Q4 Results Highlights: Zomato profit jumps by 77.71%; Adani Enterprises profit rises 10X to Rs 4,014.90 crore

Deepinder Goyal, CEO, Zomato, said that the company is shutting down Zomato Quick and Everyday as it is not seeing the path to profitability in these initiatives without compromising on customer experience. “The current restaurant density & kitchen infrastructure is not set up for delivering orders in 10 minutes which leads to inconsistent customer experience. As a result, we did not see any incrementality in demand while we ran Quick as an experiment for a few months. With Everyday, we realized that the need for homely-meals is a limited use case largely for office locations in metros. We did not see enough ROI by keeping it running at a small scale,” he added.

– Consolidated Adjusted Revenue grew 60% YoY (8% QoQ) to Rs 6,188 crore.

– Blinkit added (highest-ever) 294 net new stores, and is on track to get to 2,000 stores by Dec-25.

– Food delivery GOV and NOV grew 16% YoY (-1% QoQ) and 14% YoY (-3% QoQ) respectively, while Adjusted EBITDA margin (% of GOV) continued to improve (up ~110bps YoY/ ~10bps QoQ to 4.4% in Q4FY25).

– District app scaling up nicely; one-third of Going-out GOV now from the District app.

Albinder Dhindsa, CEO of Blinkit, said, “In the near-term, the losses will increase or decrease depending on how the pace of expansion and competitive intensity play out over the next few quarters. Sustained profitability will be an outcome of focusing on the right long-term priorities. We have a large market opportunity to cover and we remain confident of the profit potential in this business in steady state (5-6% of NOV).

NOV of the company’s B2C businesses grew 53% YoY (5% QoQ) to Rs 17,440 crore in Q4FY25. On a like-for-like basis (excluding the impact of the acquisition of Paytm’s entertainment ticketing business), NOV growth was 48% YoY (5% QoQ). Akshant Goyal, CFO of Eternal (formerly Zomato), said, “Our B2B business Hyperpure’s Revenue grew 93% YoY (10% QoQ). Consolidated Adjusted Revenue grew 60% YoY (8% QoQ) to Rs 6,188 crore. On the profitability front, consolidated Adjusted EBITDA declined 15% YoY to Rs 165 crore in Q4FY25, largely on account of the accelerated investments in expanding our quick commerce store network, which was partly offset by the improvement in food delivery Adjusted EBITDA margin (as a % of NOV) to 5.2% from 3.8% a year ago.”

Zomato (Eternal Ltd) on Thursday released its fiscal fourth quarter earnings report with a profit of Rs 39 crore, recording a drop of 77.71 per cent in comparison to Rs 175 crore reported during the corresponding quarter of FY24. It posted revenue from operations at Rs 5,833 crore, up 63.76 per cent as against Rs 3,562 crore reported during the fourth quarter of previous financial year. The company EBITDA stood at Rs 72 crore, down 16.3 per cent YoY.

Gautam Adani, Chairman of the Adani Group, said, “At Adani Enterprises, we are building businesses that will define the way forward for India’s infrastructure and energy sector. Our robust performance in FY25 is a direct outcome of our strengths in scale, speed and sustainability. Impressive growth across our incubating businesses reflects the power of disciplined execution, future-focused investments and a commitment to operational excellence, innovation and sustainability. As we scale up in energy transition, airports, data centers and mining services, we are creating new market leaders that will drive India’s growth story for decades to come.”

• Revenue increased by 2% to Rs 1,00,365 crore.

• EBITDA increased by 26% to Rs 16,722 crore driven by continued strong operational performance from incubating businesses.

• PBT increased by 16% to Rs 6,533 crore.

• Additionally, AEL recognised exceptional gain of Rs 3,946 crore on AWL stake sale.

The company board has recommended a dividend of Rs 1.30 (@ 130 per cent) per equity share of face value of Re 1 each fully paid up for the Financial Year 2024-25, subject to approval by shareholders of the Company at the ensuing Annual General Meeting (AGM). “…it is hereby informed that the company has fixed Friday, 13th June, 2025 as ‘Record Date’ for the purpose of determining entitlement of the members of the Company to receive Dividend of Rs 1.30 (@ 130 per cent) per equity share having face value of Re 1 each fully paid-up for the financial year 2024-25. The said Dividend, if declared by the shareholders at the ensuing AGM, shall be paid on or after 30th June, 2025, subject to deduction of tax at source as applicable,” the company said in a regulatory filing.

