All posts by Nagnath

Axis Bank Ltd Earnings
Axis Bank Q3FY24: Pioneering Digital Transformation and Expanding Retail Banking in India

Axis Bank Ltd: Overview 

Axis Bank Ltd, established in 1993, is one of India’s largest private sector banks, renowned for its comprehensive suite of financial products and services catering to retail, SME, and corporate clients. The bank operates through an extensive network of over 4,700 branches, 15,000+ ATMs, and a growing digital presence, providing seamless access to banking services across urban and rural India. The bank operates through an extensive network of branches, ATMs, and digital platforms, ensuring seamless access to banking services for its diverse customer base. With a focus on digital transformation, Axis Bank has launched various innovative products and services, such as mobile banking, digital lending, and personalized financial solutions. The bank’s resilience is underpinned by strong financial performance, prudent risk management, and a diversified revenue stream. It continues to invest in technology, human resources, and operational efficiencies to maintain its competitive edge, making it a key player in India’s evolving financial ecosystem. The acquisition of Citibank India’s consumer business has further strengthened its retail portfolio, adding affluent customers and enhancing its credit card segment. India’s banking sector is on a growth trajectory, driven by economic recovery, government initiatives, and increasing digitization. Axis Bank is well-positioned to capitalize on these trends, with its strong focus on innovation, robust capital base, and diversified portfolio. The industry’s favourable outlook and Axis Bank’s strategic initiatives indicate a promising future for the company. 

Latest Stock News (18 Jan, 2025)

Axis Bank recently announced the re-appointment of Prof. Mahendra Dev as an Independent Director on its Board for a second term, reflecting the company’s commitment to maintaining strong governance and leveraging experienced leadership. However, the bank’s recent quarterly earnings have fallen short of market expectations, with weaker-than-anticipated profitability and lower net interest income growth. Several brokerage firms have subsequently revised their price targets for the stock downward, citing subdued performance and concerns over margin pressures. Despite these challenges, Axis Bank remains focused on its growth strategies, including digital transformation and retail segment expansion. Investors are closely monitoring the company’s execution in the coming quarters to assess recovery potential. 

Business Segments

  • Retail Banking: This segment is a cornerstone of Axis Bank’s operations, contributing significantly to its revenue. Retail banking caters to individual customers, offering a wide array of products such as savings and current accounts, fixed and recurring deposits, and various loan products, including home loans, personal loans, vehicle loans, and credit cards. The segment also includes investment services like mutual funds, insurance, and bonds. The bank has strategically expanded its reach through a vast network of branches and digital platforms, ensuring seamless service delivery. Its focus on leveraging technology for personalized banking experiences has further strengthened its position in the retail space, particularly with the growing adoption of its mobile banking and internet banking platforms. 
  • Corporate Banking: Axis Bank’s corporate banking division serves businesses ranging from small and medium enterprises (SMEs) to large corporations. This segment offers a comprehensive suite of services, including working capital loans, term loans, trade finance, and cash management solutions. The bank also provides specialized services like treasury products, Forex management, and advisory services for mergers and acquisitions. The corporate banking division plays a vital role in fostering long-term relationships with businesses by understanding their unique financial needs and providing customized solutions. It also emphasizes sustainable financing, supporting businesses aligned with ESG principles and renewable energy projects. 
  • Treasury & others: The treasury segment focuses on managing the bank’s investments, liquidity, and financial risks. It handles government and corporate securities, foreign exchange, and derivative instruments. Additionally, the treasury division supports the bank’s trading and arbitrage activities. This segment also manages Axis Bank’s capital markets operations, enabling clients to access debt and equity markets. The bank’s treasury activities ensure effective liquidity management, compliance with regulatory requirements, and optimal utilization of funds to maximize returns. 

