All posts by Nagnath

Indian Oil Corporation Q3 FY25 Results
IOC Q3 Results: Net Profit Falls 64% to ₹2,874 Crore Amid LPG Losses

Indian Oil Corporation Ltd: Overview 

Indian Oil Corporation Ltd. (IOCL) is India’s largest integrated and diversified energy company, engaged in refining, pipeline transportation, petroleum product marketing, natural gas, petrochemicals, and alternative energy sources. The company operates the largest refining capacity in India, with a network of 11 refineries and a combined refining capacity of approximately 80.6 million metric tonnes per annum (MMTPA). IOCL plays a critical role in ensuring energy security for India by supplying fuel across sectors, including automotive, industrial, and aviation. IOCL has a vast pipeline infrastructure of over 17,000 km, transporting crude oil, refined petroleum products, and natural gas across the country. The company is also a major player in the retail fuel segment, with over 34,000 fuel stations and a strong presence in the liquefied petroleum gas (LPG) market. Additionally, IOCL is expanding its footprint in the petrochemical segment, renewable energy, and electric mobility, aligning with India’s sustainability goals. The Indian energy sector is witnessing a transformative shift due to rising fuel demand, advancements in refining technology, and a growing focus on clean energy. The country’s expanding economy and increasing urbanization are expected to drive fuel consumption in the coming years. According to industry estimates, India’s petroleum demand is projected to grow at a compound annual growth rate (CAGR) of around 4% over the next decade. With the government’s push for energy transition, IOCL is investing in biofuels, hydrogen, and electric vehicle charging infrastructure. The renewable energy sector, especially green hydrogen and biofuel blending, presents significant opportunities for IOCL. However, challenges such as global crude oil price volatility, regulatory changes, and competition from private refiners remain key risks for the company. 

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Operating margins are expected to recover significantly, with an improvement to 6.8% in the upcoming quarter compared to the 2.2% reported in Q2 FY25. The Gross Refining Margin (GRM) is projected to rise to $6.20 per barrel, marking a strong recovery from $1.60 per barrel in the previous quarter, although still lower than the $13.50 per barrel recorded in the same period last year. Crude throughput, which represents the volume of crude oil processed, is estimated to increase by 4% to 17.4 million metric tonnes (MMT), up from 16.7 MMT in Q2 FY25. Sales of petroleum products are also expected to show a modest increase of 1%, reaching 22.2 MMT compared to 21.9 MMT in the previous quarter, reflecting stable demand in the market. Investors should closely monitor key factors influencing the earnings performance. Strong margins in auto fuel marketing and refining operations may indicate a positive trend, but challenges persist, particularly in the petrochemical segment, where weak realizations and spreads continue to weigh on profitability. Additionally, higher inventory losses in liquefied petroleum gas (LPG) could negatively impact the company’s overall financial performance. During the second quarter, IOC faced several operational and financial challenges. Revenue declined by 9.8% to ₹1.74 lakh crore, missing market expectations. EBITDA suffered a sharp decline of 56.3%, reaching just ₹3,773 crore, while the operating margin dropped to 2.2%, significantly lower than the 4.5% reported in the previous quarter.  

Business Segments

  • Refining and Marketing: IOCL is the largest refiner in India, with 11 refineries producing various petroleum products, including petrol, diesel, kerosene, and aviation fuel. The company operates an extensive marketing network, including retail outlets, LPG distribution, and industrial fuel supply. IOCL has also introduced premium fuel products under the XP100 and XtraGreen brands. 
  • Pipelines: IOCL manages one of the world’s largest oil and gas pipeline networks, ensuring efficient transportation of crude oil, petroleum products, and natural gas. The company’s pipeline infrastructure enhances operational efficiency and reduces transportation costs. 
  • Petrochemicals: The petrochemicals division is a key growth area for IOCL, with products including polypropylene, polyethylene, and synthetic rubbers. The company has established large petrochemical plants, such as those at Panipat and Paradip, to cater to domestic and international markets. 
  • Natural Gas: IOCL is expanding its presence in the natural gas sector through city gas distribution (CGD), LNG imports, and pipeline-based natural gas supply. The company is a key player in India’s growing CGD network, aiming to support cleaner energy consumption. 
  • Alternative Energy and Sustainability Initiatives: IOCL is actively investing in green energy initiatives, including biofuels, hydrogen production, solar and wind energy, and electric vehicle (EV) charging infrastructure. The company is also exploring carbon capture technologies and sustainability-focused projects to reduce its environmental footprint. 

Subsidiary Information

  • Chennai Petroleum Corporation Ltd. (CPCL): Chennai Petroleum Corporation Ltd. (CPCL) is a significant refining subsidiary of Indian Oil Corporation Ltd. (IOCL), operating two refineries located in Tamil Nadu with a total refining capacity of 11.5 million metric tonnes per annum (MMTPA). The company plays a critical role in catering to the growing fuel demand of South India by ensuring a steady supply of petroleum products. 
  • Indian Oil LNG Pvt Ltd: Indian Oil LNG Pvt Ltd. is a key subsidiary focusing on the import, storage, and distribution of liquefied natural gas (LNG) to meet India’s growing energy needs. The company operates the Ennore LNG terminal, which is strategically located to provide a stable supply of LNG to various industries, power plants, and city gas distribution networks. 
  • Indian Oil Tanking Ltd: Indian Oil Tanking Ltd. is a joint venture between IOCL and Oiltanking GmbH, a global leader in petroleum storage logistics. This subsidiary specializes in handling, storing, and transporting petroleum products efficiently, ensuring seamless fuel distribution across the country. 
  • IndOil Montney Ltd: IndOil Montney Ltd. is an international subsidiary that focuses on the exploration, development, and production of oil and gas assets in Canada. This subsidiary helps expand IOCL’s global footprint in the energy sector by acquiring and managing valuable hydrocarbon reserves. 

Q3 FY25 Earnings 

  • Revenue of ₹194014 crore in Q3 FY25 down by 2.95% YoY from ₹199906 crore in Q3 FY24.  
  • EBITDA of ₹7573 crore in this quarter at a margin of 4% compared to 8% in Q3 FY24. 
  • Profit of ₹2147 crore in this quarter compared to a ₹9225 crore profit in Q3 FY24. 

Financial Summary 

Amount in ₹ Cr Q3 FY24 Q3 FY25 FY23 FY24 
Revenue 199906 194014 841756 776352 
Expenses 183172 186442 811073 700706 
EBITDA 16733 7573 30683 75636 
OPM 8% 4% 4% 10% 
Other Income 1916 1936 5124 5389 
Net Profit 9225 2147 11704 43161 
NPM 4.6% 1.1% 1.4% 5.6% 
EPS 6.4 1.5 6.9 29.6 
IndusInd Bank and Punjab National Bank Q3 FY25 Results
Q3 Results: IndusInd Bank Profit Drops 39% and Punjab National Bank Soars 103% YoY

IndusInd Bank Ltd: Overview 

IndusInd Bank Ltd. is a leading private sector bank in India, offering a diverse range of banking products and financial services to individuals, corporates, and SMEs. Established in 1994, the bank has grown into a strong player in retail, corporate, and wealth management segments, with a focus on digital banking and innovative financial solutions. It has a widespread presence with over 2,600 branches and 2,900+ ATMs across India, along with representative offices in key global financial hubs. The bank’s loan book is well-diversified, covering vehicle finance, microfinance, SME lending, and corporate banking. IndusInd Bank is known for its strong asset quality, stable deposit base, and focus on high-yield lending segments, driving consistent growth and profitability. The Indian banking sector remains on a growth trajectory, supported by economic expansion, increasing digital adoption, and rising credit demand. Private sector banks like IndusInd Bank are expected to benefit from a shift towards formal banking, financial inclusion initiatives, and a growing middle-class population. Key trends shaping the industry include the rise of fintech partnerships, growth in retail and SME lending, and enhanced regulatory frameworks ensuring financial stability. While challenges such as interest rate fluctuations, asset quality concerns, and global economic uncertainties persist, IndusInd Bank’s robust risk management, diversified loan portfolio, and digital-first approach position it well to navigate industry dynamics and capture long-term growth opportunities. 

