Archives January 2025

Adani Enterprises Ltd Q3 FY25 Results
Adani Enterprises Ltd Q3 FY25 Results: Revenue Decline of 8.8%, Profit Growth to ₹229 Crore

Adani Enterprises Ltd: Overview 

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

Latest Stock News 

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

Business Segments

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

Subsidiary Information

Adani Green Energy Ltd. 

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

Adani Airports Holdings Ltd. 

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

Adani Road Transport Ltd. 

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

AdaniConneX Pvt Ltd. 

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

Adani Wilmar Ltd. 

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

Q3 FY25 Earnings 

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

Financial Summary 

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

Bharat Electronics Ltd: Overview 

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

Latest Stock News 

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

Business Segments

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

Subsidiary Information

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

Q3 FY25 Earnings 

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

Financial Summary 

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

Dabur India Ltd: Overview 

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

Latest Stock News 

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

Business Segments

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

Subsidiary Information

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

Q3 FY25 Earnings 

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

Financial Summary 

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

Larsen & Toubro Ltd: Overview 

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

Latest Stock News 

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

Business Segments

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

Subsidiary Information

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

Q3 FY25 Earnings 

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

Financial Summary 

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

Adani Power Ltd: Overview 

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

Latest Stock News 

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

Q3 FY25 Earnings 

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

Adani Energy Solutions Ltd: Overview 

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

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

Q3 FY25 Earnings 

  • Revenue of ₹5830 crore in Q3 FY25 down by 27.8% YoY from ₹4563 crore in Q3 FY24.  
  • EBITDA of ₹1661 crore in this quarter at a margin of 28% compared to 32% in Q3 FY24. 
  • Profit of ₹625 crore in this quarter compared to a ₹348 crore profit in Q3 FY24. 
Bajaj Finance Ltd Q3 FY25 Results
Bajaj Finance Ltd Q3 FY25 Results: Strong 27.3% YoY Revenue Growth, Profit Reaches ₹4,308 Cr

Bajaj Finance Ltd: Overview 

Bajaj Finance Ltd. (BFL) is one of India’s leading non-banking financial companies (NBFCs) and operates as a subsidiary of Bajaj Finserv Ltd. The company has built a formidable presence in the financial services industry with a diversified portfolio spanning consumer, SME, and commercial lending. Company is present in 1,538 locations with 134.7K+ active distribution points of sale as of Q3FY24. BFL is the largest consumer electronics, digital products & lifestyle products lender in India. BFL has established itself as a key player in the Indian NBFC sector, which is currently experiencing significant growth due to increasing consumer credit demand, rapid digital transformation, and supportive regulatory policies. The NBFC sector in India plays a crucial role in financial inclusion, bridging the gap between traditional banking services and underserved markets. Bajaj Finance has successfully leveraged technology-driven solutions to enhance its customer experience, optimize operations, and expand its distribution network. The company has also adopted a multi-channel approach, integrating physical branches with digital platforms, ensuring accessibility across urban and rural markets. With a continuous focus on innovation, customer-centric offerings, and strategic expansion, Bajaj Finance is well-positioned to maintain its leadership in the rapidly evolving financial landscape. 

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Bajaj Finance delivered a strong quarter in terms of volumes, AUM growth, and operating expenses, with loan losses stabilizing and profit growth gaining momentum. Return on assets (ROA) remained steady, while the company achieved an AUM growth of ₹24,119 crore. It booked a record-high 12.06 million new loans and added 5.03 million new customers, bringing its total customer franchise to 97.12 million. Home loans AUM grew by 23%, Loan against property grew by 19%, Lease rental discounting grew by 26%, Developer finance grew by 59%. The Bajaj Finserv App reached 66.57 million net users. In Q3 FY25, the company expanded its geographic presence by adding 14 new locations and 8,900 distribution points, increasing its total locations to 4,259 and active distribution points to over 224,000 as of December 31, 2024. The liquidity buffer stood at ₹13,656 crore. Geographic presence stood at 174 locations. The cost of funds decreased marginally to 7.96% in Q3, while gross and net NPA stood at 1.12% and 0.48%, respectively, as of December 31, 2024, compared to 0.95% and 0.37% in the previous year, maintaining one of the lowest NPA levels in the industry. Capital adequacy remained robust at 21.57%, with Tier-1 capital at 20.79%. 

