Q3 Results 2025: Berger Paints profit drops by 1.40%; IRCTC profit rises by 13.70%

InCred Equities said, “The 3QFY25 standalone EBITDA of Mahindra & Mahindra or M&M rose by 38% yoy and 13% qoq to Rs44.7bn, 2% below our estimate but 2% above Bloomberg consensus estimate. The automotive division’s EBIT margin, up 17bp qoq and 142bp yoy at 9.7%, was impressive (Fig. 4), driven by product mix and pricing action. The tractor division’s EBIT margin was up 62bp qoq and 265bp yoy at 18.1%. Normalized PAT fell by 19% qoq to Rs30.5bn due to lower other income (-64% qoq) and higher interest costs (+11% qoq).”

“We have cut sales volume estimates by ~1% for FY25F, while we broadly maintain them for FY26F-27F. We have cut revenue estimates by 1-2% for FY25F-27F due to slow growth in ASP. Better margin management in the automotive division and operating leverage in tractors led to our 2% EBITDA upgrade for FY25F-27F,” it said.

Kamini Shah, Chief Financial Officer, Birlasoft, said, “Our revenue during the quarter under review, which witnessed higher than usual furloughs, grew 1.5% year-on-year to Rs 13,627 million. Our EBITDA margin stood at 12.0% for the quarter, representing only a marginal sequential decline even after implementing a salary increase effective October 1st covering most of the organization, on the back of multiple operational efficiency initiatives that we have been driving and some exchange rate tailwind. We also maintained our robust track record of strong quarterly collections and cashflow generation, resulting in a 21.7% rise year-on-year in cash and cash equivalents to Rs 20,552 Mn. Our DSO at 53 days continues to be among the best in the industry. Our robust cash flow and balance sheet enable us to make the investments necessary for future growth.”

Birlasoft Ltd on Tuesday reported its fiscal third quarter earnings report with consolidated profit of Rs 116.94 crore, posting a decline of 27.39 per cent in comparison to Rs 161.06 crore recorded during the corresponding quarter of FY24. It posted revenue from operations at Rs 1362.70 crore, 1.47 per cent as against Rs 1342.95 crore reported during the third quarter of previous financial year. The company EBIT was down by 26.4 per cent at Rs 142.2 crore.

Indian Railway Catering and Tourism Corporation Ltd (IRCTC) on Tuesday reported its fiscal third quarter earnings report with consolidated profit of Rs 341.09 crore, posting a growth of 13.70 per cent in comparison to Rs 300 crore recorded during the corresponding quarter of FY24. It posted revenue from operations at Rs 1224.66 crore, up 9.79 per cent as against Rs 1115.48 crore recorded during the same period of previous financial year. The company EBITDA stood at Rs 417 crore, up 5.7 per cent YoY.

Kumar Venkatasubramanian, Managing Director, Procter & Gamble Hygiene and Health Care Ltd, said, “The Company has delivered a strong double-digit growth across both topline and bottom line in the quarter. This has been led by our continued focus on delighting all consumers with superior propositions and executing the integrated growth strategy– a focused product portfolio of daily use categories where performance drives brand choice, superiority (of product performance, packaging, brand communication, retail execution and consumer and customer value), productivity, constructive disruption, and an agile and accountable organization. Our strategy has enabled these solid results and is a foundation for balanced growth and value creation.”

Room Revenue:

• Room revenue was primarily driven by ARR growth in Andaz Delhi and Grand Hyatt Mumbai owing to Industry tailwinds. It posted around 6 per cent growth YoY in Q3FY25 led by Andaz Delhi and Hyatt Delhi Residences.

F&B and MICE Revenue:

• Modernization and addition of F&B outlets at key portfolio assets to drive F&B revenue growth.

• Launch of “The Grand Showroom” to drive revenue contribution from the MICE segment.

Commercial:

• The company recorded around 11 per cent YoY increase in lease revenue in Q3FY25; increasing rental occupancy from Mumbai and Delhi to further drive growth.

• Re-engineering space utilization to maximize yields through leasing out commercial / retail spaces within its hotels.

Boman Irani, Chairman and Managing Director, Keystone Realtors Limited, said, “In FY25, the company has demonstrated remarkable progress in terms of Pre-Sales, collections, new project additions and new launches. We are thankful to all our stakeholders for their continued support and trust in us. I’m pleased to share that we have almost achieved the full-year Pre-Sales for FY24 within the first 9 months of FY25, thanks to a series of strong launches having GDV of Rs 4,057 crore. As we successfully close out the third quarter of FY25, we are right in line with the guidance we provided, and I’m excited to report that our Pre-Sales for Q3FY25 have reached Rs 863 crore, reflecting a 40% YoY growth. This performance is a testament to the resilience of our strategy and the continued momentum we’re experiencing.”

