Archives 2025

HDFC AMC- A Leading Player in India’s MF Industry
HDFC AMC Q3FY24: A Leading Player in India’s Mutual Fund Industry with 39.2% Revenue Growth

HDFC AMC Ltd: Overview 

HDFC Asset Management Company (HDFC AMC) is one of India’s leading asset management companies and a prominent player in the mutual fund industry. Established in 1999, it operates as a joint venture between Housing Development Finance Corporation (HDFC). HDFC AMC offers a diverse portfolio of investment products, including equity, debt, hybrid, and liquid mutual funds, catering to retail and institutional investors. HDFC AMC has built a strong distribution network comprising banks, financial advisors, and digital platforms, ensuring its reach across urban and rural markets. With a focus on investor education and digital innovation, HDFC AMC continues to enhance customer experience and expand its market share. With a total AUM (Assets under Management) of approximately ₹46 lakh crore as of FY24, the industry is expected to grow at a CAGR of 12-15% in the coming years. Technology-driven platforms and robo-advisors are simplifying the investment process, encouraging more investors, especially from tier-2 and tier-3 cities. India’s growing economy and expanding middle class are fuelling demand for wealth management and investment products. The Indian AMC industry is poised for continued growth as the population becomes more financially savvy, disposable incomes rise, and markets deepen. With a strong track record, trusted brand, and focus on innovation, HDFC AMC is well-positioned to capitalize on these trends and maintain its leadership in the industry. 

Business Segments:

  • Mutual Fund: HDFC AMC manages a comprehensive suite of mutual fund schemes, catering to various investment needs, risk appetites, and time horizons. In equity funds for focused on long-term capital appreciation by investing in equity and equity-related instruments. Debt funds for designed to provide stable returns by investing in fixed-income securities like bonds, treasury bills, and money market instruments. 
  • PMS and AIFs: The Company offers customized portfolio management services for high-net-worth individuals (HNIs) and institutional clients. These services are tailored to specific investment goals and include active equity and fixed-income portfolio strategies. It manages alternative investment funds, catering to sophisticated investors seeking higher returns through non-traditional investment avenues like private equity, real estate, or venture capital. 
  • Other Products & Services: HDFC AMC manages retirement-focused funds under the National Pension System (NPS). Encourages regular investments by retail investors, fostering disciplined saving habits. Provides a platform for investors to invest directly in funds, bypassing intermediaries, and reducing costs. 

Subsidiary Information:

  • HDFC AMC International (IFSC) Ltd: The business of acting as an Investment Manager to the scheme(s) to be launched under AIFs, from time to time. Further, as a part of reward strategy for attracting new talents and retaining the existing resources holding critical roles required for the business of WOS, it is proposed to extend the benefits and coverage of the Scheme to present and future eligible employees of the WOS. 

Q2 FY25 & Business Highlights 

  • Revenue of ₹935 crore in Q3 FY25 up by 39.2% YoY from ₹671 crore in Q3 FY24.  
  • EBITDA of ₹764 crore in this quarter at a margin of 82% compared to 76% in Q3 FY24. 
  • Profit of ₹641 crore in this quarter compared to a ₹488 crore profit in Q3 FY24. 
  • Total AUM of ₹7764 billion is handled by HDFC AMC and the live account are 22.1 million in Q3 FY25. 
  • The Debt market’s closing AUM is ₹1565 billion which is 13.2% increase YoY & Liquid market of ₹767 billion with increase of 14.2%. 
  • The channel distribution share of total AUM is MFDs 26.6%, National Distributors 21.3%, Direct 41.4%, HDFC Bank 5.7% and other Banks with 10.6% of total AUM share. 
  • HDFC AMC has total 280 offices out of which 196 are in B-30 locations and it contributes about 12% of share in market. 

Financial Summary 

INR Cr. Q3 FY24 Q3 FY25 FY23 FY24 
Revenue 671 935 2478 3160 
Expenses 162 171 550 627 
EBITDA 509 764 1929 2533 
OPM 76% 82% 78% 80% 
Other Income 143 93 4 4 
Net Profit 488 641 1423 1943 
NPM 72.7% 68.6% 57.4% 61.5% 
EPS 22.9 30 66.7 91 
HCLTech Powers Digital Transformation
HCL Tech Powers Digital Transformation with AI and Cloud Solutions

HCL Technologies Ltd: Overview 

HCL Tech brings together the best of technology and its people to enable global enterprises to accelerate their digital transformation journeys. The Company has a footprint across 60 countries and employs over 227,000+ people. It’s full stack technology services portfolio across the digital, engineering, cloud, AI and software makes it a preferred digital transformation partner to G2000 companies across industries. The Company serves clients through a network of 200+ delivery centers and 150+ innovation labs. It has also established presence in 20 near shore locations to deliver in proximity services to clients. This global reach, combined with a robust ecosystem of partners and hyperscalers, allows it to deploy best-in-class technology solutions at speed and scale. The advent of new technologies like GenAI and continued digital transformation needs of enterprises offer growth opportunities to the Company. Large and mega deals are gaining traction as enterprises focus on cost optimization and vendor consolidation. IT services market is projected at 6.1% globally over the next one year by industry analysts. The current economic landscape indicates favourable market opportunities for technology across industries. 