Business Segments 

  • Consumer Finance: This segment includes personal loans, two-wheeler and three-wheeler financing, durable goods financing, lifestyle financing, and digital product financing. By offering flexible and customized financial products, Bajaj Finance has become a preferred choice for retail consumers seeking financing solutions for personal needs and purchases. 
  • SME & Commercial Lending: This segment caters to small and medium enterprises by offering business loans, working capital loans, professional loans, and loans against property. These financial products help businesses meet their capital requirements, expand operations, and manage cash flow effectively. 
  • Rural Lending: Recognizing the growing financial needs of rural customers, Bajaj Finance has expanded its rural lending portfolio. The company offers agricultural equipment loans, gold loans, and personal finance products tailored for rural markets, helping drive financial inclusion and economic development in these areas. 
  • Mortgages: This segment covers home loans, loans against property, and lease rental discounting. With a growing demand for housing and real estate financing, Bajaj Finance provides attractive mortgage solutions to customers seeking property-related financial assistance. 
  • Deposits: Bajaj Finance offers fixed deposit schemes for retail and corporate customers, providing a safe and reliable investment avenue. With competitive interest rates and flexible tenure options, the company’s deposit products have gained popularity among investors seeking stable returns. 
  • Partnerships & Co-Branded Cards: The Company collaborates with financial institutions and banks to offer co-branded credit cards and digital payment solutions. These partnerships help in expanding customer reach and enhancing the overall payment ecosystem in India. 

Subsidiary Information 

  • Bajaj Housing Finance Ltd (BHFL): A wholly-owned subsidiary that specializes in home loans, loans against property, and developer financing. With a strong presence in the housing finance sector, BHFL plays a crucial role in expanding Bajaj Finance’s mortgage offerings. 
  • Bajaj Financial Securities Ltd (BFSL): This subsidiary focuses on wealth management services, offering investment solutions, brokerage services, and trading platforms. BFSL helps investors navigate the stock market and make informed investment decisions. 
  • Bajaj Finserv Direct Ltd: This subsidiary provides digital financial solutions, enabling customers to access insurance, loans, and investment products online. Through a seamless digital experience, Bajaj Finserv Direct Ltd. enhances financial accessibility and convenience for customers. 
  • Bajaj Auto Finance Ltd: Primarily engaged in vehicle financing, this subsidiary caters to two-wheeler and three-wheeler customers by providing financing solutions for automobile purchases. It plays a vital role in supporting Bajaj Auto’s extensive customer base. 
  • Bajaj Allianz Financial Distributors Ltd: This subsidiary acts as a distributor for various financial products, including insurance and investment services. By offering a wide range of financial products, it supports customers in making sound financial decisions and securing their future. 

Q3 FY25 Earnings 

  • Revenue of ₹18035 crore in Q3 FY25 up by 27.3% YoY from ₹14164 crore in Q3 FY24.  
  • Financing Profit of ₹5958 crore in this quarter at a margin of33% compared to 36% in Q3 FY24. 
  • Profit of ₹4308 crore in this quarter compared to a ₹3639 crore profit in Q3 FY24. 

Financial Summary 

Amount in ₹ Cr Q3 FY24 Q3 FY25 FY23 FY24 
Revenue 14164 18035 41411 54972 
Interest  4868 6386 12701 18886 
Expenses 4229 5691 12693 16099 
Financing Profit 5066 5958 16018 19987 
Financing Margin 36% 33% 39% 36% 
Other Income 5 26 -5 6 
Net Profit 3639 4308 11508 14451 
NPM 25.7% 23.9% 27.8% 26.3% 
EPS 61.8 68.6 190.1 233.5 
Maruti Suzuki Q3 FY25 Results
Maruti Suzuki Q3 FY25 Results: Revenue Up 15.67% YoY, Profit at ₹3,727 Crore, Strong Export Growth

Maruti Suzuki India Ltd: Overview 

Maruti Suzuki India Limited is India’s largest automobile manufacturer and a subsidiary of the Japanese automaker Suzuki Motor Corporation. Established in 1981, Maruti Suzuki has played a pivotal role in shaping India’s automotive landscape by offering fuel-efficient and affordable vehicles. The company operates in a highly competitive automobile industry, which has witnessed significant growth due to rising disposable income, increasing urbanization, and government initiatives promoting electric mobility. The Indian passenger vehicle market is one of the fastest-growing globally, with demand driven by economic growth and technological advancements. Maruti Suzuki maintains a dominant market share, leveraging its extensive sales and service network, cost-effective production, and strong brand reputation. The company has also focused on expanding its portfolio to include hybrid and electric vehicles in response to evolving environmental regulations and consumer preferences. 