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IndusInd Bank’s loan book stands at ₹366,889 crore, while deposits have reached ₹409,438 crore, demonstrating a well-diversified portfolio across products and geographies. The CASA ratio is at 35%, ensuring stable, low-cost deposits, and the loan mix is balanced at 54:46 between retail and wholesale lending. Key segments include microfinance (9%), gems & jewellery (3%), and vehicle finance (25%) of the total loan book. The bank maintains strong asset quality with a 70% Provision Coverage Ratio (PCR), Gross NPA at 2.25%, and Net NPA at 0.68%. Loan against property has grown 14% YoY to ₹11,986 crore, while the cost of deposits stands at 6.58% with a 3% QoQ increase. IndusInd Bank operates one of the largest treasury divisions among Indian banks, backed by best-in-class risk management systems. It has allocated a specific provision of ₹5,809 crore for non-performing accounts, floating provisions of ₹70 crore, and standard contingent provisions of ₹1,325 crore, with total loan-related provisions amounting to ₹8,792 crore (2.40% of total loans). The bank disburses over ₹200 crore in loans each month, acquires 70,000+ new clients monthly, and books fixed deposits worth ₹2,000 crore monthly. Leveraging advanced technology, IndusInd Bank employs 21+ machine learning-based propensity models and 70+ campaign triggers to drive cross-selling, bill payments, UPI mandates, and tier retention, ensuring continuous customer engagement and portfolio growth. 

Q3 FY25 Earnings 

  • Revenue of ₹12801 crore in Q3 FY25 up by 10.6% YoY from ₹11572 crore in Q3 FY24.  
  • Financing loss of ₹495 crore in this quarter at a margin of -4% compared to 6% in Q3 FY24. 
  • Profit of ₹1401 crore in this quarter compared to a ₹2298 crore profit in Q3 FY24. 

Punjab National Bank Ltd: Overview 

Punjab National Bank (PNB) is one of India’s largest public sector banks, offering a comprehensive range of banking and financial services. With a vast nationwide presence and a strong customer base, PNB provides retail and corporate banking solutions, including loans, deposits, treasury operations, and digital banking services. The bank maintains a well-diversified loan portfolio across sectors such as agriculture, MSMEs, corporate lending, and retail finance, ensuring balanced growth. Additionally, PNB continues to focus on asset quality improvement and digital transformation to enhance operational efficiency and customer experience. The Indian banking industry is witnessing steady credit growth, driven by economic recovery, increased demand for retail loans, and infrastructure development. Public sector banks, including PNB, are benefiting from government reforms, recapitalization measures, and digital banking adoption. However, challenges such as asset quality risks, regulatory changes, and interest rate fluctuations remain key factors to monitor. As the industry moves towards greater financial inclusion and technological advancements, PNB is strategically positioning itself to leverage these opportunities while strengthening its balance sheet and enhancing profitability. 

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Net Interest Income (NII) grew by 7.2% YoY. The bank’s asset quality improved, with Gross Non-Performing Assets (GNPA) declining to 4.09% (a 215 bps YoY reduction) and Net NPA falling to 0.41% (a 55 bps YoY decline). The Provision Coverage Ratio (PCR), including technical write-offs, stood at 96.77%, marking an improvement of 249 bps YoY. Credit cost showed a decline of 114 bps YoY, further strengthening the bank’s financial health. PNB’s agriculture priority sector (PS) advances reached 18.20% of Adjusted Net Bank Credit (ANBC), exceeding the regulatory norm of 18%. The bank also facilitated loan disbursement for the e-PM Vishwakarma scheme through the PNB Digital Rupee App, simplifying subsidy disbursement under the Subhadra Yojana. The bank operates internationally with branches in Dubai and Gift City, Gandhinagar, while its subsidiaries are located in London (UK) and Bhutan. Additionally, PNB has a joint venture in Nepal. The fee-based income for Q3 stood at ₹1,311 crore, contributing to overall revenue growth. PNB’s cost of deposits was 5.24%, lower than IndusInd Bank, while the yield on advances stood at 8.5%. The total GNPA ratio improved from 6.24% to 4.09% in the latest quarter, reflecting enhanced asset quality management. 

Q3 FY25 Earnings 

  • Revenue of ₹31895 crore in Q3 FY25 up by 14.5 % YoY from ₹27852 crore in Q3 FY24.  
  • Financing profit of ₹3663 crore in this quarter at a margin of 11% compared to 3% in Q3 FY24. 
  • Profit of ₹4811 crore in this quarter compared to a ₹2441 crore profit in Q3 FY24. 
Sun Pharma Q3 FY25 Results
Sun Pharma Q3 FY25 Results: Revenue Up 10.5% YoY to ₹13,675 Cr, Profit Surges to ₹2,913 Cr

Sun Pharmaceuticals Industries Ltd: Overview 

Sun Pharmaceutical Industries Ltd. is the largest pharmaceutical company in India and one of the leading specialty generic drug manufacturers globally. It operates across over 100 markets, with a strong presence in the U.S., India, Emerging Markets, and Western Europe. The company and its subsidiaries has various manufacturing facilities spread across the world with trading and other incidental and related activities extending to global market. The company’s product portfolio includes branded generics, complex generics, active pharmaceutical ingredients (APIs), and specialty drugs, particularly in dermatology, ophthalmology, and oncology. With an extensive R&D focus, Sun Pharma has consistently expanded its specialty drug pipeline, leveraging both organic growth and strategic acquisitions. It produces a comprehensive and diverse portfolio of generic and specialty medicines targeting wide spectrum of chronic and acute treatments. The global pharmaceutical industry is experiencing strong growth driven by rising healthcare expenditures, increased chronic disease prevalence, and higher demand for specialty medications. India remains a key player in the global generic drug industry, supplying over 20% of global generics by volume. Additionally, Sun Pharma is capitalizing on regulatory approvals, biosimilars opportunities, and increased focus on high-margin specialty drugs, positioning itself for sustainable long-term growth. 

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India’s formulation sales reached ₹43,004 million, marking a 13.8% increase. US formulation sales were USD 474 million, showing a slight decline of 0.7%. Global Specialty sales amounted to USD 370 million, which includes USD 45 million in milestone revenues. Excluding these milestones, Global Specialty sales grew by 17.5%. These sales, excluding milestones, represented 21% of total Q3FY25 sales. Formulation sales in emerging markets reached USD 277 million, up 10.1%, while sales in the rest of the world rose by 21% to USD 259 million. The company’s R&D investments for the quarter stood at ₹8,450 million, up from ₹8,245 million in Q3FY24. According to the SMSRC (July-Oct 2024) report, the company is ranked No.1 by prescriptions across 12 doctor categories. In Q3FY25, the company launched 12 new products in the Indian market. In the US, formulation sales were USD 474 million for Q3FY25, down 0.7% compared to the same quarter last year, accounting for about 30% of the total consolidated sales. For the first nine months of the fiscal year, sales amounted to USD 1,457 million, reflecting a 5.7% increase. The R&D pipeline includes 7 novel entities undergoing clinical trials. The company offers a comprehensive product portfolio in the US market, with approved ANDAs for 541 products and 109 ANDAs pending US FDA approval, including 28 tentative approvals. Additionally, there are 51 approved NDAs, with 13 NDAs awaiting US FDA approval. During the quarter, 6 ANDA filings were made, and 2 ANDA approvals were received. Upcoming developments include Phase 3 topline data for Ilumya in psoriatic arthritis expected in H2CY25, and the approval of Leqselvi for severe alopecia areata in the US. 

Business Segments

  • India Business: Contributing around 32% of total revenue, Sun Pharma is the largest pharmaceutical company in India with a robust branded generics portfolio, covering therapies such as cardiology, dermatology, ophthalmology, and diabetes. The company continues to launch innovative first-to-market formulations and expand its domestic reach. 
  • U.S. Business: The largest revenue contributor, accounting for approximately 30% of total sales. Sun Pharma has a strong pipeline of complex generics, specialty drugs, and biosimilars, with key brands including Ilumya (psoriasis), Cequa (dry eye), and Odomzo (skin cancer). The U.S. generics market remains competitive, but Sun Pharma’s differentiated portfolio provides an edge. 
  • Emerging Markets (EM): This segment contributes around 18% of revenue, covering Asia, Latin America, and Russia/CIS regions. Sun Pharma continues to strengthen its branded generics presence, leveraging its local partnerships, strong distribution network, and diversified product pipeline. 
  • Rest of the World (ROW): Comprising markets in Western Europe, Canada, and Australia, this segment contributes nearly 14% of revenue. The company focuses on branded generics and specialty drug launches in key developed markets. 
  • Active Pharmaceutical Ingredients (APIs): A crucial segment, supplying APIs both internally for formulations and externally to third parties. Sun Pharma’s API business provides a competitive cost advantage, backed by state-of-the-art manufacturing and backward integration. 