Latest Stock News (16 Jan 2025)

Vodafone Idea (VI), one of India’s leading telecom companies, has partnered with HCL Software, the software business unit of HCLTech, to make its 4G and 5G networks smarter and more efficient. VI is now using HCL Augmented Network Automation (HCL ANA), a multivendor self-optimizing network (MV-SON) platform, to manage its Ericsson and Samsung networks. This advanced technology will help VI improve network performance, save energy, and offer better services to its customers. This partnership with HCL Software is a major step forward for Vodafone Idea. The AI-powered HCL ANA platform will streamline our network operations and provide superior network experience to our customers. It also reflects VI’s commitment to using advanced, Made-in-India technologies to improve services, reduce costs, and prepare for the future of telecom innovation. HCLTech, a leading global technology company, today announced the expansion of its strategic partnership with Microsoft to transform customer service experiences with generative AI and cloud-based contact center solutions. HCLTech will empower clients to activate Microsoft Dynamics 365 Contact Center, a Copilotfirst solution that delivers superior customer experiences, accelerates problem-solving, empowers customer service representatives and drives efficiency. 

Business Segments:

  • Digital Business Services: HCLTech’s Digital Business Services offerings include Digital Consulting, Commercial Apps, Custom Apps, Data and AI, covering large Application Development, Application Management, Projects and System Integration and value realization work for our clients. HCLTech Digital Business Services help enterprises challenge the status quo by transforming their operating models, by identifying and rethinking the right experiences, enabling them with composable platforms and optimizing them with data-driven insights, all while ensuring sustainable value creation and impact. 
  • Digital Foundation Services: HCLTech’s Digital Foundation Services (DFS) form the bedrock of our clients’ digital transformation journeys. We offer next-gen AI- and hyper automation-led, secure, resilient and reconfigurable solutions for IT infrastructure. We are a trusted advisor and partner for leading G2000 companies, helping them manage and transform their large and complex IT infrastructure. Clients choose our services for our proven ability to execute at scale and deliver stated business benefits on time. 
  • Digital Process Operations: Digital Process Operations (DPO) provides clients with next-generation operating models that sustain new levels of speed, agility, efficiency and transformation. DPO revolutionizes customer experiences, modernizes end-to end business value chain, unlocks business capital and drives competitive advantages through its domain expertise, engineering, and AI/GenAI capabilities and best-in-breed partner ecosystem. Our integrated technology-led digital operations model reimagines clients’ operations across three broad digital stacks. 
  • HCLTech Career Shaper: HCLTech’s EdTech Business Services, now called the HCLTech Career Shaper™, focuses on providing tech platforms, products and solutions for talent mobility at scale with agility. The Career Shaper™ suite of products includes 150+ tech roles-based learning programs, immersive labs and assessments. For enterprises, the solutions encompass hiring tests, skills gap analytics, competency-based learning, proctored assessments 

Subsidiary Information:

  • HCL Comnet Systems & Services Ltd: HCL Comnet Systems & Services Ltd is a wholly-owned subsidiary of HCL Technologies and operates primarily in the domain of IT infrastructure management services. The company provides end-to-end solutions for remote infrastructure management, network management, and IT support services to global clients. It also plays a pivotal role in supporting HCL Technologies’ global delivery model by managing infrastructure operations across various industries. 
  • HCL Bermuda Ltd: It is a subsidiary of HCL Technologies, incorporated in Bermuda. It primarily serves as an investment holding entity for HCL’s global operations. The company plays a strategic role in HCL’s international expansion, facilitating business operations and investments in the Americas and other regions. 
  • HCL Technologies (Shanghai) Ltd: The Company is a China-based subsidiary of HCL Technologies. It focuses on providing IT services, engineering, and R&D solutions to clients in China and the broader Asia-Pacific region. The subsidiary supports industries such as manufacturing, automotive, and electronics, leveraging HCL’s expertise to deliver localized services and solutions tailored to the Chinese market. 
  • Sankalp Semiconductor Pvt Ltd: Sankalp Semiconductor Pvt Ltd, acquired by HCL Technologies in 2019, is a leading provider of analogue and mixed-signal semiconductor design services. It specializes in delivering end-to-end solutions for complex chip design and verification across sectors like automotive, consumer electronics, healthcare, and IoT. The acquisition has strengthened HCL’s semiconductor capabilities and expanded its offerings in the VLSI (Very Large Scale Integration) design and embedded solutions market. 

Q3 FY25 & Business Highlights 

  • Revenue of ₹29890 crore in Q3 FY25 up by 5.08% YoY from ₹28446 crore in Q3 FY24.  
  • EBITDA of ₹6860 crore in this quarter at a margin of 23% compared to 24% in Q3 FY24. 
  • Profit of ₹4594 crore in this quarter compared to a ₹4351 crore profit in Q3 FY24. 
  • Software revenue at $400 million, an 18.7% increase QoQ but a decline of 2.1% YoY in constant currency. Services revenue at $3,145 million, up 2.2% QoQ and 4.9% YoY in constant currency. 
  • Added two clients in the $100 million category, four in the $50 million category, and four in the $20 million category YoY. Continued expansion in top five and top 20 clients. 
  • Won 12 deals in Q3, with total new booking TCV at $2.1 billion. Small deals are growing stronger than large deals, indicating a shift in client spending patterns. 