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Maruti Suzuki’s margins were impacted by a mix of positive and negative factors. On the positive side, favourable operating leverage and lower commodity prices contributed to profitability. However, this was offset by higher sales promotion and advertisement expenses, adverse foreign exchange variations, and lower non-operating income. In Q3 FY25, domestic sales stood at 466,993 units, reflecting an 8.7% growth and accounting for 82.5% of total sales. Exports saw a significant rise of 38.2%, reaching 99,220 units and contributing 17.5% to overall sales. The consumer preference towards CNG vehicles continues to increase. In Quarter 3 of this fiscal year, every 1 in 3 cars sold by the company in the domestic market was a CNG vehicle 

Among the highest-selling segments, Mini + Compact cars recorded 210,082 units, declining 3.7% but still making up 45.0% of total sales. Utility Vehicles (UVs) witnessed strong growth of 20.2%, selling 185,298 units and accounting for 39.7% of sales. FRONX SUV has set a new record, reaching the 2-lakh sales mark in just 17.3 months Compact cars alone contributed 182,227 units, down 4.6%, representing 39.0% of total sales. For margin movement in Q3 FY25, favourable operating leverage and higher non-operating income played a positive role, whereas higher sales promotion expenses acted as a downside factor. 

Business Segments

  • Passenger Vehicles (PV): This is the company’s primary segment, contributing to the majority of its revenue. It includes hatchbacks, sedans, SUVs, and multi-purpose vehicles (MPVs). Popular models in this segment include Swift, Baleno, WagonR, Dzire, Brezza, and Ertiga. 
  • Light Commercial Vehicles (LCV): Maruti Suzuki ventured into this segment with the introduction of the Super Carry, targeting small businesses and commercial operators. 
  • Electric and Hybrid Vehicles: The company has been investing in hybrid and electric vehicle technologies, with models like the Grand Vitara featuring strong hybrid technology and plans to introduce full-electric models in the near future. 
  • Spare Parts and Accessories: This segment includes the sale of vehicle components, spare parts, and accessories, providing an additional revenue stream for the company. 
  • Exports: Maruti Suzuki exports vehicles to various international markets, including Africa, Latin America, and the Middle East, contributing to its global presence. 

Subsidiary Information: 

  • Suzuki Motor Gujarat Pvt Ltd (SMG): A wholly owned subsidiary of Suzuki Motor Corporation, this entity manufactures vehicles exclusively for Maruti Suzuki. 
  • Maruti Insurance Business Agency Limited: This subsidiary provides car insurance services, offering customers seamless insurance solutions during vehicle purchases. 
  • Maruti Suzuki N2N Fleet Management: This initiative provides end-to-end fleet management solutions, targeting corporate clients and businesses requiring bulk vehicle management. 
  • Maruti Suzuki Driving Schools (MSDS): A venture focused on driver education, these schools offer training programs to enhance road safety and driving skills in India. 
  • Maruti Suzuki True Value: A subsidiary dedicated to the sale and purchase of pre-owned Maruti Suzuki vehicles, providing a trusted platform for used car transactions. 

Q3 FY25 Earnings 

  • Revenue of ₹38764 crore in Q3 FY25 up by 15.67% YoY from ₹33513 crore in Q3 FY24.  
  • EBITDA of ₹5076 crore in this quarter at a margin of 13% compared to 13% in Q3 FY24. 
  • Profit of ₹3727 crore in this quarter compared to a ₹3207 crore profit in Q3 FY24. 

Financial Summary 

Amount in ₹ Cr Q3 FY24 Q3 FY25 FY23 FY24 
Revenue 33513 38764 118410 141858 
Expenses 29073 33688 105288 123232 
EBITDA 4440 5076 13122 18626 
OPM 13% 13% 11% 13% 
Other Income 1053 1125 1861 4248 
Net Profit 3207 3727 8264 13488 
NPM 9.6% 9.6% 6.9% 9.5% 
EPS 102 118.5 273.6 429 

Tata Motors Q3 Results
Tata Motors Q3 Results: Profit Declines 23% to ₹5,451 Crore and Highest EBIT Margin

Tata Motors Ltd: Overview 

Tata Motors Ltd. is one of India’s largest automobile manufacturers, engaged in the design, manufacturing, and sales of a diverse range of vehicles, including passenger cars, commercial vehicles, electric vehicles (EVs), and luxury vehicles. A subsidiary of Tata Group, the company operates in both domestic and international markets, with a strong presence in the UK, South Korea, Thailand, South Africa, and other global regions. The Indian automotive industry, in which Tata Motors plays a crucial role, is witnessing rapid transformation with increasing demand for electric vehicles (EVs), connected car technologies, and sustainable mobility solutions. With government initiatives such as FAME (Faster Adoption and Manufacturing of Hybrid and Electric Vehicles), the push towards EV adoption is accelerating. Tata Motors has positioned itself at the forefront of this transition, leveraging its advanced research & development capabilities and extensive manufacturing infrastructure. 

