Q4 Results 2025 Highlights: Coforge profit up 16.76%; M&M profit rises by 19.65% to Rs 3,295.17 crore

The company board recommended a dividend of R 2.25 per equity share of Re 1 each fully paid up of the Company @ 225 per cent (previous year Rs 1.75 per equity share of Re 1 each fully paid up @ 175 per cent), subject to the approval of the Members at the forthcoming Annual General Meeting. Accordingly, it added, the dividend payable on one Equity Share of Re 1/- each fully paid up will amount to Rs 2.25, and the dividend payable on Hundred Equity Shares of Re 1 each fully paid up will amount to Rs 225.

Indian Hotels Company Ltd on Monday released its fiscal fourth quarter earnings with profit at Rs 522.30 crore, posting a growth of 25.02 per cent in comparison to Rs 417.76 crore recorded during the corresponding quarter of FY24. It posted revenue from operations at Rs 2425.14 crore, up 27.28 per cent as against Rs 1905.34 crore reported during the fourth quarter of previous financial year. The company EBITDA stood at Rs 856.6 crore, up 29.8 per cent YoY.

● Order Intake: $2.1 billion for the quarter.

● Executable Order Book over next twelve months: at $1.5 billion, a 47.7% YoY increase and a 10.3% QoQ increase.

● Large Deal Momentum: 5 large deals signed this quarter across North America, UK, and APAC.

● Headcount: 33, 497; net addition of 403 sequentially. Headcount has increased 35.5% since the beginning of the year.

● Attrition Rate: Maintained at 10.9%, improved by 60 bps YoY and among the lowest in the industry.

Sudhir Singh, Chief Executive Officer and Executive Director, Coforge Ltd, said, “FY25 was an exceptional year where the firm grew 32.0% in CC terms —driven by 14 large deals and broad-based growth in all of our verticals and geo-based businesses. Our ability to deliver this very strong performance in an uncertain macro environment demonstrates the strength of our client relationships, the commitment and competence of our team members, and an execution discipline which is uniquely ours. The $1.56 Bn TCV deal signed in Q4, a 47.7% YoY increase in the order executable book for next twelve months, and a growing large deals pipeline positions us well for strong growth in FY26.”

Bajaj Consumer Care Ltd on Monday released its fiscal fourth quarter earnings report with profit at Rs 30.98 crore, posting a drop of 12.93 per cent in comparison to Rs 35.58 crore recorded during the corresponding quarter of FY24. It posted revenue from operations at Rs 250.49 crore, up 4.39 per cent as against Rs 239.96 crore reported during the fourth quarter of previous financial year. The company EBITDA was down 8.3 per cent YoY at Rs 32 crore.

Dmart’s Q4FY25 standalone revenue / GP / EBITDA / recurring PAT growth (YoY) stood at 17% / 15% / 4% / 3%. Gross margin remained under pressure due to heightened competitive intensity in FMCG, while lower general merchandise contribution limited mix-led improvement. LFL growth for FY25 stood at 8.4%, with revenue per sq. ft. improving to Rs 33,896 (vs Rs 32,941 in FY24). ICICI Securities said, “We largely maintain our earnings estimates, modelling revenue/ EBITDA/PAT CAGR of 18%/18%/18% over FY25-27E. Key upside risks are a) significant improvement in the recovery of general merchandise and apparel, and b) lower competitive intensity from quick commerce. Key downside lower-than-expected retail expansion.”

Anand Rathi Research Team stated, “Jindal Steel and Power resumed guidance with production volume of 9m-10m tonnes and sales of 8.5m-9m tonnes. Incremental production would be supported by existing (~0.2m-0.3m tonnes) and newer capacities (0.7m-1.6m tonnes). The company achieved its highest ever VAP sales (~66%) in FY25. Domestic steel prices have improved ~4-5% q/q and coal cost (on consumption basis) is likely to reduce by $10-15 per tonne in Q1 FY26. Though management has been conservative in its FY26 sales volume guidance of 8.5m-9m tonnes, it is slightly lagging our original estimate; thus, in line with guidance, we trim our FY26e revenue/EBITDA by 5%/7%. However, as capex is on stream, it gives us comfort for FY27e. We raise our FY27e revenue/EBITDA by 1.2%/1.9%. The company’s long-term growth prospects remain positive, with capex progressing per timeline, net debt reducing, the working capital cycle improving, etc.”