Financial Summary 

INR Cr. Q3 FY24 Q3 FY25 FY23 FY24 
Revenue 28446 29890 101456 109913 
Expenses 21659 23030 78828 85713 
EBITDA 6787 6860 22628 24198 
OPM 24% 23% 22% 22% 
Other Income 370 477 1358 1495 
Net Profit 4351 4594 14845 15710 
NPM 15.3% 15.4% 14.6% 14.3% 
EPS 16.03 16.92 54.73 57.86 
Himadri Specialty Chemical
Himadri Specialty Chemical: ₹120 Cr Expansion for High-Value Products to Fuel Atmanirbhar Bharat Vision

Himadri Specialty Chemical Ltd: Overview 

Himadri Specialty Chemical Ltd is a leading integrated specialty carbon company in India with a diversified product portfolio. Established in 1987, the company specializes in the manufacture of coal tar pitch, carbon black, and advanced carbon materials. Himadri caters to a variety of industries, including aluminium, graphite, tires, lithium-ion batteries, and paints. It is recognized for its focus on innovation and sustainability, offering high-quality products that meet stringent global standards. The company’s state-of-the-art facilities and strong R&D capabilities enable it to consistently deliver value-added solutions to its clients, both domestically and internationally. Himadri’s core offerings include coal tar pitch used in the aluminium and graphite industries, carbon black for tire manufacturing, and advanced carbon materials for lithium-ion battery applications. With an emphasis on sustainable operations, the company is investing in cutting-edge technologies and expanding its footprint in high-growth sectors like energy storage and electric vehicles. The specialty carbon and chemical industry is poised for significant growth, driven by increasing demand from end-user industries such as aluminium, tire manufacturing, and energy storage. The global shift towards electric vehicles and renewable energy has created robust opportunities for advanced carbon materials, particularly in the lithium-ion battery segment. This industry is also benefitting from infrastructure development and industrial expansion in emerging economies like India and China. 

Latest Stock News (16 Jan 2025)

Himadri Speciality Chemical Ltd has recently been awarded with Eco Vadis Platinum medal, this recognition is awarded to the top 1% of company by Eco Vadis in the world amongst more than 130,000 assessed companies globally. Aligned with our vision to expand into high-value products, we have planned a new capex for production of speciality products at an investment of Rs. 120 crore, funded through internal accruals. This facility will enable us to extract high-value specialty products, including Anthraquinone, Carbazole, and Fluorene from existing coal tar distillates at our existing facility and is expected to commence operations within the next 18 months. These products have application in dyes, pigments, pharma and various other industries. This strategic move marks a significant step towards reducing import dependency and aligns with Himadri’s commitment towards the Government of India’s vision of an Atmanirbhar Bharat. 

Business Segments 

  • The product portfolio of Himadri Speciality Chemical Ltd includes battery materials, Carbon Black, Specialty carbon black, Coal tar pitch, refined naphthalene, SNF & PCE, Specialty oils, clean energy and Anticorrosion products. The company is working in all this industries and acquiring the companies in that industry to diversify its product portfolio. 

Subsidiary Information 

  • Combe Projects Pvt Ltd: It is a wholly-owned is engaged in project-specific developments and investments, supporting the expansion and diversification of Himadri’s business operations. While specific details about its core activities are limited, subsidiaries like this typically assist in executing large-scale projects, infrastructure development, or specialized chemical production. 
  • Himadri Clean Energy Ltd: It focuses on the development and production of clean energy solutions. It plays a pivotal role in Himadri’s strategy to capitalize on the growing demand for sustainable energy products. The company is involved in the manufacturing of advanced carbon materials used in lithium-ion batteries, a key component of electric vehicles and renewable energy storage systems. This aligns with global trends favouring green and clean energy solutions. 
  • Himadri Future Material Technology Ltd: It is at the forefront of the company’s innovation and R&D initiatives. It specializes in advanced material development, particularly for high-growth sectors like electric vehicles, renewable energy, and energy storage. This subsidiary likely focuses on creating cutting-edge solutions to cater to the evolving demands of emerging industries, enabling Himadri to maintain its competitive edge in the global specialty chemical market. 
  • AAT Global Ltd: It is designed to enhance the company’s global presence. This subsidiary likely handles international operations, partnerships, and market expansion initiatives. It supports Himadri’s aim to strengthen its position in international markets and explore new opportunities in the specialty carbon and advanced materials sectors. 

Q3 FY25 & Business Highlights 

  • Revenue of ₹1141 crore in Q3 FY25 up by 8.4% YoY from ₹1053 crore in Q3 FY24.  
  • EBITDA of ₹221 crore in this quarter at a margin of 19% compared to 17% in Q3 FY24. 
  • Profit of ₹141 crore in this quarter compared to a ₹109 crore profit in Q3 FY24. 
  • The company is net debt free as on December 2024, with positive cash balance of ₹109 crore on its balance sheet. 
  • The estimated capex for setting up facilities for extracting Anthraquinone, Cabazole & Fluorine from existing coal tar distillates. This capex is estimated to be of ₹120 crores and will be sourced from Internal accruals and is to be completed in 18 months from the time of commencement. 
  • The Cathode Active material capex is on schedule and is going to be live by Q3 FY27, and specialty carbon black line project to be live by Q3 FY26. 
  • It acquired 12.79% stake in Sicona an Australian startup specializing in lithium-ion batteries, and it is 50%-100% better in delivering higher capacity than conventional graphite anodes. 

Financial Summary 

INR Cr. Q3 FY24 Q3 FY25 FY23 FY24 
Revenue 1053 1141 4172 4185 
Expenses 879 920 3773 3540 
EBITDA 174 221 399 645 
OPM 17% 19% 10% 15% 
Net Profit 109 206 216 411 
NPM 10.4% 18.1% 5.2% 9.8% 
EPS 2.47 141 4.99 8.34 
Angel One Q3 FY25
Angel One Q3FY25: Dividend Declared to Attract Investors

Angel One Ltd: Overview 

Angel One Ltd. (formerly Angel Broking) is one of India’s leading retail stockbroking firms, offering a wide range of financial services, including online trading, investment advisory, and portfolio management. Established in 1996, the company provides its services through a robust digital platform, catering to retail investors and traders across equities, derivatives, mutual funds, commodities, and more. As a full-service broker, Angel One combines affordability with comprehensive offerings, making it a preferred choice for investors in India’s growing capital markets. The company’s strong growth is driven by increasing retail participation and its ability to cater to the evolving needs of tech-savvy investors. Angel One is renowned for its user-friendly digital trading platforms like Angel One App and Angel BEE, catering to a diverse customer base, including first-time investors. The broking industry in India is poised for strong growth, driven by favourable demographics, the expanding middle class, and increasing penetration of financial products. As more individuals diversify their investment portfolios, the demand for innovative, tech-enabled platforms will continue to rise. Firms with robust technology, strong customer focus, and diversified offerings are well-positioned to capture market opportunities in this evolving landscape. 