Subsidiary Information

  • Axis Capital Ltd: This is the bank’s investment banking and institutional equities arm. It provides services such as capital raising through IPOs, QIPs, and private placements, as well as mergers and acquisitions advisory. Axis Capital is recognized for its robust research capabilities and deep market insights, serving institutional investors and corporate clients. 
  • Axis Securities Ltd: This subsidiary operates in the retail broking and investment advisory space. It offers trading services in equity, derivatives, and currency segments, alongside distribution of mutual funds, bonds, and insurance products. Axis Securities also facilitates investments in National Pension System (NPS) and provides portfolio management services, enhancing retail investors’ experience.  
  • Axis Finance Ltd: A non-banking financial company (NBFC), Axis Finance specializes in providing customized financial solutions. It caters to corporate and retail customers with products such as structured financing, loans against property, and personal loans, further diversifying the bank’s lending portfolio. 
  • Axis Trustee Services Ltd: This subsidiary acts as a trustee for various debenture and bond issuances, safeguarding the interests of investors. It ensures compliance with regulatory norms and facilitates the smooth functioning of debt market instruments. 
  • Freecharge Payment Technologies Ltd: Acquired by Axis Bank, Freecharge operates as a digital payment and financial services platform. It offers services like mobile recharges, utility bill payments, and digital wallets, supporting the bank’s digital banking initiatives and enhancing customer convenience. 

Q3 FY25 & Business Highlights 

  • Revenue of ₹32162 crore in Q3 FY25 up by 8.6% YoY from ₹28865 crore in Q3 FY24.  
  • EBITDA of ₹2210 crore in this quarter at a margin of 7% compared to 8% in Q3 FY24. 
  • Profit of ₹6779 crore in this quarter compared to a ₹6520 crore profit in Q3 FY24. 
  • The fee income in Q3 FY25 is ₹5455 crore with 6% growth YoY, the deposits were ₹1,095,883 crore with 9% of YoY increase. 
  • The segment wise loan mix is 60% Retail Loans, 11% SME Loans and about 29% of Corporate Loans, and the loan growth is seen of 9%. 
  • The cost of fund is an important indicator and it has risen to 5.46% in Q3 FY25. 

Financial Summary 

INR Cr. Q3 FY24 Q3 FY25 FY23 FY24 
Revenue 28865 32162 87448 112759 
Interest 15943 18040 43389 61391 
Expenses 10506 11913 30641 40032 
Financing Profit 2416 2210 13418 11336 
Financing Margin 8% 7% 15% 10% 
Net Profit 6520 6779 10919 26492 
NPM 22.5% 21.1% 12.5% 23.5% 
EPS 21.5 21.8 35.2 85.5 
Reliance Industries Q3FY24
Reliance Industries Q3FY24: Strategic Acquisitions Propel Energy Innovation and Infrastructure Growth

Reliance Industries Ltd: Overview 

Reliance Industries Limited (RIL) is a diversified conglomerate and one of India’s largest publicly traded companies. The company is led by Mukesh Ambani, who has steered its evolution into a leader in both traditional and emerging business domains. It has a strong presence across multiple sectors, including petrochemicals, refining, oil & gas exploration, telecommunications, retail, and digital services. The company’s petrochemical business is a leading global player in producing polymers, chemicals, and synthetic fibres. Its refining business, centered around its Jamnagar facility, is one of the largest in the world, processing crude oil into a wide range of products, including gasoline, diesel, and petrochemicals. In the telecom sector, RIL owns Jio, a leading digital services provider in India, revolutionizing the country’s telecom landscape with affordable data and innovative digital services. The retail segment, led by Reliance Retail, operates numerous outlets across the country, spanning fashion, electronics, groceries, and more. Additionally, RIL has made strategic investments in renewable energy and is focused on transitioning to a cleaner energy future. Its forward-looking approach to technology, infrastructure, and sustainable growth positions it as a significant player in both domestic and global markets.  