Adani Enterprises on Thursday released its fiscal fourth quarter earnings report with profit at Rs 4014.90 crore. The profit for the period skyrocketed by 1039.79 per cent to Rs 352.25 crore recorded during the corresponding quarter of FY24. It posted revenue from operations at Rs 26,965.86 crore, down 7.59 per cent as against Rs 29,180.02 crore reported during the fourth quarter of previous financial year.

Elara Securities said, “PSYS reiterates there are adequate opportunities available for USD 5bn revenue aspiration as the addressable market is large for its current three verticals. The company, however, did not rule out venturing into new verticals. Management also said it did not want to start as a weak firm in that case; hence, it prefers M&A route to expand into new verticals. Its AI-led offerings continue to find interest in client systems, and it is also helping them to win contracts. We believe near-term headwinds in the healthcare vertical could be drag on revenue aspirations for FY27. We have tweaked our revenues by 2.3% FY27E and expect a 17.7% revenue CAGR during FY25-27E. We introduce FY28 estimates. Cost rationalization will likely help in margin expansion; we assume a 200bp margin expansion during FY25-27E.”

Nuvama said, “AWL Agri Business (AWL) revenues rose 37.7% % YoY – in line versus ours, while underlying volumes rose 8% YoY – ahead of our estimates. COGS shot up significantly (44% YoY/13% QoQ) due to increased value mix for Edible Oils (up ~500bp QoQ) possibly due to price hikes driving negative mix. This led to overall EBITDA missing ours/consensus. GMs/EBITDA margins of 9.6%/2.5% compressed 386bp/24bp YoY. In terms of value growth, Edible Oils/Foods & FMCG/Industry Essentials grew 45%/9%/17% YoY. In terms of volume growth, Edible Oils/Foods & FMCG/Industry Essentials grew 7%/10%/8% YoY.”

Ashwani Gupta, Whole-time Director & CEO, APSEZ, said, “Our record-breaking performance in FY25—crossing Rs 11,000 Cr in PAT and handling 450 MMT cargo—is a testament to the power of integrated thinking and flawless execution. We have outperformed guidance across all metrics, expanded our footprint across India and globally, and transformed our logistics and marine verticals into engines of future growth. From Mundra crossing 200 MMT, to Vizhinjam rapidly achieving 100,000 TEUs, to the strategic acquisitions of NQXT and Astro Offshore—every milestone reflects our long-term vision to become the world’s largest ports and logistics platform. With robust fundamentals, industry-leading ESG ratings and an unwavering commitment to excellence, we are well-positioned for even greater strides in FY26.”

The company board has recommended a dividend Rs 7 (@ 350 per cent) per equity share of Rs 2 each fully paid-up for the financial year 2024-25, subject to the approval of shareholders at the ensuing AGM. “…it is hereby informed that the Company has fixed Friday, June 13, 2025 as ‘Record Date’ for the purpose of determining entitlement of the members of the Company to receive Dividend of Rs 7 per equity share having face value of Rs 2 each fully paid up for the financial year 2024-25. The said Dividend, if declared by the shareholders at the ensuing AGM, shall be paid on or after June 26, 2025, subject to deduction of tax at source as applicable,” the company said in a regulatory filing.

Adani Ports and Special Economic Zone Ltd (APSEZ) on Thursday released its fiscal fourth quarter earnings with profit at Rs 3,014.22 crore, reporting a growth of 47.78 per cent in comparison to Rs 2,039.66 crore recorded during the corresponding quarter of FY24. It posted revenue from operations at Rs 8,488.44 crore, up 23.08 per cent as against Rs 6,896.50 crore recorded during the fourth quarter of previous financial year.

As of end-FY25, Nomura pegged Oberoi Realty’s inventory at Rs 147 billion (ready and ongoing projects). The company has cumulative towers pending to be launched in its Sky City and Elysian projects (cumulative GDV of Rs 77bn). In addition, over the next 2 years, it projected the company to launch a minimum of 4-5 projects, with a total GDV of ~Rs 200bn. “As such, on a conservative basis, we expect cumulative supply by ORL at close to ~Rs 400bn. We expect cumulative pre-sales at Rs 161bn over the next two years, which is ~40% of the total supply (vs Macrotech [LODHA IN, Buy] which has to sell ~35% of total supply in FY26F). Considering ORL’s strong brand positioning, we do not think the task is demanding and estimate the company to clock ~30% presales CAGR over FY26-FY27F,” Nomura said.

