Archives January 2025

BPCL Shares Fall 2% Post Disappointing Q3 Results
BPCL Shares Fall 2% Post Disappointing Q3 Results: Expert Insights and Future Outlook

BPCL Ltd: Overview 

Bharat Petroleum Corporation Ltd (BPCL) is one of India’s leading oil and gas companies, engaged in the refining, marketing, and distribution of petroleum products. Established in 1952 and headquartered in Mumbai, BPCL operates as a public sector undertaking (PSU) under the Ministry of Petroleum and Natural Gas. The company is a Fortune Global 500 entity and has consistently been at the forefront of India’s energy sector. BPCL has a robust infrastructure, including four refineries located in Mumbai (Maharashtra), Kochi (Kerala), Bina (Madhya Pradesh), and Numaligarh (Assam), with a total refining capacity of over 35 million metric tonnes per annum (MMTPA). It operates an extensive network of over 20,000 retail outlets, serving diverse sectors such as automotive, industrial, and domestic energy needs. 

The Indian oil and gas sector is witnessing significant transformation, driven by increasing energy demand, urbanization, and a shift towards cleaner and sustainable energy sources. BPCL is actively investing in renewable energy, electric vehicle charging infrastructure, and biofuels, aligning itself with India’s energy transition goals. The company’s efforts to enhance its product portfolio and focus on digital transformation position it as a key player in the evolving energy landscape. 

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Bharat Petroleum Corporation Limited (BPCL) may experience a short-term operational impact of 1-2 months as it adjusts its crude oil sourcing strategy amidst the evolving geopolitical landscape. With tightening sanctions on Russian crude oil, the company is shifting its sourcing mix by increasing imports from Saudi Arabia and the United States. This adjustment comes at an additional cost of $2-3 per barrel, according to BPCL Chairman and Managing Director G. Krishnakumar. Currently, Russian crude accounts for approximately 35% of BPCL’s crude oil mix. On the issue of LPG under-recoveries, Krishnakumar expressed optimism, saying, “Last year, the government supported us with a subsidy of about ₹5,000 crore, and we are hopeful for similar support this year. While the exact timeline is uncertain, we expect it by March.” BPCL’s current LPG under-recovery stands at ₹7,200 crore. 

BPCL reported a gross refining margin (GRM) of $5.60 per barrel for the third quarter, slightly below market expectations but higher than the previous quarter’s $4.41 per barrel. The company is also progressing with the initial public offering (IPO) of Maharashtra Natural Gas Limited (MNGL), a joint venture with GAIL India. “Our board has approved the proposal, and we are awaiting approvals from GAIL’s board and DIPAM. We expect this process to be completed within the next four to five months,” he stated. 

Additionally, BPCL has secured a ₹31,802 crore loan agreement with a State Bank of India (SBI)-led consortium to fund the development of a petrochemical complex and the brownfield expansion of its refinery capacity at Bina, Madhya Pradesh. The consortium includes Punjab National Bank, Union Bank of India, Canara Bank, Bank of India, and the Export-Import Bank of India. The expansion will increase BPCL’s Bina refinery capacity from 7.8 million tonnes per annum (MMTPA) to 11 MMTPA, supporting the feedstock needs of its petrochemical plants. 

Business Segments 

  • Refining: BPCL operates four technologically advanced refineries located in Mumbai (Maharashtra), Kochi (Kerala), Bina (Madhya Pradesh), and Numaligarh (Assam). Together, these refineries boast a combined refining capacity of over 35 million metric tonnes per annum (MMTPA), producing a diverse range of petroleum products. These include petrol, diesel, kerosene, liquefied petroleum gas (LPG), aviation turbine fuel, and various specialty chemicals. The company also focuses on maximizing the production of value-added and high-margin products, contributing significantly to its revenue and profitability. 
  • Marketing: BPCL has an extensive and well-established marketing network across India, consisting of more than 20,000 retail outlets, LPG distributorships, and a robust presence in the lubricants market. Through its flagship “Bharatgas” LPG brand, BPCL serves millions of households, industries, and commercial establishments daily. The company’s “MAK Lubricants” brand is a trusted name in the automotive and industrial lubricants segment, offering a wide range of high-quality products. They offer value-added services such as automation for accurate fuel dispensing, EV charging stations to support the transition to electric mobility, and loyalty programs to enhance customer retention. 
  • Gas Business: BPCL has emerged as a significant player in India’s growing natural gas sector, catering to industrial, commercial, and residential customers. The company is actively involved in the supply and distribution of liquefied natural gas (LNG) and compressed natural gas (CNG), meeting the rising demand for cleaner and more sustainable energy solutions. As part of its expansion strategy, BPCL is investing heavily in city gas distribution (CGD) networks, with licenses to operate in multiple geographical areas across India. BPCL’s commitment to expanding its gas business aligns with the government’s vision of increasing the share of natural gas in India’s energy mix. 
  • Renewable Energy: BPCL is actively diversifying its portfolio to include renewable energy sources, reflecting its commitment to sustainability and India’s energy transition goals. The company is exploring opportunities in solar and wind energy, with an initial focus on solar installations at its retail outlets and industrial facilities. Additionally, BPCL is investing in the production of biofuels, such as ethanol and biodiesel, to reduce dependency on fossil fuels and lower carbon emissions. 
  • International Trade and Exports: BPCL plays a vital role in India’s export market, leveraging its strategic refinery locations and high-quality production capabilities. The company exports a wide range of refined petroleum products, including aviation turbine fuel, naphtha, lubricants, and other specialty chemicals, to various countries worldwide. BPCL’s strong presence in international markets, particularly in regions like the Middle East, Southeast Asia, and Africa, underscores its global competitiveness. 

Subsidiary Information 

  • Bharat PetroResources Ltd (BPRL): BPRL serves as the upstream exploration and production (E&P) arm of BPCL, focusing on the acquisition and development of oil and gas assets. The subsidiary holds stakes in several blocks across India and overseas, including high-potential regions such as Mozambique, Brazil, and Indonesia. BPRL’s activities contribute to BPCL’s long-term strategy of securing energy resources and reducing dependency on imported crude oil. 
  • Numaligarh Refinery Ltd (NRL): Located in Assam, NRL operates a refinery that primarily caters to the energy needs of India’s north eastern region. The refinery is strategically positioned to produce value-added products and supply petroleum products to neighbouring countries, further enhancing BPCL’s regional presence. NRL is also involved in expanding its capacity and developing a bio-refinery for sustainable fuel production. 
  • Indraprastha Gas Ltd (IGL): BPCL holds a stake in Indraprastha Gas Ltd, a key player in the distribution of compressed natural gas (CNG) and piped natural gas (PNG) in the Delhi-NCR region. IGL’s operations align with BPCL’s gas business strategy, contributing to the transition towards cleaner energy solutions in urban areas. 
  • Petronet LNG Ltd: BPCL is a significant stakeholder in Petronet LNG, which operates LNG terminals and imports liquefied natural gas for distribution across India. The partnership enables BPCL to strengthen its presence in the LNG market and meet the growing demand for natural gas in industrial and commercial sectors 

Q3 FY25 Earnings 

  • Revenue of ₹113166 crore in Q3 FY25 down by 2.02% YoY from ₹115499 crore in Q3 FY24.  
  • EBITDA of ₹7456 crore in this quarter at a margin of 7% compared to 5% in Q3 FY24. 
  • Profit of ₹3806 crore in this quarter compared to a ₹3181 crore profit in Q3 FY24. 