Subsidiary Information

  • Taro Pharmaceuticals: Taro Pharmaceuticals is a key subsidiary of Sun Pharma, operating across the United States, Canada, and Israel, with a strong focus on dermatology and niche generic drugs. The company has established itself as a leader in the development and manufacturing of topical formulations, which include creams, ointments, and gels used in the treatment of various skin conditions. Taro’s specialization in dermatology has allowed it to build a robust portfolio of high-margin specialty products. 
  • Ranbaxy Laboratories: Sun Pharma acquired Ranbaxy Laboratories in 2015, a strategic move that significantly strengthened its global generics portfolio. Ranbaxy had a well-established presence in India and Emerging Markets, bringing with it an extensive product range and a wide distribution network. The integration of Ranbaxy into Sun Pharma’s operations led to substantial improvements in research and development (R&D) capabilities, enabling the company to develop and launch high-quality, affordable generic medicines across multiple geographies. 
  • Poland’s Polpharma: Polpharma, a leading pharmaceutical company based in Eastern Europe, plays a crucial role in strengthening Sun Pharma’s position in the CIS (Commonwealth of Independent States) and European branded generics market. With a strong focus on branded generics, Polpharma provides Sun Pharma with access to an extensive product portfolio and a well-established distribution network across multiple European countries. 
  • Dusa Pharmaceuticals: Dusa Pharmaceuticals is a specialized subsidiary that focuses on photodynamic therapy (PDT) for dermatological treatments, reinforcing Sun Pharma’s position in the high-value specialty pharmaceutical segment. Dusa’s innovative light-activated drug treatments are widely used for various skin-related disorders, offering patients advanced therapeutic options.  
  • Sun Pharma Advanced Research Company (SPARC): Sun Pharma Advanced Research Company (SPARC) serves as the dedicated research and development (R&D) arm of Sun Pharma, focusing on new drug discovery, innovative drug delivery systems, and specialty pharmaceuticals. By continuously investing in cutting-edge research, SPARC enhances Sun Pharma’s long-term growth strategy, reinforcing its position as a global leader in the pharmaceutical industry. 

Q3 FY25 Earnings 

  • Revenue of ₹13675 crore in Q3 FY25 up by 10.5% YoY from ₹12381 crore in Q3 FY24.  
  • EBITDA of ₹4009 crore in this quarter at a margin of 29% compared to 28% in Q3 FY24. 
  • Profit of ₹2913 crore in this quarter compared to a ₹2516 crore profit in Q3 FY24. 

Financial Summary 

Amount in ₹ Cr Q3 FY24 Q3 FY25 FY23 FY24 
Revenue 12381 13675 43886 48497 
Expenses 8904 9666 32235 35479 
EBITDA 3477 4009 11650 13018 
OPM 28% 29% 27% 27% 
Other Income 180 149 459 865 
Net Profit 2561 2913 8513 9610 
NPM 20.6% 21.3% 19.4% 19.8% 
EPS 10.5 12.1 35.3 39.9 
Nestle India Q3 FY25 Results
Nestlé India Q3 FY25 Results: Revenue Rises 3.9% YoY to ₹4,780 Cr, Profit at ₹688 Cr

Nestle India Ltd: Overview 

Nestle India Limited, a subsidiary of the Swiss multinational Nestle S.A., is one of the leading FMCG companies in India, specializing in nutrition, health, and wellness products. With a presence spanning over six decades, Nestle India has become synonymous with quality and innovation in the Indian food and beverage industry. The company operates in various product categories, including dairy, confectionery, beverages, instant foods, and infant nutrition, with some of the most recognized brands like Maggi, Nescafe, KitKat, and Cerelac. Nestle India’s extensive distribution network ensures that its products are widely available across urban and rural markets, supported by continuous investments in research, development, and local manufacturing. The company focuses on sustainable growth, innovation in nutritional science, and digital transformation to enhance consumer experience, making it a dominant player in the Indian FMCG sector. The Indian food and beverage industry is poised for robust growth, driven by rising disposable incomes, urbanization, and increasing health consciousness among consumers. The industry is expected to expand due to growing demand for packaged and ready-to-eat foods, fortified nutrition products, and plant-based alternatives. The e-commerce and digital retail boom further strengthens Nestle India’s market position, allowing it to reach a broader consumer base. Moreover, the Indian government’s emphasis on food safety regulations, nutrition awareness programs, and sustainable manufacturing practices aligns with Nestle’s long-term business strategy. The sector faces challenges such as raw material price volatility, changing consumer preferences, and regulatory complexities, but Nestle India continues to innovate with new product launches and sustainable packaging solutions. 

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In the third quarter, three out of four product groups demonstrated strong growth, driven by a combination of pricing and volume expansion. Key brands continued to perform well, which is encouraging despite the challenging market environment. Nestle’s powdered and liquid beverages segment was the largest growth driver, achieving high double-digit growth. Notably, the beverages retail segment surpassed ₹2000 crore, in revenue over the last twelve months, marking a significant milestone. The Out-of-Home business also reported strong double-digit growth, particularly in the food and beverage solutions portfolio. E-commerce maintained its rapid growth trajectory, posting high double-digit growth and contributing 9.1% to domestic sales. Additionally, new product launches since 2015 now account for approximately 7% of the company’s total sales. 

This quarter was characterized by food inflation, a slowdown in urban consumption, and a gradual recovery in rural markets. Revenue is projected to grow by 4%, supported by a 2% increase in volume and price hikes. However, EBITDA margins are expected to decline by 189 basis points year-over-year to 22%, largely due to weaker gross margin performance. Key factors to monitor include the demand outlook in rural versus urban markets, competitive intensity, and raw material price trends. Nestle has also expanded its manufacturing capacity with a new production line for KitKat in Gujarat, which will have an annual capacity of 15,000 tons. The estimated capital expenditure for this unit is around ₹1,100 crore, which will be fully funded through internal accruals without the need for external borrowing. 

Business Segments

  • Prepared Dishes & Cooking Aids: This segment includes the flagship Maggi brand, which dominates the instant noodles and ready-to-cook meals category in India. Nestle India continues to innovate within this segment by introducing healthier variants, fortified products, and expanding its range of pasta, soups, and seasonings. 
  • Milk Products & Nutrition: This segment covers dairy-based products such as Nestle Milk, Every day, Nestle Slim Milk, and Cerelac, catering to consumers of all age groups. The company focuses on enhancing nutritional value, affordability, and sustainability in its dairy offerings, with an increasing shift towards fortified and protein-rich products. 
  • Beverages: Nestle India holds a strong market share in the beverages segment with brands like Nescafe, Nestea, and Milo. The rising demand for premium and instant coffee products, along with increasing consumer preference for healthy and functional beverages, has led to further innovations in this segment. 
  • Chocolate & Confectionery: Nestle’s stronghold in the confectionery segment includes globally popular brands like KitKat and Munch. The segment benefits from premiumization trends and increasing chocolate consumption in India, with the introduction of innovative flavours, formats, and healthier alternatives. 
  • Infant Nutrition: With brands like Lactogen and Nan Pro, Nestle India is a leading player in the infant nutrition market. The company focuses on providing scientifically advanced, safe, and highly nutritious products to support early-stage child development. 

Subsidiary Information

  • Nestle R&D Centre India Pvt Ltd: This subsidiary plays a crucial role in Nestle’s innovation pipeline, focusing on product development, quality enhancement, and customization for the Indian market. The R&D center collaborates with local agricultural and nutrition experts to ensure that Nestle India stays ahead in terms of product relevance and nutritional advancements. 
  • Nestle India Beverages Pvt Ltd: This subsidiary manages Nestle India’s beverage portfolio, primarily overseeing the Nescafe brand and its expansions into instant coffee, cold brews, and functional drinks. Given the rising demand for ready-to-drink and plant-based beverages, this division focuses on continuous innovation and premiumization. 
  • Nestle Nutrition India Pvt Ltd: Dedicated to infant and maternal nutrition, this subsidiary oversees the production, marketing, and distribution of brands like Cerelac, Lactogen, and Nan Pro. It is committed to scientific research in early nutrition, aiming to provide high-quality, fortified, and safe nutrition products for Indian consumers. 
  • Nestle Waters India Pvt Ltd: This subsidiary handles Nestle’s bottled water business, catering to the growing demand for premium and packaged drinking water solutions. While still a niche segment, Nestle Waters India is expanding into sustainable and functional hydration solutions, including flavoured and vitamin-enhanced waters. 
  • Nestle India Services Pvt Ltd: This subsidiary focuses on supply chain, logistics, and customer service operations, ensuring smooth production and efficient market distribution. It plays a vital role in digitizing Nestle India’s supply chain, reducing costs, and enhancing product availability across urban and rural markets. 