Latest Stock News (18 Jan, 2025) 

Reliance Industries Limited (RIL) has announced two strategic acquisitions, highlighting its commitment to energy innovation and infrastructure. Reliance acquired a 100% stake in RNEBL, which Reliance New Energy Limited (RNEL) had previously owned as a step-down subsidiary. RIL incorporated RNEBL on January 1, 2025, making it a direct wholly owned subsidiary. The company specializes in developing advanced battery cells, battery packs, containers, and energy storage solutions. The acquisition underscores RIL’s focus on expanding its footprint in sustainable and innovative energy storage technologies. In addition to RNEBL, RIL acquired a 100% stake in LPTL for ₹8 crore. The acquisition is a step forward in enhancing India’s power transmission infrastructure. LPTL’s inclusion in RIL’s portfolio aligns with the company’s broader strategy of strengthening the nation’s energy and power capabilities. With these acquisitions, RIL continues to position itself as a leader in energy innovation and infrastructure development. As reported by republicbiz.com, by integrating advanced energy storage technologies and investing in power transmission, RIL demonstrates its commitment to driving India’s energy transition and supporting sustainable growth. 

Business Segments 

  • Digital Services: Jio’s subscriber base has shot up to 481.8 million. The pan-India rollout of True5G network was completed during the year in world-record time with over 108 million subscribers already having migrated to Jio’s True5G network. The launch of JioAirFiber has been well received by consumers. The introduction of JioBharat phone offers people who are on 2G networks an enriching data experience at affordable prices. In fact, JioBharat phone has already acquired 50% market share in the sub C 1,000 segment. 
  • Media & Entertainment: Media segment consolidated its market share with leadership across important segments. Record viewership of the Indian Premier League on JioCinema underscored our ability to scale-up audience on our digital platform in a short time. 
  • Oil & Gas Exploration: Overall domestic production grew 53.2% YoY to 268.6 BCFe. With increased production from the KG-D6 block, the business witnessed a robust EBITDA growth of 48.6% YoY. Exploration activities in the KG UDW1 block and multi-lateral well campaign in the CBM block are underway. 
  • Retail: The retail business significantly benefited from operating leverage, efficiency gains, and investments in technology and people. We continued to consolidate our leadership position through acquisitions and partnerships. We launched Tira, our omni-channel beauty retail platform and undertook rapid expansion of the platform’s digital and physical footprint. Our retail store network expanded to 18,836 stores, taking the overall retail space to 79.1 million sq. ft. 
  • Oil to Chemicals: Product cracks for transportation fuels remained strong albeit lower than the previous year. Demand for downstream chemicals was muted globally but domestic demand remained healthy. Despite the headwinds, the O2C business registered a resilient performance. Jio-BP launched the ‘You Deserve More’ campaign and continued to expand its network of fuel retailing and EV charging outlets. 

Subsidiary Information 

Reliance Industries has about 360 subsidiaries into its company, but here are some key subsidiaries explained in brief: 

  • Reliance Retail Ltd: As India’s largest and most profitable retailer, Reliance Retail offers a wide array of products, including groceries, electronics, and apparel, through an extensive network of physical stores and digital platforms. 
  • Reliance Jio Ltd: This subsidiary has transformed India’s telecommunications landscape by providing affordable 4G and 5G services, amassing over 479 million subscribers. Reliance Jio is preparing for an initial public offering (IPO) in Mumbai, slated for 2025, with an expected valuation exceeding $100 billion. 
  • Reliance Ventures Ltd: Serving as the venture capital arm of RIL, Reliance Ventures invests in emerging businesses and technologies, fostering innovation and strategic growth across various sectors. 
  • Tira Beauty Ltd: Launched in April 2023, Tira is an omni channel beauty retail platform under Reliance Retail, offering a curated range of beauty products through both online and offline channels. The platform leverages artificial intelligence tools to enhance customer experience and has plans to expand across 100 cities in India. 
  • TV18 Broadcast Ltd: A subsidiary of Network18, in which RIL holds a significant stake, TV18 Broadcast operates numerous television channels across news and entertainment genres, including CNN-News18 and CNBC-TV18, making it a prominent player in India’s media industry. 