Financial Summary 

Amount in ₹ Cr Q3 FY24 Q3 FY25 FY23 FY24 
Revenue 115499 113166 473187 448083 
Expenses 109300 105710 462288 404001 
EBITDA 6199 7456 10899 44082 
OPM 5% 7% 2% 10% 
Other Income 919 548 2036 3032 
Net Profit 3181 3806 2131 26859 
NPM 2.8% 3.4% 0.5% 5.9% 
EPS 7.3 8.8 4.9 61.9 
HDFC Bank Q3 FY25 Earnings
HDFC Bank Q3 FY25 Earnings: Strong Deposit Growth, AUM Expansion, and Profit Surge Across Key Metrics

HDFC Bank Ltd: Overview 

HDFC Bank Ltd., one of India’s leading private sector banks, was incorporated in 1994 and is headquartered in Mumbai. Renowned for its robust operational efficiency and customer-centric approach, the bank offers a diverse range of banking and financial services, including retail banking, wholesale banking, treasury operations, and digital banking solutions. HDFC Bank has established itself as a market leader in the Indian financial sector with its innovative approach, strong risk management framework, and expansive reach. With a network of over 7,000 branches and 19,000 ATMs across urban, semi-urban, and rural areas, the bank ensures accessibility to financial services for millions of customers.  

Its commitment to digitization and innovation has made it a pioneer in offering cutting-edge digital banking products and services. The Indian banking industry is experiencing steady growth, driven by increased digital adoption, rising credit demand and the government’s focus on financial inclusion. HDFC Bank is well-positioned to leverage these opportunities due to its strong brand equity, extensive distribution network, and strategic focus on retail lending and digital transformation. 

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HDFC Bank reported strong performance across key metrics. Deposits saw a significant year-on-year (YoY) growth, with average deposits increasing by ₹3.36 trillion (15.9%) and end-of-period (EOP) deposits rising by ₹3.50 trillion (15.8%). The bank’s assets under management (AUM) also witnessed growth, with average AUM increasing by ₹1.86 trillion (7.6%) and EOP AUM up by ₹1.55 trillion (6.1%). The gross non-performing asset (NPA) ratio stood at 1.42%; with non-agriculture gross NPA at 1.19%. Liquidity coverage improved significantly, reaching 125% in December, compared to 110% in the previous year. 

HDB Financial Services added 0.9 million customers and 20 branches during Q3 FY25, with its loan book growing to ₹1,021 billion, marking a 22% YoY increase and a 4% sequential rise. HDFC Life Insurance sold 294,000 individual policies during the quarter, a 2% increase from the previous year, insuring 11 million lives overall. It recorded a New Business Premium of ₹79 billion with a new business margin of 26%. HDFC Asset Management Company reported 12.6 million unique investors and achieved a 24% penetration in the mutual fund industry, strengthening its leadership position. 

Business Segments 

  • Wholesale Banking: The Wholesale Banking Business of HDFC Bank serves a diverse clientele including Large Corporates, Multinational Corporations, Government, Public Sector Enterprises, Emerging Corporates and Business Banking/SMEs. Offering a wide array of financial products and services such as loans, deposits, payments, collections, tax solutions, trade finance, cash management solutions and corporate cards, etc. This business largely covers the rental discounting business as well as construction finance.  
  • Retail Banking: HDFC Bank’s Retail Business caters to a varied client base which includes Individuals, salaried professionals, small businesses like kirana stores, and Non-Resident Indians (NRIs). Among the offerings are Savings and Current Accounts, various loan options for personal and business needs, Credit and Debit Cards, Digital Wallets, Insurance and Investment Products and Remittance Services.  
  • Treasury: The Treasury department is responsible for managing the Bank’s liquidity requirements, as well as handling its investments in securities and other market instruments. It manages the balance sheet’s liquidity and interest rate risks and ensures compliance with statutory reserve requirements. It also manages the treasury needs of customers and earns a fee income generated from transactions customers undertake with your Bank, while managing their foreign exchange and interest rate risks. 
  • Digital & Payments Business: HDFC Bank is at the forefront of India’s digital banking revolution, offering a range of mobile and internet banking services. It is a leader in payment solutions, including credit and debit cards, point-of-sale terminals, and payment gateways. The bank’s “Digital 2.0” initiative focuses on enhancing customer experience through AI, machine learning, and automation. 

Subsidiary Information

  • HDFC Securities Ltd: HDFC Securities Ltd. is one of India’s leading stockbroking companies, renowned for its comprehensive range of investment and financial services. It offers products across various categories, including equity trading, mutual funds, fixed-income products, insurance, and investment advisory services. The company serves retail and institutional clients, ensuring accessibility through both online platforms and an extensive network of physical branches. 
  • HDB Financial Services Ltd: HDB Financial Services Ltd. is a non-banking financial company (NBFC) under HDFC Bank that specializes in providing innovative and customized financing solutions. Its product portfolio includes personal loans, business loans, gold loans, and consumer durable loans, catering to individuals, small businesses, and enterprises. 
  • HDFC AMC Ltd: Although HDFC Asset Management Company Ltd. (HDFC AMC) is no longer a direct subsidiary post-merger with HDFC Ltd., it continues to maintain close synergies with HDFC Bank. HDFC AMC is one of India’s largest mutual fund houses, providing a diverse range of investment solutions across equity, debt, and hybrid funds. 
  • HDFC Ergo General Insurance Company Ltd: HDFC Ergo General Insurance Company Ltd. is a joint venture between HDFC Ltd. and Ergo International AG, offering a comprehensive suite of general insurance products. Its portfolio includes health insurance, motor insurance, travel insurance, home insurance, and commercial insurance solutions. 
  • HDFC Pension Management Company Ltd: HDFC Pension Management Company Ltd. is a key player in India’s retirement planning ecosystem. As a pension fund manager under the National Pension System (NPS), the company helps individuals secure their post-retirement financial future. 

Q3 FY25 Earnings 

  • Revenue of ₹85040 crore in Q3 FY25 up by 9.01% YoY from ₹78008 crore in Q3 FY24.  
  • Financing Profit of ₹-3181 crore in this quarter at a margin of -4% compared to -20% in Q3 FY24. 
  • Profit of ₹18340 crore in this quarter compared to a ₹17718 crore profit in Q3 FY24. 

Financial Summary 

Amount in ₹ Cr Q3 FY24 Q3 FY25 FY23 FY24 
Revenue 78008 85040 170754 283649 
Interest  43242 46914 77780 154139 
Expenses 50530 41307 63042 174196 
Financing Profit -15764 -3181 29932 -44685 
Financing Margin -20% -4% 18% -16% 
Other Income 37007 27154 33912 124346 
Net Profit 17718 18340 46149 65446 
NPM 22.7% 21.6% 27% 23.1% 
EPS 22.7 23.1 82.4 84.3 
Q3 FY25 Results
Q3 FY25 Results: Torrent Pharma, JSW Steel, DLF, IndiGo, and Godrej Consumer

1. Torrent Pharmaceutical results in the 3rd quarter: Net profit increased by 14% compared to the previous year as ₹ 503 CR; Income ₹ 2,809 CR.

Torrent Pharmaceuticals The net profit report increased by 14% in the 3rd quarter of the year 2025 to 5,030 million rupees, which supports strong growth in the domestic market. The company’s revenue has increased from 2,732 tens of millions of rupees to 2,809 million rules in the same period last year.

