Category Earnings Results

Sun TV
Sun TV Q3 Results: Profit Slumps 20% to ₹ 363.26 Cr, Revenue Declines 10.3%

Business and Industry Overview

Sun TV Network is a leading Tamil language channel, operating 37 television channels across 7 languages. Sun TV, a Tamil-language channel, is a key part of the Sun TV Network and was established on April 14, 1993. It serves as the flagship channel for the Chennai-based conglomerate Sun Group, which Kalanithi Maran founded and continues to own. Since its inception, the channel has consistently been the top-ranked Tamil channel and is recognized as one of the leading television channels in India. Sun TV Network operates satellite television channels in seven languages—Tamil, Telugu, Kannada, Malayalam, Bangla, Hindi, and Marathi—and also runs FM radio stations throughout India. The organization boasts 37 television channels in seven different languages, a DTH (Direct-To-Home) broadcast service, 69 FM radio stations, three daily newspapers, six magazines, and two sports franchises. Its reach spans over 140 million households in India, and viewers can access the channels in 27 countries, including the USA, Canada, Europe, Singapore, Malaysia, Sri Lanka, South Africa, Australia, and New Zealand. Additionally, the network operates 69 FM radio stations, three leading Tamil daily newspapers—Dinakaran and Tamil Murasu—and six magazines. Sun Direct is recognized as one of the largest DTH service providers in India. Sun Pictures represents the film division of Sun TV Network, which also owns the Sunrisers Hyderabad team that competes in the Indian Premier League and the Sunrisers Eastern Cape in the South Africa T20 League. 

The Indian Media and Entertainment (M&E) sector is rapidly growing, contributing significantly to the economy. Factors such as the availability of affordable high-speed internet, increasing income levels, and higher sales of consumer goods have greatly benefited this industry. India’s M&E industry is distinctive compared to other markets, known for its exceptionally high volumes and a rising Average Revenue Per User (ARPU). Sun TV commands a notable share of the Indian television market, especially in the Tamil segment, and is often regarded as the leading entity in Tamil entertainment channels. While specific market share figures may differ depending on the source, it is generally acknowledged as one of the foremost television networks in India, particularly strong in the Tamil market. The IPL franchise Sunrisers Hyderabad, owned by Sun TV Network, secured the rights for ₹85.05 crore (US$9.8 million) annually through a five-year contract shortly after the Chargers were disbanded due to ongoing financial problems. 

Latest Stock News

Sun TV’s profit dropped by 20 percent to ₹363.26 crore in the December quarter. Revenue from operations fell by 10.35 percent to ₹827.56 crore in the December quarter, compared to ₹923.15 crore during the same period last year.  The total expenses for Sun TV Networks rose by 10.86 percent to ₹500.01 crore in the December quarter of FY25.  The overall income for Sun TV Networks in the December quarter was ₹967.56 crore, marking an 8.6 percent decrease.  Additionally, in a separate announcement, Sun TV disclosed that its board has approved an interim dividend of 50 percent, translating to ₹2.50 per equity share of ₹5 each for the fiscal year 2024-25.  The company also owns the SunRisers Hyderabad Cricket Franchise in the Indian Premier League and the SunRisers Eastern Cape in Cricket South Africa’s T20 League. “The results for the quarter and nine months ending December 31, 2024, include income from the Holding Company’s Cricket Franchises (‘Sunrisers Hyderabad’ and ‘Sunrisers Eastern Cape’) amounting to ₹8.98 crore and ₹522.66 crore, alongside corresponding costs of ₹1.09 crore and ₹238.85 crore, respectively,” it stated.  

Segmental information

Sun TV Network has a diverse business portfolio spanning television broadcasting, OTT platforms, film production, radio, and sports. 

Television Broadcasting: Sun TV dominates the South Indian media industry with multiple channels across Tamil, Telugu, Kannada, and Malayalam languages. These channels offer a mix of entertainment, news, and sports, making Sun TV one of India’s most-watched networks. 

OTT & Digital Media: 

With the rise of online streaming, Sun TV launched Sun NXT, its Over-the-Top (OTT) platform, providing a vast library of movies, TV shows, and live channels. Sun NXT caters to a growing audience seeking on-demand entertainment. 

Film Production: 

Through Sun Pictures, the company has produced and distributed several blockbuster films featuring top actors, significantly contributing to the South Indian film industry. 

FM Radio Broadcasting: 

Sun TV operates a widespread radio network through Red FM and Suryan FM, engaging millions of listeners with music, news, and talk shows across multiple cities. 

Sports & IPL Franchise: 

Sun TV owns Sunrisers Hyderabad (SRH), a popular cricket team in the Indian Premier League (IPL). Acquired in 2012, SRH won its first IPL championship in 2016 and continues to be a strong contender in the league. The franchise adds significant brand value to Sun TV through sponsorships, merchandise, ticket sales, and media rights, further strengthening the company’s presence in the sports entertainment industry. 

Subsidiary information

Sun TV Network Limited serves as the parent company, overseeing a diverse portfolio of subsidiaries and joint ventures in the media and broadcasting industry. One of its key subsidiaries is Kai Radio Limited, which plays a crucial role in the network’s expansion into the radio broadcasting sector. Additionally, Sun TV Network Limited has a significant stake in South Asia FM Limited, a joint venture that includes seven other joint ventures and three associate companies.   

The joint ventures under South Asia FM Limited include Pioneer Radio Training Services Private Limited, Optimum Media Services Private Limited, Asia Radio Broadcast Private Limited, Digital Radio (Delhi) Broadcasting Limited, Digital Radio (Kolkata) Broadcasting Limited, Digital Radio (Mumbai) Broadcasting Limited, and South Asia Multimedia Limited. These ventures strengthen the company’s presence across various regions.   

Moreover, the company has three associate companies—Deccan Digital Networks (Hyderabad) Private Limited, Metro Digital Networks (Hyderabad) Private Limited, and AV Digital Networks (Hyderabad) Private Limited—which further enhance its market reach and operational capabilities in the digital broadcasting segment. Through these strategic partnerships and investments, Sun TV Network Limited continues to expand its influence in the media and entertainment industry. 

It also owns IPL team Sunrisers Hyderabad which was founded in 2012. 

Q3 Highlights

  • Advertisement Revenues for the quarter ended 3F1 December ’24, at Rs.332.17 crs; 
  • EBITDA for the quarter ended 3F1 December ’24, at Rs.432.13 crs; 
  • Profit after Tax for the quarter ended 31’1 December’24, at Rs.347.17 cr. PAT falls 20% to Rs 363.26 cr, revenue down 10.3% 
  • Its revenue from operations declined 10.35 percent to Rs 827.56 crore in the December quarter. This same stood at Rs 923.15 crore in the year-ago period 

Financial Summary

Amount in ₹ Cr Q3 FY24 Q3 FY25 FY23 FY24 
Revenue 1,014.81 927.66 3,772 4,282 
Expenses 334 383 1,379 1,644 
EBITDA 573.76 432.13 2,349.29 2,585.30 
OPM 64% 54% 63% 63% 
Other Income 140 146 380 515 
Net Profit 437.34 347.17 1,707 1,926 
NPM 18.17 19.00  14.30 
EPS 49.76 52.34 140.61 187.31 
Alkem Laboratories
Alkem Laboratories Q3 Results: Net Profit Rises 6% to ₹641 Cr, Revenue Growth Flat, Stock Drops 4%

Alkem Laboratories Limited: Overview 

Alkem Laboratories Limited is one of the major pharmaceutical companies in India located in Mumbai, India, which is well known for producing good quality generic and specialty drugs. The company engages in development, manufacturing, and marketing of pharmaceutical generics, formulations, and nutraceuticals in domestic as well as international markets. Alkem has 21 manufacturing facilities, out of which 19 are in India and 2 are in the United States, and it provides a wide range of products across various therapeutic segments, such as anti-infective, pain management, and vitamins. It markets its products to several international markets including the US, UK, Australia, Germany, South East Asia and Africa. India is a leading country in the pharmaceutical sector, known for producing cheap vaccines and drugs. Indian pharmaceutical industry is the third largest in the world and has been growing at a Compound Annual Growth Rate (CAGR) of 9.43% over the last nine years. The country also has the greatest number of US FDA-compliant pharmaceutical manufacturing facilities and there are about 500 Active Pharmaceutical Ingredient (API) manufacturers who contribute 8% of the global API market share. As of March 31, 2022, Alkem Laboratories Limited has 3.9% market share in the domestic formulation market thus making it the fifth-largest pharmaceutical company in India. 

