Tag EV Revolution

IGL Stock Analysis
Delhi’s EV Push Sends IGL Shares Down 5% – Long-Term Risks and Opportunities

Business and Industry Overview: 

Indraprastha Gas Limited (IGL) (Formerly Gas Authority of India Limited) is an Indian company. It gives natural gas to homes, shops, factories, and vehicles. It gives piped natural gas (PNG) for cooking and work use. It gives compressed natural gas (CNG) for cars, buses, and autos. It works mainly in Delhi and NCR (National Capital Region). IGL started in 1998. It was made to take over the Delhi City Gas Distribution Project from GAIL. IGL is a joint venture. It is owned by GAIL, Bharat Petroleum (BPCL), and the Government of Delhi. All three together started this company. In 2003, IGL became a public company. People could buy its shares on the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE). By 31 December 2017, IGL was giving gas to many people. It gave piped gas to more than 9 lakh homes. It gave gas to over 2,000 shops and more than 1,150 factories. It had around 425 CNG stations. As of 31 December 2017, IGL supplied piped natural gas to over 9,00,000 homes, over 2,000 commercial and more than 1,150 industrial establishments in the NCR. It also operates 425 CNG filling stations for natural gas vehicles.  People could fill gas in their vehicles from these stations. IGL gets its gas from a pipeline. This is the HVJ pipeline. It is owned by GAIL. As of April 2025, IGL’s share price is around ₹175. The company is worth about ₹24,256 crore in the stock market. In financial year 2024, the company made about ₹14,000 crore from sales. Its operating profit was around ₹2,366 crore. IGL wants to give clean, safe, and eco-friendly fuel. It helps in reducing air pollution. It gives people a better and safer fuel choice. 

Latest Stock News: 

In April 2025, IGL’s share price is around ₹174.45. Its market value is about ₹24,256 crore. In FY 2024, the company made about ₹14,000 crore in sales. It earned around ₹2,366 crore in profit before tax and interest. On Tuesday (April 8, 2025), IGL’s shares fell by 5%. The price dropped to around ₹178.72 at 3 PM. This happened after news came about a new draft EV policy by the Delhi government. The policy says CNG autorickshaws will be phased out in Delhi. No new CNG auto registrations will be allowed after August 15, 2025. Also, CNG auto permits will not be renewed after that date. Only electric auto permits will be allowed. IGL gets 30% of its gas sales from CNG. Most of this comes from cars. But this new rule could hurt the company in the long term. The draft EV policy also says people can buy electric cars only if they already have two vehicles. This rule will start after the policy is fully approved. IGL gives clean and safe fuel. But this new policy may reduce its sales in the future. 

Potentials: 

Indraprastha Gas Limited (IGL) has many simple and clear plans for the future. It wants to open 80 new CNG stations in one year. It also wants to give piped gas to 3 lakh more homes. It will give gas to more shops and factories. IGL will also build more gas pipelines. IGL is working on solar power. It will build a solar power plant in Rajasthan. The plant will be very big. It will make clean electricity. IGL wants to make more solar power projects in the next 2 to 4 years. IGL will also work on electric vehicles (EV). It will open 25 battery swapping stations. These will help people using electric scooters and autos. 

IGL will also make biogas from waste. It will build 19 biogas plants. These plants will be in Delhi, Haryana, Rajasthan, and Uttar Pradesh. This gas will help the company meet about 5% of its gas need. IGL also wants to buy small gas companies. This will help it grow in more cities. Now IGL works in 32 districts in 4 states. It wants to grow more and use more clean fuel in the future. 