“With a solid balance sheet and strong capitalization, we are fully equipped to seize opportunities and continue creating sustainable value for all our stakeholders. Together, we are on an exciting journey of growth, and we are determined to maintain our upward trajectory and exceed expectations. Let’s embrace the opportunities ahead and continue to build on our momentum,” he added.

• In Q3FY25, the company added 2 projects with an estimated GDV of Rs 980 crore. During 9MFY25, it added 6 projects with an estimated GDV of Rs 3,297 crore.

• Keystone Realtors added ~82 per cent of FY25 guidance of Rs 4000.00 crore in 9MFY25.

• During 9MFY25, it launched 5 RERA projects with an estimated GDV of Rs 4057 crore.

Keystone Realtors Ltd on Tuesday reported a profit of Rs 15.07 crore during the third quarter of FY25, posting a decline of 50.13 per cent in comparison to Rs 30.22 crore recorded during the corresponding quarter of FY24. It posted revenue from operations at Rs 464.02 crore, down 10.88 per cent as against Rs 520.69 crore recorded during the third quarter of previous financial year. The company EBITDA stood at Rs 41 crore.

Campus Activewear Ltd on Tuesday reported its fiscal third quarter earnings report with a profit of Rs 46.47 crore, posting a surge of 86.70 per cent in comparison to Rs 24.89 crore recorded during the third quarter of FY24. It posted revenue from operations at Rs 514.80 crore, up 9.07 per cent as against Rs 472.01 crore recorded during the same period of previous financial year. The company EBITDA stood at Rs 82.2 crore, up 46 per cent YoY.

Cera Sanitaryware board also declared the reappointment of Deepshikha Khaitan as Vice Chairman & Joint Managing Director, for a period of five years w.e.f. 1st April, 2025.

Ravi Jaipuria, Non-Executive Chairman, Devyani International Limited, said, “I am delighted to say that DIL has successfully met its store expansion guidance, crossing an impressive milestone of 2,000 stores in the recent quarter, across all brands and geographies - ahead of the original target. This achievement further enhances our market presence and reinforces our strategic position in the QSR industry. It also offers our customers greater access to our brands. Reflecting on Q3, our store expansion strategy has been a key driver of the company’s growth. We remain committed to this approach, ensuring a balance between expansion and storelevel performance. In Q3, we added 111 net new stores, bringing our total store count to 2,032 as of December 31, 2024.”

KFC-operator Devyani International on Tuesday reported its fiscal third quarter earnings report with a loss of Rs 0.49 crore in comparison to a profit of Rs 9.62 crore recorded during the third quarter of FY24. It posted revenue from operations at Rs 1294.40 crore, up 53.52 per cent as against Rs 843.13 recorded during the corresponding quarter of previous financial year. The company EBITDA stood at Rs 213.3 crore, up 46 per cent YoY.

JM Financial said, “Nykaa continues to prove the doubters wrong, particularly in BPC segment, delivering 32% GMV growth YoY along with 27% revenue growth. This was supplemented by 56bps YoY EBITDA margin jump. While Fashion GMV growth was only 8%, company continues to plug leakages and hence delivered 14%/21% NSV/Revenue growth. The company is also seeing rising advertisement income across segments with core BPC benefitting from lower discounting, Fashion seeing rising content marketing under LBB while eB2B experiences higher willingness to advertise due to rising retailer base. Overall, the company reported 26.7% YoY growth in revenue to reach INR 22.7bn with EBITDA margin reaching 6.2%. We forecast core BPC to sustain margin improvement driven by operating leverage despite contribution margin remaining largely flat at 9MFY25 levels. Nykaa’s ability to deliver robust growth in a tepid demand environment demonstrates its differentiated market positioning.”

Eicher Motors’ (EIM) Q3FY25 operating performance missed estimates, with a 190bp YoY margin contraction to 24.2%, as management is now focused on driving growth. Management has indicated that it would continue to invest in demand-generation activities, including brand building, to help drive growth going forward. “While exports improved in Q3FY25, sentiments are likely to remain weak and management maintains a cautiously optimistic outlook. We factor in a 10 per cent volume CAGR for RE over FY24-27E as the company plans to continue prioritizing growth. We expect margins to remain under pressure, as any benefit from an improving mix (higher spares and apparel sales) is likely to be invested by RE in demand-generation activities. Overall, we expect RE to deliver a 12 per cent earnings CAGR over FY24-27E. Given the expected slower earnings growth, we see no reason for the stock to trade at premium valuations.”