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Alkem Acquires Adroit Biomed Ltd.:  

Alkem Laboratories has acquired a 100% stake in Adroit Biomed Ltd., a pharmaceutical company specializing in skincare, for approximately ₹140 crore. This acquisition will help Alkem strengthen its presence in the dermatology and cosmetology segments. Alkem Chairman BN Singh stated, “The acquisition of Adroit will allow us to diversify our offerings, enhance market penetration, and solidify our position in dermatology and cosmetology.” 

Alkem Expands into Medical Technology: 

Alkem MedTech Private Limited, a wholly owned subsidiary of Alkem, is acquiring 100% equity in Bombay Ortho Industries Pvt. Ltd., a manufacturer of orthopaedic implants, for ₹147 crore. This move aligns with Alkem’s strategy to expand into the fast-growing MedTech sector in India. The transaction is expected to be completed by June 30, 2025, subject to regulatory approvals. Managing Director Sandeep Singh remarked, “The MedTech sector in India is growing rapidly, and the demand for implants is substantial. Through this acquisition, we aim to tap into the increasing need for high-quality medical devices.” 

Interim Dividend Announcement

Alkem Laboratories has declared an interim dividend of ₹37 per equity share (face value ₹2) for the financial year 2024-25. The dividend will be distributed on or after February 28, 2025. 

Segmental information

1. Anti-infectives 

Alkem is a market leader in India’s anti-infective therapy segment. This category accounts for 11.8% of the total Indian Pharmaceutical Market (IPM), and Alkem holds the No. 1 position with a broad range of medicines that combat various infections. 

2. Gastroenterology 

A key player in gastrointestinal therapies, Alkem operates in a segment that contributes 10% of the total IPM value, making it the third-largest therapy area in India. With lifestyle changes and increasing health concerns, this sector is expected to grow significantly over the next decade. Alkem currently holds a 7% market share in this category. 

3. Pain Management 

Alkem is a leading brand in pain management with popular products such as: 

  • Aldigesic P (Aceclofenac + Paracetamol) – Used for arthritis, sprains, and musculoskeletal pain 
  • Alkem Para 500mg – A paracetamol-based tablet for mild to moderate pain relief 
  • Alkem Piroxicam – Used for joint and muscle inflammation, including osteoarthritis and rheumatoid arthritis 

4. Vitamins & Minerals 

Alkem manufactures a variety of vitamin and mineral supplements, including calcium, vitamin D, vitamin B12, zinc, magnesium, and boron. Notable products include Hemfer XT (iron supplement) and GEMCAL D3 (calcium + vitamin D3). 

5. Neurology & CNS (Central Nervous System) 

Alkem is among the top 10 pharmaceutical companies in India for neurology and CNS therapies. Its products support treatments for Alzheimer’s, dementia, stroke, migraines, epilepsy, depression, and neuropathic pain. Over the past four years, Alkem has outperformed competitors in this segment, securing the 5th position in the Indian market (AIOCD MAT June 2019). 

6. Cardiology 

Alkem is an emerging player in the cardiology segment, operating through two divisions: Alkem Aspiria and Alkem Imperia. These focus on hypertension, dyslipidemia, and cardiovascular disease management. The company aims to become a key player in the cardiovascular sector by offering innovative treatment solutions. 

Subsidiaries and Global Presence

Domestic Subsidiaries (India) 

Wholly Owned Subsidiaries

  • Alkem Foundation – CSR and healthcare initiatives 
  • Alkem Medtech Private Limited – Medical devices & healthcare technology 
  • Alixer Nexgen Therapeutics Limited – Advanced pharmaceutical research 
  • Alkem Wellness Limited – Wellness & nutraceuticals 
  • Connect 2 Clinic Private Limited – Digital healthcare solutions 

Other Subsidiaries

  • Cachet Pharmaceuticals Pvt Ltd – Pharmaceutical formulations 
  • Indchemie Health Specialities Pvt Ltd – Specialty medicines 
  • Enzene Biosciences Limited – Biotechnology & biosimilars 

International Subsidiaries 

  • Europe: 
  • S & B Holdings S.a.r.l., Luxembourg – Global investment arm 
  • Ascend GmbH, Germany – European market operations 
  • Ascend Laboratories (UK) Ltd. – UK market expansion 
  • North & South America: 
  • Ascend Laboratories LLC, USA – US generic pharmaceutical market 
  • Ascend Laboratories Ltd., Canada – Canadian market operations 
  • Ascend Laboratories S.A.S, Colombia & Chile – Latin American expansion 
  • Asia-Pacific & Africa: 
  • Alkem Laboratories Korea Inc. – Expansion in South Korea 
  • Pharmacor Pty Limited, Australia – Australian market operations 
  • Pharmacor Ltd., Kenya – African pharmaceutical expansion 

Q3 Highlights

  • Net profit grew by 6% year-over-year, reaching ₹641 crore in Q3FY24, although it declined 9% from the previous quarter. 
  • Total income rose by 1.4% year-over-year to ₹3,467 crore, though it saw a 2.3% decline compared to the previous quarter. 
  • For the first nine months of FY25, net profit increased by over 25% YoY, reaching ₹1,893 crore. 
  • Following the earnings announcement, Alkem’s stock declined by 4%. 
  • The company has declared an interim dividend of ₹37 per equity share, payable on or after February 28, 2025. 

Financial Summary

Amount in ₹ Cr Q3 FY24 Q3 FY25 FY23 FY24 
Revenue 3,324.00 3,374.00 11,599 12,668 
Expenses 2,616 2,615 9,977 10,419 
EBITDA 750 852 4037 2946 
OPM 21% 23% 14% 18% 
Other Income 42 93 101 186 
Net Profit 604 641 1,007 1,811 
NPM 18.17 19.00  14.30 
EPS 49.76 52.34 140.61 187.31 
Mazagon Dock Shipbuilders
Mazagon Dock Shipbuilders Q3 Results: Revenue Up 33% YoY, Strong Profit Surges to ₹807 Cr

Mazagon Dock Shipbuilders Ltd: Overview 

Mazagon Dock Shipbuilders Ltd (MDL) is one of India’s premier defense public sector undertakings (PSUs) and the leading shipyard in the country, specializing in the construction of warships and submarines for the Indian Navy and offshore platforms for the oil industry. Established in 1934 and later nationalized in 1960, MDL has played a crucial role in India’s defense capabilities, contributing to the country’s self-reliance in shipbuilding and maritime security. The company operates in two primary segments: warship building and submarine construction. It has expertise in manufacturing a wide range of naval vessels, including destroyers, frigates, corvettes, and submarines. Additionally, it builds commercial vessels and offshore structures, making significant contributions to India’s maritime and energy security. Mazagon Dock’s modern infrastructure and cutting-edge technology allow for the concurrent construction of multiple warships and submarines. The company’s modular integrated shipbuilding technology ensures timely delivery while maintaining high quality and cost efficiency. With a strong order book, strategic partnerships with global defense contractors, and government backing, MDL is well-positioned to sustain its leadership in the shipbuilding industry. The Indian defense shipbuilding industry is experiencing robust growth, driven by increasing defense spending, government initiatives for indigenization, and the expansion of the Indian Navy’s fleet. The Indian Navy has outlined its Maritime Capability Perspective Plan (MCPP), aiming to have a 200-ship fleet by 2030, which presents immense opportunities for shipbuilders like MDL. 