Analyst Insights: 

  • Market capitalisation: ₹ 24,318 Cr. 
  • Current Price: ₹ 174 
  • 52-Week High/Low: ₹ 285 / 153 
  • Stock P/E Ratio: 16.2 
  • Dividend Yield: 2.64%
  • Return on Capital Employed (ROCE): 28.8% 
  • Return on Equity (ROE): 21.8% 

Indraprastha Gas Ltd is a strong company. It has no debt. It gives good returns. ROCE is 28.8% and ROE is 21.8%. It gives 42.8% of its profit as dividend. In the last 5 years, profit grew by 18.4% every year. The company has a big network. It runs 819 CNG stations and gives gas to over 25 lakh homes. But in the last quarter (Dec 2024), profit went down to ₹286 crore. Profit margin also fell to 10%, which is low. Also, Delhi government wants to stop CNG auto permits from August 2025. This is bad for IGL because 30% of its gas is sold as CNG. The share price also dropped from ₹285 to ₹174. This shows that the market is worried. So, it is better to hold the stock and wait. Do not buy more now. 

HBL Engineering Ltd
HBL Engineering Faces Significant Stock Decline – Long-Term Growth Still Intact?

Business and Industry Overview: 

HBL Engineering Limited is an Indian company that started in 1977. It makes batteries and engineering products for defense, railways, telecom, aviation, and power industries. The founder had no industry experience but believed Indian engineers could create new technology. Instead of using foreign technology, HBL focused on making its own products through research and development (R&D). It first made batteries for Indian Air Force planes and later expanded to batteries for the military, industries, and telecom. In 2002, HBL started working on railway electronics. One of its biggest projects was Kavach, a train collision avoidance system. The company began working on it in 2007, tested it in 2012, and started selling it in 2022. HBL does not rely on one product because that is risky. Instead, it makes different but related products. It chooses small but important markets where big companies do not enter and small companies cannot compete. HBL avoids businesses that need huge factory investments and does not sell directly to consumers. It makes high-tech products that are hard to copy. Today, HBL is a leader in India, ranking #1 or #2 in most of its businesses. Its profits have grown fast, and it has very little debt. In February 2025, it won a ₹410 crore contract to install Kavach in Gujarat. It expects to grow by 20% per year as India improves railway safety. HBL is also making motors and batteries for electric vehicles (EVs). As India moves towards cleaner transport, HBL will play an important role. Its strong R&D, innovative products, and leadership make it ready for long-term success. 

The battery industry in India is growing very fast. More people are buying electric cars, bikes, and rickshaws, which need good batteries. Right now, India buys many batteries from other countries, which makes them costly. The government wants 30% of all vehicles to be electric by 2030. This means the demand for batteries will increase. Big companies like Tata, Renault, and Nissan are building battery factories in India. Tata is investing $1.57 billion in Gujarat, and Renault and Nissan are investing $600 million. This will make batteries cheaper, create jobs, and reduce imports. In 2023, more than 1.5 million electric vehicles were sold. More cars mean more battery sales. India wants to make its own batteries and sell them to other countries in the future. 

HBL Engineering Ltd. is a strong company in the battery and electronics market. It makes products that are not easy to copy. Big companies do not focus on these products because the market is small. Small companies find them too difficult to make. This helps HBL avoid heavy competition. The company started with aircraft batteries for the Indian Air Force in 1977. Later, it expanded to railway signaling and industrial electronics. HBL does not depend on one product. It makes different products to reduce risk. In most markets, HBL is the number one or two player. It was once the leader in telecom tower batteries, but now it is in third place. However, in defense and railway batteries, it is still a top company. HBL creates its own technology instead of buying it. This gives it a strong advantage over competitors. The company is also working on new projects, like the Kavach Train Collision Avoidance System, which became a business in 2022. By choosing the right markets, HBL stays ahead of competitors. India is growing fast, and demand for defense and industrial products is increasing. This will help HBL grow in the future. 

