Q3 Results: HDFC Bank, HUL, BPCL posts profit rise of 2.22%, 19.18%, 19.63%, respectively

Sandeep Kalra, Chief Executive Officer and Executive Director, Persistent, said, “We recorded our 19th sequential quarter of revenue growth, with 4.3% QoQ and 19.9% YoY increase — highlighting the strength of our AI-led, platform-driven services strategy. We also declared an interim dividend of Rs 20 per share.”

This quarter, we achieved several significant milestones, including winning the prestigious 2024 ISG Star of Excellence™ Overall Award based on the voice of the customer, demonstrating our ability to re(AI)magine their businesses. Reaffirming our commitment to developing innovative solutions based on our own IP, we filed 20+ patents related to SASVA™, our AI-powered software development platform. Additionally, our co-developed ContractAssIst solution, built leveraging Microsoft 365 Copilot, was shortlisted by Microsoft and acknowledged by its CEO, Satya Nadella, during his recent Microsoft AI Tour. We were awarded AA+ (Stable) credit rating by ICRA, recognizing our strong financial profile, experienced leadership, robust capital structure, and well-established customer relationships. Finally, our inclusion in the Dow Jones Sustainability World Index highlights our commitment to embedding sustainability into our operations. These achievements underscore our passion for driving innovation and delivering meaningful value to our clients and stakeholders, while fostering sustainable practices across our business.”

Persistent Systems announced that the company board approved the payment of an interim dividend of Rs 20 per equity share of Rs 5 each for the financial year 2024-25. “The Interim Dividend approved and declared by the Board of Directors at its meeting held on January 22, 2025, will be paid to the Members within a statutory timeline of 30 days of its declaration,” it said in a regulatory filing. The record date for the same is January 31, 2025.

Bharat Petroleum Corporation Ltd (BPCL) announced that the company board has declared an interim dividend of Rs 5 per equity share of face value Rs 10 each i.e. 50 per cent for the financial year 2024-25. In a regulatory filing, the company said, “The Board of Directors has fixed Wednesday, 29th January 2025 as record date to determine the eligibility of the shareholders to receive the said interim dividend. It may kindly be noted that the above dividend would be paid only through electronic mode on or before 20th February 2025.”

Rohit Jawa, CEO and Managing Director, HUL, said, “FMCG demand trends remained subdued with continued moderation in urban growth while rural sustained its gradual recovery. In this operating context, we delivered competitive growth by driving unmissable brand superiority, investing behind brands and capabilities whilst maintaining healthy margins. In line with our strategic intent to transform our portfolio in fast-growing spaces, I am excited to announce the acquisition of the premium actives-led beauty brand Minimalist. This acquisition is another key step to grow our Beauty & Wellbeing portfolio in the high growth masstige beauty segment. We continue to make progress on unlocking a billion aspirations by contemporizing our core business, driving premiumization through our future core business and ushering market-making in new demand spaces. While we keep a close watch on the pace of recovery and the broader economic outlook in the short term, we remain confident of the medium to long term opportunity in the Indian FMCG sector and HUL’s ability to grow competitively.”

Heritage Foods Limited on Wednesday released its fiscal third quarter earnings report with profit at Rs 43.05 crore, posting a growth of 60.04 per cent in comparison to Rs 26.90 crore during the corresponding quarter of FY24. It posted revenue from operations at Rs 1033.94 crore, up 9.87 per cent as against Rs 941.10 crore during the third quarter of previous financial year. The company EBITDA stood at Rs 74 crore, up 42 per cent YoY.

AS Lakshminarayanan, MD and CEO, Tata Communications, said, “Q3 has been a satisfactory quarter with strong growth in digital revenues, improved margins, and enhanced free cash flow. We are advancing well in our review of subsidiaries, with a clear focus on optimising their performance and unlocking value, as demonstrated in the case of Tata Communications Payments Solutions Limited. I believe in the world of AI, digital infrastructure will be even more critical and our investments in our Digital Fabric will hold us in good stead.”

HDFC Bank’s total balance sheet size as of December 31, 2024 was at Rs 3759.00 thousand crore as against Rs 3492.60 thousand crore as of December 31, 2023.

The Bank’s average deposits were at Rs 2452.80 thousand crore for the December 2024 quarter, up 15.9 per cent over Rs 2117.10 thousand crore for the December 2023 quarter.

The Bank’s average CASA deposits were Rs 817.60 thousand crore for the third quarter, up 6 per cent over Rs 771.10 thousand crore during the same quarter of previous financial year. Total EOP deposits were at Rs 2563.80 thousand crore as of December 31, 2024, up 15.8 per cent YoY. CASA deposits grew by 4.4 per cent with savings account deposits at Rs 605.60 thousand crore and current account deposits at Rs 267.10 thousand crore.