Latest Stock News 

Mazagon Dock Shipbuilders Ltd. (MDL) declared a total interim dividend of ₹467.72 crore for FY 2024-25, translating to ₹23.19 per share (231.90% of the face value of ₹10), marking the highest-ever dividend payout by the company. Additionally, MDL paid a final dividend of ₹244.25 crore, equivalent to ₹12.11 per share, for FY 2023-24. In a significant event on January 15, 2025, Prime Minister Narendra Modi commissioned three indigenously built naval vessels—INS Surat, INS Nigiri, and INS Vaghsheer at the Naval Dockyard in Mumbai. This historic tri-commissioning, the first of its kind, highlights MDL’s advanced shipbuilding capabilities and reinforces India’s commitment to self-reliance in defense manufacturing. Furthermore, MDL successfully delivered the fourth destroyer of the P15B Class, ‘INS Surat,’ to the Indian Navy on December 20, 2024. Strengthening its role in submarine development, MDL signed a ₹1,990 crore contract with the Ministry of Defence for the construction of an Air Independent Propulsion (AIP) Plug for the DRDO-AIP system, enhancing the endurance of conventional submarines. The contract was formalized in the presence of Defence Secretary Shri Rajesh Kumar Singh in New Delhi on December 30, 2024. As of December 31, 2024, MDL’s total order book stands at ₹34,787 crore, reflecting a strong pipeline of ongoing and future projects 

Business Segments

  • Warship Construction: MDL has a long history of building surface warships for the Indian Navy. It has constructed advanced destroyers, frigates, corvettes, and fast attack crafts. Notable projects include the Visakhapatnam-class destroyers under Project 15B and Nilgiri-class stealth frigates under Project 17A. The company is continuously upgrading its shipbuilding infrastructure to meet the demands of future warships, incorporating stealth technology, advanced weapon systems, and sensor integration. 
  • Submarine Construction: MDL is the only Indian shipyard capable of constructing submarines and has played a pivotal role in India’s undersea defense strategy. The company successfully built Scorpène-class submarines (Kalvari-class) under Project 75 in collaboration with Naval Group, France. Currently, it is competing for the next-generation Project 75(I) submarines, which will feature advanced air-independent propulsion (AIP) technology, extending underwater endurance and operational capabilities. 
  • Offshore and Commercial Shipbuilding: While defense projects dominate its portfolio, MDL has also been involved in commercial shipbuilding and offshore structures for the oil and gas sector. The company constructs specialized vessels such as supply boats, dredgers, tugs, and offshore patrol vessels. It has also built jack-up rigs and offshore platforms for ONGC, contributing to India’s energy security. 
  • Exports and International Collaborations: MDL is gradually expanding its footprint in international markets, leveraging the Indian government’s focus on defense exports. The company is actively participating in global tenders to supply warships, patrol vessels, and support ships to friendly nations. Collaborations with leading global defense companies have enabled technology transfer and skill development, strengthening MDL’s competitive position. 
  • Repair and Maintenance Services: MDL provides lifecycle maintenance, mid-life upgrades, and refits for naval ships and submarines, ensuring operational efficiency and longevity. The company’s state-of-the-art dry dock and repair facilities in Mumbai cater to both Indian and foreign naval vessels. The demand for maintenance and overhaul services is expected to rise as the Indian Navy expands its fleet, providing a steady revenue stream for MDL. 

Subsidiary Information

  • It does not have any subsidiaries. It collaborates with companies to expand its market share. 

Q3 FY25 Earnings 

  • Revenue of ₹3144 crore in Q3 FY25 up by 33% YoY from ₹2362 crore in Q3 FY24.  
  • EBITDA of ₹817 crore in this quarter at a margin of 26% compared to 23% in Q3 FY24. 
  • Profit of ₹807 crore in this quarter compared to a ₹627 crore profit in Q3 FY24. 

Financial Summary 

Amount in ₹ Cr Q3 FY24 Q3 FY25 FY23 FY24 
Revenue 2362 3144 7827 9467 
Expenses 1823 2327 7027 8051 
EBITDA 539 817 801 1416 
OPM 23% 26% 10% 15% 
Other Income 269 286 687 1101 
Net Profit 627 807 1119 1937 
NPM 26.5% 25.7% 14.3% 20.5% 
EPS 15.5 20.1 27.7 48.02 

M&M Q3 Earnings
M&M Q3 Results: ₹2,964 Cr Profit, 20% Revenue Growth— Strong Market Performance!

Mahindra & Mahindra Ltd: Overview 

Mahindra & Mahindra Ltd. (M&M) is one of India’s largest and most diversified multinational conglomerates, with a strong presence in automobiles, farm equipment, financial services, real estate, and technology. Founded in 1945, the company has grown into a global powerhouse, operating in over 100 countries and employing more than 250,000 people worldwide. Headquartered in Mumbai, M&M is part of the larger Mahindra Group, which has interests in sectors such as IT, defense, aerospace, and renewable energy. M&M is a market leader in the automotive and farm equipment industries, manufacturing a wide range of products, including SUVs, commercial vehicles, electric vehicles (EVs), tractors, and two-wheelers. The company is known for its strong engineering capabilities, innovation-driven approach, and commitment to sustainability, with increasing investments in electric mobility, green energy, and digital transformation. With a diversified portfolio and a customer-centric approach, Mahindra has established itself as one of India’s most trusted brands, delivering value through high-quality and technologically advanced products. The Indian automobile and farm equipment industries are witnessing rapid growth, driven by rising demand for mobility, increasing mechanization in agriculture, and a shift towards electric and sustainable transportation. The Indian automobile industry is expected to grow at a CAGR of 6-8% over the next decade, with SUVs and EVs driving demand. 

Latest Stock News 

Mahindra & Mahindra Ltd. continues to demonstrate consistent growth and strong margin momentum across its key business verticals, particularly in the Automobile and Farm Equipment sectors. The automobile segment saw a 16% increase in volume, with the SUV revenue market share reaching 23%, marking a 200 basis point (bps) improvement. Similarly, the farm equipment segment experienced a 20% rise in volume, expanding its market share to 44.2%, up by 240 bps. In the renewable energy space, Mahindra Susten secured 1,722 MWp in year-to-date tender wins, reinforcing its position in the sustainable energy sector. The real estate division continues to strengthen its portfolio, with a record-breaking land acquisition worth ₹12,000 crore, while the timing of real estate sales remains a key factor in revenue realization. The hospitality business maintains positive momentum, with an 84% occupancy rate, consistent with the previous year despite an expanded inventory base, and a 37% increase in average unit realization. Tech Mahindra, the IT and telecom arm of the Mahindra Group, secured key new deals in the telecom sector, while showing early signs of recovery in Banking, Financial Services & Insurance (BFSI) and healthcare segments. The company is also witnessing margin recovery from prior-year one-time impacts, positioning itself for stable profitability in the upcoming quarters. The logistics division is making significant strides, particularly through a large partnership in the quick-commerce space, enabling efficient supply chain solutions for e-commerce and hyperlocal delivery businesses. However, challenges persist in the express logistics segment, requiring strategic interventions for sustained growth. Mahindra also received Production-Linked Incentive (PLI) scheme approval, with a disbursement of ₹104 crore for FY24, supporting its manufacturing expansion and technological advancements. These developments, coupled with its diversified portfolio and innovation-driven strategy, continue to reinforce Mahindra’s leadership across its core industries. 

Business Segments

  • Automotive Segment: Mahindra & Mahindra is one of India’s leading automobile manufacturers, known for its SUVs, electric vehicles (EVs), commercial vehicles, and pickup trucks. The company’s SUV portfolio, including popular models like the Scorpio, Thar, XUV700, and Bolero, has been a major revenue driver, contributing significantly to market share growth. M&M has been aggressively expanding its electric vehicle (EV) offerings, with plans to invest ₹10,000 crore in EV developments. 
  • Farm Equipment Segment: M&M is the world’s largest tractor manufacturer by volume, holding a dominant position in India’s agricultural machinery market. The company offers a wide range of tractors, harvesters, and agri-equipment, with brands like Mahindra Tractors, Swaraj Tractors, and Trakstar leading the segment. The global push for mechanized farming and precision agriculture has been a significant growth driver for Mahindra’s farm equipment division. 
  • Mahindra Finance & Financial Services: M&M’s financial services arm, Mahindra Finance, plays a crucial role in providing financing solutions for vehicle and tractor purchases. The company offers loans, insurance, and leasing solutions, catering to both urban and rural consumers. The company’s strong rural network and financial inclusion initiatives continue to be key differentiators in the NBFC (Non-Banking Financial Company) space. 
  • Mahindra Lifespace Developers: M&M is also a significant player in India’s real estate and infrastructure sector through its subsidiary Mahindra Lifespace Developers Ltd. The company focuses on residential and commercial real estate projects, with a strong emphasis on sustainable and smart urban living. Mahindra Lifespaces has been pioneering green buildings, smart cities, and eco-friendly industrial parks, aligning with the government’s Smart Cities Mission. 
  • Renewable Energy & Sustainability: Mahindra has been expanding into clean energy solutions, with a focus on solar, wind, and electric mobility infrastructure. The company’s Mahindra Susten is actively involved in solar power projects, while its electric vehicle division aims to accelerate EV adoption and charging infrastructure development. 