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In Q3 FY25, Tata Motors reported a revenue of ₹113.6K crore with an EBITDA margin of 13.7% and a profit before tax (PBT) before exceptional items of ₹7.7K crore. Despite challenging market conditions, the company remains on track for a strong full-year performance, with a year-to-date (YTD) PBT of ₹22.3K crore. Net auto debt stood at ₹19.2K crore, with the deleveraging plan progressing well, leading to a significant reduction in net auto finance costs. The TML Group received a sanction letter from the Ministry of Heavy Industries (MHI) on December 31, 2024, approving the entire FY24 claim of ₹142 crore, which has now been received. For FY25, the Group assessed its product eligibility under the scheme and accrued an income of ₹209 crore, with the required Techno-Commercial Audit (TCA) completed. 

In the luxury segment, Jaguar Land Rover (JLR) saw an improved sales mix, with Range Rover, Range Rover Sport, and Defender accounting for 70% of total wholesales. Market share improved across all segments except for Small Commercial Vehicles (SCVs), where efforts are underway to enhance competitiveness. The overall industry volume remained flat in Q3 FY25, marking a recovery from the 11% YoY decline seen in Q2. During the quarter, the Passenger Carrier segment grew by 11%, SCVPU by 3%, while ILMCV remained stable, and HCV declined by 9%. Electric mobility continued to gain traction, with over 200 EV buses registered in Q3 FY25, bringing the total number of EV buses registered to over 3,500. Tata Motors’ Fleet Edge platform now has over 760,000 active vehicles, with strong user engagement—81% monthly active users and 61% weekly active users—demonstrating its growing influence in fleet management and digital solutions. 

Business Segments

  • Passenger Vehicles (PV): This segment includes hatchbacks, sedans, SUVs, and electric vehicles under the Tata brand. Key models: Tata Safari, Harrier, Nexon, Tiago, and electric models like Nexon EV, Tigor EV, and Tiago EV. The company has seen strong demand for EVs, making it a market leader in the Indian EV space. 
  • Commercial Vehicles (CV): Tata Motors is a market leader in the commercial vehicle segment, including trucks, buses, and small commercial vehicles (SCVs). The company offers a range of products, from light-duty to heavy-duty trucks, along with electric and alternative fuel-based commercial vehicles. Recent launches include electric buses and CNG-powered trucks to support sustainability. 
  • Jaguar Land Rover (JLR): A wholly owned subsidiary, JLR is a premium automotive brand with iconic models like the Range Rover, Defender, and Jaguar F-PACE. JLR contributes significantly to Tata Motors’ revenue, with strong demand from Europe, the US, and China. The company is focusing on electrification, with upcoming EV models and hybrid variants. 

Subsidiary Information

  • Jaguar Land Rover (JLR): It is a prestigious UK-based luxury automobile manufacturer and a wholly owned subsidiary of Tata Motors. It plays a crucial role in the company’s global presence, significantly contributing to its overall revenue. With a strong brand reputation, advanced engineering, and a diverse portfolio of premium vehicles, JLR remains one of Tata Motors’ most valuable assets. 
  • Tata Passenger Electric Mobility Ltd: It is a dedicated subsidiary focused on the research, development, and manufacturing of electric vehicles. As the Indian EV market continues to expand, this subsidiary has positioned Tata Motors as a leader in the country’s electric mobility space. Through innovation and a growing portfolio of electric vehicles, it plays a vital role in the company’s sustainability and future growth strategy. 
  • Tata Technologies Ltd: It is a prominent provider of engineering and design services, specializing in automotive product development, digital transformation, and manufacturing solutions. It supports Tata Motors and other global clients in optimizing vehicle design, enhancing efficiency, and integrating cutting-edge technologies into the automotive sector. 
  • TML Holdings Pte Ltd: Headquarter is in Singapore, serves as the international investment arm of Tata Motors. It oversees and manages the company’s overseas subsidiaries and investments, including operations in Thailand, South Korea, and other global markets. This entity plays a critical role in Tata Motors’ international expansion and strategic growth initiatives. 
  • Tata Marcopolo Motors Ltd: It is a joint venture between Tata Motors and the Brazilian bus manufacturer Marcopolo S.A. The company specializes in producing high-quality buses, catering primarily to mass public transportation needs. By leveraging Tata Motors’ automotive expertise and Marcopolo’s bus manufacturing know-how, the venture has become a key player in the commercial vehicle sector, supplying buses to both domestic and international markets.  