Latest Stock News: 

HBL Engineering Limited, earlier known as HBL Power Systems, has been in the news for big business deals. The company got a large order from Chittaranjan Locomotive Works, which makes railway engines. This shows that HBL is growing in the railway and power sectors. As of December 20, 2024, HBL’s stock price was ₹652.55. In the last five days, it fell by 3.55%, but since the start of the year, it has grown by 49.55%. This means the stock is doing well in the long run. The company also changed its name from HBL Power Systems to HBL Engineering. This change helped the stock price go up by 5%. The new name shows that HBL is not just about power systems but is growing in other areas like defense, telecom, and industrial power. HBL is getting strong in the market by winning big projects and expanding its business. Investors are watching closely to see how the company grows in the future. HBL Engineering has a strategic vision for the future. The company wants to profit by filling technology gaps in India. However, HBL does not have to identify or solve all technology gaps alone. Instead, it plans to connect different opportunities to build a strong business model. 

Potentials: 

India will continue to have technology shortages, and some gaps will be filled by foreign companies through technology licensing and investments. Many Indian entrepreneurs are trying to develop new technology businesses, just like HBL did in its sector. However, manufacturing is not a preferred choice for most investors, making it difficult for startups to grow. Earlier, banks supported manufacturing startups, but now they are reluctant to take risks. Banks cannot differentiate between successful and unsuccessful businesses, so they avoid funding startups in financial trouble. Private equity investors (PEs) also face the same issue. They can spot potential winners, but if a company is struggling financially, they hesitate to invest. 

HBL has strong financial resources, a well-known brand, and deep knowledge in its industry. The company plans to use these strengths to invest in technology-based manufacturing startups, similar to private equity firms. This model will help HBL profit from technology innovations identified by others while using its engineering expertise to ensure success. This way, HBL can play a key role in closing technology gaps and expand its business in a profitable way. 

Analyst Insights: 

  • Market capitalisation: ₹ 12,903 Cr. 
  • Current Price: ₹ 466 
  • 52-Week High/Low: ₹ 740 / 404 
  • Stock P/E: 39.0 
  • Dividend Yield: 0.11 % 
  • Return on Capital Employed (ROCE): 35.9 % 
  • Return on Equity: 27.7 % 

HBL Power Systems has grown a lot. In the last five years, its profit increased by 66% every year. Sales grew by 74% last year, reaching ₹2,233 crore. The company is earning more money from its sales. Profit margins improved from 11% to 21%. 

HBL has zero debt, which means it does not owe money to anyone. This makes it a safe company. It also uses its money well. Return on capital is 35.9% and return on equity is 27.7%, which are very strong numbers. The company collects payments faster and manages stock better now. Over five years, its stock price increased by 103% per year. This shows that investors trust the company. The latest quarter was not good. Sales dropped by 24.8% from the last quarter. Profit also went down by 20.2%. This could be because of seasonal demand or delays in customer orders. Investors should wait and see if things improve in the next few months. HBL makes batteries for defense, railways, and energy storage. More people will need these products in the future. The world is moving towards clean energy and electric vehicles. The Indian government is also supporting local defense and clean energy. This will help HBL grow. HBL is a strong company with good future potential. But its recent sales and profit have dropped. If you already own the stock, hold onto it. If you want to invest, wait for a price dip and buy for long-term gains. 

NTPC Green Energy Ltd
NTPC Green Energy Shares Drop Below ₹100 After 8% Fall: Growth Potential and Future Outlook

Business and Industry Overview: 

NTPC Green Energy Limited (NGEL) is a company that makes clean energy from the sun and wind. It is the biggest government-backed green energy company in India (except for hydropower). Right now, it has 26,071 MW of energy projects, and most of them are in Rajasthan. It sells power through long-term contracts, which helps it earn steady money. It also works with Indian Oil and Damodar Valley Corporation on green projects.   

In November 2024, NGEL got ₹10,000 crore from an IPO and used most of it to pay off debt. The company still has some loans but plans to reduce them. It is also working on new things like green hydrogen and battery storage. There are some problems, like delays in getting land for projects and depending too much on a few big buyers for most of its earnings.   

Even with these problems, NGEL is growing fast. Over the last five years, its profits have gone up a lot. Experts believe the company has a bright future as India moves toward clean energy. NGEL wants to reach 60 GW of green energy by 2032 and become a leader in India’s clean energy journey.  