Subsidiary Information

  • Mahindra Electric Mobility Ltd: Mahindra Electric is leading M&M’s transformation into a sustainable mobility solutions provider, with a focus on electric cars, three-wheelers, and battery technology. The company has launched several EV models, including the eVerito, Treo electric auto, and XUV400 EV. With government support for EV adoption, Mahindra Electric is scaling up production and charging infrastructure investments. 
  • Mahindra Finance (Mahindra & Mahindra Financial Services Ltd): Mahindra Finance is one of India’s largest non-banking financial companies (NBFCs), primarily serving the rural and semi-urban markets. The company provides loans for tractors, vehicles, and SME businesses, along with insurance and wealth management solutions. With India’s growing financial inclusion drive, Mahindra Finance continues to expand its digital lending and fintech partnerships. 
  • Swaraj Tractors: Swaraj Tractors, a subsidiary of M&M, is one of India’s most trusted tractor brands, catering to small and mid-sized farmers. Known for its rugged build quality, fuel efficiency, and affordable pricing, Swaraj Tractors holds a strong market share in India’s agricultural sector. The company continues to expand its precision farming technologies and smart agri-solutions. 
  • Mahindra Lifespaces: Mahindra Lifespaces is the real estate and urban development arm of M&M, focusing on sustainable housing, smart cities, and industrial infrastructure. The company has developed eco-friendly residential projects and industrial clusters that align with India’s Smart Cities and Make in India initiatives. 
  • Mahindra Susten (Renewable Energy Division): Mahindra Susten is leading the renewable energy expansion for M&M, specializing in solar power projects, energy storage, and green energy solutions. The company has been working on large-scale solar farms, EV charging stations, and battery storage innovations, aligning with global carbon neutrality goals. 

Q3 FY25 Earnings 

  • Revenue of ₹41470 crore in Q3 FY25 up by 17.5% YoY from ₹35299 crore in Q3 FY24.  
  • EBITDA of ₹8231 crore in this quarter at a margin of 20% compared to 18% in Q3 FY24. 
  • Profit of ₹3624 crore in this quarter compared to a ₹2977 crore profit in Q3 FY24. 

Financial Summary 

Amount in ₹ Cr Q3 FY24 Q3 FY25 FY23 FY24 
Revenue 35299 41470 121269 139078 
Expenses 29075 33239 100983 114186 
EBITDA 6224 8231 20285 24892 
OPM 18% 20% 17% 18% 
Other Income 756 719 3961 3298 
Net Profit 2977 3624 11374 12270 
NPM 8.4% 8.7% 9.3% 8.8% 
EPS 21.4 25.6 82.7 90.6 
Bharti Airtel
Bharti Airtel Q3 FY25 Results: Strong Net Profit Jumps 121% to ₹5,514 Cr, Revenue at ₹45,129 Cr, ARPU ₹245

Bharti Airtel Ltd: Overview 

Bharti Airtel Ltd. is one of India’s leading telecommunications service providers, with a robust presence in over 18 countries across South Asia and Africa. Established in 1995, the company has evolved into a diversified telecom player offering services that include mobile voice and data, broadband, fixed-line services, enterprise solutions, digital television, and financial services. Airtel has been at the forefront of India’s digital transformation, playing a pivotal role in expanding high-speed internet connectivity across urban and rural markets. The company operates one of the largest 4G and 5G networks in India, ensuring seamless connectivity for millions of users. Airtel’s business model is driven by a strong customer-first approach, supported by continuous investments in network expansion, digital innovations, and content partnerships. With a subscriber base of over 500 million, Airtel remains a formidable competitor in India’s telecom landscape. The Indian telecommunications industry is undergoing a rapid transformation, driven by technological advancements, increasing smartphone penetration, and the growing demand for high-speed data services. India has emerged as one of the world’s largest and fastest-growing telecom markets, with over 1.2 billion mobile subscribers and significant investments in next-generation technologies. The introduction of 5G services is set to redefine the telecom landscape, with Airtel leading the way in deployment. The government’s push for Digital India, coupled with initiatives like BharatNet, aims to improve broadband connectivity in rural areas, creating new opportunities for telecom operators. 

Latest Stock News 

As of December 31, 2024, the overall customer base stood at approximately 577 million across 15 countries, reflecting a year-on-year (YoY) growth of 4.7% compared to 551 million in the corresponding quarter last year. The company’s consolidated mobile data traffic surged by 24.2%, reaching 20,689 petabytes (PBs) during the quarter, compared to 16,656 PBs in the previous year. Total minutes of usage on the network grew by 6.8% to 1,385 billion, up from 1,297 billion in the same quarter last year. The smartphone customer base expanded to 270.2 million, recording an increase of 6.5 million quarter-on-quarter (QoQ) and 25.2 million YoY. The company’s capital expenditure for the quarter amounted to ₹91,608 million. In the Digital TV Services segment, the average revenue per user (ARPU) for the quarter stood at ₹160, slightly higher than ₹158 in the previous quarter, with net customer additions of 29,000. The Homes segment continued its expansion, with operations spanning 1,427 cities (including Local Cable Operators), witnessing a robust revenue growth of 18.7% YoY. Net customer additions in this segment totalled approximately 674,000 during the quarter, bringing the overall customer base to 9.2 million. 

Business Segments 

  • Mobile Services (India & South Asia): Airtel is the second-largest telecom operator in India, offering 2G, 4G, and 5G services to millions of customers. The company has a strong focus on ARPU (Average Revenue Per User) growth, driven by premiumization strategies such as higher 4G and 5G adoption, post-paid plan expansion, and bundled content services. Airtel’s “Airtel Black” strategy, which provides bundled mobile, broadband, and DTH services, has seen strong traction. 
  • Airtel Business (Enterprise Solutions): Airtel Business is one of India’s largest B2B telecom service providers, catering to corporates, government institutions, and small businesses. The segment offers cloud computing, cybersecurity, data center solutions, IoT connectivity, and managed services. Airtel has partnered with global technology firms like Google Cloud, AWS (Amazon Web Services), and Cisco to strengthen its enterprise offerings. 
  • Home Broadband & DTH Services: Airtel’s broadband segment has grown significantly under Airtel Xstream Fiber, offering high-speed fiber-optic internet across 1,200+ cities in India. The company has aggressively expanded its fiber network, targeting 40 million homes by 2025. With a focus on Wi-Fi 6 routers, mesh networking, and OTT content bundles, Airtel is enhancing user experience and driving customer retention. The DTH (Direct-to-Home) segment, offered through Airtel Digital TV, provides digital television services to millions of Indian households. 
  • Payments & Financial Services: Airtel operates Airtel Payments Bank, India’s first payments bank, which provides financial inclusion solutions such as digital wallets, UPI transactions, and micro-loans. The bank has witnessed strong growth, driven by an increasing number of digital transactions and rural banking initiatives. Airtel has also partnered with financial institutions to offer insurance, credit, and investment products through its digital platform. 

Subsidiary Information 

  • Airtel Africa: Airtel Africa is a major player in the African telecom market, operating in 14 countries, including Nigeria, Kenya, Uganda, and Tanzania. The subsidiary offers mobile voice, data, and financial services, catering to over 140 million customers. The company has been expanding mobile money services under Airtel Money, driving financial inclusion in underserved regions. 
  • Nxtra by Airtel: Nxtra by Airtel is the company’s data center subsidiary, providing cloud computing and colocation services. As India’s demand for data storage, AI-driven analytics, and cybersecurity solutions increases, Nxtra is expanding its green data centers across multiple locations. Airtel has committed significant investments in energy-efficient and AI-powered infrastructure, ensuring compliance with global data security standards. 
  • Airtel Payments Bank: Airtel Payments Bank operates as a financial inclusion initiative, offering digital wallets, micro-insurance, and payment solutions. The bank has a vast rural and urban customer base, benefiting from Airtel’s extensive network coverage. The increasing shift towards cashless transactions and government-backed financial inclusion programs makes Airtel Payments Bank a high-potential subsidiary. 