Q3 FY25 Earnings 

  • Revenue of ₹113575 crore in Q3 FY25 down by 3.012.71% YoY from ₹110577 crore in Q3 FY24.  
  • EBITDA of ₹13043 crore in this quarter at a margin of 11% compared to 14% in Q3 FY24. 
  • Profit of ₹5578 crore in this quarter compared to a ₹7145 crore profit in Q3 FY24. 

Financial Summary 

Amount in ₹ Cr Q3 FY24 Q3 FY25 FY23 FY24 
Revenue 110577 113575 345967 437928 
Expenses 95159 100532 314151 378389 
EBITDA 15418 13043 31816 59538 
OPM 14% 11% 9% 14% 
Other Income 1604 1764 6664 5673 
Net Profit 7145 5578 2690 31807 
NPM 6.5% 4.9% 0.8% 7.3% 
EPS 21.1 14.8 7.3 94.5 
BHEL, JSW Energy, and JSW Infrastructure Q3 FY25 Results
BHEL,JSW Energy, and JSW Infrastructure Q3 FY25 Results, Industry Insights

Bharat Heavy Electricals Ltd: Overview 

Bharat Heavy Electricals Ltd. (BHEL) is one of India’s largest public sector engineering and manufacturing companies, primarily focused on power generation and transmission equipment. Established in 1964, BHEL has played a crucial role in the development of India’s power and industrial infrastructure. The company is headquartered in New Delhi and operates through numerous manufacturing plants, regional offices, and service centers across India and globally. BHEL is a dominant player in the power generation equipment sector, where it manufactures a wide range of products like Thermal Power Plants, Hydroelectric Power Plants, and Gas based Power Plants. The company also offers solutions for substations, transmission lines, and distribution systems, which are critical components for maintaining power grid stability. BHEL has been diversifying its product offerings and has a growing presence in the defense sector. The company manufactures radar systems, communication equipment, and other defense electronics, contributing to India’s defense capabilities. It also offers equipment and systems for aerospace applications. BHEL has a strong presence both in India and internationally, with significant exports to countries in Asia, the Middle East, Africa, and Latin America. The company has worked on major projects in countries like Algeria, Egypt, Sri Lanka, and Nepal. 

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In the Power Segment, BHEL emerged as the successful bidder for the main plant package of the 3×800 MW Telangana Stage-II supercritical thermal power plants. The company also received a Limited Notice to Proceed (LNTP) from NTPC Ltd. to begin basic engineering. In the Industry Segment, BHEL secured an order for the supply of around 800 kV, 6000 MW Khavda-Nagpur LCC HVDC Terminal Stations, along with AC transmission systems at Khavda and Nagpur, in collaboration with Hitachi Energy India Ltd. For sector-wise order receipts up to Q3 FY25, the Power Sector received Rs. 39,464 Cr, the Industry Sector received Rs. 8,328 Cr, and Exports garnered Rs. 154 Cr. Other key orders include an EPC order for the 765 kV Air Insulated Substation Package, several substation extension orders for 400 kV/765 kV ratings, and the supply of transformers for various transmission companies. Additionally, BHEL secured orders for supplying and supervising the installation and commissioning (E&C) of a 1x 80 MW STG for a chemical manufacturing company, and supplying 689 traction motors and 27 sets of traction electrics for the DETC project from Indian Railways. The company also received a development order for high-power Li-ion cells from the Vikram Sarabhai Space Centre. In the Export Market, BHEL secured an order for the supply and supervision of a 95 MW generator for Russia and an order for safety valves for a project in Costa Rica, marking its entry into the 91st country. BHEL also successfully completed the Harbour Acceptance Trials (HATs) for the first upgraded SRGM onboard INS Nilgiri. Furthermore, six BHEL units/divisions were recognized in various categories at the prestigious CII EXIM Bank Award for Business Excellence 2024. 

Q3 FY25 Earnings 

  • Revenue of ₹7277 crore in Q3 FY25 up by 32.2% YoY from ₹5504 crore in Q3 FY24.  
  • EBITDA of ₹304 crore in this quarter at a margin of 4% compared to 4% in Q3 FY24. 
  • Profit of ₹135 crore in this quarter compared to a ₹60 crore profit in Q3 FY24. 