Q3 FY25 & Business Highlights 

  • Revenue of ₹239986 crore in Q3 FY25 up by 6.6% YoY from ₹225086 crore in Q3 FY24.  
  • EBITDA of ₹43789 crore in this quarter at a margin of 18% compared to 18% in Q3 FY24. 
  • Profit of ₹21930 crore in this quarter compared to a ₹19641 crore profit in Q3 FY24. 
  • O2C performance steady YoY, strong QoQ supported by feedstock optimisation and strong domestic demand. Rebound in Retail performance with higher footfalls and transactions amid strong festive season demand. 
  • Grocery- strong 37% growth in B2C, traction in consumer brands led by Campa and Independence, Continuing footprint expansion- added 779 new stores. 
  • Pan India network and improving device availability drives Jio 5G subscriber base to over 170 million as of Dec’24. Jio network continues to attract 70% of the incremental 5G devices sold in India. Record home connects of 2 million in 3Q FY’25 with total connected premises at 17 million. 
  • ResQ, the largest electronics service organization, expanded on-demand services to 75 additional cities, total coverage across 225 cities. 
  • Own Brand contribution continues to grow; Avaasa, Netplay & DNMX are leading brands in respective categories. 

Financial Summary 

INR Cr. Q3 FY24 Q3 FY25 FY23 FY24 
Revenue 225086 239986 876396 899041 
Expenses 184430 196197 734078 736543 
EBITDA 40656 43789 142318 162498 
OPM 18% 18% 16% 18% 
Net Profit 19641 21930 74088 79020 
NPM 8.7% 9.1% 8.5% 8.8% 
EPS 12.8 13.7 49.3 51.5 
LTIMindtree Ltd: Driving Global Digital Transformation with AI
LTIMindtree Ltd: Driving Global Digital Transformation with AI and Poised for Double-Digit Growth by Q3FY24

LTIMindtree Ltd: Overview 

LTIMindtree is a global technology consulting and digital solutions Company that enables enterprises across industries to reimagine business models, accelerate innovation, and maximize growth by harnessing digital technologies. As a digital transformation partner to 700+ clients, LTIMindtree brings extensive domain and technology expertise to help drive superior competitive differentiation, customer experiences, and business outcomes in a converging world. Powered by 81,000+ talented and entrepreneurial professionals across 38 countries, LTIMindtree a Larsen & Toubro Group Company combines the industry-acclaimed strengths of erstwhile Larsen & Toubro Infotech (LTI) and erstwhile Mindtree in solving the most complex business challenges and delivering transformation at scale. There is expectation of a modest cut in the US interest rate from mid-2024, but the Federal Reserve has indicated that it is expected to remain in the mid-4% level till the end of 2024. Increased government spend and domestic demand is expected to help growth in India and China. For China, housing market corrections and geo-economic risk weigh heavily in the mid-term. Despite the macroeconomic challenges through the year, the technology/IT Services industry stayed resilient as large-scale cost optimization and automation deals helped maintain demand for enterprise software and IT services. In the midst of significant business caution towards investments and delayed decision-making, India’s technology industry revenue (including hardware) is still expected to hit USD 254 Billion (3.8% YoY growth) in FY24, representing an addition of over USD 9 Billion over last year. Exports are poised to touch the USD 200 Billion mark, growing at 3.3% YoY, while the domestic technology sector is expected to cross USD 54 Billion, growing at 5.9% YoY. 

Latest Stock News (17 Jan, 2025) 

CEO of LTIMindtree, said the company is using artificial intelligence (AI) to improve efficiency and deliver better results for its clients. While the top client currently benefits the most, LTIMindtree aims to extend these productivity gains across its client base, with a broader impact expected in January-March 2025 (Q4FY25. There are quite a few deals that they have won. Last quarter, we announced a $200 million plus deal, and this quarter again; we won a $50 million plus deal. All these deals are vendor consolidations where our AI strategy plays a very big role in terms of the productivity that we can offer to the client over a longer period. The full quarter impact of this will be there in January-March 2025 (Q4FY25) but having said that, it is not a reflection of any softness in business, per se, because it is a reflection of the way we do our business, we expect that as we give the productivity back to the client, they will be also giving us more work based on how we are doing things in other parts of their business. However, they believe LTIMindtree is well-positioned to grow double digits in FY2026 and beyond, with steady market share gains. The brokerage expects a sustained revenue growth momentum in Q4FY25, supported by a ramp-up of recently signed deals, AI project deployments, and a revival of discretionary spending in tech. The deal pipeline remains strong, driven by cost optimisation and vendor consolidation deals, providing medium-term visibility. 