UltraTech Cement expects to incur ~Rs 90–100 bn capex in FY26, which shall increase its capacity from ~183mtpa at the end of FY25 to ~211mtpa by FY27E. Renewable power capacity reached 1.02GW, whereas WHRS capacity stood at 351MW. Green power mix was 35.7% with the target to reach 60% by FY27E and 85% by FY30E.

Deven Choksey Research said, “We change our FY26E / FY27E EPS by -5.0% /-5.0% respectively, led by sustained margin pressure since the last few quarters, and a subdued industry outlook for FY26E. However, strong rural demand, improvement in export momentum, upcoming launches across CNG, Hybrid, EV segments are expected to support margin recovery and strengthen market share. We expect Revenue/EBITDA/Adj. PAT to grow at a CAGR of 11.5%/7.6%/9.4%, respectively, over FY25-FY27E.”

NII remained healthy, growing +22% YoY / +5% QoQ, although NIM declined by 9bps QoQ to 9.6% as the company re-priced select unsecured loan segments. CoFs improved, declining by 22bps QoQ (calc.) to 7.35%, with mgmt. guiding for a further ~10–15bps reduction in FY26. Other income, JM Financial said, declined sequentially by 8%, primarily due to a moderation in fee income following the discontinuation of the co-branded credit card business. “However, mgmt. expects fee income to grow by 13–15% in FY26, supported by continued customer additions and cross-sell momentum. We expect AUM CAGR of 24% during FY25-27E (vs 30% during FY23-25E) with avg. RoA/RoE of 4%/20% during FY26/27E. We like BAF given its ability to navigate across cycles. Though, given expected moderation in growth/RoE profile, current valuation of ~4.0/21xFY27BVPS/EPS looks rich and provide limited upside in near term,” the brokerage firm said.

Consolidated net debt stood at Rs 11,957 crore as at 31st Mar’25 vs Rs 13,551 crore as at 31st Dec’24. Net debt to EBITDA decreased to 1.26x as at 31st Mar’25 vs 1.40x as on 31st Dec’24. The planned expansion projects are progressing well as per the stipulated timelines, supported by strong company financials. The total capex for the quarter was Rs 2,312 crore largely driven by the expansion projects at Angul.

Steel production: 8.12 mt

Steel sales: 7.97 mt

Gross Revenue: Rs 58,044 crore

Adjusted EBITDA: Rs 9,570 crore

Adjusted PAT: Rs 4,248 crore

The company board considered and recommended Final Dividend for the financial year 2024-25 @ 200 per cent, i.e., Rs 2 per equity share of face value of Re 1 each, out of the profits of the Company for the financial Year 2024-25, which shall be paid, subject to the approval of the shareholders in the ensuing Annual General Meeting and other authorities.

Jindal Steel & Power Ltd released its fiscal fourth quarter earnings report with a loss of Rs 303.59 crore in comparison to a profit of Rs 933.46 crore recorded during the corresponding quarter of FY24. It posted revenue from operations at Rs 13,183.13 crore, down 2.25 per cent as against Rs 13,486.96 crore recorded during the fourth quarter of previous financial year. The company EBITDA stood at Rs 2,270.7 crore, down 7.1 per cent on-year. The company reported an exceptional loss of Rs 1,229.5 crore.

An analysis report by Anand Rathi Research Team said, “Lagging our estimated 13.4%, TVS Motor’s Q4 adj. EBITDA margin (excl. PLI benefits pertaining to previous quarters) came at 12.5% due to less-than-expected PLI benefits. Despite this, our positive stance on the stock is backed by: 1) expectations of cyclical upturns in 2Ws (domestic/exports); 2) market-share gains (domestic/overseas); 3) the company’s relentless EV strategy; and 4) margin expansion from rising economies of scale and cost-cutting steps. We expect 14%/19%/22% revenue/EBITDA/PAT growth over FY26-27.”

Today, companies including Adani Enterprises, Adani Ports and Special Economic Zone, Railtel Corporation of India, Zomato, Sportking India, Madhav Infra Projects, Dr Lalchandani Labs, and a few others are lined up to release their Q4 results.

Greetings! The fiscal fourth quarter earnings season is now in full swing and a number of companies across segments have released their Q4 numbers. We, at FinancialExpress.com, have been continuously bringing to you all the updates on the key numbers and announcements and will continue to do so throughout the earnings season. Stay tuned.