Latest Stock News (16 Jan 2025) 

Angel One’s shares plunged nearly 7% to an intra-day low of Rs 2,280 after the company reported a fall in EBITDA margins in its quarterly earnings for the third quarter. Angel One’s EBITDA margin dipped 500 basis points to 39.3% from 44.4% quarter-on-quarter, while its net profit fell by 34% from the previous quarter to Rs 281 crore. The broker’s revenue declined by 17% QoQ to Rs 1,262 crore in Q3 FY25. Plus, the company’s operating profit (EBITDA) fell by 26% sequentially to Rs 496 crore in the third quarter of the current financial year. However, the company’s net profit rose to Rs 281.47 crore, an 8.13% increase from Rs 260.31 crore in Q3 FY24. Its revenue from operations stood at Rs 1262.21 crore, up 19.18% from Rs 1059.05 crore during the third quarter of the previous financial year. To fortifies against the results impact and lure investors, the company declared a dividend of Rs 11 per equity share, equivalent to Rs 99.30 crore. This is 35.3% of the consolidated net profit of Q3 FY25. Angel One announced the record date for determining the eligibility of shareholders for payment of the said Interim Dividend, as Tuesday, January 21, 2025. The company’s performance was impacted after the markets’ watchdog (SEBI) implemented new rules to curb the F&O participation of retail investors. It raised minimum contract size, reduced weekly expiries, upfront collection of premiums, discontinued popular contracts, etc. 

Business Segments: 

  • Broking: Angel One Ltd operates as a leading digital-first stockbroking platform, offering trading services across equities, commodities, and derivatives. The company caters to retail and institutional investors, providing seamless access to capital markets through its state-of-the-art trading platform and mobile app. Angel One’s broking services are known for low-cost trading, real-time analytics, etc. 
  • Client Funding: Angel One Ltd offers client funding services to enable investors leverage their positions in market. This segment allows clients to borrow funds against securities, facilitates higher trading volumes. Angel One ensures that its funding solutions are efficient, compliant, and tailored to meet the diverse needs of its customer base. 
  • Distribution: Angel One distributes a wide range of financial products, including mutual funds, insurance, loans, and portfolio management services. This segment leverages the company’s extensive digital ecosystem to provide value-added investment options to clients, enhancing their wealth creation journey. Through strategic tie-ups and an easy-to-use interface, Angel One ensures comprehensive financial solutions under one platform. 

Subsidiary Information: 

  • Angel Financial Advisors Pvt Ltd: It operates as an IRDAI-registered corporate agent, distributing a diverse range of life, health and general insurance products. We are empanelled with prominent insurance providers such as TATA AIA Life Insurance Company Limited, ICICI Prudential Life Insurance Company Limited and HDFC Life Insurance Company Limited for life insurance. AFAPL is empanelled with Manipal Cigna Health Insurance Company Limited, Care Health Insurance Company Limited and Niva Bupa Health Insurance Company Limited. 
  • Angel Crest Ltd: The Company is formed with the objective to provide broking services across equities, commodities and currency derivative segments, margin trading facility, research analyst and investment advisory services, depository services, and distribution of third-party financial products, through the digitally advanced mobile application, tablet and web platforms of the Transferor Company, to its clients. 
  • Angel One AMC Ltd: The Company is formed with the objective to carry on the activities of raising or acquiring funds for, and managing any and acting as managers, consultants, advisors, administrators, attorneys, agents or representatives or nominees of or for any mutual funds, offshore funds, insurance funds, unit trusts, venture capital funds, investments funds or any other pool or portfolio of securities, assets or investments of any kind, including any pension, provident fund or superannuation fund, etc. 
  • Angel One Wealth Management Ltd: The Company is formed with the objective of providing all kind of distribution services, advisory services in investment, wealth management, insurance products [including life, general and health] and financial planning products in accordance with the applicable laws and to carry on the business of advising on investments in stocks, shares, securities, debentures, bonds, warrants, depository receipts, commodities, currency, real estate, options, derivatives and all kinds of financial instruments including portfolio management services mutual funds, market linked debentures, fixed income products, structured products, Alternate Products, Corporate Fixed Deposits, Gold Related Products, Primary & Secondary Market Corporate Bonds, Small Savings Investment Plans, Retirement Plans, IPOs, REITs, INVITs, unit linked policies, insurance policies, and any other wealth management products either onshore or offshore and providing financial and investment advisory services. 

Q2 FY25 & Business Highlights 

  • Revenue of ₹1262 crore in Q3 FY25 up by 19.2% YoY from ₹1059 crore in Q3 FY24.  
  • EBITDA of ₹496 crore in this quarter at a margin of 39% compared to 38% in Q3 FY24. 
  • Profit of ₹281 crore in this quarter compared to a ₹260 crore profit in Q3 FY24. 
  • The unique SIPs registered in Q3 FY25 are 226,000 which accumulate the clients’ AUM to ₹101.4bn. 
  • For credit distribution company has tie up with 3 NBFCs and there is pipeline for new 3 banks & NBFCs. 
  • About 88%client acquisition is done from tier 2-3 cities and beyond in Q3 FY25. 
  • Average daily index option contracts trading has reduced to 0.3 billion and Angel One’s F&O to 3.9 million in December. 