Q3 FY25 Earnings 

  • Revenue of ₹45129 crore in Q3 FY25 up by 19.08% YoY from ₹37900 crore in Q3 FY24.  
  • EBITDA of ₹24597 crore in this quarter at a margin of 54% compared to 52% in Q3 FY24. 
  • Profit of ₹16135 crore in this quarter compared to a ₹2876 crore profit in Q3 FY24. 

Financial Summary 

Amount in ₹ Cr Q3 FY24 Q3 FY25 FY23 FY24 
Revenue 37900 45129 139145 149982 
Expenses 18085 20533 67871 71691 
EBITDA 19815 24597 71274 78292 
OPM 52% 54% 51% 52% 
Other Income 1013 9675 1019 -3428 
Net Profit 2876 16135 12287 8558 
NPM 7.5% 35.7% 8.8% 5.7% 
EPS 4.3 25.9 14.9 13.2 
LIC Ltd Q3 FY25 Results
LIC Ltd Q3 FY25 Results: Strong Net Profit Surges 17% YoY to ₹11,057 Cr

LIC Ltd: Overview 

Life Insurance Corporation of India (LIC) is the largest life insurer in India, commanding a dominant position in the market. Established in 1956 by the Government of India through the nationalization of over 245 private insurers, LIC has played a pivotal role in shaping the Indian life insurance landscape. With an extensive distribution network of more than 1.4 million agents, numerous bancassurance partnerships, and a growing digital presence, LIC caters to millions of policyholders across urban and rural India. As of FY 2024, LIC manages assets worth over ₹45 lakh crore, making it one of the largest institutional investors in the country. Its business model revolves around a diversified product portfolio that includes individual life insurance, pension plans, annuities, ULIPs, health insurance, and group insurance schemes. The company also offers microinsurance products to serve the financially weaker sections of society. LIC’s AUM-to-GDP ratio is among the highest in the world, underscoring its importance in India’s financial system. The Indian life insurance sector is expected to experience robust growth, driven by rising disposable incomes, increasing financial awareness, and favourable regulatory initiatives. Currently, India’s life insurance penetration stands at approximately 3.2% of GDP, significantly lower than the global average, highlighting substantial growth potential. The post-pandemic era has reinforced the importance of life insurance as a financial protection tool, leading to higher demand for pure protection plans (term insurance), health-linked insurance, and retirement products. Additionally, the government’s initiatives, such as Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) and tax incentives for insurance products, have boosted policy uptake across different income groups. 

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LIC has demonstrated strong financial performance, with the yield on investment (policyholders’ fund) recorded at 8.82% for the first nine months (9M) of FY25, compared to 9.14% in 9M FY24. A significant highlight of LIC’s financial trajectory is the surge in Indian Embedded Value (IEV), which increased by ₹159,111 crore from September 2023 to September 2024, reflecting a remarkable growth trajectory and strengthening LIC’s valuation in the industry. The company continues to dominate the life insurance sector, backed by its extensive agency network, which contributes 47.40% of the industry’s total agency force. LIC’s loyal and well-trained agency network is a blend of young and experienced professionals, ensuring widespread customer outreach. In 9M FY25, a total of 3,68,150 agents were trained, with a significant 77.40% of them falling within the 18-40 years age group, underscoring LIC’s focus on youth recruitment to drive future growth. Additionally, the launch of LIC’s Bima Sakhi Yojana by the Hon’ble Prime Minister on December 9, 2024, marked a major initiative to empower women in the insurance sector. Out of the total 7.45 lakh women agents in India, LIC holds a 42.67% share, reflecting its leadership in gender-inclusive employment. LIC has also maintained its exemplary claims management system, settling total death claims worth ₹17,588 crore in 9M FY25, up from ₹16,288 crore in 9M FY24. The death claim settlement ratio has improved to 98.66% in 9M FY25, compared to 98.46% in 9M FY24, reinforcing LIC’s commitment to efficient and reliable claim settlements. 

Business Segments

  • Individual Life Insurance: LIC offers a broad range of individual life insurance products, including term insurance, endowment plans, whole-life policies, ULIPs, and money-back policies. These plans provide a combination of risk coverage and savings, catering to different financial needs. Popular policies like Jeevan Anand, Jeevan Umang, and Tech Term continue to be preferred choices among policyholders. 
  • Group Insurance and Pension Plans: LIC dominates the group insurance segment, providing group term insurance, gratuity schemes, and superannuation plans to corporate and government organizations. Its pension and annuity products, such as Jeevan Akshay and Jeevan Shanti, help retirees secure a stable post-retirement income. The growing aging population and lack of adequate pension coverage in India make this segment a key growth driver for LIC. 
  • Health Insurance: LIC’s health insurance segment includes policies like LIC Jeevan Arogya, which offers hospitalization benefits, critical illness cover, and family protection. With rising medical inflation and healthcare costs, LIC is expected to expand its health insurance offerings further. 
  • Microinsurance and Rural Policies: To ensure financial inclusion, LIC has introduced low-premium, high-coverage insurance plans targeted at low-income groups and rural populations. Policies like LIC Bhagya Lakshmi and LIC New Jeevan Mangal provide affordable life coverage, supporting the government’s vision of universal financial protection. 

Subsidiary Information

  • LIC Housing Finance Ltd. (LIC HFL): LIC HFL is one of India’s leading housing finance companies, providing home loans, project financing, and loans against property. With a strong nationwide presence, the subsidiary plays a vital role in India’s real estate financing sector. LIC’s association with the brand enhances customer trust, making LIC HFL a preferred choice for homebuyers. 
  • LIC Mutual Fund Asset Management Ltd: LIC’s mutual fund arm offers diverse investment solutions, including equity, debt, hybrid, and tax-saving funds (ELSS). The subsidiary capitalizes on LIC’s brand recognition to attract retail and institutional investors looking for long-term wealth creation opportunities. 
  • LIC Pension Fund Ltd: LIC Pension Fund manages National Pension System (NPS) investments, serving government employees and private sector participants. With India’s increasing focus on retirement planning, this subsidiary is expected to play a crucial role in the country’s pension market. 
  • LIC Cards Services Ltd: A relatively newer subsidiary, LIC Cards Services Ltd. has entered the credit card market in partnership with IDBI Bank, offering insurance-linked benefits and targeting LIC’s existing policyholders to expand its customer base. 
  • LIC International: LIC has expanded internationally through joint ventures in Bangladesh, Nepal, Sri Lanka, and the UAE, offering customized life insurance solutions to the South Asian market. These subsidiaries contribute to LIC’s global growth strategy and revenue diversification. 

Q3 FY25 Earnings 

  • Revenue of ₹203751 crore in Q3 FY25 down by 4.8% YoY from ₹214054 crore in Q3 FY24.  
  • EBITDA of ₹11395 crore in this quarter at a margin of 6% compared to 4% in Q3 FY24. 
  • Profit of ₹11009 crore in this quarter compared to a ₹9434 crore profit in Q3 FY24. 

Financial Summary 

Amount in ₹ Cr Q3 FY24 Q3 FY25 FY23 FY24 
Revenue 214054 203751 784628 845966 
Expenses 204815 192356 750420 813188 
EBITDA 9239 11395 34207 32779 
OPM 4% 6% 4% 4% 
Other Income 206 818 7800 14829 
Net Profit 9434 11009 35997 40916 
NPM 4.4% 5.4% 4.6% 4.8% 
EPS 14.9 17.4 56.9 64.5 
Cummins India Q3 FY25 Results
Cummins India Q3 FY25 Results: Strong Revenue Grows 21.78%, Net Profit Up 12.99%

Business and Industry Overview 

Cummins India is well known for its natural gas engines and the generator is a part of Cummins Inc., a US-based company with a global revenue of $23.6 billion. It is also a 51-per cent subsidiary of Cummins Inc. It has 21 dealerships and more than 120 dealership branch offices across India. It is a leading player in the power solutions industry, providing engines, power generators, and related technology. Its main products include diesel and alternative-fueled power generator sets with capacities up to3,0000 kW(3,7500 kVA). Cummins is widely known for its truck engines worldwide but in India, it’s famous for generators, which has accounted solely for its total revenue in the third quarter.  