  • Businesses in India: The growth of 12% YOY is ₹ 1,581 ten million rupees, which supports the focus.
  • Business in Germany: 4% increased income compared to the previous year as ₹ 282 ten million
  • Business in the United States: 1% revenue of income of ₹ 271 ten million rupees

The Committee approved the latest dividend payment ₹ 26 per share (valued value ₹ 5), which will be paid around February 15, 2025.

2. JSW Steel Q3 results: Profit fell 70.31% YoY, revenue drops 1.34%

JSW Steel reported a YoY decline of 70.31% in net profit to ₹717 crore for Q3 FY25 with revenue slipping by 1.34% YoY. But on a sequential basis, revenue grew 4.27% and profit was up 63.33%.

  • Operating Income: Declined 38.68% YoY but improved 11.03% QoQ.
  • Expenses: Selling, General & Administrative (SG&A) expenses dropped 5.82% QoQ and 2.79% YoY.
  • Earnings Per Share (EPS): Declined 67.71% YoY to ₹3.19.

The company’s market capitalization stands at ₹226,890.3 crore, with a 52-week high of ₹1,063 and a low of ₹761.75.

3. DLF Q3 Results: Net Profit Soars 61%, Revenue Remains Steady

DLF has reported a outstanding 61% jump in net profit for the 3rd quarter of FY25, reaching ₹656.6 crore. However, its revenue saw only a inappreciable increase of 0.5%, totaling ₹1,528.7 crore. The company’s operating profit (EBITDA) decreased by 21.7% to ₹400 crore, with margins narrowing to 26.2% compared to 33.6% last year. Despite this, DLF’s net profit growth reflects strong underlying performance in the real estate sector.
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    4. Indigo Q3 Results: Profit 18% Yoy despite strong revenue growth

    Interglobe Aviation, a Carent company of Indigo, reported that net profit for Q3 FY23 fell 18% Y-O-Y to Q3 FY2024. Last year’s decline was due to a lack of periodic adjustments for the festive season.

    • Revenue: Up 14% year-on-year to Rs 22,111 crore, driven by a 12% increase in available seat kilometers (ASK) and driven by a 13.5% increase in passenger revenue (RPK).
    • Weighting factor: increased 1.2 percentage points to 86.9%.
    • Seek (Ex-fuel): Jumped sharply 23.1% Yoy to ₹3.

    5. Godrej Consumer Products Q3 Results: Net profit increased by 14% YoY. Revenue increased by 3%.

    Net profit at the foster product of Godrej, reduced by 14.2% YOY to ₹ 498 million rupees. Estimates about 525 million -year -old analysts. The income increases by 3%. YOY is ₹ 3,768 million rules.

    • EBITDA: 10.1% YoY is ₹ 756 ten million. The profit margin is reduced by 20.1% from 23% last year.
    • Highlights: ₹ 3,768 million hole, year, received compared to ₹ 3,660 million rupees, YOY (Bloomberg about 3,709 million rupees)
    HUL Q3 FY25 Results
    HUL Q3 FY25 Results: Net Profit Rises 19% to ₹3,001 Crore

    Hindustan Unilever Ltd: Overview 

    Hindustan Unilever Ltd (HUL) is India’s largest fast-moving consumer goods (FMCG) company and a subsidiary of Unilever, one of the world’s leading suppliers of consumer goods. Established in 1933 and headquartered in Mumbai, HUL has become synonymous with quality products and trusted brands that cater to the daily needs of millions of Indian households. The company’s robust portfolio spans over 50 brands across categories like personal care, home care, foods, and beverages, making it a household name in India. HUL’s strategy focuses on delivering superior value through innovations, sustainable practices, and a deep understanding of Indian consumers. The company leverages its vast distribution network, which reaches urban and rural markets alike, ensuring accessibility to its products even in the remotest parts of the country. 

    The FMCG industry in India is one of the largest and fastest-growing sectors, driven by factors such as rising disposable incomes, urbanization, increased consumer awareness, and a growing preference for branded products. With a population of over 1.4 billion, India offers immense opportunities for FMCG companies, particularly in rural areas, which contribute significantly to industry growth. HUL’s ability to adapt to evolving market dynamics and consumer preferences has cemented its position as a market leader. The company is also a strong advocate for sustainability and inclusive growth, aligning with Unilever’s global goals. Initiatives such as reducing plastic usage, water conservation, and promoting gender equality reflect HUL’s commitment to creating a positive social and environmental impact. 

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    In the fabric wash category, Hindustan Unilever Ltd (HUL) recorded high-single-digit volume growth, driven by a strong, broad-based performance across formats, with liquid detergents continuing to outperform. Household care also saw high-single-digit volume growth, led by the dishwash portfolio. In personal care, the segment was impacted by a decline in the hygiene category within skin cleansing, leading to a 4% drop in underlying sales growth. However, oral care achieved mid-single-digit growth, primarily driven by Closeup. 

    In beverages, tea witnessed low-single-digit growth, supported by pricing adjustments, with premium brands delivering mid-single-digit growth and maintaining value and volume market leadership. Coffee continued to perform strongly, delivering double-digit growth. Nutrition drinks strengthened their value and volume market leadership despite a category decline due to subdued consumption. Packaged foods experienced mid-single-digit growth, driven by robust with strong volume growth in ketchup, mayonnaise, food solutions, international sauces, and cuisines. Meanwhile, ice cream revenue remained flat year-on-year. 

    HUL has incorporated Kwality Wall’s (India) Limited on January 10, 2025, as part of the demerger of its ice cream business, with the Board of Directors approving the scheme of arrangement. This demerger allows shareholders to participate in future value creation through a 1:1 share entitlement ratio. The move is expected to unlock significant growth potential, with focused management providing flexibility to deploy strategies tailored to the unique nature of the ice cream business. 

    Business Segments

    • Home Care: This segment includes products such as fabric wash, household cleaning, and water purifiers. Prominent brands under this segment are Surf Excel, Rin, Wheel, Sunlight, Vim, and Domex. HUL leads the fabric wash market in India with brands like Surf Excel, which cater to premium consumers, and Wheel, targeting value-conscious buyers. The segment has witnessed consistent growth due to innovations in detergent formulations and increasing consumer preference for higher-performance products. HUL’s water purifiers, sold under the brand name Pureit, offer a range of solutions for safe drinking water, catering to various consumer segments. 
    • Beauty and Personal Care: This is one of HUL’s largest revenue-generating segments, with a wide array of brands in skin care, hair care, oral care, and cosmetics. Brands like Dove, Vaseline, and Ponds cater to diverse consumer needs, offering products ranging from moisturizing lotions to fairness creams. HUL’s hair care portfolio, led by brands like Dove, Sunsilk, and Clinic Plus, dominates the Indian market, providing solutions for hair fall, dryness, and damage. Lakme is a leading cosmetics and beauty brand, offering a wide range of makeup products and salon services. 
    • Foods and Refreshments: This segment includes packaged foods, beverages, ice creams, and health foods, featuring brands like Knorr, Kissan, Hellmann’s, Brooke Bond, Lipton, etc. HUL’s food portfolio includes products like soups, ketchup, mayonnaise, and jams under brands such as Knorr, Kissan, and Hellmann’s. These brands cater to the rising demand for convenience and ready-to-eat food products. Brooke Bond and Lipton are market leaders in the tea category, offering a variety of black, green, and specialty teas.  
    • Health, Hygiene, and Nutrition: This segment emerged as a key focus area for HUL, especially post-pandemic, addressing the growing consumer demand for immunity-boosting products and hygiene solutions. Health food drinks like Horlicks and Boost were added to HUL’s portfolio through its merger with GSK Consumer Healthcare in 2020. These brands have further strengthened the company’s presence in the nutrition space 