Financial Summary 

INR Cr. Q3 FY24 Q3 FY25 FY23 FY24 
Revenue 1059 1262 3002 4272 
Expenses 661 766 1708 2579 
EBITDA 398 496 1294 1693 
OPM 38% 39% 43% 40% 
Other Income 2 2 18 7 
Net Profit 260 281 890 1126 
NPM 24.5% 22.3% 29.7% 26.4% 
EPS 31.1 31.2 106.7 133.9 
DMart Earning Results
DMart Earning Results: Leadership Milestones and Anshul Asawa’s Appointment

Avenue Supermarts Ltd: Overview 

Avenue Supermarts Limited, popularly known as DMart, is a leading Indian retail chain primarily engaged in the business of organized grocery and household retailing. Founded in 2002 by Radhakishan Damani, the company operates a network of hypermarkets across India, providing a wide range of products including food, personal care, home essentials, apparel, and general merchandise. DMart is recognized for its value-for-money proposition, catering to middle and lower-middle-class customers by offering quality products at competitive prices. Most of DMart’s stores are self-owned, which helps reduce rental costs and enhances operational efficiency. The company focuses on penetrating specific regions before expanding into new areas, ensuring strong supply chain management and cost control. DMart operates over 330 stores across major Indian cities and towns. Its revenue mix is heavily tilted towards food and grocery, with a significant contribution from non-food categories like apparel and home essentials. The Indian retail sector, valued at over $900 billion in FY24, is expected to grow at a CAGR of 10%-12% over the next few years. The growth of tier-2 and tier-3 cities presents new opportunities for retail expansion. Organized retail accounts for about 12%-15% of the total retail market in India, offering significant room for growth as consumers shift from unorganized kirana stores to modern trade formats like DMart. 

Latest Stock News (13 Jan 2025) 

Neville Noronha will not be offering his candidature for renewal of his role as the Managing Director and CEO at the conclusion of his current term in January 2026 – a year from now. After more than two decades of exceptional leadership and a glorious tenure at the helm of the business, Neville has chosen not to extend his contract. The Board of Directors honours his decision and expresses profound gratitude for his extraordinary contribution to the company. The Board has appointed Anshul Asawa as the CEO Designate, effective March 15th, 2025. Under Neville’s stewardship, DMart has reached significant milestones, including surpassing the ₹50,000. Crore annual turnover mark and growing from 5 stores, when Neville joined the company, to more than 380 stores now. His visionary leadership, strategic foresight, and relentless focus on long-term value creation have set the company up for continued success. The foundation laid by Neville Noronha will remain a source of strength and inspiration. 

Business Segments 

  • Foods: It includes food items like groceries, dairy, staples, snacks, frozen foods, beverages, processed foods, cooking oils, etc. This segment is the highest contributor in the company’s revenue with 57.01% share. 
  • Non-Foods: Non-foods items include Home cares, personal cares, toiletries like shampoo, perfumes, soaps, beauty products, etc. This segment contributes 20% to company’s revenue. 
  • General Merchandise & Apparel: It includes Bathware products, toys for kids, kitchen appliances, garments, plastics goods, etc. This segment contributes about 23% in company’s revenue. 

Subsidiary Information 

  • ALIGN RETAIL TRADES PRIVATE LIMITED (ARTPL): ARTPL, a wholly-owned subsidiary Company incorporated on 22nd September, 2006, is engaged in the business of packing and selling of grocery products, spices, dry fruits, etc. Its revenue from operations for FY 2024 stood at ₹2,796.53 crore against ₹2,211.29 crore in the previous year. 
  • AVENUE FOOD PLAZA PRIVATE LIMITED (AFPPL): AFPPL, a wholly-owned subsidiary Company was incorporated on 8th June, 2004. It is engaged in the business of operating ready to eat food outlets at DMart stores. The revenue from operations of the Company for FY 2024 stood at ₹177.09 crore as against ₹124.41 crore for FY 2024. 
  • AVENUE E-COMMERCE LIMITED (AEL) AEL, a subsidiary Company, incorporated on 11th November, 2014 is engaged in the business of online and multi-channel grocery retail under the brand name of DMart Ready. AEL allows its customers to order a broad range of grocery and household products through its mobile app and website. AEL’s revenue from operations for FY 2024 stood at ₹2,899.20 crore compared to ₹2,202.03 crore in the FY 2023. 
  • REFLECT HEALTHCARE AND RETAIL PRIVATE LIMITED (RHRPL): RHRPL, a wholly-owned subsidiary Company was incorporated on 28th May, 2018 as Reflect Wholesale and Retail Private Limited. The name of the Company was changed from Reflect Wholesale and Retail Private Limited to Reflect Healthcare and Retail Private Limited since 15th September, 2022. The Company is in the business of operating pharmacy stores, the revenue from operations of the Company for FY 2024 was ₹3.16 crore and FY 2023 was ₹11,000. 

Q3 FY25 & Business Highlights 

  • Revenue of ₹15973 crore in Q3 FY25 up by 17.7% YoY from ₹13572 crore in Q3 FY24.  
  • EBITDA of ₹1217 crore in this quarter at a margin of 8% compared to 8% in Q3 FY24. 
  • Profit of ₹724 crore in this quarter compared to a ₹690 crore profit in Q3 FY24. 
  • DMart has total 387 stores as of Q3 FY25, and Maharashtra with highest 113 stores. 
  • DMart Ready is live in 25 cities, which was 1 city in 2017. And is trying to expand in tier 2&3 cities more.
  • The revenue per retail business area is ₹9317/sq. ft. in Q3 FY25, which was ₹8582 in Q2 FY25. 