• Consolidated Q4 Revenue Rs 9,914 crore, up 12%; PAT Rs 822 crore in line YoY

• Consolidated FY25 Revenue Rs 37,267 crore, up 12%; PAT Rs 3,231 crore, up 8%

• MMFSL Q4 exit AUM up 17%, GS3 at 3.7%

• Tech Mahindra Q4 EBIT margin improved by 310 bps, PAT up 77%

• Mahindra Lifespaces Q4 residential pre-sales of Rs 1,055 crore, down 3%

• Club Mahindra Q4 resort revenue Rs 107 crore, up 14%, AUR up 82%

• Mahindra Logistics Q4 revenue Rs 1,570 crore, up 8%

• Q4 volumes at 253k (includes sale by LMM & MEAL), up 18%; UV volumes at 149k, up 18%

• Q4 rev market share at 23.5%, up 310 bps

• FY25 volumes up 14%; UV volumes up 20%

• eSUV 30,179 bookings on Day 1; 6,300 eSUVs delivered

• Standalone Q4 PBIT Rs 2,306 crore, up 28%; PBIT margin 9.2%

• Standalone Q4 PBIT margin excluding eSUV Contract manufacturing at 10.0%

• Standalone FY25 PBIT Rs 8,277 cr., up 30%

• Standalone FY25 PBIT margin 9.5%, up 110 bps

• Consolidated Q4 Revenue Rs 25,902 crore, up 24%; PAT Rs 1,715 crore, up 27%

• Consolidated FY25 Revenue Rs 90,825 crore, up 19%; PAT Rs 5,907 crore, up 25%

Rajesh Jejurikar, Executive Director & CEO (Auto and Farm Sector), M&M Ltd, said, “We continued our outstanding performance for the year in Q4FY25, with significant gain of 310 bps YoY in SUV revenue share, and 480 bps YoY in LCV (< 3.5T) market share. In Tractors, we reached our highest-ever Q4 market share of 41.2%, gaining 180 bps YoY. In FY25, our Auto Standalone PBIT margin improved by 110 bps and core tractor PBIT margins improved by 200 bps.”

In a regulatory filing, Mahindra & Mahindra said that the company delivered solid results across multiple businesses in FY25 on the back of strong growth, execution excellence and capital allocation discipline. “Auto and Farm maintain market leadership in key segments with 15 per cent revenue growth with profits up 17 per cent. Financial services AUM grew at 17 per cent. TechM achieved good traction in deal wins and saw EBIT improvement of 360 bps. Multiple growth gems saw significant traction in F25,” it added.

Mahindra & Mahindra Ltd (M&M) on Monday released its fiscal fourth quarter earnings report with consolidated profit at Rs 3,295.17 crore, reporting a growth of 19.65 per cent in comparison to Rs 2,754.08 crore recorded during the corresponding quarter of FY24. It posted revenue from operations at Rs 42,585.67 crore, up 20.39 per cent as against Rs 35,373.34 crore reported during the fourth quarter of previous financial year.

Kotak Mahindra Bank’s (KMB) results in Q4FY25 were muted with core PPOP up 2 per cent YoY, as strong fee income was offset by a soft NII and a higher opex. However, PAT was at Rs 35.5 bn (-14% YoY), aided by lower taxes in Q4, with RoA at 2.1%.

Nomura said, “Management highlighted that in Q4, slippages in personal loans moderated and credit cards plateaued, but it expects slippages in microfinance (MFI) to remain elevated for a few more quarters. Both loan and deposit growth at 14% YoY and 11% YoY, respectively, were slightly below our expectations. We now build in a lower loan/deposit CAGR of 15%/14% (17%/16% previously) for FY26. We factor in a rate cut of 125bp in FY26F, and our FY26F/FY27F NIMs moderate by 22bp/16bp (highest among large private banks) to 4.3%/4.4%. Further, we expect credit cost to normalise to ~0.8% over FY26-27F (from 0.7% in FY25). As a result, our FY26F/FY27F EPS dips by ~7-8%.”

Motilal Oswal Financial Services Limited (MOFSL) said, “SBIN reported in-line earnings as higher provisions and opex were offset by higher other income, while margins held broadly stable (1bp QoQ decline). Management expects NIM to remain under pressure due to the rate cuts; however, the bank has some offsetting levers like an increase in CD ratio, a higher MCLR-linked book, and yield benefits from the recent increase in MCLR rates.”

“We cut our earnings estimate by 4.6%/5.0% for FY26/FY27 due to NIM and provisioning pressures and expect FY27E RoA/RoE at 1.0%/16.1%,” it added.

Greetings! With the fiscal fourth quarter earnings season here and a number of companies having released their Q4 numbers, we, at FinancialExpress.com, are continuously bringing to you all the updates on the numbers for the quarter and the financial year ended March 31, 2025. Going forward as well, we will continue to bring all the updates on the key numbers and commentary from the leadership team on the way forward.