focus on international borrowings, with initiatives including the establishment of a Global Medium-Term Note (GMTN) program for raising funds through international bond offerings. It is also exploring opportunities in other markets and considering the possibility of raising loans or bonds in USD or EURO. Additionally, HUDCO is setting up an internal control mechanism to manage currency risk. 

A significant portion of HUDCO’s loan book, approximately 98.30%, is dedicated to loans to the government and its agencies. According to CARE Edge Research, the infrastructure industry is expected to see investments of ₹52,962 billion from FY24 to FY28. Under the Pradhan Mantri Awas Yojana (PMAY) Gramin 2.0, HUDCO is playing a key role in providing counterpart funding for the state’s share, with the goal of building 2 crore additional houses, benefiting approximately 10 crore people. The total outlay for PMAY 2.0 is ₹3 lakh crore, with ₹2 lakh crore from the Centre and ₹1 lakh crore from the States. HUDCO has established a dedicated department for PMAY 2.0 and is actively framing guidelines and holding national workshops with the Ministry of Housing and Urban Affairs (MoHUA) to improve outreach and implementation. 

Business Segments 

  • Housing Finance: HUDCO’s primary business segment is housing finance, which includes funding for the construction of residential housing projects, especially for the economically weaker sections (EWS), lower-income groups (LIG), and middle-income groups (MIG). The company provides financial assistance to individuals, government agencies, and private developers to construct low-cost housing, ensuring that affordable housing options are available across urban and rural areas. The scheme ‘Housing for All’ and collaboration with many state governments, HUDCO facilitates the creation of affordable housings. 
  • Urban Infrastructure Finance: HUDCO is actively involved in financing urban infrastructure projects. These include the development of civic amenities, transportation systems, water supply, sewage, sanitation, and electricity distribution networks in cities and towns across India. HUDCO has many projects running in urban cities. HUDCO’s role in urban infrastructure development is crucial for improving the quality of life in urban centers, facilitating sustainable urbanization, and ensuring that basic services are available to a growing urban population.  
  • Project Development & Consultancy Services: HUDCO also offers consultancy services for urban planning, architecture, engineering, and project management. The company helps design and implement urban development projects, particularly those related to affordable housing, urban infrastructure, and sustainable city planning. Consultancy is provided to the central and state governments and HUDCO’s expertise in these areas allows it to provide valuable insights and solutions to improve the urban development landscape. 

Subsidiary Information 

  • HUDCO Infrastructure Development Ltd (HIDL): HUDCO Infrastructure Development Ltd. (HIDL) is a wholly owned subsidiary of HUDCO. It focuses on the development and implementation of infrastructure projects in both the public and private sectors. It brings the gap between project planning and execution. HIDL is involved in a range of activities, including project planning, implementation, and management, with a special emphasis on urban infrastructure such as roads, water supply, sanitation, and public amenities. 
  • HUDCO Ventures Ltd: HUDCO Ventures Ltd. plays a significant role in raising funds for large-scale infrastructure projects and enhancing the reach of HUDCO’s financial services in new markets. Company explores the financial models and the partnership with housing and development sectors. It helps HUDCO partner with private developers and other public sector entities, facilitating the expansion of housing and urban development projects across India. 
  • HUDCO Rural Housing Ltd: HUDCO Rural Housing Ltd. also facilitates partnerships with state governments and local bodies to implement various rural housing schemes, providing affordable housing options and ensuring that underserved communities have access to necessary infrastructure. This subsidiary supports HUDCO’s broader mission of contributing to housing and infrastructure development at the grassroots level and helps for improving living conditions. 
  • HUDCO Securities Ltd: HUDCO Securities Ltd. is a subsidiary that manages and participates in the issuance of securities, including bonds, for financing HUDCO’s housing and urban infrastructure projects. This subsidiary helps raise capital through the issuance of long-term bonds, providing a means for HUDCO to fund various housing and urban development projects at competitive rates. 

Q3 FY25 Earnings 

  • Revenue of ₹2760 crore in Q3 FY25 up by 37.1% YoY from ₹2013 crore in Q3 FY24.  
  • Financing Profit of ₹924 crore in this quarter at a margin of -33% compared to -34% in Q3 FY24. 
  • Profit of ₹735 crore in this quarter compared to a ₹519 crore profit in Q3 FY24. 

Financial Summary 

Amount in ₹ Cr Q3 FY24 Q3 FY25 FY23 FY24 
Revenue 2013 2760 7082 7829 
Interest  1313 1762 4507 4961 
Expenses 12 73 279 134 
Financing Profit 688 924 2296 2734 
Financing Margin 34% 33% 32% 35% 
Other Income 10 10 4 119 
Net Profit 519 735 1701 2117 
NPM 24.7% 26.6% 24.1% 27.1% 
EPS 2.6 3.7 8.5 10.6