Q3 FY25 Earnings 

  • Revenue of ₹4780 crore in Q3 FY25 up by 3.9% YoY from ₹4600 crore in Q3 FY24.  
  • EBITDA of ₹1077 crore in this quarter at a margin of 23% compared to 24% in Q3 FY24. 
  • Profit of ₹688 crore in this quarter compared to a ₹656 crore profit in Q3 FY24. 

Financial Summary 

Amount in ₹ Cr Q3 FY24 Q3 FY25 CY23 FY24 
Revenue 4600 4780 19126 24394 
Expenses 3505 3703 14655 18581 
EBITDA 1095 1077 4471 5813 
OPM 24% 23% 23% 24% 
Other Income -77 4 116 159 
Net Profit 656 688 2999 3933 
NPM 14.3% 14.4% 15.7% 16.1% 
EPS 6.8 7.1 31.1 40.8 
Adani Total Gas Q3 FY25 Results
Adani Total Gas Q3 FY25 Results: Profit Falls 19% to ₹142 Cr, Revenue Rises 13%

Adani Total Gas Ltd: Overview 

Adani Total Gas Ltd. (ATGL) is a joint venture between the Adani Group and TotalEnergies, a global integrated energy player. Founded in 2004, the company is a key player in the Indian natural gas distribution sector, focusing on the development and operation of city gas distribution (CGD) networks for both industrial and residential sectors. Adani Total Gas is involved in the distribution of piped natural gas (PNG) and compressed natural gas (CNG) to both domestic and commercial customers, particularly in cities across India. With the backing of the Adani Group, one of the largest business conglomerates in India, and TotalEnergies, a global energy giant, ATGL has leveraged its expertise to become a major provider of natural gas solutions in the country. 

The industry outlook for Adani Total Gas is highly promising, with the Indian government’s push toward cleaner energy sources, urbanization, and infrastructure development fuelling the demand for natural gas. Natural gas is seen as a transition fuel to meet India’s environmental goals, particularly in terms of reducing emissions from coal and oil, making it an attractive energy alternative. The Indian government’s focus on expanding CGD networks across multiple cities, combined with the growing adoption of CNG for transportation and PNG for cooking and industrial use, is expected to drive growth for ATGL in the coming years. Moreover, India’s increasing focus on sustainable and cleaner energy sources presents an opportunity for the company to expand its footprint and contribute to India’s energy transition. The development of new gas-based infrastructure, rising demand for natural gas, and the company’s strong positioning in both the industrial and residential markets provide a solid foundation for long-term growth. Furthermore, global energy trends towards decarbonization and the rising adoption of CNG vehicles also offer significant growth opportunities for ATGL, both in domestic and international markets. 

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CNG station network has expanded to 605 stations, with 58 new stations added during the year, including 28 new stations in the quarter under review. Additionally, our steel pipeline infrastructure has grown to 13,082-inch kilometres. On the domestic piped natural gas (PNG) front, ATGL now serves over 922,000 households. In the nine-month period, we added over 100,000 new connections, and during the December quarter, 28,677 connections were added. For industrial and commercial consumers, we have expanded our base to 8,913, adding 582 connections during the nine months, and 167 connections in the third quarter. Regarding emerging businesses, our e-mobility efforts have seen significant progress, with 1,914 EV charging points commissioned across 22 states and 4 Union Territories, covering 226 cities. We aim to reach approximately 3,000 charging points by March-April this year. Our EV charging infrastructure has also expanded to nearly 20 airports across India, making us one of the largest airport EV charge point operators in the country. On the gas front, ATGL faced two reductions in APM gas allocation. The first reduction, from 63% to 51%, occurred on October 16, 2024, followed by a second reduction from 51% to 37% on November 16, 2024. These reductions, combined with the increase in gas prices, resulted in an EBITDA of INR 272 crores for the quarter, with a PBT of INR 193 crores and a PAT of INR 143 crores. However, effective from January 16, 2025, the APM allocation for CNG has been increased from 37% to 51%, which is expected to have a positive impact in the current quarter. CNG continues to constitute 25% of our entire portfolio. 

Business Segments 

  • City Gas Distribution (CGD): The CGD segment forms the core of Adani Total Gas’s business. It involves the establishment and operation of pipelines that deliver natural gas to homes, businesses, and industries within designated urban areas. ATGL has expanded its CGD network across numerous cities in India, including major urban centers like Ahmedabad, Faridabad, and Khurja. With a commitment to sustainability and energy efficiency, the CGD segment is poised to remain a key revenue driver for ATGL. 
  • Compressed Natural Gas (CNG): The CNG segment is another important area for Adani Total Gas, focusing on providing CNG for vehicles as an alternative to conventional fuels like petrol and diesel. The Indian government has been encouraging the use of CNG vehicles as part of its efforts to reduce air pollution and dependence on oil imports. ATGL operates CNG stations in key cities, providing customers with a cleaner and more cost-effective fuel option.  
  • Piped Natural Gas (PNG): Adani Total Gas is also involved in the distribution of PNG to residential, commercial, and industrial customers. Piped natural gas offers significant convenience and cost advantages over traditional energy sources such as LPG and firewood. This segment is witnessing rapid growth as more urban households and businesses opt for natural gas for cooking, heating, and other industrial applications.  
  • Renewable Energy and Sustainable Solutions: With the global shift towards renewable energy, Adani Total Gas has also been exploring opportunities in the renewable energy space. The company has begun investing in renewable energy projects such as solar energy and green hydrogen, with an aim to complement its natural gas operations and contribute to India’s sustainability goals. 
  • Infrastructure Development and Management: The infrastructure development segment covers the planning, construction, and management of city gas distribution networks, as well as the development of fuelling stations for CNG vehicles. ATGL is actively involved in expanding the pipeline infrastructure, which is crucial for the transportation and distribution of natural gas. 

Subsidiary Information 

  • Adani Gas Limited: Adani Gas Limited is a subsidiary of Adani Total Gas that focuses on the development of city gas distribution networks. It operates in multiple cities and is responsible for the supply of piped natural gas (PNG) to households and compressed natural gas (CNG) to vehicles. The subsidiary plays a critical role in expanding the natural gas distribution network across India, contributing significantly to ATGL’s growth in both urban and semi-urban markets. 
  • Adani Green Energy Limited: Adani Green Energy Limited, a subsidiary within the Adani Group, is involved in the development of renewable energy projects, particularly in solar power. It focuses on generating clean energy through solar installations and contributes to Adani Total Gas’s strategic diversification into renewable energy.  
  • Adani Gas Infrastructure Limited (AGIL): AGIL is responsible for building and managing the infrastructure required for natural gas transportation and distribution. This subsidiary is pivotal in the expansion of ATGL’s pipeline networks and the establishment of CNG refuelling stations. 
  • Adani Transmission Limited: While primarily focused on the transmission of electricity, Adani Transmission is indirectly involved in the energy distribution network that complements Adani Total Gas’s operations. The synergy between both companies supports the broader Adani Group’s energy infrastructure goals, positioning ATGL to leverage integrated energy solutions as it expands its natural gas operations. 
  • Adani Renewable Energy Park Limited: A subsidiary dedicated to renewable energy initiatives, Adani Renewable Energy Park plays a key role in the development of large-scale renewable energy projects. The integration of renewable energy projects into ATGL’s portfolio strengthens the company’s position as a leader in both natural gas and clean energy solutions. 

Q3 FY25 Earnings 

  • Revenue of ₹1294 crore in Q3 FY25 up by 11.9% YoY from ₹1156 crore in Q3 FY24.  
  • EBITDA of ₹265 crore in this quarter at a margin of 20% compared to 25% in Q3 FY24. 
  • Profit of ₹142 crore in this quarter compared to a ₹177 crore profit in Q3 FY24. 

