Q3 Results: UltraTech profit up 16.98%, Adani Green profit surges 85.16%; others releasing Q3 results today

Mohit Kabra, Group Chief Financial Officer, MakeMyTrip, said, “Our robust financial performance this quarter across all lines of business underscores our strong execution of strategic priorities and the resilience of the travel sector. Our disciplined approach to cost management, combined with targeted investments in technology and customer experience, has enabled us to capitalize on growing travel demand and drive profitable growth.”

Rajesh Magow, Group Chief Executive Officer, MakeMyTrip, said, “The Indian travel and tourism sector is witnessing robust growth, reflecting a strong desire among travelers to explore new horizons. While Indian destinations continue to shine, many countries have made significant efforts to attract Indian travelers. Our strong performance this quarter reflects these macro trends, along with our focused execution and commitment to customer centricity.”

NASDAQ-listed travel and tourism platform MakeMyTrip on Thursday posted its Q3FY25 results with profit at $27.1 million in comparison to $24.2 million in Q3FY24, driven by higher gross bookings. It said that the company’s revenue as per IFRS grew by 26.2 per cent YoY in constant currency to $267.4 million in Q3FY25 from $214.2 million in Q3FY24. Revenue growth was driven by an increase of 18.6 per cent in revenue from air ticketing business, an increase of 17.2 per cent in revenue from hotels and packages business, an increase of 31.7 per cent in revenue from bus ticketing business, and an increase of 110.7 per cent in revenue from others business. Adjusted Operating Profit, meanwhile, registered growth of 37.6 per cent YoY and reached $46.0 million in Q3FY25 compared to $33.4 million in Q3FY24.

Rajeev Juneja, Vice Chairman & Managing Director, said, “We achieved a healthy revenue growth of 24% YoY with strong adjusted EBITDA margin of 27.7% in Q3FY25, driven by continued outperformance in Chronic, strong recovery in OTC and consolidation of BSV. 30% YoY revenue growth in OTC business supported by strategic initiatives undertaken last year. The integration of BSV is on track, with focus on mandate brands, improving productivity and adopting best practices to ensure long term sustainable growth. 2024 has been a transformative year – now having multiple building blocks – steady base business, fast growing specialty chronic segment, high potential OTC business, and high-entry barrier super specialty portfolio of BSV.”

Mankind Pharma Ltd on Thursday reported a profit of Rs 380.23 crore for the third quarter of FY25, posting a decline of 16.20 per cent in comparison to Rs 453.76 crore during the corresponding period of previous financial year. It posted revenue from operations at Rs 3,230.00 crore, up 23.90 per cent as against Rs 2,606.95 crore during the same period of FY24. The company EBITDA stood at Rs 830 crore, up 36.8 per cent YoY.

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Hina Nagarajan, CEO & Managing Director, said, “Amidst a moderate but sequentially improving demand environment, we have delivered a quarter in line with our aspirations buoyed by the festive season and fast scale-up in the state of Andhra Pradesh. Looking ahead, we remain cautiously optimistic in the short-term while remaining committed to the long-term potential of the India consumer story.”

United Spirits, which makes Smirnoff vodka, on Thursday released its fiscal third quarter results with profit at Rs 335 crore, down 4.29 per cent in comparison to Rs 350 crore during the corresponding quarter of FY24. It posted revenue from operations at Rs 7,732 crore, reporting a growth of 11.06 per cent as against Rs 6,962 crore during the third quarter of previous financial year. Consolidated EBITDA was at Rs 568 crore, up 16.9 per cent YoY. The company posted net sales at Rs 3,433 crore, up 14.4 per cent YoY, broadly in-line with growth in the standalone business.

– Energy Sales increase: Up by 23% YoY to 20,108 million units

– Revenue Growth: Increased by 18% YoY to Rs 6,829 crore

– Industry-leading EBITDA margin: Achieved EBITDA margin of 92.0%

– Cash Profit Surge: Rose by 23% YoY to Rs 3,630 crore

Amit Singh, CEO, Adani Green Energy Ltd, said, “We are steadily developing the world’s largest RE plant in Khavda, Gujarat as well as large-scale plants in Rajasthan and other sites, supported by well aligned transmission planning. We have upgraded our supply chain to meet current and future regulatory compliances. Recently, we made significant progress in building the PPA pipeline by participating in various tenders. Our updated strategy now includes largescale deployment of Battery Energy Storage Systems (BESS), given significant cost declines in the last few quarters. BESS can be deployed relatively quickly and will be crucial in grid integration, supporting rapid renewable growth and complementing our existing solar, wind and hydro pumped storage projects. We continue to ensure that the financing tie up is completed well in advance for all our projects backed by a robust capital management program with a diversified pool of capital.”