Financial Summary 

INR Cr. Q3 FY24 Q3 FY25 FY23 FY24 
Revenue 13572 15973 42840 50789 
Expenses 12453 14755 39201 46683 
EBITDA 1120 1217 3639 4106 
OPM 8% 8% 8% 8% 
Net Profit 690 724 2378 2536 
NPM 5.08% 4.5% 5.55% 5% 
EPS 10.6 11.12 36.7 38.97 

 

BHEL Limited: India's Engineering Giant
BHEL Limited: India’s Engineering Giant and Its Latest Achievements

BHEL Limited: Overview 

Bharat Heavy Electricals Limited (BHEL) is one of India’s largest engineering and manufacturing companies in the energy and infrastructure sectors. Established in 1964, BHEL is a central public sector enterprise under the Ministry of Heavy Industries. It plays a pivotal role in India’s industrial and economic development, contributing to power generation, transmission, transportation, and renewable energy. HEL specializes in designing, engineering, manufacturing, and servicing a wide range of products and systems for power plants, industrial equipment, and transportation. The company has a vast product portfolio, including boilers, turbines, generators, and transmission systems, alongside providing services such as project management and construction. BHEL has done projects in over 80 countries, shows the strong footprint of BHEL. 

Latest Stock News (13 Jan 2025) 

Bharat Heavy Electricals Limited (BHEL) has achieved yet another milestone in Bhutan with the successful commissioning of two units of the 6×170 MW Punatsangchhu-II Hydroelectric Project (PHEP-II). Executed as part of a bilateral agreement between the Government of India and the Royal Government of Bhutan, PHEP-II is a Greenfield hydro project located in the Wangdue district of Western Bhutan. Bharat Heavy Electricals Limited (BHEL) and Oil & Natural Gas Corporation Ltd. (ONGC) have signed a MoU for exploring joint projects and collaboration in the area of New and Renewable Energy business. This MoU will help in contributing towards the country’s National Green Hydrogen Mission, as well as leveraging the combined strengths of both organisations for collaborating in emerging areas within the clean energy ecosystem. 

Shareholding Pattern as on September 2024 

Key Stats 

  • Market Capitalisation: ₹67604 Crore 
  • P/E: 152 
  • ROCE: 3.4% 
  • ROE: 1.1% 
  • Dividend Yield: 0.12% 

Peer Comparison 

Amt in ₹ Cr MCap Sales PAT ROCE Asset Turn. EV/EBITDA D/E P/E 
BHEL Ltd 67604 25833 444 3.37% 0.41 45.4 0.38 152 
Siemens 208588 22239 2716 25.6% 0.93 49.5 0.02 76.8 
ABB Ltd 130267 11580 1688 30.7% 1.03 52.1 0.01 77.5 
Hitachi Energy 53777 5850 199 17.8% 1.21 130.6 0.25 270 
Premier Energies 59630 3143 231 25.2% 1.11 96.9 0.55 214.9 

Financial Trends 

Amount in ₹ Cr 2020 2021 2022 2023 2024 
Revenue 21463 17309 21211 23365 23893 
Expenses 21596 20357 20383 22321 23182 
EBITDA -133 -3049 828 1044 711 
OPM -1% -18% 4% 4% 3% 
Other Income 590 393 405 544 608 
Net Profit -1468 -2700 445 654 282 
NPM -6.84% -16% 2% 3% 1% 
EPS -4.21 -7.75 1.28 1.88 0.81 

Stock Price Analysis 

In terms of performance, Bharat Heavy Electricals has shown a return of -5.53% in one day, -23.88% over the past month, and -28.39% in the last three months. Over the past 52 weeks, the shares have seen a low of ₹195.6 and a high of ₹335.4. The stock has been falling for past 6 months; it is because of the weak quarter. The volumes have also reduced and the stock might fall more as the overall market is negative. 

Why Adani Wilmar Shares Plunged
Why Adani Wilmar Shares Plunged: Key Reasons Behind the 9.2% Drop and Stake Sale Impact

Adani Wilmar Ltd. fell sharply 9.2% on the last trading day (Friday) to a one-day low of ₹291 on NSE. The fall came after one of its promoters, Adani Commodities LLP, announced a sale of up to 20% holding. The company submitted an offer (OFS) in this month (January 2025).

Strategic transformation by Adani Group

The share sale is in line with Adani Group’s broader strategy to exit non-core businesses. and focus on core infrastructure businesses including airports, roads, data centers, and green hydrogen. Sales generated a revenue of approximately Rs. 485 Cr., among these key activities. It will be a repeat investment.

Parent company Adani Enterprises plans to phase out Adani Wilmar. In the first phase, 13.5% of the shares will be sold through OFS, while in the second phase, Singapore’s Wilmar International Ltd will acquire the remaining shares at a price not exceeding ₹305 per share.

Impact on the market and shareholder changes

OFS has attracted huge interest from over 100 domestic and international investors, making it one of the largest OFS transactions in the recent history of the Indian capital market. The sale announcement, coupled with pressure in the broader market, sent shares of Adani Wilmar down 10% in price.

Investor structure after OFS: Adani Group’s stake in the joint venture decreased from 43.94% to 31.06% after the transaction, while Wilmar International It is set to purchase the remaining shares by March 2025.

Compliance and Finance

The sale of Adani Wilmar’s shares ensures compliance with Sebi’s minimum public shareholding (MPS) norms, which require public ownership of at least 25% in a listed entity. After OFS, public shareholders hold shares at 25.63%, while promoters hold 74.37% of the shares.