Financial Summary 

Amount in ₹ Cr Q3 FY24 Q3 FY25 FY23 FY24 
Revenue 1156 1294 4378 4475 
Expenses 868 1030 3508 3371 
EBITDA 288 265 870 1104 
OPM 25% 20% 20% 25% 
Other Income 18 8 54 62 
Net Profit 177 142 546 668 
NPM 15.3% 10.9% 12.5% 14.9% 
EPS 1.6 1.3 4.9 6.1 
Adani Enterprises Ltd Q3 FY25 Results
Adani Enterprises Ltd Q3 FY25 Results: Revenue Decline of 8.8%, Profit Growth to ₹229 Crore

Adani Enterprises Ltd: Overview 

Incorporated in 1993, Adani Enterprise Ltd. (AEL) is the flagship Company of the Adani Group and acts as the Group’s incubator for new businesses across diverse sectors. It plays a key role in infrastructure development, including energy, logistics, mining, and emerging industries such as green hydrogen and airports. AEL continues to expand its footprint through strategic investments, leveraging India’s economic growth, energy transition, and infrastructure modernization. The company operates in industries aligned with national priorities such as energy security, sustainability, and digital transformation. The Indian government’s focus on renewable energy, infrastructure development, and logistics efficiency presents significant opportunities for AEL. AEL imports coal through its established coal sourcing arrangements with coal suppliers in Indonesia, Australia, and South Africa and sells to a diversified domestic clientele. Despite regulatory challenges and global economic uncertainties, the company remains positioned for strong long-term growth due to its diversified operations and strategic business model. 

Latest Stock News 

Navi Mumbai Airport has successfully conducted its first commercial flight validation test, marking a significant milestone towards becoming fully operational. Additionally, during the quarter, 14 new routes, four new airlines, and nine new flights were introduced, enhancing connectivity. In the data center segment, Phase I of the Hyderabad Data Center, with a capacity of 9.6 MW, is now fully operational. Meanwhile, Noida Data Center, as well as Pune 1 & 2 (Phase I), have surpassed 50% completion, with construction nearing 99% for the 50MW core & shell and 10MW MEP. In the renewable energy sector, ANIL’s wind business has made progress with the listing of the 3.3 MW WTG model in the RLMM, bringing the total listed models to four. In solar manufacturing, module sales have reached approximately 3.3 GW over nine months, driven by a 20% growth in exports and a remarkable 176% increase in domestic sales. On the financial front, ACLLP launched an Offer-For-Sale (OFS) for approximately 19.51 crore shares at a floor price of ₹275 per share, including a base issue of 17.55 crore shares and a green shoe option of 1.96 crore shares. The company successfully sold 17.56 crore shares at an average price of ₹276.50 per share, generating net proceeds of ₹4,808 crore. As a result of this transaction, ACLLP/AEL’s stake in its joint venture Adani Wilmar Ltd. (AWL) has reduced from 43.94% to 30.42%. Consequently, Adani Enterprises Ltd.’s (AEL) consolidated PAT will reflect an impact of approximately USD 36 million (₹300 crore) from this exit. 

Business Segments

  • Integrate Resource Management: The mining business unit of the Adani group was established in 2007 AEL has a leading position in India in the Integrated Resources Management business wherein AEL imports coal through its established coal sourcing arrangements with coal suppliers in Indonesia, Australia, and South Africa and sells to a diversified domestic clientele. 
  • Mining: Operations are focused on mining business i.e. Developer & Operator (MDO – Coal & Iron Ore) and Commercial Mining (Coal) it operates several mines across India and is also developing and operating mines in Indonesia and Australia. 
  • Solar PV Manufacturing: Adani Solar is the largest integrated solar manufacturer in India. It has a manufacturing facility of 1.5 GW capacity along with Research and Development (R&D) facilities within an Electronic Manufacturing Cluster (EMC) facility located in Mundra Special Economic Zone (SEZ). Adani Solar’s manufacturing facility with multi-level infrastructure will be optimized for scaling up to 3.5 GW of modules and cells under a single roof 
  • Road Development: AEL has also operational projects under the road segment, water segment, and data centers. Road projects are being undertaken by Adani Road Transport Ltd. Under the road segment, AEL currently has 14 ongoing projects and with 5 under the Build-Operate-Transfer model, 8 under Hybrid Annuity Model, and a project under the toll-operate-transfer model. Out of the above, 1 is operational, 1 is near completion and the rest are at various stages of completion. 
  • Data Centers: AEL is having two water projects being undertaken by Adani Water Ltd. AEL is developing data centers under Adani Connex which is a Joint Venture between AEL and Edge Connex. In the initial phase, Adani Connex will develop data centers in Chennai, Navi Mumbai, Noida, Vizag, and Hyderabad.  
  • Airports: The Adani Group forayed into the airports sector in 2019, Adani Airports won the mandate to modernize and operate six airports – Ahmedabad, Lucknow, Mangaluru, Jaipur, Guwahati, and Thiruvananthapuram – through the Airports Authority of India’s globally competitive tendering process. Adani Airports will operate, manage and develop all six airports for 50 years. 

Subsidiary Information

Adani Green Energy Ltd. 

Adani Green Energy Ltd. (AGEL) is one of the largest renewable energy companies in India, dedicated to accelerating the transition towards sustainable and clean energy solutions. The company focuses on solar and wind power generation, with a growing portfolio of operational and under-construction projects. AGEL has aggressively expanded its renewable capacity through strategic acquisitions, public-private partnerships, and Greenfield developments. 

Adani Airports Holdings Ltd. 

Adani Airports Holdings Ltd. (AAHL) is the aviation arm of the Adani Group, managing and operating several major airports across India. The company oversees key airports, including Mumbai, Ahmedabad, Jaipur, Lucknow, Thiruvananthapuram, Guwahati, and Mangaluru, handling millions of passengers annually. AAHL has undertaken large-scale infrastructure modernization projects to enhance passenger experience, increase operational efficiency, and integrate cutting-edge technology in airport management. 

Adani Road Transport Ltd. 

Adani Road Transport Ltd. (ARTL) is committed to developing India’s road and highway infrastructure, playing a crucial role in improving connectivity and facilitating economic growth. The company specializes in constructing, operating, and maintaining expressways, highways, and major road corridors through public-private partnerships (PPP) and government contracts. With a focus on Build Operate Transfer (BOT), Hybrid Annuity Model (HAM), and Toll Operate Transfer (TOT) projects, ARTL is engaged in several high-value infrastructure initiatives across India. 

AdaniConneX Pvt Ltd. 

AdaniConneX Pvt Ltd. is a joint venture between Adani Enterprises Ltd. and EdgeConneX, focusing on the development of hyper-scale data centers across India. With the rapid digitalization of industries and the increasing adoption of cloud computing, AdaniConneX is building energy-efficient, secure, and scalable data centers to cater to the growing demand for digital infrastructure. The company plans to establish a 1 GW (gigawatts) data center capacity in India, supporting businesses in sectors like IT, BFSI, e-commerce, and artificial intelligence. 

Adani Wilmar Ltd. 

Adani Wilmar Ltd. (AWL) is one of India’s leading fast-moving consumer goods (FMCG) companies, primarily engaged in the production and distribution of edible oils, food products, and essential consumer goods. The company markets its products under the well-known “Fortune” brand, which has become a household name in India. AWL’s product portfolio includes edible oils, pulses, rice, wheat flour, sugar, ready-to-eat foods, and personal care products. With an extensive supply chain and distribution network, AWL has established itself as a dominant player in India’s food industry.  

Q3 FY25 Earnings 

  • Revenue of ₹22848 crore in Q3 FY25 down by 8.8% YoY from ₹25050 crore in Q3 FY24.  
  • EBITDA of ₹3070 crore in this quarter at a margin of 13% compared to 13% in Q3 FY24. 
  • Profit of ₹229 crore in this quarter compared to a ₹1973 crore profit in Q3 FY24. 

