1. Executive Summary: The Headline Mixed but constructive print. Consolidated PAT rose ~10–11% YoY to ₹1,301 cr despite softer reported revenue, supported by margin/mix dynamics, fair-value/JV contributions, and strong underlying cash generation. Overarching narrative: Reported P&L remains lumpy due to possession-based accounting. Pre-sales of ₹3,800 cr (with complete sell-out of Aureva luxury retirement project) and… Read More »
1. Executive Summary: The Headline Solid growth print with record quarterly profit. Standalone PAT rose ~13% YoY to ₹5,532 cr (highest ever), supported by NII growth, sequential NIM expansion, and sharp improvement in asset quality with lower provisions. Overarching narrative: Steady core franchise growth (advances +15%, deposits +10%), margin recovery, and continued asset-quality cleanup. Profitability… Read More »
1. Executive Summary: The Headline Mixed print: Consolidated revenue declined ~6% YoY and PAT was essentially flat (+0.2% YoY), but margins expanded meaningfully and sequential performance was strong. Overarching narrative: Reported P&L is distorted by possession-based revenue recognition. Underlying demand remains robust, evidenced by record pre-sales/booking value (Q2 ~₹9,150 cr; H1 ~₹10,200 cr). Margin expansion… Read More »
1. Executive Summary: The Headline In-line results with modest profit growth. Standalone PAT rose 4.7% YoY to ₹19,510 cr, closely matching street estimates, while NII grew ~10% and asset quality improved. Overarching narrative: Steady core franchise performance (double-digit advances and deposits growth) with sequential NIM compression and lower treasury gains offsetting some operating strength. Asset… Read More »
1. Executive Summary: The Headline Clean beat on profitability and core income. Standalone PAT rose 20% YoY to ₹14,843 cr, exceeding estimates, driven by strong NII growth, lower provisions, and robust loan expansion. Overarching narrative: Healthy double-digit (and better) growth in advances and deposits, continued asset-quality improvement, and solid operating performance. Sequential NIM compression is… Read More »
1. Executive Summary: The Headline Strong YoY growth but a modest miss on PAT. Net profit rose ~38% YoY to ₹7,003 cr, slightly below street estimates, while NII beat expectations and asset quality improved further. Overarching narrative: Healthy loan and deposit growth, sharp decline in provisions, and sequential improvement in GNPA/NNPA. Sequential NIM pressure and… Read More »
1. Executive Summary: The Headline Solid beat on top line and operating metrics. Revenue rose 18% YoY to ₹2,263 cr and EBITDA expanded 24% with margin improvement, while reported PAT jumped sharply (partly aided by a low base). Overarching narrative: Broad-based growth across ECD (fans, pumps, appliances), Lighting, and Butterfly, supported by record exports, price… Read More »
1. Executive Summary: The Headline Mixed-to-positive quarter with a clear profitability beat. Revenue was essentially flat QoQ (and solidly higher YoY), while PAT and EBITDA margins expanded sharply on cost control and non-broking strength. Overarching narrative: Resilience of the client franchise and operating leverage despite softer trading activity and regulatory/market-structure headwinds (including Closing Auction Session… Read More »
1. Executive Summary: The Headline Clean beat with strong margin progression. Revenue grew solidly (+15.6% YoY / +2.4% CC QoQ), PAT jumped 32.7% YoY, and EBIT margin expanded to 14.8% (12th consecutive quarter of improvement). Overarching narrative: Turnaround execution continues to deliver, with healthy deal momentum ($1.023B TCV), progress toward the 15% FY27 EBIT margin… Read More »
1. Executive Summary: The Headline Clean, broad-based beat. Revenue surged ~53% YoY to a record Q2 level, EBITDA and PAT rose ~39% and ~43% YoY respectively, and results exceeded estimates across revenue, EBITDA, and profit. Overarching narrative: Strong execution in Wires & Cables (supported by domestic infrastructure and electrification demand) plus a sharp improvement in… Read More »