Adani Green Energy Ltd on Thursday released its fiscal third quarter earnings report with profit at Rs 474 crore, posting a jump of 85.16 per cent in comparison to Rs 256 crore during the third quarter of FY24. It posted revenue from operations at Rs 2365 crore, up 2.34 per cent as against Rs 2311 crore recorded during the corresponding quarter of previous financial year.

During Q3FY25, sales of Motor Fuels was 7.85 MMT (growth of 6.3 per cent over Q3FY24) and in case of LPG, the company achieved a sales volume of 2.31 MMT (growth of 4.9 per cent over Q3FY24). The Industrial Products business of the company recorded a sales volume of 1.25 MMT during the quarter (growth of 25.5 per cent over Q3FY24).

The Aviation business of the company recorded a growth of 26.0 per cent over Q3FY24 with sales volume of 285 TMT during the quarter. HPCL’s Lubricants segment’s sales volume was 178 TMT during the quarter (growth of 11.5 per cent over Q3FY24).

During the period Apr-Dec 2024, HPCL recorded the highest ever sales volume of 37.12 MMT (including exports), registering a growth of 7.6 per cent as against 34.49 MMT during Apr-Dec 2023. The company also recorded its highest ever quarterly sales volume of 12.87 MMT (including exports) during Q3FY25, registering a growth of 8.2 per cent as against 11.90 MMT during Q3FY24.

On the domestic front, HPCL achieved sales volume growth of 8.2 per cent during the quarter, as against Industry growth of 6.3 per cent. Despite rigorous competition by other OMCs and private players, HPCL recorded a market share gain of 0.36 per cent during Q3FY24.

During the period Apr-Dec 2024, HPCL Refineries recorded highest ever crude thruput of 18.53 MMT, registering an increase of 12.4% over the thruput of 16.49 MMT during Apr-Dec 2023. During Q3FY25, the refineries recorded crude thruput of 6.47 MMT, registering an increase of 21.2% over the thruput of 5.34 MMT during Q3FY24. During the quarter, Visakh Refinery added a new product ‘Solvent 3275’ to its basket of products.

During Q3FY25, HPCL recorded the highest ever pipeline thruput of 6.93 MMT, posting a growth of 3.3 per cent over Q3FY24.

Hindustan Petroleum Corporation Ltd on Thursday released its fiscal third quarter earnings report with profit at Rs 3,022.90 crore, recording a jump of 471.42 per cent in comparison to Rs 529.02 crore during the third quarter of FY24, missing estimates. The increase in profitability, it said, is attributable to robust physical performance and operational efficiencies in both Refining and Marketing divisions, coupled with improved margins. It posted revenue from operations at Rs 1,19,415.27 crore, up 0.35 per cent as against Rs 1,18,999.26 crore during the corresponding quarter of previous financial year. The company EBITDA stood at Rs 5,969.8 crore.

According to a CNBC TV18 poll, HPCL was expected to post Q3 profit at Rs 2,945 crore and revenue was estimated at Rs 1.10 lakh crore.

Q3FY25 R&D expenses at Rs 6.7 billion.

As % to Revenues:

Q3FY25: 8.0% I Q3FY24: 7.7% I Q2FY25: 9.1 %.

9MFY25 R&D expenses at Rs 20.1 billion.

As % to Revenues:

9MFY25: 8.4% I 9MFY24: 7.7%.

GV Prasad, Co-Chairman & MD, said, “We delivered double digit growth aided by our newly acquired NRT business, new launches and improved operational efficiencies. We remain committed to addressing patient needs by advancing healthcare through access, affordability and innovation.”

Dr Reddy’s Laboratories Ltd on Thursday released its fiscal third quarter earnings with profit at Rs 1413.70 crore, posting a growth of 2.38 per cent in comparison to Rs 1380.90 crore during the corresponding quarter of previous fiscal year, missing estimates. It posted revenue from operations at Rs 8381.20 crore, up 15.81 per cent as against Rs 7236.80 crore during the third quarter of FY24.

According to a CNBC TV18 poll, Dr Reddy’s was expected to post Q3 profit at Rs 1501.4 crore and revenue for the quarter was estimated at Rs 8347.9 crore.

For FY25, Cyient said, it expects DET revenue degrowth to be in the range of 2.7% YoY in constant currency terms. We expect Q4FY25 exit EBIT margin to be in the range of 13.5%, primarily due to right shifting of revenue trajectory within the year,” it said.

Cyient announced that Karthikeyan Natarajan has resigned as Executive Director and Chief Executive Officer of the company, effective immediately. “We are grateful to Karthik for his contributions and commitment to the long-term success of the business, and we wish him the best for his future endeavours,” the company said in a statement. Krishna Bodanapu has taken charge of the operations of the business for the interim, it further added.