Financial Summary 

Amount in ₹ Cr Q3 FY24 Q3 FY25 FY23 FY24 
Revenue 25050 22848 127540 96421 
Expenses 21824 19778 118722 85044 
EBITDA 3226 3070 8818 11377 
OPM 13% 13% 7% 12% 
Other Income 491 648 834 1146 
Net Profit 1973 229 2422 3335 
NPM 7.9% 0.1% 0.2% 3.5% 
EPS 16.6 0.5 21.6 28.4 
Bharat Electronics Ltd Q3 FY25 Results
Bharat Electronics Ltd Q3 FY25 Results: Profit Surges 52.51% YoY to ₹1,310.95 Crore

Bharat Electronics Ltd: Overview 

Bharat Electronics Ltd. (BEL) is a leading public sector enterprise in India, primarily focused on the design, development, and manufacturing of electronic products for the defence and aerospace sectors. Established in 1954, BEL is a pioneer in the development of state-of-the-art electronic products and systems for defence, communication, and surveillance, among other sectors. The company has diversified into various business areas, including radar systems, sonar systems, communication equipment, and tactical systems. As an integral player in India’s defence and security infrastructure, BEL collaborates with the Ministry of Defence (MoD) and other government bodies to manufacture cutting-edge electronic systems. The defence sector remains the backbone of BEL’s operations, with a significant portion of its revenue generated through defence contracts. However, the company has also been increasingly focusing on non-defence sectors such as civilian electronics, smart cities, and renewable energy, positioning itself to tap into the growing demand for advanced electronics in India’s infrastructure development. The outlook for BEL is favourable, driven by the continued modernization of India’s defence capabilities, increasing government spending on defence technologies, and a growing emphasis on “Make in India” initiatives. The global defence and aerospace industries also present ample opportunities for growth, as BEL continues to expand its footprint beyond India’s borders. The industry is likely to witness further technological advancements, creating environment for BEL’s continued growth and innovation in electronic systems. 

Latest Stock News 

Bharat Electronics Limited (BEL) has secured additional orders worth ₹531 crore since its last disclosure on January 13, 2025. The major orders include an advanced composite communication system for ships, communication equipment, medical electronics, electro-optics, and active radar homing heads for missiles, classroom jammers, spares, and services. With these new orders, BEL’s total accumulated orders for the current financial year now stand at ₹10,893 crore. The company’s revenue composition remains heavily skewed towards the Defence sector, contributing 90%, while the non-Defence segment accounts for the remaining 10%. As the largest Defence electronics company in India, BEL is well-positioned to secure a higher market share in upcoming Defence tenders. Bharat Dynamics Limited (BDL), which specializes in missile production, has been facing challenges related to the supply of electronic components, and BEL is now considering leveraging its in-house R&D capabilities to support BDL. In the current financial year, BEL is set to execute LRSAM orders worth ₹1,600 crore, with an additional ₹2,000-3,000 crore to be executed over the next four to five years. Furthermore, in the next two months, BEL is on track to secure orders worth ₹11,000 crore, which are currently in progress, bringing it closer to achieving its order book target of ₹25,000 crore for the financial year. 

Business Segments

  • Defence Electronics: The Defence Electronics segment is the cornerstone of BEL’s business, contributing a substantial portion to its revenue. BEL designs and manufactures a wide range of systems such as radar systems, sonar systems, communication equipment, and avionics for the Indian Armed Forces. As India’s defence modernization program accelerates, the demand for sophisticated defence electronics continues to rise, providing BEL with numerous opportunities to expand its product portfolio and improve operational capabilities. 
  • Aerospace: The Aerospace segment at BEL focuses on providing specialized electronic systems for both defence and civilian aerospace applications. The company manufactures components for aircraft and satellite systems, along with radar and avionics systems used in airborne platforms. BEL’s expertise in aerospace electronics has positioned it as a key player in India’s space mission projects, where it contributes to the development of satellite systems and ground support equipment. 
  • Communication Systems: BEL’s Communication Systems segment is responsible for developing a wide array of advanced communication equipment, including tactical communication systems, secure communication solutions, and satellite communication devices. This segment plays a crucial role in providing communication solutions for defence, law enforcement, and public safety sectors. 
  • Electronic Warfare & Surveillance: BEL is a leading provider of electronic warfare systems and surveillance technologies to the Indian Armed Forces. This segment specializes in radar systems, intelligence gathering, and countermeasure technologies that enhance defence capabilities. The company continues to innovate in this field by developing next-generation radar and surveillance systems that are critical for national security. 

Subsidiary Information

  • BEL Optronic Devices Ltd. (BELOP): BEL Optronic Devices Ltd. is a wholly-owned subsidiary of Bharat Electronics Ltd., primarily focused on the development and manufacturing of opto-electronic and night vision products. BELOP’s products include thermal imaging systems, sighting devices for defence platforms, and surveillance equipment. The subsidiary plays a key role in expanding BEL’s product offerings in the field of optical and infrared technologies. 
  • BEL Multinational Ltd. (BEML): BEL Multinational Ltd. focuses on the international markets and plays a pivotal role in expanding BEL’s global presence. This subsidiary is tasked with exploring export opportunities and managing overseas sales and partnerships. As part of BEL’s strategy to strengthen its international footprint, BEML is crucial in driving global revenue and establishing partnerships in defence electronics and communication systems. 
  • Nuclear Electronics Ltd. (NEL): Nuclear Electronics Ltd. is a key subsidiary involved in providing electronic systems for India’s nuclear power and defence sectors. NEL’s focus is on the development of radiation detection and monitoring systems, nuclear reactor control systems, and electronic devices used in nuclear energy production.  
  • BEL Software Ltd. (BESL): BEL Software Ltd. is a subsidiary focused on the software development side of BEL’s product offerings. BESL specializes in creating software solutions for various BEL products, including defence systems, communication networks, and aerospace technologies. As the demand for software-enabled systems in defence and aerospace sectors grows, BESL plays a critical role in ensuring that BEL’s products meet the increasing complexity and technological requirements of modern defence and communication systems. 
  • Naval Systems and Sensors Division (NSSD): The Naval Systems and Sensors Division, while not a separate legal subsidiary, operates as a key division under Bharat Electronics Ltd. that focuses on providing advanced naval defence systems. This division manufactures and integrates sensors, radars, communication systems, and combat management systems specifically designed for naval platforms. 

Q3 FY25 Earnings 

  • Revenue of ₹5571 crore in Q3 FY25 up by 36.8% YoY from ₹4162 crore in Q3 FY24.  
  • EBITDA of ₹1669 crore in this quarter at a margin of 29% compared to 26% in Q3 FY24. 
  • Profit of ₹1312 crore in this quarter compared to a ₹860 crore profit in Q3 FY24. 

Financial Summary 

Amount in ₹ Cr Q3 FY24 Q3 FY25 FY23 FY24 
Revenue 4162 5771 17734 20268 
Expenses 3090 4101 13645 15217 
EBITDA 1072 1669 4090 5051 
OPM 26% 29% 23% 25% 
Other Income 167 186 2810 670 
Net Profit 860 1312 2986 3985 
NPM 20.1% 22.7% 16.8% 19.7% 
EPS 1.2 1.8 4.1 5.5 
Dabur India Ltd Q3 FY25 Results
Dabur India Ltd Q3 FY25 Results: Net Profit Rises 1.8% to ₹515.82 Crore and FMCG Growth

Dabur India Ltd: Overview 

Dabur India Ltd. is one of India’s leading consumer goods companies with a strong presence in the FMCG (Fast-Moving Consumer Goods) sector. Established in 1884, the company is known for its Ayurvedic and natural healthcare products. It has a diversified portfolio across healthcare, personal care, home care, and food & beverages. With a strong distribution network spanning India and global markets, Dabur has solidified its position as a key player in the industry. The company’s primary offerings include well-known brands such as Dabur Chyawanprash, Dabur Honey, Dabur Amla, Vatika, and Real fruit juices, all of which have established themselves as household names across India and in international markets. Dabur is particularly distinguished by its focus on leveraging Ayurvedic knowledge and natural ingredients in its product formulations, positioning itself as a pioneer in the Ayurvedic FMCG sector. With a significant presence in over 100 countries, Dabur has expanded its footprint globally, especially in markets such as the Middle East, Africa, and Southeast Asia, capitalizing on the increasing global demand for herbal, organic, and wellness-focused products. The company also invests heavily in research and development to ensure innovation and high-quality standards in its offerings. Dabur’s ability to adapt to changing consumer preferences, coupled with its strong distribution network, has enabled it to maintain a competitive edge in the fast-growing FMCG market. The company operates in over 120 countries, with significant revenue contributions from the Middle East, Africa, South Asia, and the United States. 