Business overview and growth trends

Adani Wilmar, an equal joint venture between Adani Group and Wilmar International, dominates the Indian FMCG sector with its flagship brand Fortune, which produces cooking oil, wheat flour, rice, and sugar. The company posted consolidated revenue of Rs 51,555 crore last fiscal year as on date. At the last update, it also reported a market capitalization of ₹42,000 crore.

IREDA Driving India’s Renewable Energy Revolution
IREDA: Driving India’s Renewable Energy Revolution with Innovative Financing and Record Growth in Q3 FY25

IREDA Ltd: Overview 

Incorporated in 1987, Indian Renewable Energy Development Agency Ltd. (IREDA) is a Government of India enterprise operating under the Ministry of New and Renewable Energy (MNRE). It is a public financial institution primarily focused on promoting, developing, and financing renewable energy and energy efficiency projects across India. As a specialized institution, IREDA plays a pivotal role in India’s transition towards a sustainable and low-carbon economy by supporting the government’s renewable energy initiatives. IREDA has been instrumental in financing a significant portion of India’s renewable energy capacity, supporting the country’s ambition of achieving 500 GW of non-fossil fuel capacity by 2030.  India’s renewable energy sector is poised for exponential growth, driven by ambitious government targets, favourable policies, and technological advancements. With the push for green hydrogen, offshore wind projects, and large-scale solar parks, IREDA is positioned to play a critical role in financing and driving the nation’s green energy transformation. Its expertise and robust financial strategies make it a key player in India’s journey towards sustainable energy leadership. 

Business Segments:

  • Renewable Energy Financing: It provides financing to large-scale solar photovoltaic (PV) power plants, rooftop solar projects, and solar thermal systems. Supporting initiatives to generate energy from agricultural waste, municipal solid waste, and other biomass resources. Major segments were Solar Energy, Wind Energy Projects, Biomass Projects, Hydro Power projects, etc. 
  • Innovative Financing Solutions: It is a way of financing through issuing green bonds to raise funds for renewable energy projects, attracting both domestic and international investors, offering refinancing options for operational renewable energy projects to optimize capital structures or short-term funding solutions for projects awaiting long-term financing or subsidies from government schemes. 

Subsidiary Information:

  • IREDA Global Green Energy Finance IFSC Ltd: It is a wholly owned subsidiary operates from GIFT city Gandhinagar, Gujarat. Its mission is to provide finance and promote renewable energy projects, domestically and internationally, aligning with IREDA’s vision of expanding sustainable energy solutions. This entity is designed to manage retail business under schemes like PM-Suryaghar (Rooftop Solar) and PM-KUSUM, as well as B2C segments in renewable energy and emerging sectors, including electric vehicles, energy storage, green technologies, sustainability, and energy efficiency. 

Q3 FY25 & Business Highlights 

  • Revenue of ₹1698 crore in Q3 FY25 up by 35% YoY from ₹1253 crore in Q3 FY24.  
  • EBITDA of ₹548 crore in this quarter at a margin of 32% compared to 31% in Q3 FY24. 
  • Profit of ₹425 crore in this quarter compared to a ₹336 crore profit in Q3 FY24. 
  • IREDA signed MoU with SJVN and GMR for 900MW Hydropower Project in Nepal. 
  • Incorporation of IREDA Global Green Energy Finance IFSC Limited, a wholly owned subsidiary in GIFT City Gandhinagar for Foreign currency financing. 
  • The Renewable capacity of IREDA was 125GW in FY19 which has increased to 206GW in FY25, with highest share of solar power in capacity. 
  • The gross yield on loan assets has come to 9.96% and the cost of borrowing at 7.68%, which creates interest spread of 2.28%. 
  • The sector wise loan disbursement as on 31 December is majorly 26% solar, 15% wind, 12% hydro power18% loan facility to state utilities. 

Financial Summary 

INR Cr. Q3 FY24 Q3 FY25 FY23 FY24 
Revenue 1253 1698 3483 4965 
Expenses 760 1032 2088 3164 
EBITDA 394 548 1163 1716 
OPM 31.0% 32.0% 33.0% 35.0% 
Net Profit 336 425 865 1252 
NPM 26.8% 25.0% 24.8% 25.2% 
EPS 1.25 1.58 3.78 4.66 
Aegis Logistics Ltd: Accelerating Growth in India
Aegis Logistics Ltd: Accelerating Growth in India’s Liquid and Gas Logistics with 25% CAGR

Aegis Logistics Limited: Overview 

Aegis Logistics Ltd. is a leading integrated logistics company in India, specializing in the handling and storage of liquid, gas, and chemical products. Established in 1956, the company operates through two key business segments: Liquid Terminal Division and Gas Terminal Division. These divisions provide end-to-end supply chain solutions for its clients, including storage, distribution, and terminal services. It has two business segments Liquid and Gas Terminal Division, where it provides services such as gas bottling, bulk LPG distribution, and retail operations through partnerships with oil marketing companies. Aegis Logistics has built a robust infrastructure, including state-of-the-art terminals, pipelines, and distribution facilities. The company has leveraged its strategic locations near major consumption centers to cater to the needs of large industrial and retail clients. 

Latest Stock News (9 Jan 2025) 

Aegis Logistics’ share price also rallied driven by recent government directives aimed at strengthening the natural gas sector. On 31 December 2024, a circular was issued by the Ministry of Petroleum and Natural Gas. The circular mandates key changes that directly benefit city gas distribution (CGD) companies, indirectly influencing investor sentiment toward the stock. The GAIL India cannot reduce natural gas allocations to CGD companies without prior approval from the Ministry of Petroleum and Natural Gas. The company is targeting a 25% compound annual growth rate (CAGR) by FY27. With approximately half of its Rs 45 billion (bn) capital expenditure program already completed or underway, it’s on track to meet its growth objectives. 