It has seven legal entities including three joint ventures  

Cummins India Limited, Cummins Generator Technologies India Pvt. Ltd., Cummins Technologies India Pvt. Ltd., Fleetguard Filters Pvt. Ltd., Tata Cummins Pvt. Ltd., Valvoline Cummins Pvt. Ltd., and Cummins Sales & Service Pvt. Ltd. (formerly known as Cummins Svam Sales & Service Private Limited).  All these legal entities operate 21 manufacturing facilities in India.   

The Indian Industrial engine market has a rapid growth potential fueled by increasing energy and infrastructure sectors. It is valued at 162.94 million in 2023 and is expected to grow at a CAGR of 5.05 % by 2029. Even India’s power generation has increased by 6.80%, reaching 1452.43 billion KWh by January 2024. The main reason behind this is India’s growing industrialization and urbanization as India is marching towards Vikashit Bharat. Even the government has made a lot of efforts to increase industrialization and aims to make India a manufacturing hub. Cummins India holds a majority stake of around 62 % in the Indian engine manufacturing industry.   

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Cummins India’s share price increased by over 5% on February 6 after the company reported strong Q3 results, with an 11.9% year-on-year profit growth. The Board announced an interim dividend of ₹18 per share, to be paid by March 3, 2025. The stock has gained 22% over the past year.  

In an exchange filing, the company stated, “The Board of Directors has approved and declared an Interim Dividend of ₹18 per equity share (900%) on 277,200,000 equity shares (Face Value ₹2 each) for the Financial Year 2024-25.” The Record Date for determining shareholder eligibility for this interim dividend is Friday, February 14, 2025, with payment scheduled by March 3, 2025.  

On 6 February 2025, at the Bharat Mobility Global Expo 2025, Cummins India also announced the launch of its next-generation HELM™ (which stands for Higher Efficiency, Lower emissions, Multiple fuels) engine platforms. These platforms are expected to include a high-performance L10 engine with an advanced Hydrogen Fuel Delivery System (FDS) with Type IV on vehicle storage vessels and the innovative B6.7N natural gas engine. This shows the company’s understanding of the Indian Commercial Vehicle market and its aim of adhering to current market demand and future environmental requirements.  

Business Segments

  • Cummins India Limited has three business units: Engine, Power Systems, Distribution, and Integrated Supply Chain Management. 
  • The Engine Business produces engines ranging from 125 to 400 HP for light, medium, and heavy-duty commercial vehicles, as well as off-highway equipment used in construction and compressors, with power outputs between 49 HP and 430 HP. 
  • The Power Systems Business specializes in designing and manufacturing durable engines with horsepower ranging from 700 HP to 4500 HP. These engines cater to industries such as marine, railways, defence, and mining, offering high-performance solutions tailored to meet the unique requirements of each sector, ensuring reliability and efficiency across diverse applications. 

The Distribution Unit distributes powertrains and powertrain-related components.

Q3 2025 Earnings

  • Revenue is reported at Rs 3,086.01 crore in Q3 FY 2025, up 21.78% from Rs. 2,534.06 crore in Q3 FY 2024.  
  • Quarterly Net Profit at Rs. 514.00 crore in Q3 FY 2025, up 12.99% from Rs. 454.92 crore in Q3 FY 2024.  
  • EBITDA stands at Rs. 720.88 crore in Q3 FY 2025, up 10.64% from Rs. 651.54 crore in Q3 FY 2024. 

Financial Summary

Amount in ₹ Cr Q3 FY24 Q3 FY25 FY23 FY24 
Revenue 2,534.06 3,086.01 7,744 8,959 
Expenses 2,072 2,551 6,502 7,197 
EBITDA 720.88 651.54  232 1014 
OPM 21% 19% 16% 20% 
Other Income 99.39  111.39 406 566 
Net Profit 119 514 1648 2711 
NPM 4.74 16.84 21.28 30.26 
EPS 18 20.15 62.07 44.46 
ITC Q3 FY25 Results
ITC Q3 FY25 Results: Consolidated PAT Declines 7% YoY to ₹4,935 Crore, Revenue Growth at 8%

ITC Ltd: Overview 

ITC Ltd. is one of India’s leading conglomerates with a diversified presence across multiple industries, including fast-moving consumer goods (FMCG), hotels, paperboards and packaging, agri-business, and information technology. Established in 1910, ITC has grown into a market leader in several sectors, driven by its strong brand portfolio, innovative products, and sustainability initiatives. The company’s core strengths lie in its deep distribution network, robust supply chain, and extensive research and development capabilities, enabling it to cater to evolving consumer preferences effectively. The FMCG segment, which includes foods, personal care, and education stationery, has been a major growth driver for ITC, contributing significantly to its revenues. ITC has been focused on sustainability and environmental responsibility, with initiatives such as carbon-positive and water-positive operations. The company’s investments in green businesses, renewable energy, and circular economy practices underscore its commitment to responsible growth. The Indian FMCG sector is expected to grow at a CAGR of 10-12%, driven by the increasing preference for packaged foods, health-conscious products, and digital shopping channels. ITC’s strong distribution network and expanding product portfolio position it well to capture this growth. ITC continues to hold a dominant position with a market share of over 75%. Growth in premium segments and the company’s pricing power support revenue stability. The Indian agricultural sector continues to expand, supported by government reforms and increasing food exports. 

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During the quarter, ITC experienced a sharp escalation in the costs of key input materials such as edible oil, wheat, potato, leaf tobacco, and wood, impacting overall margins. Despite these cost pressures, the company maintained its growth trajectory and continued to focus on value creation. The Board has recommended an Interim Dividend of ₹6.50 per share for the financial year ending March 31, 2025, reflecting its commitment to shareholder returns. The Cigarettes segment performed well, with net segment revenue rising by 8.1% YoY and segment PBIT increasing by 4.1% YoY. However, competitive intensity remains high, particularly in categories like noodles, snacks, biscuits, and popular soaps, where local players continue to exert pressure. The macroeconomic environment presents challenges, with India’s real GDP growth estimated at 6.4% for FY25, down from 8.2% in FY24. A broad-based slowdown in manufacturing and a deceleration in investment growth have contributed to this moderation. In a strategic move, ITC completed the demerger of its Hotels Business, transferring operations to ITC Hotels Limited (ITCHL), which became effective on January 1, 2025. ITC Hotels Limited was successfully listed on the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE) on January 29, 2025, and is now reported as ‘Discontinued Operations’ in the financial results for the quarter and nine months ended December 31, 2024. Despite industry challenges, ITC continues to leverage its strong customer relationships and agile execution capabilities to drive growth in Leaf Tobacco and Value-Added Agri Exports, ensuring a robust presence in key markets. The company remains focused on sustaining its leadership across core business segments while adapting to evolving market dynamics. 

Business Segments

  • FMCG: ITC is the undisputed leader in the Indian cigarette industry, with a diverse portfolio of brands catering to different consumer segments. The cigarette business remains highly profitable and is a major contributor to ITC’s bottom line. Apart from cigarettes, ITC has built a strong presence in non-cigarette FMCG categories, such as packaged foods, personal care and hygiene products. The FMCG segment has been growing rapidly, with the company expanding into newer categories like dairy, frozen snacks, and beverages.  
  • Hotels: ITC Hotels is one of India’s largest luxury hotel chains, with a presence in premium and mid-market segments. The company operates properties under brands like ITC Hotels, WelcomeHotels, Fortune, and Storii. ITC Hotels is known for its sustainable luxury approach, with several properties achieving LEED Platinum certification. The hospitality business has been recovering strongly, driven by increased travel demand and the expansion of leisure and business tourism.  
  • Paperboards, Paper & Packaging: ITC is a market leader in premium paperboards and sustainable packaging solutions. The segment caters to various industries, including FMCG, pharmaceuticals, and e-commerce. ITC’s investments in high-quality, eco-friendly paper products have positioned it well in the growing demand for sustainable packaging.  
  • Agri-Business: ITC’s agri-business division is a key player in the Indian agricultural sector, dealing in wheat, rice, spices, and other commodities. The company’s e-Choupal initiative, a digital agri-platform, has revolutionized supply chain efficiencies and improved farmer livelihoods. ITC continues to strengthen its farm-to-fork capabilities, ensuring high-quality sourcing for its FMCG businesses. 
  • IT & Digital Services (ITC Infotech): ITC Infotech is a global IT services and solutions provider catering to industries such as manufacturing, retail, and financial services. The subsidiary specializes in digital transformation, AI, cloud computing, and analytics. ITC Infotech has been expanding its global footprint through strategic acquisitions and partnerships, contributing to the overall growth of ITC Ltd. 