HDFC Bank on Wednesday released its fiscal third quarter earnings report with profit at Rs 16,735.50 crore, posting a growth of 2.22 per cent in comparison to Rs 16,372.54 crore recorded during the same quarter of FY24, surpassing estimates. The banking major recorded Net Interest Income at Rs 30,653 crore.

According to a CNBC TV18 poll, HDFC Bank was expected to post Q3 profit at Rs 16,548 crore and NII is estimated at Rs 30,669 crore.

Vijay K Thadani, Co-founder, NIIT and Vice Chairman & Managing Director, NIIT MTS, said, “In a tough economic environment, NIIT MTS’ strong value proposition is resonating with clients and prospects, resulting in wallet share improvement and new client acquisition. Clients are starting to take advantage of NIIT MTS’ innovative use of AI and technology in learning.”

Inder T Jaisinghani, Chairman and Managing Director, Polycab India Limited, said, “We are thrilled to announce that we have concluded 2024 on a robust note, achieving our highest ever revenues for both the third quarter and the nine-month period. This outstanding performance was driven by strong growth across all segments, underscoring our strategic execution and unwavering commitment to excellence. Notably, we have achieved a remarkable milestone of successfully surpassing our first five-year guidance of reaching a Rs 200 Bn top-line by FY26 ahead of time — delivering Rs 210 Bn in revenue for calendar year 2024. Building on this success, we are excited to embark on our next transformative journey to unlock our growth potential for FY30 and further solidify our leadership in the industry with our new vision—Project Spring.”

Prayasvin B Patel, Chairman & Managing Director of Elecon Engineering Co Ltd, said, “In Q3FY25, our Material Handling Equipment (MHE) division saw a remarkable 72% year-on-year revenue growth, with EBIT margins improving by ~1,300 basis points to 31.6%. We expect a good momentum in this segment in coming quarters. Our Gear division, in Q3FY25, experienced a marginal growth 2.1% in revenues but saw an overall decline of 3.6% over 9MFY25 period due to delay in order inflows. We see this primarily due to sluggishness in domestic market which has resulted in delay of capex investments. We are working diligently to expand our wallet share in-spite of sluggishness in the domestic steel and sugar industry.

Internationally, we are progressing toward our target of generating 50% of our revenue from overseas markets by FY30. In 9MFY25, international business contributed approximately 27% of our total consolidated revenue.”

Oberoi Realty reported presales of Rs 19bn, up 33% QoQ and 144% YoY. Elara Securities said, “This was partly led by lower-than-anticipated sales in 360 West that was impacted by deal closures slipping into Q4FY25. Also, sustenance sales in other projects was hit by a combination of price hikes and holding back of higher floor inventory (ex-Mulund). In Q4FY25, the only new launch that may come through is another tower in Borivali project (planned around the soft launch of the Borivali mall), in mid-February– early-March. We see the focus of the market moving to FY26, for which the outlook is upbeat – management is confident on activating at least four new markets, including Sector 58 (Gurugram), Adarsh Nagar (Worli), Tardeo and Peddar Road (Mumbai) amounting to a gross development value (GDV) of Rs 240bn.”

Vardhman Textiles Ltd on Wednesday reported its fiscal third quarter earnings report with profit at Rs 210.61 crore, posting a growth of 31.44 per cent in comparison to Rs 160.23 crore recorded during the third quarter of FY24. It posted revenue from operations at Rs 2,465.30 crore, up 5.83 per cent as against Rs 2,329.51 crore reported during the same period of previous financial year. The company EBITDA stood at Rs 313 crore, up 28 per cent YoY.

ICICI Prudential Life Insurance reported an underwhelming 9M25 growth of 8.5% YoY in VNB to Rs 15.75bn – total APE grew 27.2% to Rs 69.1bn, while margins contracted by 390bps YoY to 22.8%. JM Financial said, “When viewed on a QoQ basis, VNB margins contracted 220bps from 2Q25 levels of 23.4%. Miss in margins (170bps on JMFe) was explained by significant growth in group savings (+347% YoY, 206% QoQ), decline in group protection (-4% YoY, - 4%QoQ) and increasing share of lower yielding ULIP products (75.2% of savings business vs 61.9% in 3Q24). Impact of surrender norms was not material for IPRU due to lower share of non-par product. 29% growth in individual APE for 9M25 was led by sustained growth in banca and agency and direct channels delivering 26%/41/18% YoY growth. Within focused segments, annuity reported 50% YoY growth in 3Q25 while protection growth slowed down to 9.2% YoY. High base for annuity (in 4Q24) will weigh on growth in 4Q25, while credit life continues to see sluggishness.”

Today, majors like HDFC Bank, Hindustan Unilever, Bharat Petroleum Corporation, Coforge Limited, Tata Communications, Pidilite Industries, Polycab India, Persistent Systems, Zensar Technologies, Vardhman Textiles, Tips Music, Powergrid Infrastructure Investment Trust, Housing & Urban Development Corporation, Heritage Foods, and several others will release their quarter results for Q3FY25.