Business Segments 

  • Banking & Financial Services: LTIMindtree enables global and regional banks, card and payments networks, wealth, asset management and other capital markets institutions to accelerate digital transformation and take them to the future, faster. LTIMindtree’s strong domain and technology capabilities, focused sub-industry offerings, and a strong partner ecosystem across banking, financial services as well as enterprise partners, enable true end-to-end transformation, helping BFS clients modernize their core, transform using AI, data and insights, and better engage with their end consumers. 
  • Insurance: LTIMindtree has been at the forefront of transforming leading P&C insurers, life and annuity insurers, insurance brokers, employee benefits, and reinsurers helping them lower costs, scale operations, personalize products, and thereby shape the future of insurance, faster. The insurance industry is experiencing a wave of technological advancements offering new opportunities for insurers to use our deep expertise with leading edge technologies. 
  • Hi-Tech & Services: LTIMindtree Hi-Tech & Services industry vertical powers innovation to leading Hi-Tech and Services enterprises across various sub-segments: semiconductors, software and platforms, hardware and OEMs, and professional services. Leveraging our unique expertise from experience to engineering, we deliver differentiated customer experiences while building new-age technology solutions at speed, using Cloud, Data and AI. 
  • Communications, Media & Entertainment: LTIMindtree works with the world’s leading Broadcasters, Studios, OTT/Streaming, Publishers, Information Services, Education, Music, Gaming, Ad Tech, Telcos, and Multiple-system Operators. The Media & Entertainment industry is trying to monetize their investment on streaming platforms and optimize their cost structures. 
  • Healthcare: LTIMindtree has delivered transformative consulting services and technology solutions to global healthcare giants across the payer, provider, healthcare product manufacturer, pharmacy, health insurance, and benefits manager landscape. Our key objectives are to reduce the cost of care, improve health outcomes and enhance the patient and clinical experience. 

Subsidiary Information 

  • LTIMindtree GmbH: LTIMindtree GmbH is the German subsidiary of LTIMindtree Ltd., catering to clients in Germany and the broader European market. It specializes in providing IT services, consulting, and digital transformation solutions, particularly for industries such as automotive, manufacturing, and financial services. The subsidiary helps LTIMindtree expand its footprint in the high-potential European market and supports regional clients with localized expertise. 
  • LTIMindtree LLC: LTIMindtree LLC is the U.S.-based subsidiary of LTIMindtree, focusing on delivering technology solutions to clients across North America. The subsidiary plays a critical role in providing IT consulting, cloud services, digital transformation, and analytics to sectors such as banking, insurance, retail, and healthcare. The U.S. market is a key revenue generator for LTIMindtree, and this subsidiary drives the company’s engagement with Fortune 500 clients. 
  • LTIMindtree Financial Services Technologies Inc.: This specialized subsidiary caters exclusively to the financial services sector, offering tailored IT solutions for banking, insurance, asset management, and capital markets clients. It focuses on digital transformation, compliance, and operational efficiency in financial services, aligning with the unique needs of this sector. 
  • LTIMindtree Canada Ltd: LTIMindtree Canada Ltd serves as the company’s hub for operations in the Canadian market. It provides a wide range of IT services, including application development, enterprise solutions, and digital transformation, to industries like financial services, energy, and retail. The subsidiary helps strengthen LTIMindtree’s presence in North America, ensuring proximity to Canadian clients and compliance with local regulations. 

Q3 FY25 & Business Highlights 

  • Revenue of ₹9661 crore in Q3 FY25 up by 7.15% YoY from ₹9017 crore in Q3 FY24.  
  • EBITDA of ₹1593 crore in this quarter at a margin of 16% compared to 18% in Q3 FY24. 
  • Profit of ₹1087 crore in this quarter compared to a ₹1169 crore profit in Q3 FY24. 
  • North America contributed about 74% of the company’s revenue for this Q3 FY25 and 13.8% from Europe and rest is from others. And the highest contributing business segment is BFSI with over 36% share, following Technology, Media & Comm., with 23.7% share in revenue. 
  • The company has acquired a client with revenue of $50 mn+ in Q3, but has seen more growth in $1 mn+ clients. 
  • The employee utilization rate has slightly decreased to 85.4% from 87.4%. Employee addition in development team is higher and the sales team has remained stable over many quarters. 
  • A global manufacturer chose LTIMindtree to manage end to end IT landscape, using LTIMindtree’s AI in Operations platform.  
  • A leading commercial property and casualty insurance management company selects LTIMindtree to provide end to end services for Duck Creek Suite. 