Subsidiary Information

  • ITC Infotech: ITC Infotech is a wholly-owned subsidiary that provides IT solutions and consulting services. It caters to global clients across industries such as BFSI, retail, healthcare, and manufacturing. The subsidiary has been focusing on expanding its capabilities in AI, automation, and cybersecurity, strengthening its position as a digital transformation partner for enterprises. 
  • Surya Nepal Pvt Ltd: A joint venture between ITC and Nepalese partners, Surya Nepal is the largest cigarette manufacturer in Nepal. Apart from cigarettes, the company has diversified into apparel and lifestyle products under the John Players brand. Surya Nepal contributes significantly to ITC’s international revenue streams. 
  • Technico Agri Sciences Ltd: This subsidiary focuses on agribiotechnology, specializing in high-yield seed varieties and improving agricultural productivity. Technico Agri Sciences plays a crucial role in ITC’s agri-business operations by enhancing crop quality and farm output, benefiting both farmers and ITC’s FMCG segment. 
  • WelcomHotels Lanka Pvt Ltd: ITC’s international expansion in the hospitality segment includes WelcomHotels Lanka, a subsidiary overseeing the development of a luxury hotel and mixed-use property in Sri Lanka. This venture aligns with ITC’s strategy of expanding its footprint in high-growth tourism markets. 
  • North East Nutrients Pvt Ltd: This subsidiary focuses on manufacturing and distributing food products, particularly under the Aashirvaad brand. It plays a critical role in ITC’s packaged foods supply chain, ensuring consistent quality and production efficiency. 

Q3 FY25 Earnings 

  • Revenue of ₹18790 crore in Q3 FY25 up by 9.3% YoY from ₹17195 crore in Q3 FY24.  
  • EBITDA of ₹6362 crore in this quarter at a margin of 34% compared to 36% in Q3 FY24. 
  • Profit of ₹5013 crore in this quarter compared to a ₹5407 crore profit in Q3 FY24. 

Financial Summary 

Amount in ₹ Cr Q3 FY24 Q3 FY25 FY23 FY24 
Revenue 17195 18790 70919 70866 
Expenses 10985 12428 45215 44634 
EBITDA 6210 6362 25704 26233 
OPM 36% 34% 36% 37% 
Other Income 820 803 2098 2804 
Net Profit 5407 5013 19477 20751 
NPM 31.4% 26.7% 27.4% 29.3% 
EPS 4.3 3.9 15.4 16.4 
Britannia Ltd
Britannia Q3 FY25 Results: Net Profit Rises 5% to ₹582 Crore, Revenue Up 7.9% YoY

Britannia Industries Ltd: Overview 

Britannia Industries Limited is one of India’s leading food companies, best known for its wide range of biscuits, dairy products, and bakery goods. With a rich legacy of over a century, Britannia has established itself as a household name, consistently delivering high-quality, innovative, and nutritious products. The company operates in multiple food categories, including biscuits, cakes, breads, rusk, and dairy products like cheese, milk, and yogurt. Britannia has a strong distribution network across India and continues to expand its presence in international markets, catering to consumers in over 60 countries. The company has strategically invested in production facilities, research and development, and brand-building initiatives to maintain its leadership position. Innovation remains a key focus area, with Britannia introducing new product variants and health-oriented options to cater to evolving consumer preferences. Its commitment to sustainability and responsible sourcing further strengthens its market credibility and long-term growth prospects. The Indian packaged food industry has been experiencing steady growth, driven by rising urbanization, increasing disposable incomes, and changing consumer lifestyles. The demand for ready-to-eat and convenience foods has surged, particularly in urban centers where busy schedules have led to greater reliance on packaged food products. Britannia benefits from this trend as it continues to innovate and expand its product portfolio. The growth of e-commerce and digital grocery platforms has opened new avenues for distribution, allowing companies like Britannia to reach a wider consumer base. Despite facing challenges such as inflationary pressures on raw material costs, fluctuating commodity prices, and regulatory changes, the packaged food sector remains resilient. With government initiatives promoting the food processing industry and increasing foreign investments, the long-term outlook for Britannia and the broader industry remains positive. 

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In the third quarter of FY25, Britannia Industries reported a Profit after Tax (PAT) at 13.0% of total revenue, reflecting the impact of an economic slowdown and persistently high food inflation, which has led to muted consumer demand. Inflationary pressures have remained a challenge, with key household essentials witnessing significant price increases cereals rising by 6.5%, oils and fats by 14.6%, vegetables by 26.6%, and fruits by 8.5% as of December 2024. The GDP recorded its lowest growth in Q2 FY25 over the last two years; however, a recovery is anticipated in the second half of the fiscal year, with nominal growth expected to reach 10.5%. The revival is likely to be led by improvements in the agriculture and manufacturing sectors, which are expected to drive economic momentum. Britannia’s product portfolio has continued to show resilience despite macroeconomic headwinds. The croissant category remains on a strong double-digit growth trajectory, while rusk has maintained healthy volume and value growth, benefiting from increased consumer preference. The wafer segment is progressing well, supported by continuous innovations and a growing distribution network. The cheese business is leveraging in-house capabilities to remain competitive, ensuring sustained market presence and growth. Meanwhile, the drinks category continues to perform exceptionally, demonstrating robust double-digit growth backed by strong demand. On the international front, Britannia’s business has performed well, particularly in non-Middle East markets, delivering steady growth while maintaining healthy operating margins. The company remains focused on expanding its global footprint and optimizing efficiencies to navigate inflationary challenges while sustaining long-term profitability. 

Business Segments 

  • Biscuits Segment: Britannia’s biscuit segment remains the company’s core business, contributing significantly to overall revenues. Popular brands such as Good Day, Marie Gold, Bourbon, and Treat continue to dominate their respective categories. The company has been actively diversifying within this segment by introducing premium, health-focused, and indulgent variants to cater to different consumer segments. 
  • Dairy Segment: Britannia’s dairy division is a growing contributor to its overall business, featuring a range of products including cheese, butter, milk, yogurt, and ghee. The company has focused on value-added dairy products, such as flavoured yogurts and functional dairy drinks, to capture evolving consumer preferences. The increasing health consciousness among consumers is expected to drive further growth in this segment, with the company poised to introduce new, innovative dairy offerings. 
  • Bread and Bakery Segment: Britannia holds a significant market share in the bread and bakery category, with its fresh and packaged bread lines being a staple in many Indian households. The bakery segment, which includes cakes and rusks, has also seen steady growth, driven by increasing consumer demand for convenient and indulgent snacks. 
  • International Business: Britannia has been expanding its global footprint by entering new markets and strengthening its presence in existing ones. To cater to international consumers, Britannia has localized some of its products, aligning them with regional tastes and preferences. The company is also exploring manufacturing opportunities outside India to reduce costs and enhance supply chain efficiency. 