Cyient on Thursday reported a profit of Rs 122.30 crore for the third quarter of FY25, posting a decline of 16.92 per cent in comparison to Rs 147.20 crore during the corresponding quarter of FY24. It posted revenue from operations at Rs 1926.40 crore, up 5.76 per cent as against Rs 1821.40 crore recorded during the third quarter of previous financial year. The company EBITDA stood at Rs 211.4 crore.

Adani Energy Solutions Ltd on Thursday released its fiscal third quarter earnings report wherein it posted profit at Rs 561.78 crore, recording a surge of 72.91 per cent in comparison to Rs 324.90 crore during the third quarter of FY24. It posted revenue from operations at Rs 5830.26 crore, up 27.78 per cent as against Rs 4562.73 crore reported during the corresponding quarter of previous fiscal year. The company EBITDA stood at Rs 2215.7 crore, up 39.2 per cent YoY.

Syngene International Ltd on Thursday posted a profit of Rs 131.10 crore during the fiscal third quarter, recording a growth of 17.58 per cent in comparison to Rs 111.50 crore during the same period of FY24. It posted revenue from operations at Rs 943.70 crore, up 10.57 per cent as against Rs 853.50 crore during the third quarter of previous financial year. The company EBITDA stood at Rs 283.6 crore, up 22.5 per cent YoY.

UltraTech Cement said that the government’s focus on infrastructure and housing projects together with increased rural and urban demand, is expected to generate a sustainable volume growth of 7- 8 per cent, going forward.

UltraTech said that its expansion program is progressing as per schedule. As part of its ongoing capacity expansion program, UltraTech commissioned an additional 1.8 mtpa capacity. With the acquisition of The India Cements Limited, UltraTech’s cement capacity has increased to 171.11 mtpa, on a consolidated basis. Upon completion of the ongoing expansion projects and the acquisition of Kesoram Cement (10.75 MTPA), UltraTech will achieve the unique milestone of more than 200 mtpa cement capacity in the country by the end of FY27.

UltraTech achieved a capacity utilisation of 73 per cent during the quarter. Domestic sales volume grew 10 per cent YoY. Energy costs were lower by 13 per cent YoY and 4 per cent QoQ mainly on account of decrease in fuel cost.

UltraTech Cement on Thursday released its fiscal third quarter earnings with profit at Rs 1,473.51 crore, posting a drop of 16.98 per cent in comparison to Rs 1,774.78 crore during the corresponding quarter of FY24, surpassing estimates. It posted revenue from operations at Rs 17,193.33 crore, up 2.71 per cent as against Rs 16,739.97 crore during the third quarter of previous financial year. The company EBITDA stood at Rs 2,887 crore.

According to a CNBC TV18 poll, Ultratech Cement was expected to post profit for the third quarter of FY25 at Rs 1,295 crore and revenue for the period was estimated at Rs 17,025 crore.

InCred Equities said, “Dalmia Bharat or DBL’s volume in 3QFY25 saw a decline by ~1.5% yoy to 6.7mt (~8% below est.) due to subdued demand and discontinuation of JPA assets arrangement, which reduced its serviceable markets in central India. Adjusting for JPA tolling volume (0.37mt in 3QFY24), volume from DBL plants grew by ~4% yoy. Management expects the overall industry demand growth to be in the low single digit in 3QFY25F due to lower government spending and unseasonal rains. However, DBL believes that demand will remain strong in the medium term and the rise in government spending to drive industry demand by 6-7% in 4QFY25F and 3-4% in FY25F.”

Abhishek Pandya, Research Analyst, StoxBox, said, “In its Q2FY25 commentary, management outlined a strategy to lower the CD ratio to pre-COVID levels, resulting in slower credit growth compared to industry standards while focusing on deposit accumulation, which is evident in Q3FY25 performance. Despite muted credit expansion, steady deposit growth aligns well with the bank’s long-term goals. Although there was a slight decline in asset quality, HDFC Bank has consistently maintained strong asset quality through disciplined underwriting and risk-calibrated lending. NIMs faced some pressure due to CASA accretion challenges, but the reduction of high-cost borrowings and improved operating efficiency are expected to enhance return ratios in the coming years. Moving forward, asset quality and credit growth will be key priorities, along with the bank’s strategic response to the RBI‘s draft circular on lending overlap among group entities. Overall, HDFC Bank’s Q3FY25 results reflect a balanced performance amidst evolving macroeconomic conditions.”

InCred Equities, said, “Despite a slowdown in urban markets PIDI has delivered a healthy set of numbers, with gross margins expanding 145bp yoy led by deflation in VAM prices, which are expected to remain soft in the near term. EBITDA margin at 23.7% closed the quarter at the upper end of the guided range of 20-24%. We have a high conviction ADD rating on the stock.”