    Subsidiary Information

    • Unilever India Exports Ltd: Unilever India Exports Limited is a key subsidiary of Hindustan Unilever Ltd (HUL), responsible for managing the company’s export operations. This entity enables HUL to cater to international markets, with its products reaching consumers in over 100 countries worldwide. The export portfolio includes a diverse range of products spanning personal care, home care, and food categories. Through Unilever India Exports Limited, HUL leverages its strong global brand equity and the cost-effective production capabilities of its Indian manufacturing units to expand its presence across continents. 
    • Lakme Lever Pvt Ltd: Lakme Lever Pvt Ltd is dedicated to the beauty and salon business, playing a pivotal role in strengthening the Lakme brand’s presence in India’s premium beauty segment. This subsidiary operates Lakme Salons across the country, providing professional beauty services and high-quality products to customers. By combining salon services with Lakme’s product portfolio, this subsidiary creates a holistic beauty experience for consumers. 
    • Hindlever trust Ltd: Hindlever Trust Ltd is a subsidiary focused on managing HUL’s employee welfare and retirement benefit schemes. It plays a crucial role in ensuring the financial security and well-being of the company’s workforce. This entity oversees pension plans, gratuity funds, and other employee benefits, reflecting HUL’s commitment to its people. 
    • Brooke Bond Real Estates Pvt Ltd: Brooke Bond Real Estates Pvt Ltd is responsible for managing HUL’s real estate assets and facilities. This subsidiary oversees the development, maintenance, and utilization of the company’s infrastructure, ensuring operational efficiency and cost optimization. It ensures that office spaces, warehouses, manufacturing facilities, and other properties are effectively utilized, contributing to HUL’s overall productivity. 
    • GSK Consumer healthcare Ltd: GSK Consumer Healthcare Ltd became a part of HUL following the merger of Hindustan Unilever and GlaxoSmithKline Consumer Healthcare in 2020. This subsidiary brought popular health and nutrition brands like Horlicks and Boost under HUL’s portfolio, significantly strengthening its presence in the health foods segment. These brands enjoy high consumer trust and cater to India’s growing demand for nutrition-based products. With Horlicks and Boost, HUL has tapped into the health and wellness space, addressing the nutritional needs of children and adults alike 

    Q3 FY25 Earnings 

    • Revenue of ₹15818 crore in Q3 FY25 up by 1.6% YoY from ₹15567 crore in Q3 FY24.  
    • EBITDA of ₹3695 crore in this quarter at a margin of 23% compared to 24% in Q3 FY24. 
    • Profit of ₹2989 crore in this quarter compared to a ₹2508 crore profit in Q3 FY24. 

    Financial Summary 

    Amount in ₹ Cr Q3 FY24 Q3 FY25 FY23 FY24 
    Revenue 15567 15818 60580 61896 
    Expenses 11902 12123 46433 47237 
    EBITDA 3665 3695 14147 14659 
    OPM 24% 23% 23% 24% 
    Other Income 182 740 448 817 
    Net Profit 2508 2989 10143 10282 
    NPM 16.1% 18.9% 16.7% 16.6% 
    EPS 10.7 12.7 43.07 43.7 
    Tata Technologies Q3 FY25 Results
    Tata Technologies Q3 FY25 Results: Net Profit Marginally Declines to ₹169 Crore, Revenue Growth of 2%

    Tata Technologies Ltd: Overview 

    Tata Technologies is a leading global engineering and product development digital services company, specializing in providing end-to-end solutions for the automotive, aerospace, industrial machinery, and other manufacturing sectors. Founded in 1989 and headquartered in Pune, India, the company delivers services in product engineering, manufacturing engineering, and IT solutions, helping clients enhance product innovation, reduce time-to-market, and optimize costs. Tata Technologies leverages advanced technologies such as AI, IoT, and Industry 4.0 to support its clients in achieving digital transformation. With a global footprint and a focus on sustainable solutions, the company plays a pivotal role in driving innovation across the industrial landscape. The total employee headcount is 12680 employees as of Q2 FY25. The automotive segment contributes about 85% to the revenues. Tata Technologies has done Joint Venture with BMW Group. The automotive sector, a key area of focus for Tata Technologies, is undergoing a transformative phase with the rise of electric vehicles (EVs), autonomous driving, and connected vehicle technologies. Companies are investing heavily in developing EV platforms, lightweight materials, and next-generation mobility solutions, creating robust opportunities for ER&D players like Tata Technologies to support innovation and product design. The aerospace and defense industry is also contributing to growth, with increasing investments in advanced technologies such as additive manufacturing, digital twin solutions, and AI-driven design optimization. Additionally, the industrial and manufacturing sectors are adopting Industry 4.0 solutions, such as IoT-enabled machinery, predictive maintenance, and digital factories, driving demand for digital engineering services. With its strong capabilities in product lifecycle management (PLM) and smart manufacturing, Tata Technologies is well-positioned to address these needs. 

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    Tata Technologies has been making significant strides in advancing its capabilities and expanding its market presence through key partnerships and contracts. The company has been selected by a prominent European firm to drive innovation in cost-efficient and sustainable solutions for next-generation vehicles, focusing on software development for embedded systems, infotainment platforms, and advanced engineering and simulation solutions. This reflects its growing expertise in the automotive sector, particularly in the areas of electric and software-defined vehicles (SDVs). In addition, Tata Technologies has entered into a multi-year contract with a European luxury automotive Original Equipment Manufacturer (OEM) to provide testing and development services for their upcoming range of electric vehicles. This deal underscores the company’s pivotal role in supporting the global shift towards electrification and sustainable mobility. 

    Domestically, Tata Technologies has partnered with the Government of Tripura to enhance vocational training by upgrading 19 Industrial Training Institutes (ITIs). This initiative highlights the company’s commitment to skill development and fostering a future-ready workforce in India. At CES 2025, Tata Technologies announced a strategic partnership with Telechips to co-develop cutting-edge solutions for software-defined vehicles. This collaboration emphasizes its focus on next-gen automotive technologies and its ambition to lead in the SDV space through innovation and global partnerships. These initiatives collectively position Tata Technologies as a key player in engineering and digital transformation, enabling its clients to adopt sustainable and technologically advanced solutions across industries. 

    Business Segments

    • Engineering, Research, and Development (ER&D) Services: This segment focuses on providing end-to-end product design, engineering, and development services to clients in industries such as automotive, aerospace, and industrial machinery. Tata Technologies specializes in product innovation, lightweight materials, and next-generation mobility solutions like electric vehicles and autonomous technologies. 
    • Product Lifecycle Management Solutions: Tata Technologies provides PLM consulting and implementation services, helping businesses manage the entire lifecycle of a product from conception to disposal. Its PLM solutions enable clients to streamline processes, improve collaboration, and enhance product quality. 
    • Enterprise IT Solutions: This segment offers IT solutions tailored to meet the specific needs of manufacturing enterprises. Services include ERP implementation, data analytics, smart manufacturing solutions, and Industry 4.0 initiatives. These services support digital transformation and enhance operational efficiency for global clients. 