Subsidiary Information 

  • Britannia Dairy Private Ltd: Britannia Dairy Private Limited is a wholly-owned subsidiary of Britannia Industries Ltd., focusing on the company’s dairy segment. It plays a crucial role in expanding Britannia’s presence in the dairy market with products like cheese, milk, yogurt, and ghee. The subsidiary has been instrumental in driving premiumization in the dairy sector, launching value-added dairy products tailored to changing consumer preferences. 
  • Britannia and Associates (Dubai) Private Company Ltd: This subsidiary is responsible for managing Britannia’s international operations, particularly in the Middle East and Africa. Based in Dubai, it serves as a strategic hub for exports and local manufacturing, helping Britannia strengthen its foothold in the growing overseas markets. Britannia continues to invest in its global subsidiary to drive sales growth through market-specific product innovations and localized marketing strategies. 
  • Britannia Nepal Private Ltd: Britannia Nepal Private Limited is a key subsidiary responsible for manufacturing and distributing Britannia products in Nepal. The company benefits from strong brand recall and consumer trust, enabling it to maintain a dominant market share. Britannia Nepal Private Limited continues to focus on market expansion, increasing product availability, and strengthening its distribution network. 
  • Britannia Bangladesh Private Ltd: As part of Britannia’s global expansion strategy, Britannia Bangladesh Private Limited was established to cater to the growing demand for bakery and dairy products in Bangladesh. The subsidiary has capitalized on the strong consumer preference for Britannia’s biscuits and bread products. With a growing market for packaged food, the subsidiary is well-positioned to drive further expansion and contribute significantly to Britannia’s international revenue. 
  • Sunrise Biscuit Company Private Ltd: Sunrise Biscuit Company Private Limited was acquired by Britannia to strengthen its presence in India’s eastern market. This subsidiary primarily focuses on the production of biscuits and related bakery products, supporting Britannia’s expansion in key regions like West Bengal and Odisha. The subsidiary plays a strategic role in Britannia’s growth plan, ensuring efficient production and distribution while maintaining product quality and affordability. 

Q3 FY25 Earnings 

  • Revenue of ₹4593 crore in Q3 FY25 up by 7.9% YoY from ₹4256 crore in Q3 FY24.  
  • EBITDA of ₹843 crore in this quarter at a margin of 18% compared to 19% in Q3 FY24. 
  • Profit of ₹582 crore in this quarter compared to a ₹556 crore profit in Q3 FY24. 

Financial Summary 

Amount in ₹ Cr Q3 FY24 Q3 FY25 FY23 FY24 
Revenue 4256 4593 16301 16769 
Expenses 3437 3750 13470 13603 
EBITDA 820 843 2831 3167 
OPM 19% 18% 17% 19% 
Other Income 48 62 597 211 
Net Profit 556 582 2316 2134 
NPM 13.1% 12.7% 14.2% 12.7% 
EPS 23.1 24.2 96.4 88.8 
SBI Q3 FY25 Results
SBI Q3 FY25 Results: Strong Net Profit Jumps 83% YoY

State Bank of India Ltd: Overview 

State Bank of India (SBI), established in 1955, is India’s largest public sector bank, with a rich legacy tracing back to the Bank of Calcutta in 1806. Headquartered in Mumbai, SBI operates an extensive network of over 22,405 branches across India and 235 offices in 29 countries, serving more than 45 crore customers. The bank offers a comprehensive range of financial services, including retail and corporate banking, investment banking, asset management, and insurance. SBI’s commitment to technological innovation is evident in its digital platforms like YONO (You Only Need One), which integrates various financial services into a single mobile application, enhancing customer convenience and engagement. The Indian banking industry is experiencing significant transformation, driven by technological advancements, regulatory reforms, and evolving customer expectations. Public sector banks like SBI are pivotal in promoting financial inclusion, especially in rural and semi-urban areas. The sector is witnessing increased competition from private banks and fintech companies, necessitating continuous innovation and customer-centric strategies. Despite challenges such as non-performing assets and economic fluctuations, the outlook for the Indian banking industry remains positive, with opportunities arising from economic growth, infrastructure development, and a burgeoning middle class. 

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SBI has maintained its strong position in the domestic banking sector with a sustained market share of over 22%, driven by its extensive reach, customer trust, and value-added services. The bank’s current account balances witnessed a robust growth of 14.22% year-on-year, while total deposits surpassed ₹52 lakh crore, reflecting strong customer confidence. Domestic credit growth stood at 14.06% year-on-year, with significant expansion across various business segments. Whole Bank Advances crossed ₹40 lakh crore, supported by broad-based credit growth exceeding the market average, with the domestic credit-to-deposit ratio at 68.94%. SBI continues to demonstrate industry-leading asset quality, with a credit cost of just 0.24% for the quarter. The stressed book remains well provided for, with a provision coverage ratio (PCR) of 74.66%. Net Non-Performing Assets (NPA) stood at ₹21,378 crore, with additional provisions of ₹29,757 crore that are not included in the PCR, further strengthening the bank’s financial stability. The bank has also made significant strides in digital banking, with over 98% of transactions being conducted through alternate channels. The YONO platform continues to be a key growth driver, accounting for 64% of new savings accounts opened in Q3FY25 and boasting 8.45 crore registered customers. Customer credit has crossed the ₹6 trillion milestones for the first time, with gross advances growing by 10.35% year-on-year. Key international branches, including those in New York, GIFT City, Singapore, DIFC Dubai, and Hong Kong, have significantly contributed to this growth. Additionally, SBI has improved its asset quality, with the gross NPA ratio declining by 9 basis points year-on-year, reflecting its commitment to maintaining financial resilience and sustainable growth. 

Business Segments 

  • Retail Banking: This segment caters to individual customers, offering products like savings and current accounts, personal loans, home loans, and credit cards. SBI’s extensive branch network and digital platforms facilitate widespread access to banking services across urban and rural areas. 
  • Corporate Banking: SBI provides a range of services to corporate clients, including working capital finance, term loans, cash management, and trade finance. The bank supports large, mid-sized, and small enterprises, contributing significantly to industrial and economic development. 
  • Treasury Operations: This segment manages the bank’s investments in government and corporate securities, money market operations, and foreign exchange activities. Effective treasury management enhances SBI’s profitability and liquidity position. 

Subsidiary Information 

  • SBI Capital Markets Limited (SBICAPS): SBI Capital Markets Limited (SBICAPS) is a wholly-owned subsidiary of the State Bank of India, established in 1986, with a primary focus on providing investment banking and corporate advisory services. SBICAPS plays a critical role in advising large corporate, government entities, and financial institutions on mergers and acquisitions, capital raising, and financial restructuring.  
  • SBI DFHI Limited: SBI DFHI Limited is another key subsidiary of the State Bank of India, formed through the merger of Discount & Finance House of India and SBI Gilts Ltd. This entity serves as a primary dealer in the domestic debt market, handling a wide range of financial instruments, including government securities, treasury bills, and money market instruments. SBI DFHI remains a key player in India’s financial markets, supporting the stability and growth of the country’s debt capital market. 
  • SBI Global Factors Limited: SBI Global Factors Limited is a financial services subsidiary of the State Bank of India that specializes in factoring services, offering working capital solutions to businesses through the purchase of receivables. The company plays a crucial role in enabling businesses to improve their cash flow by converting credit sales into instant funds, thus ensuring smooth operational liquidity. 
  • SBI Life Insurance Company Limited: SBI Life Insurance Company Limited is a prominent joint venture between the State Bank of India and BNP Paribas Cardif, focusing on providing a comprehensive range of life insurance products. With a strong distribution network across India, SBI Life has been a key player in the life insurance sector, offering products such as term insurance, endowment plans, pension schemes, and unit-linked insurance plans (ULIPs). 
  • SBI Cards and Payment Services Limited: SBI Cards and Payment Services Limited is a key subsidiary of the State Bank of India, focusing on the issuance of credit cards and providing payment solutions to millions of customers. As one of India’s leading credit card issuers, SBI Cards offers a wide range of credit card products tailored to different consumer segments. With the rapid adoption of digital transactions in India, SBI Cards has seen significant growth in its customer base and transaction volumes. 

Q3 FY25 Earnings 

  • Revenue of ₹124654 crore in Q3 FY25 up by 10.4% YoY from ₹112868 crore in Q3 FY24.  
  • Financing Loss of ₹-17643 crore in this quarter at a margin of -14% compared to -16% in Q3 FY24. 
  • Profit of ₹19484 crore in this quarter compared to a ₹11598 crore profit in Q3 FY24. 

Financial Summary 

Amount in ₹ Cr Q3 FY24 Q3 FY25 FY23 FY24 
Revenue 112868 124654 350848 439189 
Interest  68092 77397 189981 259736 
Expenses 62653 64890 204303 239750 
Financing Profit -17858 -17634 -43439 -60297 
Financing Margin -16% -14% 12% 14% 
Other Income 33103 43200 122534 155386 
Net Profit 11598 19484 57750 69543 
NPM 10.2% 15.6% 16.4% 15.8% 
EPS 12.4 21.2 62.4 75.2