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Automobile giant Mahindra & Mahindra (M&M) will announce its December quarter of financial year 2025 (Q3FY25) results on Friday, February 7, 2025.  

M&M is expected to report strong performance for Q3FY25, driven by solid growth across its automotive and tractor segments.  

Analysts predict a revenue increase of approximately 21 per cent Y-o-Y, with a healthy rise in tractor revenues (up 26 per cent Y-o-Y) and automotive sales (up 19 per cent Y-o-Y).  

Earnings before interest, tax, depreciation and amortisation (Ebitda) is expected to grow around 39 per cent, benefiting from a better product mix and improved operating efficiencies. Positive responses to new model launches and higher tractor volumes are likely to contribute to margin expansion. 

Overall, M&M is on track to deliver a strong quarter with improved profitability across its business segments.

On the bourses, at 1:50 PM, M&M share price was trading 1.27 per cent higher at Rs 3,137.20 per share. In comparison, BSE Sensex was trading 0.49 per cent lower at 77,889.05. 

Given this, here’s what top brokerage expect from M&M in Q3 results: 

Nomura 

Analysts at Nomura forecast a 21 per cent Y-o-Y increase in M&M’s revenue for Q3FY25, driven by a 17 per cent Y-o-Y growth in automotive volumes and a 20 per cent Y-o-Y rise in tractor volumes. 

Ebitda is expected to rise 38 per cent Y-o-Y to Rs 4,478.7 crore, while PAT is predicted at Rs 2,879 crore, up 17 per cent Y-o-Y.  

Ebitda margin is expected to increase by 26bps Q-o-Q to 14.6 per cent. The overall revenue projection is Rs 30,689.3 crore. 

Elara Capital 

Elara Capital analysts expect Mahindra & Mahindra (M&M) to report a revenue of Rs 30,801.4 crore for Q3FY25, reflecting a 21.8 per cent Y-o-Y growth. The growth is likely driven by strong responses to new model launches and an improved product mix, with tractor sales making up 36 per cent of total volume. 

Ebitda is forecasted at Rs 4,497 crore, up 39 per cent Y-o-Y, while recurring PAT is estimated at Rs 3,129.4 crore, up 27.5 per cent Y-o-Y.  

Kotak Institutional Equities 

Kotak Institutional Equities estimates M&M’s revenues to rise 21 per cent Y-o-Y in Q3FY25, driven by a 26 per cent Y-o-Y growth in the tractor segment (with a 20 per cent increase in volumes) and a 19 per cent Y-o-Y growth in the automotive segment, fuelled by a 17 per cent increase in volumes.  

Ebitda margin is expected to improve 200bps Y-o-Y due to a richer segment mix and operating leverage benefits. Automotive Ebit margin is estimated at 9 per cent, while the tractor segment Ebit margin is predicted to improve by 310bps Y-o-Y to 18.6 per cent. 

The expected revenue is Rs 30,519.7 crore, Ebitda is Rs 4,511.4 crore (up 39.4 per cent Y-o-Y), and adjusted PAT is Rs 3,248.5 crore, up 32.4 per cent Y-o-Y.

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Budget-carrier IndiGo has signed a lease agreement with Norway-based Norse Atlantic Airways for a Boeing 787-9 Dreamliner, the Norwegian airlines said in a press release on Thursday. The aircraft is expected to begin operations in March 2025, marking a key step in IndiGo’s efforts to expand its long-haul international services.  

“This contract represents an important milestone for Norse as we partner with one of the largest and most reputable airlines in the world. We look forward to support IndiGo’s long haul services, and to deliver an exceptional travel experience to their customers” said Bjorn Tore Larsen, CEO and founder of Norse Atlantic Airways.

Under the agreement, Norse Atlantic will provide the aircraft, pilots, and maintenance services, while IndiGo will deploy its own cabin crew. The initial lease term is for six months, with the possibility of an extension up to 18 months, subject to regulatory approvals. Both airlines are also exploring further collaboration, potentially involving additional aircraft. 

Norse Atlantic Airways has said it signed a wet lease agreement with IndiGo. However, a report by Reuters claimed that the agreement was for a damp lease. 

Damp vs wet lease agreements

A wet lease is an arrangement in which one airline (the lessor) provides an aircraft along with its crew, maintenance, and insurance to another airline (the lessee).

A damp lease falls between a wet lease and a dry lease. In a damp lease, the lessor supplies the aircraft, maintenance, insurance, and some crew members, while the lessee provides the remaining crew. In contrast, a dry lease only includes the aircraft, with no crew or additional services provided. 

IndiGo’s fleet and international expansion

Currently, IndiGo flies to 38 international destinations and plans to add two more by March 2025.

At the end of 2024, IndiGo had 14 jets on damp lease—two from Turkish Airlines and 12 from Qatar Airways. The airline is expected to lease up to six Boeing 787s from Norse Atlantic, according to earlier reports. IndiGo will also take delivery of its first Airbus A321XLR in 2025, a single-aisle aircraft capable of non-stop flights from India to Western Europe.

IndiGo aims to capture a larger share of India’s international travel market, currently dominated by Gulf carriers offering one-stop flights. The airline deploys about 28 per cent of its capacity on international routes, serving destinations from Baku to Bali. 

To support its long-haul ambitions, IndiGo has placed a firm order for 30 Airbus A350-900s, with an option for 70 more, expected for delivery from 2027.

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Food delivery platform Swiggy Ltd on February 5 reported that its net loss widened 39 percent to Rs 799 crore in the quarter ended December 31, 2024, regulatory filings showed. It reported a net loss of Rs 574 crore in the year-ago period.