    Subsidiary Information: 

    • Tata Technologies Pte Ltd (Singapore): This subsidiary acts as a hub for Tata Technologies’ operations in the Asia-Pacific region, catering to the needs of regional clients. It focuses on providing ER&D services and digital transformation solutions, helping businesses stay competitive in emerging markets. 
    • Tata Technologies Europe Ltd (United Kingdom): This entity manages Tata Technologies’ presence in Europe, serving automotive and aerospace clients with cutting edge engineering and digital solutions. It plays a key role in expanding the company’s reach in the European market, where demand for EV and sustainability-focused engineering is growing. 
    • Tata Technologies (Thailand) Ltd: Established to serve the Southeast Asian market, this subsidiary provides engineering services and supports industries like automotive and manufacturing. It helps regional businesses adopt advanced technologies and improve product development cycles. 
    • Cambridge Technology Partners Inc. (USA): This U.S. based subsidiary focuses on delivering digital and IT services to clients in North America. It specializes in ERP solutions, cloud integration, and advanced analytics, helping businesses drive operational efficiency and digital transformation. 
    • Tata Technologies de México, S.A. de C.V. (Mexico): This subsidiary supports the company’s operations in Latin America, focusing on the automotive and manufacturing sectors. It offers a wide range of engineering and IT services tailored to meet the needs of regional clients. 

    Q3 FY25 Earnings 

    • Revenue of ₹1289 crore in Q3 FY25 up by 2.2% YoY from ₹1317 crore in Q3 FY24.  
    • EBITDA of ₹234 crore in this quarter at a margin of 18% compared to 18% in Q3 FY24. 
    • Profit of ₹169 crore in this quarter compared to a ₹170 crore profit in Q3 FY24. 

    Financial Summary 

    INR Cr. Q3 FY24 Q3 FY25 FY23 FY24 
    Revenue 1289 1317 4414 5117 
    Expenses 1053 1084 3593 4176 
    EBITDA 237 234 821 941 
    OPM 18% 18% 19% 18% 
    Other Income 31 28 88 116 
    Net Profit 170 169 624 679 
    NPM 13.2% 12.8% 14.1% 13.3% 
    EPS 4.2 4.16 15.4 16.8 

    KEI Industries Shares Surge 11% in Q3 Results
    KEI Industries Shares Surge 11% in Two Days Post Q3 Results and ₹4 Dividend Announcement

    KEI Industries Ltd: Overview 

    KEI Industries Ltd is a leading Indian manufacturer and supplier of cables and wires, specializing in a wide range of products, including power cables, control cables, instrumentation cables, and specialty cables. Founded in 1968 and headquartered in New Delhi, the company caters to diverse industries such as power, oil and gas, real estate, railways, and infrastructure. KEI has positioned itself as a one-stop solution provider for cables and wires, offering customized solutions that meet specific project requirements. In addition to cables, the company also manufactures stainless steel wires and provides turnkey EPC (Engineering, Procurement, and Construction) solutions, adding further value to its portfolio. With its state-of-the-art manufacturing facilities in Bhiwandi, Chopanki, Silvassa, and Pathredi, KEI ensures high-quality production and consistent supply to domestic and international markets. The company boasts a robust distribution network, covering urban and rural markets across India, and exports its products to over 50 countries, strengthening its global presence. KEI has been at the forefront of technological advancements and innovation, ensuring that its offerings align with the evolving needs of its clients and the industry. The Indian cables and wires industry is poised for significant growth, driven by rapid urbanization, increasing infrastructure development, and rising investments in the power and renewable energy sectors. Government initiatives such as ‘Make in India’ and the push for smart cities have further boosted demand for quality cables and wires. Globally, the market is witnessing a shift towards high-performance and energy-efficient cables, offering opportunities for companies like KEI to expand their product offerings and cater to the growing demand. 

    Latest Stock News 

    In Q3 FY25, KEI Industries saw a strong performance in its domestic institutional wire and cable sales, which rose to ₹809 crore compared to ₹556 crore in the same quarter last year. However, domestic institutional EHV cable sales dropped significantly to ₹41 crore, down from ₹184 crore in the previous year. Total institutional cable sales, including exports, contributed 44.82% of the company’s revenue during the quarter, a slight decrease from 45.42% in Q3 FY24. Despite this, total institutional sales, including exports, posted an impressive year-over-year growth of 18.22%. 

     For the nine months ended FY25, domestic institutional wire and cable sales climbed to ₹1,998 crore, up from ₹1,560 crore in the same period a year ago. Meanwhile, domestic institutional EHV cable sales declined to ₹193 crore from ₹402 crore last year. Total institutional cable sales, including exports, contributed 41.03% of revenue during 9M FY25, compared to 44.57% in 9M FY24. EPC sales, excluding cables, experienced a sharp decline of 58.94% year-over-year in Q3 FY25, with export EPC sales recorded at ₹13 crore for the quarter and ₹89 crore for the nine months of FY25. The company’s order book remained strong, with pending orders valued at approximately ₹3,871 crore. On a standalone basis, KEI’s financial charges in Q3 FY25 were ₹10.92 crore, consistent with the same period last year. 

    Business Segments 

    • Cables and Wires: 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. 
    • Stainless Steel Wires: KEI Industries is also a prominent manufacturer of stainless steel wires, which are extensively used across several industries, including automotive, construction, and industrial machinery. These wires are renowned for their exceptional durability, resistance to corrosion, and adaptability to diverse applications. They find applications in areas such as welding, reinforcement, and industrial equipment, providing clients with reliable solutions for critical processes. By maintaining strict quality control and continuously enhancing its product range, KEI has established itself as a key player in the stainless steel wire market. 
    • EPC Services: KEI offers turnkey Engineering, Procurement, and Construction (EPC) solutions for power transmission and distribution projects, further strengthening its position as a comprehensive solutions provider. The EPC segment includes a range of services such as cable laying, installation, testing, commissioning, and project management. This end-to-end approach allows KEI to deliver complete solutions to its clients, ensuring seamless execution and timely project delivery. KEI’s commitment to excellence in project execution has made it a trusted partner for government bodies, utilities, and private organizations involved in power and infrastructure development. 
    • Exports: KEI Industries has established a strong foothold in the global market by exporting its products to over 50 countries. The company has a significant presence in regions such as the Middle East, Africa, Southeast Asia, and Europe. KEI’s export portfolio includes a diverse range of cables and wires, designed to meet the specific needs of international clients across various industries. The export business has been a key growth driver, contributing substantially to KEI’s overall revenue. 

    Subsidiary Information 

    • KEI Cables Australia Pty Ltd: This subsidiary plays a pivotal role in KEI Industries’ expansion into the Australian market. It focuses on supplying high-quality cables and wires to key industries such as mining, construction, and energy. With its robust portfolio of products and expertise, KEI Cables Australia caters to the growing demand for reliable and efficient cable solutions in the region. 
    • KEI International Ltd (Dubai): Situated in the UAE, this subsidiary enhances KEI’s presence in the Middle East, a region characterized by rapid infrastructure development and high demand for cables and EPC services. KEI International Ltd ensures that the company’s products and services are accessible to a broad range of clients, contributing significantly to the company’s growth in this key market. 
    • KEI Industries FZE (Sharjah): As a strategic hub for KEI’s export operations, this Sharjah-based entity is instrumental in providing customized cable solutions to clients across Africa, the Middle East, and nearby regions. The subsidiary focuses on meeting the unique requirements of international clients, reinforcing KEI’s commitment to delivering excellence on a global scale. 
    • KEI Europe GmbH (Germany): Headquartered in Germany, this subsidiary supports KEI’s endeavours to penetrate the European market. It specializes in providing high-performance cables and solutions tailored for industrial and infrastructure applications. By catering to the European market’s emphasis on quality and innovation, KEI Europe GmbH plays a critical role in the company’s international growth strategy. 
    • KEI Projects Pvt Ltd: This subsidiary is dedicated to executing EPC contracts, supporting KEI’s vision of offering integrated solutions for large-scale power transmission and distribution projects. KEI Projects Pvt Ltd leverages the parent company’s expertise in cables and wires to deliver comprehensive project management services, ensuring successful project completion and client satisfaction. 