India is using more clean energy because it has a big population and a growing economy. The government is helping by giving money and making special plans. Green energy helps reduce pollution and saves resources. India is building more solar, wind, and water energy projects. Experts say this market will grow fast and be worth $50 billion by 2027. India also wants to make a special clean fuel called green hydrogen. This will create jobs and reduce the use of coal and oil. The country plans to make a lot more clean energy by 2030. Foreign companies can invest in these projects, and India has already approved many solar and wind energy sites. The country is also working on better batteries and electric cars. By 2030, India hopes to sell 10 million electric cars every year. With all these efforts, India is becoming a leader in clean energy. NTPC Green Energy makes clean energy using the sun and wind. It is part of NTPC, India’s biggest power company, which helps it grow. The company is working to make more green energy. Right now, Adani Green Energy is bigger, but NTPC Green Energy is still important. It has a strong base and good support. Experts believe it will play a big role in India’s clean energy future. 

Latest Stock News: 

NTPC Green Energy’s stock went up by 2.2% to ₹108.40 after signing a deal with Bharat Light and Power. This deal will help in making green hydrogen and capturing carbon. It will support India’s goal of using more clean energy by 2030 and reducing pollution by 2070. NTPC Green Energy is a part of NTPC Limited and is growing its clean energy business. The company will sell green hydrogen and captured carbon while building more solar and wind projects.  NTPC Green Energy and ONGC Green Limited also bought Ayana Renewable Power for ₹195 billion. Ayana has many solar and wind projects that produce clean energy. These projects are in good locations and have strong buyers like NTPC and Indian Railways. Experts believe these steps will help NTPC Green Energy grow fast in the clean energy market. With support from the government and more investments, the company is expected to do well in the future. 

Potentials: 

NTPC Green Energy wants to grow bigger and make more clean energy. It plans to reach 60 GW of green energy by 2032. The company builds big solar and wind farms in places like Gujarat, Rajasthan, and Maharashtra. It is also working on green hydrogen, which can help reduce pollution. NTPC Green Energy is using batteries to store energy and make power supply steady. It is teaming up with governments and other companies to get land and start new projects. Since NTPC is a big and strong company, it has enough money to grow. But there are some problems, like changing energy prices, getting land on time, and competition from other companies. Even with these challenges, NTPC Green Energy has a good chance to grow and make more clean energy for the future. 

Analyst Insights:  

Key financial metrics:  

Market Cap: 82,578  crore  
Price-to-Earnings (P/E) Ratio: 239.56 
Dividend Yield: 0%    
Return on Capital (ROCE): 6.20 % 
ROE: 6.20 % 
Dividend Payout: 0%  
PAT: ₹31,807 

The company’s stock is very expensive because its P/E ratio is very high at 239.56. It is not making big profits, with ROE and ROCE at just 6.20%. The company does not pay dividends, so investors don’t get extra money. It has improved how fast it collects payments, but it may struggle to pay interest on debt. There are also worries that the company is adding interest costs to assets instead of counting them as expenses. Because of these problems, the stock does not seem like a good buy, and it may be better to sell or wait. 

Mahindra & Mahindra Ltd
Mahindra & Mahindra Stock Plunges 6%- Strong Drop in 7 Months, Down 17% in Two Weeks

Business and Industry Overview: 