Swiggy’s revenue from operations rose 31 percent to Rs 3,993 crore in Q3FY25 as against Rs 3,049 crore in Q3FY24.

“The secular expansion in Food delivery margins and cash flow generation is balanced by growth investments being made in Quick-commerce including dark stores expansion and marketing, amidst high competitive intensity in the near-term,” Sriharsha Majety, MD and Group CEO, Swiggy said in a prepared statement.

Swiggy’s results have come at a time when old rival Zomato also saw its profits decline 57 percent on a year-on-year (YoY) basis to Rs 59 crore in the Q3.

While the Gurugram-based company saw its revenue from operations rise 64 percent YoY to Rs 5,404 crore in Q3, up from Rs 3,288 crore a year ago. While it had reported a 64 percent YoY increase in revenue to Rs 5,404 crore in the previous quarter, Zomato had flagged concerns of a slowdown in the food delivery space.

Bengaluru-based Swiggy saw its gross order value (GOV) grow 38 percent YoY to Rs 12,165 crore, while its consolidated adjusted EBITDA loss reduced around 2 percent YoY to Rs 490 crore. However on a sequential basis, EBITDA loss was up slightly to Rs 149 crore, filings showed.

On February 5, Swiggy’s shares on BSE closed trading 3.6% lower at Rs 418.6 apiece.

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As many as 130 companies are slated to declare their December quarter (Q3 FY25) earnings on Tuesday, February 4. The list includes names such as Asian Paints, Titan Company, Bajaj Electricals, BASF India, Godrej Properties, Whirlpool of India, Happiest Minds Technologies, Hikal, and Infibeam Avenues.

Other names that will release their results are JK Tyre & Industries, Lemon Tree Hotels, Max Financial Services, Medanta, One Mobikwik Systems, Safari Industries, Zydus Wellness, and V-Mart, among others.

Check the list.

• Apollo Micro Systems
• Asian Paints
• Titan Company
• Bajaj Electricals
• BASF India
• Godrej Properties
• Whirlpool of India
• Happiest Minds Technologies
• Hikal,
• Infibeam Avenues
• JK Tyre & Industries
• Lemon Tree Hotels
• Max Financial Services
• Medanta
• One Mobikwik Systems
• Safari Industries
• Zydus Wellness,
• V-Mart

On Monday, Power Grid Corporation of India (Powergrid) reported a 4% decline in its consolidated net profit to ₹3,861.63 crore for the December 2024 quarter.

It had posted ₹4,028.25 crore net profit in the year-ago quarter, the company said in an exchange filing.

The company’s total income reduced to ₹11,743.06 crore from ₹11,819.70 crore in the October-December quarter of the preceding fiscal.

Meanwhile, drug firm Divi’s Laboratories on Monday said its profit after tax (PAT) increased 65% to ₹589 crore for the December quarter, on the back of robust sales across markets.

The company reported a profit after tax (PAT) of ₹358 crore for the October-December quarter of the last fiscal.

Revenue from operations rose to ₹2,319 crore in the third quarter as against ₹1,855 crore in the year-ago period, Divi’s Laboratories said in a regulatory filing.

Castrol India Ltd on Monday reported a 12% increase in profit after tax (PAT) at ₹271 crore in the December quarter. The company had posted a PAT of ₹242 crore in the October-December period of 2023, Castrol India said.

Castrol India follows the January-December period as its financial year.

Revenue from operations rose 7% to ₹1,354 crore for the reporting quarter, it said.

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Rail Vikas Nigam Ltd (RVNL)share price gained up to 4% in the intraday trades on Wednesday on ₹404 crore order update.

Rail Vikas Nigam Ltd (RVNL)share price opened at ₹410.05 on the BSE on Wednesday, more than 2% higher than the previous closing price of ₹400.20. The RVVNL share price thereafter gained further to highs of ₹416.30 which meant gains of more than 4%

The Rail Vikas Nigam Ltd share price has corrected significantly from 52 week highs of ₹647 in July. However order book remains strong and is growing

Rail Vikas Nigam Ltd (RVNL) order details

Rail Vikas Nigam Ltd in its intimation to exchanges on 4 February 2025 informed about receiving Letter of Acceptance received from East Coast Railway.

Rail Vikas Nigam Limited in its intimation said that it has received Letter of Acceptance from East Coast Railway for “Koraput-Singapur Road Doubling Project: Execution of 27 Nos of Major Bridges i.e. (22 Nos of Major Bridges & 5 Nos of ROBs) and earth work in formation of approaches, protection works and other connected miscellaneous works between Tikiri and Bhalumaska stations in connection with Koraput-Singapur Road Doubling Project of Waltair Division, East Coast Railway.

The time period for the completion by Rail Vikas Nigam Ltd is 30 Months

The broad consideration or the project cost is ₹404,40,32,985.00/- (Rupees Four Hundred Four Crore Forty Lakh Thirty Two Thousand Nine Hundred Eighty Five Only) (Including GST)

While the order boosted the investors sentiments, leading to 4% gains for the stock, nevertheless the stock gave up part of the gains. The investors will be watchful of RVNL Q3 performance to be declared soon.

RVNL also in another intimation to the exchanges on 4 January said that the meeting of the Board of Directors of Rail Vikas Nigam Ltd is scheduled on 12/02/2025 ,inter alia, to consider and approve the Unaudited Financial Results (Standalone and Consolidated) of the Company for the Quarter and nine months ended 31st December, 2024

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