Q3 Results: UCO Bank, PNB Housing Finance, India Cements, ICICI Pru, Cyient DLM, others releasing Q3 results today

IndiaMART InterMESH Ltd on Tuesday recorded a profit of Rs 121.00 crore for the third quarter of FY25, up 47.74 per cent in comparison to Rs 81.90 crore reported during the corresponding quarter of previous financial year. It posted revenue from operations at Rs 354.30 crore, up 16.05 per cent as against Rs 305.30 crore recorded during the same period of FY24. The company EBITDA stood at Rs 138.3 crore, up 61.4 per cent YoY.

Cyient DLM Ltd on Tuesday recorded a profit of Rs 10.99 crore during the third quarter of FY25, posting a drop of 40.40 per cent in comparison to Rs 18.44 crore reported during the corresponding period of previous financial year. It posted revenue from operations at Rs 444.24 crore, up 38.38 per cent as against Rs 321.04 crore during the third quarter of FY24. The company EBITDA stood at Rs 27.2 crore, down 92.9 per cent YoY.

YES Securities said, “Fresh slippages in Q3FY25 would remain elevated for banks with high exposure to unsecured retail and microfinance viz. IDFCB, RBL and IIB but may not rise materially on a sequential basis from already elevated levels seen in Q2FY25. In general, slippages have been moderately on the rise sequentially for the system and a similar moderate rise may continue. Sequential evolution of provisions would be a function of not only slippages but also of recoveries and upgrades and pre-existing provision buffers. Hence, we see a marginal rise in provisions, sequentially, for RBL, ICICI and INBK whereas we see a flattish trend in provisions for HDFCB, SBIN, KMB, FED, KVB, CSB and DCB. Provisions would decline sequentially for AXSB, IIB, BOB, IDFCFB and CUB as they have created contingency provision in Q2.”

UCO Bank on Tuesday reported its fiscal third quarter earnings with profit at Rs 638.83 crore, posting a growth of 27.05 per cent in comparison to Rs 502.83 crore during the same period of previous financial year. It posted total income of Rs 7405.89 crore, up 15.50 per cent as against Rs 6412.71 crore during the third quarter of FY24. The company posted Net Interest Income (NII) at Rs 2377 crore, up 19.6 per cent YoY.

South Indian Bank recorded gross NPA ratio at 4.30 per cent as against 4.74 per cent during the same period of last year. The net NPA ratio stood at 1.25 per cent in comparison to 1.61 per cent during the third quarter of FY24.

Elara Securities said, “APL Apollo Tubes registered a strong recovery in Q3FY25 after a weak Q2, primarily on the back of robust volume growth. As a result, EBITDA jumped ~24% YoY/150% QoQ to ~Rs 3.5bn, largely-in-line with our/Consensus estimates of ~Rs 3.5bn/3.4bn, respectively. Net debt stood at ~Rs 1.0bn versus Rs 3.0bn as of end-Q2FY25 and net cash of ~Rs 0.2bn as of end-FY24. We believe APL Apollo Tubes’ earnings growth is an oasis within the Metals and Building Products industry, which is struggling with weak demand and margin pressure, and this should favorably impact APAT’s valuations.”

Further, the brokerage firm maintained that APL Apollo Tubes is on track to reach 5 million tonnes capacity by FY26 from 4.3 million tonnes at present through greenfield expansions of: 1) 0.3 million tonnes in New Bengaluru, Karnataka, 2) 0.2 million tonnes at Siliguri, West Bengal, and 3) ~0.1 million tonnes in Gorakhpur, Uttar Pradesh along with brownfield expansion of 90,000 tonnes.

Indoco Remedies Ltd on Tuesday reported its fiscal third quarter earnings with a loss of Rs 26.39 crore in comparison to a profit of Rs 16.30 crore posted during the third quarter of FY24. It reported revenue from operations at Rs 402.45 crore, down 12.27 per cent as against Rs 458.75 crore during the same period of previous financial year. The company EBITDA stood at Rs 12.3 crore, down 80.4 per cent YoY.

JM Financial said, “Paytm reported Rs 18.3bn in Q3FY25 revenue (+10% QoQ) driven by sustained rise in Payments GMV (+13% QoQ) along with a sharper growth in Financial services driven by higher take-rates in merchant loan disbursals (+16% QoQ). Take-rate in Financial services improved 188bps sequentially majorly due to a) ~80% of merchant loan disbursals (c. INR 31bn) shifting to FLDG, b) higher mix of merchant loans, and c) collection efficiencies driving higher incentives on these merchant loans. Personal Loans dipped 12% QoQ with continued pressure being seen while merchant loans rose 16% QoQ driven by pent-up demand. Marketing services revenue declined 12% sequentially (flat excluding Events Ticketing business). With front-ended DLG cost being parked under Other Direct Expenses, the company reported a 130bps sequential dip in contribution margin. However, continued tight control on indirect expenses ensured Adj. EBITDA loss of Rs 405mn, improvement of Rs 1.5bn QoQ. Going forward, we expect the impact of DLG cost to normalise with CM reverting back towards 55% (excluding UPI incentives) and the company reporting PAT profitability next quarter, thanks to UPI incentives worth Rs 3.5bn.”

Sudipta Roy, Managing Director & CEO of LTF, said, “Despite certain macro challenges within the microfinance sector, we have managed the situation effectively. We are hopeful that the environment will be much better over the next couple of quarters. Our investments and efforts towards building a world class credit underwriting and monitoring infrastructure continued unabated. Apropos to the same, our next generation three-dimensional credit underwriting engine ‘Project Cyclops’ was extended to 100% of dealerships in Two-wheeler Finance and was also operationalized for the Farm Equipment Finance business.”

An analysis report by Motilal Oswal Financial Services, stated, “The company's plans to front-end its investments in QC rebases profitability expectations. Adjusted EBITDA as % of GOV almost broke even in Q2FY25 before reporting a 1.3% loss in Q3FY25. We now expect this loss to widen in the short term, before breaking even in Q4FY26E. As a result, we reduce our PAT estimates by 25% over FY25-27.”

The brokerage firm further maintained that the current ‘cash burn’ is different from the one witnessed when food delivery was scaling up. “Contrary to countless questions on whether food delivery would ever be profitable, the viability of the “dark store model” is now beyond doubt: mature dark stores are already contribution margin positive. New dark stores are reaching breakeven GOV faster (see Exhibit 3). Revenue growth could be higher for longer, as companies unlock new cities, markets, and categories,” it said.

Good Morning! We, at FinancialExpress.com, are continuously bringing to you all the updates on Q3 numbers posted by companies across sectors, while also analysing the results. We will stay with you throughout the earnings season, bringing to you updates on all key numbers. Stay tuned.