Financial Summary 

INR Cr. Q3 FY24 Q3 FY25 FY23 FY24 
Revenue 9017 9661 33183 35517 
Expenses 7432 8068 27075 29130 
EBITDA 1585 1593 6108 6387 
OPM 18% 16% 18% 18% 
Net Profit 1169 1087 4410 4585 
NPM 12.9% 11.3% 13.3% 12.9% 
EPS 39.5 36.6 149.1 154.7 
Piramal Pharma Limited: $200 Billion CDMO Market Opportunity
Piramal Pharma Limited: $200 Billion CDMO Market Opportunity

Piramal Pharma Ltd: Overview 

Piramal Pharma Limited is a global pharmaceutical company providing end-to end pharma solutions to its customers through its network of development and manufacturing facilities located in India, North America and the UK/Europe. It also offers a portfolio of differentiated products that it sells in over 100 countries across the world. PPL operates under three business verticals: Piramal Pharma Solutions (PPS) An integrated contract development and manufacturing organisation (CDMO); Piramal Critical Care (PCC) A complex hospital generics (CHG) business; and India Consumer Healthcare (ICH) The business of selling over-the-counter healthcare and wellness products. As per an industry report, the global pharmaceutical CDMO market size was estimated at US$ 140 Billion in 2023 and is projected to grow at a CAGR of 7% in 2024-30 to cross $200 billion. This growth would be primarily driven by rising investments in pharmaceutical R&D, demand for generic drugs. . In the global complex generics market, hospital generic products dominate with a share of around 70-80%, while retail products comprise the remaining portion. Key therapy areas within the complex hospital generic market include Anaesthesia, Pain Management, Blood-related, and Anti-Infective segments. 

Latest Stock News (17 Jan, 2025) 

Piramal Pharma has converted its coal-fired steam boiler to a biomass-fuelled one at its manufacturing facility in Digwal, India. The strategic conversion at the Digwal facility will eliminate approximately 24,000 tonnes of carbon dioxide equivalent (tCO2e) GHG emissions annually, accounting for about 17% of the company’s total emissions, said the company. Adopting biomass briquettes is a key advancement in Piramal’s sustainability journey. These briquettes are compacted blocks of biomass materials processed and compressed under high pressure. Biomass briquettes, made from agricultural waste, are a renewable fuel source that supports circular economy principles by recycling organic by-products, reducing waste, and promoting sustainability. “The transition to biomass briquettes at our Digwal facility is a testament to our commitment to reducing our environmental footprint while driving innovation in sustainable manufacturing. As we align our goals with global climate action frameworks, we will continue to contribute to a more sustainable future for generations to come,” said Nandini Piramal, chairperson, Piramal Pharma Limited. “This transformation at our Digwal facility underscores our commitment to environmental stewardship and sustainable operational practices,” said Peter DeYoung, CEO of Piramal Global Pharma. “By transitioning to biomass briquettes, we are significantly reducing our GHG emissions and setting new industry standards for responsible pharmaceutical manufacturing.” 

Stock Potential 

Piramal Pharma Ltd has strategically diversified its operations into three niche business segments, all of which are driving strong revenue growth. The company’s expansion into the U.S. market with new products and SKUs reflects its commitment to growth and innovation. Additionally, increasing government capital expenditure year-on-year is boosting demand, further benefiting the company. However, the fundamentals appear highly overvalued at a P/E of 527, which is significantly above industry norms. For investors to realize better returns, either the stock price needs to correct, or the company must achieve exponential revenue growth in the next year or two to justify its steep valuation. 

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.