Latest Stock News 

Dabur has reported strong performance across various segments in the recent quarter. In oral care, both the Red franchise and Meswak brands performed well, continuing to gain market share. The gels portfolio within the “freshness” segment saw double-digit growth. In hair care, hair oils grew by 3.1%, gaining 150 basis points in market share, while the shampoo category outperformed the overall market and gained approximately 20 basis points. In homecare, Odonil achieved double-digit volume growth, with its aerosol and gel variants performing particularly well, resulting in a 101 basis point market share gain in air fresheners. On the other hand, Odomos faced a muted performance due to a slowdown in the category but outperformed the segment and gained 574 basis points in the MRC segment. Sanifresh also posted double-digit growth. In skincare, the Gulabari franchise showed strong performance with high single-digit growth. In health supplements, unfavourable weather conditions impacted performance, though Chyawanprash continued to lead the market and gained 139 basis points in market share. Digestives saw Hajmola achieve mid-single-digit growth in both candy and tablet formats, with extensions and variants contributing over 15% to the franchise. In OTC & Ethicals, key brands like Honitus, Shilajit, health juices, and women’s health tonics performed well. In foods, the segment maintained its growth momentum with a 30% year-on-year increase, driven by key categories such as homemade paste, coconut milk, oil & ghee, tomato puree, and Lemoneez. Badshah also continued its strong growth trajectory, recording double-digit volume growth and market share gains. Beverages faced challenges in the J&N category due to muted festive season demand and increased competitive intensity driven by price changes. Real gained 318 basis points in market share, with several internal initiatives planned to accelerate future growth. 

Business Segments

  • Health Care: It includes many product categories in its portfolio like Dabur Chyawanprash, Honey, Pudin Hara, Dabur Lal Tail, etc. which is huge brands in India and they all are used for consumers’ health benefits and healthy routines. This segment is a core business contributes about 31-35% of Dabur’s revenue. 
  • Personal Care: It is used by many consumers as daily routine for their personal care, the products like Dabur Amla, Dabur Red Paste, and Vatika. And there are other international brands of Dabur which has presence outside India for personal care, oral care, skin or hair care, etc. 
  • Food & Beverages: This segment includes a very popular packaged soft drink brand called Real, its yearly turnover is more than ₹1000 crore. And the Badshah Masala brand, which is a huge private company is acquired 51% stake for ₹590 crore. 
  • Geography: The international business accounts for almost 25% revenue of the company. The geography distribution of International market is Middle East- 24%, Africa- 24%, Europe- 15%, America- 15% and Asia-22%. 

Subsidiary Information

  • Dabur International Ltd: Dabur International Ltd. is one of the key subsidiaries of Dabur India, responsible for the company’s operations in international markets. The subsidiary focuses on the production and marketing of Dabur’s range of health, personal care, and food products in these regions. Its product portfolio includes hair oils, skincare products, and Ayurvedic health supplements, with a strong emphasis on natural and herbal offerings. 
  • Dabur Nepal Pvt Ltd: Dabur Nepal Pvt Ltd. is a wholly-owned subsidiary of Dabur India that serves as a vital part of Dabur’s operations in Nepal. The company is responsible for managing Dabur’s products in Nepal and acts as a strategic hub for the regional markets. Dabur Nepal manufactures and markets a variety of products, including Ayurvedic medicines, personal care, and food items, catering to the local market’s demands. 
  • Dabur Egypt Ltd: Dabur Egypt Ltd. operates as Dabur India’s subsidiary in Egypt, focusing on expanding the company’s footprint in the North African region. The subsidiary markets a broad spectrum of Dabur products, including hair care products, skin care items, and health supplements, catering to local consumer needs. Dabur Egypt has leveraged its expertise in Ayurveda to introduce products that align with regional preferences for natural and herbal ingredients.  
  • Hamdard Laboratories (India): Hamdard Laboratories (India) is a well-known subsidiary of Dabur India, following Dabur’s acquisition of a controlling stake in the company. Hamdard Laboratories is a key player in the herbal healthcare market and operates under the Hamdard brand, which has a strong reputation for its traditional Unani medicines and herbal products.  
  • Dabur India Ltd. (Turkey): Dabur India Ltd. also operates in Turkey through its subsidiary, Dabur Turkey, where it primarily focuses on marketing and distributing health, personal care, and food products. Dabur Turkey aims to provide consumers with a wide range of herbal and Ayurvedic products that align with the growing global demand for natural wellness. 

Q3 FY25 Earnings 

  • Revenue of ₹3355 crore in Q3 FY25 up by 3.08% YoY from ₹3255 crore in Q3 FY24.  
  • EBITDA of ₹682 crore in this quarter at a margin of 20% compared to 20% in Q3 FY24. 
  • Profit of ₹516 crore in this quarter compared to a ₹506 crore profit in Q3 FY24. 

Financial Summary 

Amount in ₹ Cr Q3 FY24 Q3 FY25 FY23 FY24 
Revenue 3255 3355 11530 12404 
Expenses 2588 2673 9367 10004 
EBITDA 667 682 2162 2400 
OPM 20% 20% 19% 19% 
Other Income 127 129 445 482 
Net Profit 506 516 1701 1811 
NPM 15.5% 15.4% 14.8% 14.6% 
EPS 2.9 2.95 9.6 10.4 
L&T Q3 FY25 Results
L&T Q3 FY25 Results: Net Profit Rises 14%, Misses Street Estimates and Strong Order Book

Larsen & Toubro Ltd: Overview 

Larsen & Toubro Ltd. (L&T) is one of India’s largest engineering, procurement, and construction (EPC) companies, with a diversified portfolio spanning infrastructure, hydrocarbon, power, defense, and technology services. The company has a strong presence in domestic and international markets, particularly in the Middle East, Africa, and South Asia. The Indian government’s focus on infrastructure development, including roads, railways, smart cities, and renewable energy, provides significant growth opportunities for L&T. The company is also benefiting from rising investments in energy transition, water management, and digital transformation. However, challenges such as global supply chain disruptions, rising commodity prices, and geopolitical uncertainties may impact operational efficiencies and profitability. L&T operates in power transmission, distribution, and heavy engineering solutions, catering to sectors such as nuclear energy, aerospace, and defense. With India investing ₹111 lakh crore under the National Infrastructure Pipeline, construction and engineering firms like L&T are set to see strong demand. The company manufactures critical components for nuclear reactors, thermal power plants, and space missions, positioning itself as a key player in India’s self-reliance initiatives in defense and energy security. The company benefits from India’s rapid urbanization, industrial growth, and government initiatives focused on infrastructure development, digital transformation, and sustainability. 

Latest Stock News 

Larsen & Toubro Ltd. achieved its highest-ever order inflow in a quarter, driven by large orders across Infrastructure, Energy, and Hi-Tech Manufacturing segments. International orders contributed 42% of the December 2024 order book, while the company maintains a robust order prospects pipeline of ₹5.5 trillion in the near term, with domestic opportunities constituting 59%. Revenue growth was fueled by strong execution momentum in Infrastructure (15% YoY), Hydrocarbon (54% YoY), and Precision Engineering & Systems (34% YoY). The increase in MCO expenses reflects higher activity levels and revenue mix, particularly from P&M revenue. Staff costs rose due to resource expansion and salary hikes, while SG&A variations were linked to the execution ramp-up. EBITDA margins reflected the revenue mix and lower operating leverage in the IT&TS segment. Finance costs declined due to lower borrowing levels and rates, while depreciation increased due to higher P&M-related capex and new premises capitalization in LTIMindtree. Other income was influenced by investment levels and yields earned. The reported PAT growth was a result of increased business activity and improved treasury operations. In the Infrastructure segment, international order momentum remained strong, with a near-term prospect pipeline of ₹4.0 trillion. Execution remained robust, backed by a large order book and stable margins. The Manufacturing segment saw strong execution in Precision Engineering & Systems (PES), while revenue in Heavy Engineering was subdued due to jobs in the early stages. However, execution cost savings in Heavy Engineering aided margin improvement. In IT services, LTIMindtree’s revenue growth was led by the Technology, Media & Communications, and BFSI segments. LTTS saw growth in its Tech and Sustainability verticals. However, segment margins declined due to salary hikes and forex losses in both LTIMindtree and LTTS. 

Business Segments

  • Infrastructure: It comprises engineering and construction of buildings and factories, transportation infra, heavy civil infra, power transmission & distribution, water & effluent treatment, smart world & comm. projects and metallurgical & material handling systems. This is the core business of the company. Major projects include high-speed rail corridors, metro projects in key Indian cities, and international projects in the UAE and Saudi Arabia. 
  • Coal Supply and Distribution: It comprises complete EPC solutions for the global oil & gas industry from design through detailed engineering, fabrication, procurement, project management, construction, installation, and commissioning. The segment has secured significant contracts in the Middle East and Africa, reinforcing its international presence. 
  • Financial Services: This business primarily comprises rural finance, housing finance, wholesale finance, mutual fund, and wealth management. The business is controlled by the company’s subsidiary L&T Finance Holdings Ltd. With India’s economic growth boosting credit demand, L&T Finance is well-positioned for steady growth despite regulatory challenges and interest rate fluctuations. 
  • Defence Engineering: This segment comprises design, development, serial production, and life-support of equipment, systems, and platforms for defense and aerospace sectors; and the design, construction, and repair/ refit of defense vessels. The company has been active in the defense and strategic sector since the mid-80s. 