    Q3 FY24 Earnings 

    • Revenue of ₹2467 crore in Q3 FY24 up by 19.8% YoY from ₹2059 crore in Q3 FY24.  
    • EBITDA of ₹241 crore in this quarter at a margin of 10% compared to 10% in Q3 FY24. 
    • Profit of ₹165 crore in this quarter compared to a ₹151 crore profit in Q3 FY24. 

    Financial Summary 

    INR Cr. Q3 FY24 Q3 FY25 FY23 FY24 
    Revenue 2059 2467 6908 8104 
    Expenses 1845 2226 6206 7267 
    EBITDA 215 241 702 838 
    OPM 10% 10% 10% 10% 
    Other income 14 14 32 49 
    Net Profit 151 165 477 581 
    NPM 7.3% 6.7% 6.9% 7.2% 
    EPS 16.7 17.3 52.9 64.5 
    Pidilite Industries Ltd- Q3 FY25 Results
    Pidilite Industries Ltd: Q3 FY25 Results, 9% Profit Growth, Market Leadership and Business Insights

    Pidilite Industries Ltd: Overview 

    Pidilite Industries Ltd is a leading Indian adhesives and specialty chemicals company, well-known for its flagship product, Fevicol. Founded in 1959 and headquartered in Mumbai, the company has established itself as a market leader in adhesives, sealants, construction chemicals, and arts and crafts products. Pidilite caters to a diverse range of industries, including packaging, furniture, construction, automotive, and consumer goods, offering innovative solutions that meet specific needs. The company operates with a strong portfolio of brands like Dr. Fixit, M-Seal, and Fevikwik, which enjoy widespread recognition and trust among consumers and professionals alike. With a robust distribution network that spans across urban and rural areas, Pidilite Industries ensures its products reach the remotest parts of India while also expanding its global footprint. The company emphasizes sustainable practices and continuous innovation, aligning its operations with emerging trends and customer preferences. The Indian specialty chemicals and adhesives market is experiencing rapid growth, driven by rising construction activities, urbanization, and increasing consumer spending on home improvement. As industrial activity and infrastructure projects gain momentum, the demand for adhesives and sealants is expected to rise. Pidilite, with its extensive product offerings and strong brand equity, is well-positioned to benefit from this growth. Globally, the specialty chemicals market is being shaped by advancements in technology, sustainable product development, and the growing focus on green solutions, providing further opportunities for Pidilite to expand its market presence. 

    Latest Stock News 

    The Consumer and Bazaar (C&B) segment demonstrated steady performance with a Unit Volume Growth (UVG) of 7.3%, reflecting consistent demand in its core markets. Meanwhile, the Business-to-Business (B2B) segment showcased remarkable growth momentum, achieving an impressive UVG of 21.7%, highlighting its strong traction across industrial and institutional clients. However, the performance of international subsidiaries, excluding Pidilite USA and Pulvitec Brazil was relatively modest.  

    This was attributed to ongoing global economic uncertainties, persistent inflationary pressures, and political instability in specific regions, which impacted their sales growth. Despite these challenges, the company’s overall revenue for the quarter exhibited a robust increase of 9.3%, fueled by a UVG of 9.7% across various product categories and geographic markets, demonstrating resilience and widespread demand for its offerings. Additionally, the company continued to prioritize shareholder value, maintaining a substantial total dividend payout of 45.4% in FY24, reflecting its commitment to delivering consistent returns. 

    Business Segments

    • Consumer and Bazaar Products: This is Pidilite’s largest business segment, contributing significantly to its revenue. It includes products like adhesives (Fevicol, Fevikwik), sealants (M-Seal), construction chemicals (Dr. Fixit), and arts and crafts products (Fevicryl, Hobby Ideas). These products cater to individual consumers, craftsmen, and contractors and are widely used in home improvement, repair, and construction projects. 
    • Industrial Products: This segment provides adhesives, sealants, and specialty chemicals to industries such as packaging, textiles, paper, leather, and automotive. Pidilite’s industrial products are tailored to meet the specific needs of its business clients and are integral to their manufacturing processes. 
    • Exports: Pidilite exports its products to over 80 countries, catering to the demand for adhesives, construction chemicals, and art products in international markets. The company has established a strong presence in markets like the Middle East, Africa, and Southeast Asia. 
    • 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

    • Nina Waterproofing Systems Pvt Ltd: Nina Waterproofing Systems Pvt Ltd specializes in providing comprehensive waterproofing solutions for large-scale infrastructure and construction projects. This subsidiary is known for its advanced expertise in waterproofing technologies, offering a wide range of services and products designed to enhance the durability and structural integrity of buildings. Its portfolio complements Pidilite Industries’ existing offerings in the construction chemicals sector, strengthening the company’s position as a leading provider of innovative and reliable waterproofing solutions. 
    • Percept Waterproofing Services Ltd: Percept Waterproofing Services Ltd is a key subsidiary of Pidilite Industries, focused on delivering high-performance waterproofing solutions for large-scale construction projects. The company works in close collaboration with contractors, architects, and builders to ensure superior results that meet the highest quality standards. Its contributions play a pivotal role in enhancing Pidilite’s reputation as a trusted partner in the waterproofing domain. 
    • CIPY Polyurethanes Pvt Ltd: CIPY Polyurethanes Pvt Ltd, a significant acquisition by Pidilite Industries, is a leading manufacturer of floor coatings and polyurethane products. This subsidiary primarily serves the industrial and commercial flooring markets, offering innovative and durable solutions that meet the rigorous demands of various sectors. Its product portfolio includes epoxy and polyurethane-based floor coatings, which are essential for environments requiring high resistance to wear, chemicals, and abrasion. 
    • Pidilite MEA Chemicals LLC: Pidilite MEA Chemicals LLC serves as Pidilite’s regional hub for operations in the Middle East and Africa, enabling the company to tap into these high-growth markets. This subsidiary focuses on providing a diverse range of adhesives, construction chemicals, and specialty products tailored to the unique needs of clients in the region. By catering to local market demands and preferences, Pidilite MEA Chemicals LLC helps the parent company establish a robust presence in international markets, driving growth and brand recognition.  

    Q3 FY24 Earnings 

    • Revenue of ₹3369 crore in Q3 FY24 up by 5.3% YoY from ₹3130 crore in Q3 FY24.  
    • EBITDA of ₹798 crore in this quarter at a margin of 24% compared to 24% in Q3 FY24. 
    • Profit of ₹557 crore in this quarter compared to a ₹511 crore profit in Q3 FY24. 