JSW Energy Ltd: Overview 

JSW Energy Ltd is a part of the JSW Group, is one of India’s leading private-sector power generation companies. The company is engaged in the business of power generation, transmission, and distribution, focusing on renewable energy, thermal energy, and hydroelectric power. Established in 1994, JSW Energy has played a significant role in the country’s energy sector, contributing to both the conventional and renewable energy segments. JSW Energy operates a significant portfolio of thermal power plants across India. These plants primarily use coal and gas as their fuel sources. The company has thermal power plants in states like Maharashtra, Tamil Nadu, and others, with a total installed capacity that has made it one of the major players in the Indian thermal power sector. The thermal plants play a crucial role in meeting India’s increasing energy demands, particularly in industrial and urban sectors. The company has made significant investments in solar power projects and has been scaling up its renewable energy capacity in line with the Indian government’s renewable energy targets. This segment is becoming increasingly important to JSW Energy as it aligns with global trends toward sustainability and reducing carbon emissions. The company’s hydroelectric plants help in balancing the grid by providing consistent and reliable power, especially during peak demand periods. The energy sector in India is undergoing a major transformation. The country is one of the largest consumers of energy in the world, with an increasing demand for both conventional and renewable energy sources. The Indian government has set ambitious goals for renewable energy capacity, aiming for 500 GW of non-fossil fuel-based energy by 2030, which creates opportunities for companies like JSW Energy to grow its renewable energy portfolio. 

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On December 27, 2024, O2 Power signed a definitive agreement to acquire a 4,696 MW renewable energy (RE) platform, marking one of the largest RE transactions in the sector. The deal was valued at an enterprise value of ₹12,468 crores after adjusting for net current assets. Additionally, O2 Power completed the acquisition of 125 MW of wind projects from Hetero Labs and Hetero Drugs Ltd. on January 10, 2025. The company’s net generation of energy increased by 10% YoY, reaching 6.8 billion units and is driven by wind capacity additions, incremental contributions from Utkal Unit 1, and higher generation from hydro plants. As of now, the total locked-in capacity stands at 28.3 GW. During the third quarter, 377 MW of wind capacity was commissioned, bringing the total installed capacity to 8.1 GW, with 872 MW added in the first nine months of the fiscal year. In the utility-scale segment, O2 Power received a Letter of Award (LoA) for 400 MW of ISTS-connected solar capacities from NTPC in December 2024. Wind generation reached 639 million units, a 38% increase YoY, thanks to the capacity additions. Additionally, total hydro generation rose by 14% YoY to 723 million units due to improved hydrology. 

Q3 FY25 Earnings 

  • Revenue of ₹2439 crore in Q3 FY25 down by 4.09% YoY from ₹2543 crore in Q3 FY24.  
  • EBITDA of ₹914 crore in this quarter at a margin of 37% compared to 44% in Q3 FY24. 
  • Profit of ₹157 crore in this quarter compared to a ₹232 crore profit in Q3 FY24. 

JSW Infrastructure Ltd: Overview 

JSW Infrastructure Ltd is a part of the JSW Group, is one of India’s leading private-sector players in the infrastructure development sector, with a focus on ports, logistics, and related services. Established with the aim of supporting India’s growth and fostering trade and commerce, JSW Infrastructure has expanded its footprint across various parts of India and globally. The company plays a significant role in facilitating the smooth movement of goods, especially in the maritime, logistics, and port infrastructure domains. The company operates multipurpose cargo terminals, bulk terminals, and specialized terminals for handling various types of cargo such as coal, iron ore, liquid cargo, containers, and general cargo. The company has a robust logistics network that ensures seamless transportation of goods to and from the ports. JSW Infrastructure operates at key coastal and inland locations across India, with a robust network in states such as Maharashtra, Gujarat, and Odisha. It also has a growing presence in global markets, with strategic investments in key international ports and infrastructure projects. The infrastructure and logistics sector in India is growing rapidly, driven by increasing trade, industrialization, and urbanization. With the Indian economy poised to grow, the demand for world-class ports, transportation, and logistics infrastructure is expected to rise significantly. The government’s push for the development of infrastructure, especially ports and logistics under initiatives like the Sagarmala Project, presents significant opportunities for private players like JSW Infrastructure. 