Shareholding Pattern as on September 2024 

Key Stats 

Market Cap ₹29133 Crore 
Revenue ₹7062 Crore 
Profit ₹583 Crore 
ROCE 14.7% 
P/E 49.9 

Peer Comparison 

Amt in ₹ Cr MCap Sales PAT ROCE Asset Turn. EV/EBITDA D/E P/E 
Aegis Logistics 29133 7062 583 14.7% 0.94 26.47 1.06 49.9 
Adani Total Gas 74925 4687 702 21.2% 0.73 61.5 0.37 106.7 
Gujarat Gas 33459 16295 1225 20.5% 1.39 14.6 0.02 27.3 
Petronet LNG 48052 54977 3917 26.4% 2.22 6.5 0.15 12.3 
GAIL 118075 136080 11534 14.6% 1.15 6.87 0.23 10.2 

Financial Trends 

Amount in ₹ Cr 2020 2021 2022 2023 2024 
Revenue 7183 3843 4631 8627 7046 
Expenses 6906 3456 4096 7955 6123 
EBITDA 277 388 535 672 923 
OPM 4% 10% 12% 8% 13% 
Other Income 33 37 39 187 190 
Net Profit 134 249 385 511 672 
NPM 1.87% 6% 8% 6% 10% 
EPS 2.93 6.36 10.19 13.2 16.22 

Stock Price Analysis 

In terms of performance, Aegis Logistics has shown a return of -6.48% in one day, 5.81% over the past month, and 20.07% in the last three months. Over the past 52 weeks, the shares have seen a low of ₹354.15 and a high of ₹1035.7. Stock has given CAGR of over 30% for 10 years and the volatility is high right now, and stock has also fallen from its all-time high. 

Tata Elxsi Ltd Global Leader
Tata Elxsi Ltd: Global Leader in Design, Technology, and AI Solutions for Healthcare Industries

Tata Elxsi Ltd: Overview 

Tata Elxsi Ltd is a global leader in design and technology services, offering innovative solutions across multiple industries, including Automotive, Media, Communications, and Healthcare. Established in 1989, the company is part of the Tata Group and specializes in providing integrated services that span research and strategy, electronics and mechanical design, software development, validation, and deployment. With a presence in over 30 countries, Tata Elxsi is supported by a network of global design studios, development centers, and offices worldwide. As per revenue bifurcation Software Development & Services contributes about 97% in revenue. And major revenue comes from Europe 42%, USA 34%, and India 18% and 6% Rest of World. Tata Elxsi has successfully launched Neuron, a powerful AI based platform network transformation. It won multi-million deals across domains cloud connection, 5G network, etc. 

Business Segments: 

  • Transportation: Transportation continues to be a strong beacon of growth for Tata Elxsi, powered by landmark deals in the software-defined vehicle (SDV) and electric vehicle (EV) space driven by our differentiated software capabilities. We also have a suite of EV solutions and expertise to provide OEM support for the design and development of inverters, electric motors, and battery management systems for EVs. Software Defined Vehicle Platform is a key trend in the automotive industry, with OEMs investing in developing in-house SDV platforms. With over 1,000,000 vehicles are now powered by TETHER, including personal vehicles, commercial vehicles, and EVs, the potential to leverage this platform for global OEMs are significant. 
  • Media & Communications: Our Media and Communications vertical posted a modest growth of 0.2% YoY, generating Rs. 1,217.5 crores revenue which comprises 35.3% of SDS operating revenue. Tata Elxsi has been chosen as a strategic partner for transformation of video services across multiple countries for a LATAM headquartered multi-country operator. They launched NEURON, our autonomous network platform that enables telecommunication operators to progress towards Zero-Touch Automation. Serving millions of subscribers with 10,000+ virtualised network functions. 
  • Healthcare & Life Sciences: The Healthcare & Life Sciences vertical posted a growth of 10.8% YoY, generating Rs. 484.9 crores revenue which comprises 14% of SDS operating revenue. The healthcare industry is at the inflection point of a digital transformation, with more institutions investing into connected and smart devices, shift of operations to digital workflows, usage of analytics and increased awareness of regulatory norms, resulting in the opening of new opportunities to enter the field of digital diagnostics and connected healthcare. 

Subsidiary Information: 

  • The company itself is a subsidiary of Tata Sons Pvt Ltd, which holds 42.2% stake in this company. 

Q2 FY25 & Business Highlights 

  • Revenue of ₹939 crore in Q3 FY25 up by 3% YoY from ₹914 crore in Q3 FY24.  
  • EBITDA of ₹247 crore in this quarter at a margin of 26% compared to 30% in Q3 FY24. 
  • Profit of ₹199 crore in this quarter compared to a ₹206 crore profit in Q3 FY24. 
  • All business segments showed a very less growth due to longer deals, soft quarters, etc. Healthcare segment grew by 1.1% YoY. 
  • Tata Elxsi launches an ODC in Pune for Suzuki Motor Corporation, Japan, to accelerate software and virtual development for next generation connected, EV, and ADAS technologies. 
  • Tata Elxsi won a multi-million long-term deal from a leading US headquartered MSO to manage a portfolio of applications that will ramp up over the next two quarters. 
  • Tata Elxsi selected to develop the next-generation connectivity platform for off-highway operations for a global leader in off-highway vehicles. 

Financial Summary 

INR Cr. Q3 FY24 Q3 FY25 FY23 FY24 
Revenue 914 939 3145 3552 
Expenses 644 693 2182 2505 
EBITDA 270 247 962 1047 
OPM 30% 26% 31% 29% 
Other Income 35 40 74 122 
Net Profit 206 199 755 792 
NPM 23% 21% 24% 22% 
EPS 33.2 31.95 121.3 127.2