    Financial Summary 

    INR Cr. Q3 FY24 Q3 FY25 FY23 FY24 
    Revenue 3130 3369 11799 12383 
    Expenses 2388 2571 9813 9675 
    EBITDA 742 798 1986 2708 
    OPM 24% 24% 17% 22% 
    Other Income 37 56 55 63 
    Net Profit 511 557 1289 1747 
    NPM 16.3% 16.5% 10.9% 14.1% 
    EPS 10 10.9 25.1 34 
    APL Apollo Tubes Ltd: Record-High Q3 FY24 Earnings
    APL Apollo Tubes Ltd: Record-High Q3 FY24 Earnings and Revenue Growth

    APL Apollo Tubes Ltd: Overview 

    APL Apollo Tubes Limited is India’s leading manufacturer of structural steel tubes and pipes, offering a wide range of innovative and high-quality products such as hollow sections, pre-galvanized tubes, galvanized pipes, and coated tubes. The company operates through an extensive distribution network, supported by state-of-the-art manufacturing facilities across the country. With a focus on providing cost-effective and sustainable solutions, APL Apollo serves diverse sectors, including construction, infrastructure, automotive, and industrial applications. The company has positioned itself as a market leader by prioritizing technological advancements, operational efficiency, and customer-centricity, enabling it to set benchmarks in the industry. The structural steel tube and pipe industry in India is poised for robust growth, driven by increased investments in infrastructure development, urbanization, and government initiatives such as “Make in India” and “Housing for All.” Rising demand from sectors like construction, real estate, and renewable energy further supports the positive outlook. The shift toward lightweight and durable materials is boosting the adoption of structural steel tubes over traditional construction materials. APL Apollo, with its innovative product portfolio and focus on capacity expansion, is well-positioned to capitalize on these trends. Moreover, the industry’s emphasis on sustainability and recyclable materials aligns with APL Apollo’s vision, ensuring long-term growth opportunities in both domestic and international markets. 

    Latest Stock News 

    In this quarter of the prior fiscal year, APL Apollo Tubes reported a net profit of ₹166 crore, as disclosed in its regulatory filing. The company’s revenue from operations surged by 30%, reaching ₹5,432 crore, compared to ₹4,177 crore during the same period the previous year. The EBITDA margin for the reporting period stood at 6.4%, slightly lower than the 6.7% recorded in the corresponding period a year earlier. 

     EBITDA was supported by a sales volume of 828,000 tonnes in Q3FY25. This reflects a year-on-year growth of 37% and a quarter-on-quarter increase of 9%. The value-added product mix improved to 56% during this quarter, compared to 55% in Q2FY25. EBITDA per tonne was reported at ₹4,173, a 10% year-on-year decline but a substantial 129% growth quarter-on-quarter. Additionally, cash profit for the quarter was ₹2.7 billion, marking a 26% year-on-year increase and a 166% rise compared to the previous quarter. 

    Interest expenses for the quarter were ₹368 million, showing a 29% year-on-year rise and a 1% increase quarter-on-quarter. The company’s net working capital days for the nine months ending FY25 increased to 2 days from 1 day in FY24. For the same period, the return on capital employed (ROCE) stood at 20.7%, and return on equity (ROE) was 16.4%, compared to 29.5% and 22.2%, respectively, in the prior fiscal year. 

    Sanjay Gupta, Chairman of APL Apollo, remarked, “The Company has delivered its best-ever quarter, achieving record-high sales volume, EBITDA, and PAT. This impressive performance was achieved despite challenges such as a weak macroeconomic environment, subdued retail demand, and a slowdown in government infrastructure spending. For the first nine months of FY25, our volumes grew 19% year-on-year, significantly outpacing the overall industry growth rate.” 

    Q3 FY24 Earnings 

    • Revenue of ₹5433 crore in Q3 FY24 up by 30% YoY from ₹4178 crore in Q3 FY24.  
    • EBITDA of ₹346 crore in this quarter at a margin of 6% compared to 7% in Q3 FY24. 
    • Profit of ₹217 crore in this quarter compared to a ₹166 crore profit in Q3 FY24. 
    Zomato Ltd Q3 FY24 Earnings
    Zomato Ltd Q3 FY24 Earnings: Strategic Moves in Quick Commerce and Cloud Kitchens

    Zomato Ltd: Overview 

    Zomato Ltd. is a leading Indian online food delivery and restaurant discovery platform with a market capitalization with more than ₹200,000 crore. Established in 2008, it has evolved into one of India’s most prominent food-tech companies, seamlessly connecting millions of users with restaurants and delivery services nationwide. The platform boasts over 17 million monthly active users globally and employs a robust network of 300,000+ delivery personnel. In 2022, Zomato acquired Blinkit, a subsidiary specializing in quick commerce, for approximately ₹4,440 crore, further enhancing its presence in the fast-growing grocery delivery segment. The Indian e-commerce food delivery industry is on a strong growth trajectory, fueled by rising consumer demand, increased digital adoption, and the expansion of services into Tier 2 and Tier 3 cities. The market is projected to grow at a CAGR of 18-20% over the next few years, with the Indian food delivery industry expected to reach ₹1 trillion by FY25. This momentum is likely to continue, as convenience and time savings drive more consumers toward online food ordering. 

    Latest Stock News 

    Zomato Ltd, a leading food delivery aggregator, initiated its ₹8,500 crore Qualified Institutional Placement (QIP) offering on Monday, with a floor price set at ₹265.91 per equity share. The indicative price has been established at ₹252.62 per share, representing a 7.6% discount to the previous closing market price of ₹272.9 per share. The offering includes 33.65 crore shares, amounting to 3.8% of the company’s equity. 

    The company had earlier announced on November 23, 2024, that its shareholders approved the capital-raising proposal through a QIP, following a board decision last month to raise up to ₹8,500 crore. According to Zomato, the fundraising is intended to strengthen its balance sheet at this juncture. In its recent filing, the company noted a reduction in its cash balance by ₹1,726 crore compared to the previous quarter, primarily due to the ₹2,014 crore considerations for acquiring Paytm’s entertainment ticketing business. 

    Under the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018, and relevant provisions of the Companies Act, 2013, the equity shares being offered have a face value of ₹1 each. Zomato also stated it may provide a discount of up to 5% on the floor price, pending shareholder approval. The company plans to utilize the proceeds for business operations and strategic initiatives, though specific details have not yet been disclosed. 

    Business Segments 

    • Food Delivery: This segment serves as the cornerstone of the company’s business model. It operates as a comprehensive platform for food ordering and delivery, enabling customers to explore and discover a wide variety of local restaurants. Users can conveniently place orders for their favourite meals and enjoy prompt and reliable delivery services, enhancing their overall dining experience. 
    • Quick Commerce: This segment focuses on providing ultra-fast delivery services for a broad range of products, including stationery, fruits, groceries, food items, merchandise, electronic gadgets, and more. With an impressive delivery time of just 15 minutes, it caters to the growing demand for convenience and speed. The company has further strengthened this segment through the acquisition of its subsidiary, Blinkit, which exclusively manages and operates the quick commerce operations. 
    • Going Out: This segment combines the functionalities of a dining-out service and a ticketing platform. It allows customers to explore various restaurants, make reservations, and secure their dining spots effortlessly. Additionally, it offers the convenience of booking tickets for movies, live shows, and other entertainment events, making it a one-stop solution for leisure and recreation planning. 
    • B2B Supply: The Company’s business-to-business (B2B) segment, branded as Hyperpure, is dedicated to supplying high-quality food ingredients and other essential products to restaurants and other B2B buyers. This service ensures that businesses in the food industry have access to reliable and premium-quality supplies, enabling them to maintain their operational standards and deliver exceptional experiences to their customers 