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O&M contracts have been secured for two dry bulk terminals in the UAE, namely Fujairah (24 mtpa) and Dibba (17 mtpa). The strategic locations of these terminals enhance the cargo profile, reducing transportation costs. Additionally, the company’s presence on both the West and East coasts of India provides an advantageous geographic position, ensuring strong connectivity to industrial hubs and mineral-rich regions. In Q3 FY25, the total cargo handled was 29.4 million tonnes, and in 9M FY25, it reached 85.7 million tonnes, reflecting an 11% YoY growth. The cargo handling capacity at the Mangalore Coal Terminal has been increased to 8.1 MTPA from 6.7 MTPA, while the PNP Port capacity has risen to 8 MTPA from 5 MTPA. The company maintains a strong balance sheet, with a net debt of ₹827 crore, cash and bank balances of ₹4,845 crore, and gross debt of ₹5,672 crore. 

Regarding new developments, the V.O. Chidambaranar Port (Tuticorin) signed a concession agreement in July 2024 for the construction of a 7 MTPA berth to handle dry bulk cargo, with an estimated capex of ₹600 crore. At JNPA (Liquid Terminal), a concession agreement was signed in April 2024 for two liquid cargo berths with a total capacity of 4.5 MTPA, involving an estimated capex of ₹100 crore. Notably, 40% of the pipeline has been delivered, with 25% currently under installation. Other expansions include the Mangalore Container terminal, where capacity is being increased from 4.2 MTPA to 6 MTPA, requiring an estimated capex of ₹150 crore. The brownfield expansion at Jaigarh for LPG capacity, set at 2 MTPA, is estimated to require ₹900 crore in capex. Lastly, the Goa terminal expansion will boost its capacity to 15 MTPA from 8.5 MTPA through the construction of a covered shed, with an estimated capex of ₹150 crore. 

Q3 FY25 Earnings 

  • Revenue of ₹1182 crore in Q3 FY25 up by 25.7% YoY from ₹940 crore in Q3 FY24.  
  • EBITDA of ₹586 crore in this quarter at a margin of 51% compared to 50% in Q3 FY24. 
  • Profit of ₹336 crore in this quarter compared to a ₹254 crore profit in Q3 FY24. 
Bajaj Auto Q3 Results
Bajaj Auto Q3 Results: Net Profit Rises 3% to ₹2,109 Cr and Revenue Up 6%

Bajaj Auto Ltd: Overview 

Bajaj Auto Ltd is one of India’s leading manufacturers of motorcycles, three-wheelers, and quadricycle, with a significant global presence. Established in 1945 and headquartered in Pune, Maharashtra, Bajaj Auto has evolved into a global powerhouse in the automotive sector, recognized for its innovation, quality, and design. The company is part of the larger Bajaj Group. Bajaj Auto has state-of-the-art manufacturing facilities located in India, including in Pune, Aurangabad, and Waluj. The company focuses on maintaining high-quality standards across its operations, supported by robust research and development (R&D). Bajaj’s R&D facilities are dedicated to innovation, focusing on improving fuel efficiency, design, and technological advancements, especially in the motorcycle and electric vehicle segments. Bajaj Auto continues to innovate with products like the Pulsar series, Avenger, and the Qute quadricycle. These products have strong brand recognition and customer loyalty. The Indian automotive industry is one of the largest in the world, with motorcycles and three-wheelers accounting for a significant share of the market. The two-wheeler segment, in particular, has been experiencing steady growth, fueled by rising disposable incomes, increasing urbanization, and a growing middle class. Bajaj Auto, with its strong product portfolio and expansive distribution network, continues to capture a significant portion of the domestic market and benefit from the overall industry growth. The shift towards electric vehicles (EVs) is one of the key trends in the automotive industry, driven by government initiatives to promote cleaner vehicles and growing consumer demand for eco-friendly transportation options. Bajaj Auto’s early foray into the EV segment with the Chetak electric scooter places it ahead of many competitors in this transition. 

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Export of KTM brand contributed only 2% in total exports. Exports to be grow at 20% YoY in short term future. 125cc segment is growing at the twice pace than 100cc segment. Because of tactical price competition in 100cc segment, loss of market share is seen. Between December to march, company is launching 9 new variants in 125cc+ segment, it will allow more choice and better pricing to customers. Company sold 50,000 bikes of Freedom, since the launch. In commercial vehicle segment, three wheelers clocked the highest retail sales of about 125000 units in Q3, of which 17000 units were EVs. E-Auto brand is now working under the brand of Bajaj Gogo. Chetak market share has performed very well that its market share from 13% in Q3 FY24 is now increased to 22% in Q3 FY25.  Bajaj Auto Credit Limited has rolled out in pan India ahead of its schedule, it is serving the both two and three wheelers segment of Bajaj Auto, and it posted a profit in Q3. The rename of Bajaj Auto Technology Limited erstwhile Chetak Technology Limited, is to focus now fully on technology segment, to fully adapt the new cutting edge technology. The EV two and three has achieved a combined breakeven in EBITDA in this quarter. The new Chetak 35 series platform will increase more demand in coming years. 