Mahindra & Mahindra (M&M) is an Indian automobile company based in Mumbai, Maharashtra. It started in 1945 as “Mahindra & Mohammed” and later became “Mahindra & Mahindra.” It is part of the Mahindra Group and is one of India’s largest vehicle makers. Mahindra & Mahindra Ltd is one of the most diversified automobile companies in India with presence across 2-wheelers, 3-wheelers, PVs, CVs, tractors & earthmovers. Mahindra Tractors is also the world’s biggest tractor manufacturer by volume. In 2018, Fortune India 500 ranked M&M as the 17th top company in India. Its main competitors are Maruti Suzuki and Tata Motors. The company’s CEO and MD is Dr. Anish Shah. M&M began as a steel trading business in Ludhiana, Punjab, founded by Kailash Chandra Mahindra, Jagdish Chandra Mahindra, and Malik Ghulam Muhammad. After the partition of India and Pakistan in 1947, Ghulam Muhammad moved to Pakistan, and the Mahindra brothers changed the company’s name. Mahindra also expanded into Turkey’s farm equipment market and invested in smart car tech and agro-tech firms. The company had a joint venture with Renault but ended it in 2010, though it still uses Renault’s engines. It also had a joint venture with Ford, but that ended in 2021. Mahindra makes different vehicles, including SUVs like Scorpio, Bolero, Thar, and XUV700, as well as electric cars, trucks, and tractors. It exports to many countries and has offices in the USA, Europe, South Africa, and Australia. Mahindra planned to sell diesel pickup trucks in North America in 2010 but faced legal problems. It is the largest tractor maker in the world. It sells tractors in over 40 countries, including the U.S., China, Africa, and Latin America. Mahindra & Mahindra started as a small steel business. Now, it is a global leader in cars, tractors, and machines. It also works in many other businesses like finance, auto parts, hotels, buildings, shops, transport, steel, IT, farming, aerospace, defense, energy, and consulting through its group companies. 

Latest Stock News: 

Mahindra & Mahindra Ltd’s stock fell by 6.08% to ₹2,667.55 at 2:47 PM on 21 February. It was the biggest loser in the BSE ‘A’ group. About 2.15 lakh shares were traded, which is much more than the usual 69,060 shares per day in the last month. 

The stock dropped 7% on Friday after the company’s board approved a ₹4,500 crore investment in its smaller companies through rights issues. The company shared this news through stock exchange filings on 20 February 2025. 

Mahindra & Mahindra (M&M) reported a 19.6% increase in its total profit, reaching ₹3,180.58 crore for the third quarter (Q3) of the financial year 2024-25 (FY25). Last year, during the same period, the profit was ₹2,658.40 crore. This growth was mainly due to strong demand for its SUVs and tractors. 

The company’s total revenue from all its businesses grew 17.7% from ₹35,218.32 crore last year to ₹41,464.98 crore this year. 

M&M’s total profit includes money earned from financial services, IT, hotels, and other businesses. 

On its own (without its smaller companies), M&M’s profit increased by 19% in Q3. It made a profit of ₹2,964 crore, compared to ₹2,490 crore in the same period last year. The company is India’s top SUV seller by revenue. 

Potentials: 

Mahindra & Mahindra has good chances to grow in the future. The company’s board has decided to invest  ₹4,500 crore in its smaller businesses. This will help them grow and make more profit.   

The company also shares 19.3% of its profits with investors as dividends. This makes it a good choice for people who want steady earnings from their investment. The stock price is 4.71 times higher than its actual value, which shows that investors trust the company. Company has been maintaining a healthy dividend payout of 19.3% 

However, the company’s owners hold only 18.5% of the shares , which is low. If they buy more shares, it will show their confidence and attract more investors. Overall, Mahindra & Mahindra has strong potential for growth in the coming years. 

Analyst Insights: 

Key Financial Metrics: 

Revenue: ₹41,464.98 crore (17.7% YoY growth) 

EBITDA: ₹179.3 billion 

Market Cap:₹ 3,31,941 Cr. 

PE Ratio:26.8 

Mahindra & Mahindra is growing steadily, driven by strong SUV and tractor sales. The company’s ₹4,500 crore investment in its subsidiaries can fuel future expansion. It also maintains a healthy 19.3% dividend payout, making it attractive for long-term investors. However, low promoter holding (18.5%) could be a risk factor. 

The stock has strong fundamentals, but recent price drops and volatility should be considered. Investors should hold for the next 3-6 months to see if it rebounds. New investors can wait for a better entry point. Investors should hold the stock and stay invested for 3-6 months. The stock has performed well in the auto sector. Last week, it got many bookings, especially for its electric vehicles.  

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. 

Latest Stock News 

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