    Subsidiary Information 

    • Blinkit (formerly Grofers): Blinkit is a leading player in the quick commerce segment, acquired by Zomato to expand its footprint beyond food delivery. It specializes in delivering a wide range of products such as groceries, fresh produce, dairy, personal care items, and household essentials within an ultra-fast delivery time of just 15 minutes. The acquisition of Blinkit aligns with Zomato’s strategic focus on catering to the growing consumer demand for convenience and immediacy. Leveraging Blinkit’s robust logistics infrastructure, Zomato has effectively diversified its service portfolio, enhancing its position in the hyper local delivery ecosystem. 
    • Zomato NZ Media Private Limited: Zomato NZ Media Private Limited is a subsidiary that plays a pivotal role in managing Zomato’s media and advertisement-related operations. This entity is responsible for overseeing content marketing, sponsored listings, and advertisements on the Zomato platform. By enabling restaurants and businesses to increase visibility and attract more customers, Zomato NZ Media Private Limited contributes to the company’s revenue generation through non-delivery channels. 
    • Zomato Payments Private Limited: This subsidiary focuses on streamlining and enhancing financial transactions within the Zomato ecosystem. Zomato Payments Private Limited provides seamless payment solutions, including an integrated wallet, UPI-based payment options, and third-party payment gateway services. By offering a secure and efficient payment experience for both customers and partner restaurants. It plays a crucial role in strengthening the operational backbone of Zomato’s diverse service offerings. 
    • Zomato Hyperpure Private Limited: Zomato Hyperpure Private Limited is the company’s B2B initiative aimed at providing premium-quality ingredients and essential supplies to restaurants and food service providers. It ensures a reliable supply of fresh, high-grade produce, meats, dairy products, and other kitchen essentials directly sourced from farmers and manufacturers. Hyperpure helps restaurant partners elevate the quality of their offerings while reducing procurement hassles. This initiative is a cornerstone of Zomato’s mission to support the food industry with innovative and sustainable solutions. 

    Q3 FY24 & Business Highlights 

    • Revenue of ₹5405 crore in Q3 FY24 up by 64% YoY from ₹3288 crore in Q3 FY24.  
    • EBITDA of ₹162 crore in this quarter at a margin of 3% compared to 2% in Q3 FY24. 
    • Profit of ₹59 crore in this quarter compared to a ₹138 crore profit in Q3 FY24. 
    • Zomato had about 2000 cloud kitchens in 8 cities only, and they are now focusing more in tier 2-3 cities and less. 
    • It is adding new business segment in high end electronics segments where margin is higher to play. 
    • New business competition from Zepto, Swiggy, is affecting the margins of company. And the higher commission is affecting the negotiating with the current restaurants clients. 
    • Zomato has also started 15 minute delivery in some cities only, to fast the sales and make it marketing move. 
    • Top 300 dark stores the profitability has not gone down even though there is peers pressure. 

    Financial Summary 

    INR Cr. Q3 FY24 Q3 FY25 FY23 FY24 
    Revenue 3288 5405 7079 12114 
    Expenses 3237 5243 8290 12071 
    EBITDA 51 162 -1211 43 
    OPM 2% 3% -17% 0% 
    Other Income 219 252 682 846 
    Net Profit 138 59 -971 351 
    NPM 4.2% 1.1% 13.7% 2.9% 
    EPS 0.16 0.06 -1.14 0.4 
    ICICI Lombard General Insurance Ltd Q3 FY24
    ICICI Lombard General Insurance Ltd Q3 FY24: Strong Growth and Market Leadership in Insurance

    ICICI Lombard General Insurance Ltd: Overview 

    ICICI Lombard General Insurance Ltd is one of India’s leading private sector general insurance companies, offering a wide range of products including motor, health, travel, home, and corporate insurance solutions. With a strong distribution network and a digital-first approach, the company serves retail and corporate customers across the country. ICICI Lombard focuses on delivering innovative and customer-centric insurance solutions, leveraging technology to enhance efficiency and customer experience. It has consistently maintained its leadership position in the general insurance sector, driven by its robust underwriting practices, extensive product portfolio, and strategic partnerships. The general insurance industry in India is poised for significant growth, supported by rising awareness, increasing disposable income, and government initiatives to improve insurance penetration. Segments like health insurance are witnessing strong demand due to heightened health consciousness post-pandemic and the growing need for comprehensive coverage. Additionally, motor insurance continues to expand with the rise in vehicle ownership, while infrastructure development is driving demand for property and liability insurance. The industry is expected to grow at a healthy rate in the coming years, aided by advancements in technology, regulatory support, and innovative product offerings. ICICI Lombard, with its strong brand and digital capabilities, is well-positioned to capitalize on these opportunities and sustain its leadership in the sector. 

    Business Segments

    • Retail Group: This segment focuses on individual customers and includes products such as motor, health, travel, home, and personal accident insurance. The retail group aims to provide tailored insurance solutions to meet the diverse needs of individuals, leveraging both offline and online channels for distribution. With the growing middle class and increasing insurance awareness, this segment is a major contributor to the company’s revenue. 
    • Corporate Solutions Group: The Corporate Solutions Group offers a range of insurance products designed for businesses and organizations. These include coverage for property, liability, marine, and other business-related risks. It serves large corporations, small and medium enterprises (SMEs), and public sector companies. This segment focuses on providing customized solutions that meet the complex risk management requirements of businesses, supporting their growth and operational stability. 
    • Government & Rural Business Group: This segment is dedicated to providing insurance solutions to government bodies, public sector undertakings (PSUs), and the rural population. The company offers products like crop insurance, rural health insurance, and government-backed schemes aimed at enhancing financial inclusion and protecting underserved communities. The Government & Rural Business Group plays a vital role in expanding insurance penetration in India, particularly in rural areas. 
    • Shared Services: ICICI Lombard’s Shared Services segment focuses on providing internal support functions across the company, including IT services, operations, claims management, underwriting, and risk management. This segment ensures the smooth functioning of the company’s day-to-day operations, optimizing processes, reducing costs, and enhancing overall efficiency. Shared services are important to maintaining operational scalability and ensuring customer satisfaction across all business segments. 

    Subsidiary Information

    ICICI Lombard General Insurance Company Limited (ICICI Lombard) doesn’t have any subsidiary companies. However, ICICI Lombard is a subsidiary of ICICI Bank Limited. 

    Q3 FY24 & Business Highlights

    • Revenue of ₹6161 crore in Q3 FY24 up by 18.6% YoY from ₹5194 crore in Q3 FY24.  
    • EBITDA of ₹962 crore in this quarter at a margin of 16% compared to 11% in Q3 FY24. 
    • Profit of ₹724 crore in this quarter compared to a ₹431 crore profit in Q3 FY24. 
    • Solvency ratio was 2.36x as at December 31, 2024 as against 2.65x as at September 30, 2024 and higher than the minimum regulatory requirement of 1.50x. Solvency ratio was 2.62x as at March 31, 2024. 
    • Retail health agency vertical grew by 29.9% for Q3 FY25; group insurance has the highest share pf 52.6% in health insurance revenue. 
    • Investment portfolio mix for 9M FY25: Corporate bonds 46.2%, G-Sec 37.2% and Equity (including equity ETF) 13.6%. Unrealised gain of ₹ 14.98 billion as on December 31, 2024. 
    • The average claim settlements are 5 days for Motor OD and 3 days for health insurance. 

    Financial Summary 

    INR Cr. Q3 FY24 Q3 FY25 FY23 FY24 
    Revenue 5194 6161 17876 20487 
    Expenses 4639 5199 16612 17910 
    EBITDA 555 962 1264 2577 
    OPM 11% 14% 7% 13% 
    Other Income 19 -2 991 112 
    Net Profit 431 724 1729 1919 
    NPM 8.3% 11.8% 9.7% 9.4% 
    EPS 8.8 14.6 35.2 38.9