A number of major companies across sectors have already released their Q4 numbers and with this, the fiscal fourth quarter earnings season is now in full swing. IT services giants like Tata Consultancy Services (TCS), Infosys, Wipro, HCL Tech, Tech Mahindra, banking majors like HDFC Bank, ICICI Bank, Axis Bank, Yes Bank, and others including Reliance Industries Ltd (RIL), Nestle India, HUL, and others have announced their Q4 results during the month. This week, around 150 companies are scheduled to announce their Q4FY25 results. Key names in the list include TVS Motor Company, UltraTech Cement, Adani Total Gas, Ambuja Cements, Bharat Petroleum Corporation, Castrol India, Ceat, Bajaj Finance, Federal Bank,
Indian Oil Corporation, Vedanta, Marico, State Bank of India, Kotak Mahindra Bank, Avenue Supermarts, and many others.
According to Axis Securities, Q4FY25 earnings would show a mixed trend, in line with the previous quarter. However it added, “Some breather is expected in Q4FY25 numbers, led by sequential improvement in some of the pockets of high-frequency indicators. However, the broader consumption demand could still take 1-2 quarters to get back on track. Overall, the improvement in earnings is expected in certain pockets like BFSI, IT, Healthcare, Telecom, and Industrials, while Consumer Staples, Retail, and cyclical sectors like Oil & Gas remain under pressure.”
The brokerage firm further maintained that macroeconomic risks such as trade policy uncertainty, the risk of a global market slowdown due to reciprocal tariffs, and recessionary concerns will continue to challenge market direction.
April 28
UltraTech Cement: The cement giant will release its Q4 results on April 28. Axis Securities said that UltraTech Cement is expected to grow on-year as demand improves and gain in market share. Revenue, the brokerage firm said, is expected to be higher on higher volume growth and gross margin is estimated to expand YoY driven by lower cost. PAT is projected to be higher owing to lower cost and higher realization QoQ.
TVS Motor Company: One of the largest 2-wheeler companies, TVS Motor will announce its fourth quarter results on April 28. Nuvama said, “Volume growth shall support revenue growth YoY. EBITDA margin shall expand on higher gross margin, owing to receipt of PLI incentives, favourable regional mix and benign currency.” In terms of key monitorables, it said, the investors will watch out for e-mobility initiatives and demand outlook.
April 29
Bharat Petroleum Corporation Ltd: BPCL will release its Q4 numbers on April 29. Yes Securities said, “Expect core/reported GRM USD/bbl of 6.4/6.2 on a refining/marketing throughput of 10.5/13.4mmt; blended gross marketing margin at Rs 5.8/ltr and core integrated EBITDA margin at USD3.9/bbl, down by USD3.9/bbl YoY and USD2.3/bbl QoQ. During Q3FY25, the company had reported a 19.63 per cent year-on-year rise in consolidated net profit to Rs 3,805.94 crore.
Bajaj Finance: Bajaj Finance will announce its Q4FY25 numbers on April 29. Kotak Institutional Equities said, “Bajaj Finance reported 26 per cent YoY and 4.7 per cent QoQ loan growth. We bake in 15bps sequential compression in NIM driven by moderation in yields. We expect cost-to-average AUM ratio to remain moderate at 3.9 per cent (4.0 per cent in Q3FY25 and 4.1 per cent in Q4FY24). We pen down credit costs to 1.9 per cent for Q4FY25 (1.6-2.1 per cent in the previous four quarters).”
Ambuja Cements: Ambuja Cements will announce its Q4 numbers on April 29. Per Elara Capital, the cement company is likely to register the highest delta in profitability improvement on a weak base. Meanwhile, another analysis report by Nvama stated, “Volumes are expected to rise 19 per cent YoY. Cement realisations to improve 1 per cent QoQ. Overall, EBITDA/t may fall to Rs 848 as against Rs 1,023 in the same quarter previous year.”
April 30
Vedanta: Mining major Vedanta will release its Q4 numbers on April 30. Per Kotak Institutional Equities, “We forecast a 3 per cent QoQ decrease in EBITDA (+23 per cent YoY) due to higher costs in the aluminum segment and mixed trends in commodity prices. We forecast (1) the aluminum EBITDA to decrease 5 per cent QoQ (+44 per cent YoY), primarily due to higher input costs, (2) the oil and gas division to witness EBITDA decline of 3.2 per cent QoQ on lower volumes, and (3) the Zinc India division to be stable QoQ (+25 per cent YoY), with higher volumes offset by lower zinc prices.” Nuvama, meanwhile, expected to report an EBITDA decrease of around 2 per cent sequentially due to mixed bag change in metal prices as aluminium inched up marginally by 0.8 per cent QoQ while zinc decreased by 7 per cent QoQ.
Indian Oil Corporation: IOCL is releasing its Q4 earnings report for FY25 on April 30. Yes Securities said, “Expect core/reported GRM USD/bbl of 5.7/5.3 on a refining/marketing throughput of 18.2/25.3mmt; blended gross marketing margin at Rs 4.4/ltr and core integrated EBITDA margin at $2.4/bbl, down by USD2.3/bbl YoY and USD2.8/bbl QoQ.” Earlier in January, IOCL reported a 76.57 per cent drop in its consolidated net profit for Q3FY25 at Rs 2,115 crore. The sharp drop in profits was attributed to lower refining margins and rising expenses during the quarter. Revenue for the quarter fell marginally by 5 per cent to Rs 2,15,522 crore.
May 2
Marico: FMCG firm Marico will announce its Q4 results on May 2. Kotak Institutional Equities said that Marico is expected to post 5 per cent growth in domestic volume and 15.3 per cent YoY growth in standalone value during the quarter in review. “The improvement in price-mix is driven by price hikes in Parachute and Saffola edible oils, spurred by high RM inflation. We build (1) +2.5 per cent/ 17.5 per cent volume/value growth in Parachute, (2) +2.5 per cent/ 24.5 per cent in Saffola oils, (3) 2 per cent growth in VAHO, and (4) 23 per cent growth in Saffola foods. For international business, we build 10.6 per cent INR growth (DD c/c growth offset by currency depreciation). Net-net, we expect consolidated revenue growth at 17 per cent YoY,” it said while maintaining that consolidated EBITDA and PAT growth is expected at around 5.4 per cent and 7.6 per cent respectively.
May 3
State Bank of India: Public sector bank, SBI will release its Q4 results on May 3. An analysis report by Sharekhan said that SBI’s advances are likely to grow at around 13 per cent YoY and NIMs are expected to be lower sequentially. Asset quality, meanwhile, is expected to remain broadly stable.