Subsidiary Information

  • L&T Infotech (LTI): LTI is a global technology consulting and IT services provider, specializing in cloud computing, data analytics, and automation. It has a strong client base across banking, financial services, manufacturing, and healthcare, contributing significantly to L&T’s digital transformation initiatives. 
  • L&T Construction: This subsidiary is a key player in India’s infrastructure sector, executing large-scale projects in transportation, water management, and smart cities. It is engaged in metro rail construction, high-speed rail, and expressways, enhancing urban mobility and connectivity. 
  • L&T Hydrocarbon Engineering (LTHE): LTHE focuses on the hydrocarbon sector, offering engineering and construction services for refineries, petrochemicals, and oil & gas projects. It has a strong presence in the Middle East and has secured contracts for offshore platforms and onshore processing units. 
  • L&T Finance Holdings: This subsidiary provides retail and corporate financing solutions, including home loans, vehicle finance, and infrastructure funding. It is streamlining its operations to focus on high-growth areas such as renewable energy financing and micro-lending. 
  • L&T Heavy Engineering: L&T Heavy Engineering manufactures specialized equipment for nuclear power, defense, aerospace, and industrial applications. It is a key supplier to India’s space and defense programs, providing critical components for missile systems, submarines, and space exploration missions. 

Q3 FY25 Earnings 

  • Revenue of ₹64668 crore in Q3 FY25 up by 17.3% YoY from ₹55128 crore in Q3 FY24.  
  • EBITDA of ₹7898 crore in this quarter at a margin of 12% compared to 13% in Q3 FY24. 
  • Profit of ₹3974 crore in this quarter compared to a ₹3593 crore profit in Q3 FY24. 

Financial Summary 

Amount in ₹ Cr Q3 FY24 Q3 FY25 FY23 FY24 
Revenue 55128 64668 183341 221113 
Expenses 47929 56770 156175 191248 
EBITDA 7199 7898 27166 29865 
OPM 13% 12% 15% 14% 
Other Income 838 968 2891 3847 
Net Profit 3593 3974 12531 15547 
NPM 6.5% 6.1% 6.8% 7.1% 
EPS 21.4 24.4 74.5 95 
Adani Power Ltd & Adani Energy Solutions Q3 FY25 Results
Adani Power Ltd & Adani Energy Solutions Q3 FY25 Results: Robust Profit and Strategic Expansion in India’s Energy Sector

Adani Power Ltd: Overview 

Adani Power Ltd. (APL), a subsidiary of the Adani Group, is one of India’s largest private-sector power producers, focusing on thermal power generation. Established in 1996, the company has grown rapidly, playing a crucial role in meeting India’s increasing electricity demand. It operates a diversified portfolio of coal-based power plants across multiple states, contributing significantly to the country’s energy security. With a total installed capacity of over 15 GW, Adani Power is a key player in India’s electricity sector, supplying power to both state utilities and industrial consumers through long-term Power Purchase Agreements (PPAs) and merchant power sales. The company has also expanded its global footprint, acquiring power assets in countries like Bangladesh and Sri Lanka. India’s power sector is one of the largest in the world, driven by rising electricity consumption, rapid urbanization, and industrialization. The government’s focus on ensuring 24/7 power supply and its ambitious renewable energy targets are shaping the future of the industry. While renewable energy is gaining momentum, thermal power (primarily coal-based) still accounts for over 55% of India’s total electricity generation. Given the country’s vast coal reserves and the need for stable base-load power, coal-fired power plants remain a critical part of the energy mix. However, the sector faces challenges such as coal supply constraints, regulatory changes, and increasing pressure to reduce carbon emissions. 

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Adani Power’s revenue growth remained aligned with volume expansion but was moderated by lower average tariff realization, driven by a decline in import fuel prices and lower merchant tariffs. India is expected to add 80 GW of additional coal-based power capacity by FY 2031-32 to meet the accelerating demand, with 49 GW of this capacity still untapped, presenting significant growth opportunities. APL achieved more than 100% fly ash utilization for Q3 FY25 across almost its entire fleet. Adani Power has identified a 12.52 GW development pipeline to capitalize on this potential. NCLT (Ahmedabad) sanctioned the Scheme of Amalgamation of SMRPL, a wholly owned subsidiary of AEL, with MEL, a subsidiary of APL, vide its order dated 7 th November 2024. Operationally, the Dahanu, Godda, Mahan, and Udupi plants achieved 100% availability in October 2024, while Kawai and Udupi reached the same milestone in December 2024. The company has also made significant progress in reducing its senior term debt through a combination of prepayments and scheduled repayments, despite ongoing acquisitions and organic expansion. Additionally, Adani Power signed a long-term Power Purchase Agreement (PPA) with Maharashtra State Electricity Distribution Company Limited (MSEDCL) for the procurement of 1,496 MW (net) of thermal power during the quarter. 

Q3 FY25 Earnings 

  • Revenue of ₹13671 crore in Q3 FY25 up by 5.23% YoY from ₹12991 crore in Q3 FY24.  
  • EBITDA of ₹5023 crore in this quarter at a margin of 37% compared to 36% in Q3 FY24. 
  • Profit of ₹2940 crore in this quarter compared to a ₹2738 crore profit in Q3 FY24. 

Adani Energy Solutions Ltd: Overview 

Adani Energy Solutions Ltd is a prominent player in the energy sector, focusing on the generation, distribution, and transmission of electricity. A part of the Adani Group, the company operates across multiple energy segments, including renewable and conventional energy generation, power transmission, and distribution services. With a strong emphasis on sustainability, Adani Energy has invested significantly in renewable energy projects, particularly in solar and wind power, aiming to contribute to India’s growing clean energy needs. The company’s renewable energy capacity is steadily expanding, making it one of the largest green energy companies in the country. Additionally, Adani Energy is involved in power distribution, particularly in the states of Gujarat, Maharashtra, and Chhattisgarh, where it serves both residential and industrial consumers. The industry outlook for the energy sector, especially in India, remains positive, driven by increasing energy demand, a shift towards renewable energy, and government support through various policies and initiatives. India’s commitment to achieving net-zero carbon emissions by 2070 has accelerated the growth of renewable energy investments, with significant capacity additions expected in the coming years. The country is on track to increase its renewable energy capacity to 500 GW by 2030, with solar and wind power playing pivotal roles in achieving this target. 

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EBITDA for the quarter grew by 6%, reaching Rs 1,831 crore, driven by strong revenue growth, EPC income from transmission, treasury income, and stable regulated EBITDA from AEML. The company secured two new transmission projects – Khavda Phase IV Part-D and Rajasthan Phase III Part I (Bhadla – Fatehpur HVDC), adding 3,044 ckm to its under-construction network. With five new projects won this year, the under-construction transmission pipeline has surged to approximately Rs 54,761 crore in Q3FY25, up from Rs 17,000 crore. AESL significantly increases its capex ramp-up driven by unparalleled project and operating excellence coupled with robust capital management program. The capital expenditure (capex) for 9MFY25 rose to Rs 7,475 crore, compared to Rs 3,784 crore in the same period last year. The company is progressing well with a robust under-construction project pipeline, which includes 13 projects worth Rs 54,761 crore. The under implementation pipeline stands at 22.8 million smart meters, comprising nine projects with a revenue potential of over Rs 27,195 crore. The deployment of smart meters is also on track, with an average run-rate of 15,000 meters per day, expected to increase to 20,000 meters per day by the next quarter. In Q3FY25, the capex amounted to Rs 3,074 crore, which is three times higher than the Rs 1,162 crore spent in Q3FY24. 

Q3 FY25 Earnings 

  • Revenue of ₹5830 crore in Q3 FY25 down by 27.8% YoY from ₹4563 crore in Q3 FY24.  
  • EBITDA of ₹1661 crore in this quarter at a margin of 28% compared to 32% in Q3 FY24. 
  • Profit of ₹625 crore in this quarter compared to a ₹348 crore profit in Q3 FY24.