Business Segments

  • Motorcycles: Bajaj Auto is renowned for its motorcycles, which span across various segments, from entry-level to premium motorcycles. The company’s motorcycle portfolio includes models across the commuter, sports, and cruiser segments. Bajaj is particularly famous for brands like Pulsar, Avenger, Dominar, and Platina. The Pulsar brand, in particular, has established itself as one of India’s top-selling motorcycles, with a strong following in both domestic and international markets. 
  • Three-Wheelers: Bajaj Auto is also a key player in the three-wheeler segment, manufacturing auto rickshaws and commercial vehicles. The company has a robust lineup of three-wheelers under brands like RE, Qute, and Maxima. These vehicles are used for passenger transport and goods transportation, playing an essential role in the urban and rural mobility ecosystem, particularly in India and other emerging markets. 
  • Electric Vehicles (EVs): As part of its forward-looking strategy, Bajaj Auto has been making investments in the electric vehicle (EV) space. The company has launched the Chetak Electric Scooter, which marks its foray into the electric mobility sector. The Chetak has received a positive response due to its design, performance, and Bajaj’s strong brand presence in the Indian market. Bajaj Auto plans to continue investing in electric mobility to capitalize on India’s growing demand for environmentally-friendly and sustainable transportation solutions. 
  • Global Operations and Exports: Bajaj Auto has a significant presence in international markets, particularly in Southeast Asia, Africa, Latin America, and Europe. The company’s motorcycles and three-wheelers are exported to over 70 countries, making Bajaj one of the largest two-wheeler exporters globally. It has a strong distribution network, a manufacturing presence in several countries, and strategic partnerships with local entities to support growth in international markets. 

Subsidiary Information

  • Bajaj Auto International Holdings BV Ltd: BAIH is responsible for managing Bajaj Auto’s international investments. It oversees the company’s operations in various global markets and is primarily involved in the export business. It plays a key role in expanding Bajaj Auto’s international presence, including overseeing joint ventures, partnerships, and collaborations outside India. 
  • Bajaj Motorcycle Ltd (Thailand): This subsidiary helps Bajaj Auto expand its presence in Southeast Asia, particularly Thailand, where Bajaj Auto manufactures and sells motorcycles. Thailand serves as an important base for Bajaj Auto in the region due to its strategic location and high demand for motorcycles. 
  • Bajaj Auto Ltd (Indonesia): Bajaj Auto Indonesia is instrumental in distributing and selling Bajaj motorcycles in Indonesia, a key market for two-wheelers in Southeast Asia. The subsidiary is involved in both local manufacturing and assembly, along with distribution of motorcycles. 
  • Bajaj Auto Ltd (Africa): This subsidiary is critical for Bajaj Auto’s strategy to tap into the growing demand for affordable mobility solutions in Africa. Bajaj Auto has become one of the largest exporters of two-wheelers to the continent, with a presence in several countries. 
  • Bajaj Auto Ltd (USA): The U.S. subsidiary of Bajaj Auto focuses on expanding the company’s footprint in North America. It plays an essential role in promoting Bajaj Auto’s premium product range, including models like the Bajaj Dominar and Pulsar, to the North American market. 

Q3 FY25 Earnings 

  • Revenue of ₹13169 crore in Q3 FY25 up by 8.3% YoY from ₹12165 crore in Q3 FY24.  
  • EBITDA of ₹2751 crore in this quarter at a margin of 21% compared to 20% in Q3 FY24. 
  • Profit of ₹2196 crore in this quarter compared to a ₹2033 crore profit in Q3 FY24. 

Financial Summary 

Amount in ₹ Cr Q3 FY24 Q3 FY25 FY23 FY24 
Revenue 12165 13169 36455 44870 
Expenses 9750 10418 29991 36106 
EBITDA 2415 2751 6465 8765 
OPM 20% 21% 18% 20% 
Other Income 356 348 1703 1700 
Net Profit 2033 2196 6060 7708 
NPM 16.7% 16.7% 16.6% 17.2% 
EPS 71.8 78.6 214.2 276.1