Q3 Results 2025 Today 7th Feb: Ola Electric records ₹564 cr loss, M&M profit rises, ITC stock dips 3%, BSE gains 2%, Sensex, Nifty eyes RBI MPC policy, LIC, Sun TV, Century Plywoods, Fortis Healthcare, Delhivery
CLSA On SBI
Outperform Call, Target Rs1,050/sh
Good Performance On Asset Quality But NIM Compressed
Loan Growth Moderates In-line With System
Decline In NIM Slightly Disappointing But Asset Quality Remains Intact
Deposit Growth Of 10% Was Not Bad But Is Uninspiring
Mgmt Tgts 10-11% YoY Deposit Growth In FY25
It Lowered Deposit Growth Tgt From 11-12% in Q2FY25
Bernstein On SBI
Market Perform, Target Rs900/sh
Margin Pressure Drives Down RoA To 1% Despite Stable Asset Quality
Loan Growth Was Healthy At 14%
Deposit Growth Remained Weak & Driven By Term Deposits
Asset Quality Improves Further
NIM Declines While NOI Normalises
Nomura On SBI
Buy Call, Target Rs1,000/sh
Mixed Quarter, Soft NIMs, Robust Loan Growth & Asset Quality
Strong RoE Outlook, Valuations Attractive
Soft NIMs & Fee Income Led To Core-PPoP Miss; Lower Credit Costs Aids PAT
MS On SBI
Equal-weight Call, Target Rs865/sh
Asset Quality Remains Strong
Core PPoP Margin Progression Remains Under Pressure
NIMs Declined By 13 bps QoQ & Drove 3% NII Miss
Credit Growth Remains Strong At 14% YoY
Credit Continues To Grow Faster Than Deposits Given Better Liquidity Starting Point
HSBC On SBI
Hold Call, Target Cut To Rs800 From Rs880/sh
Q3 Miss On Loan Growth, NIMs & Cost Ratios
Asset Quality Performance Was Healthy
See Muted EPS Growth Over FY25-27 As Higher NIM Pressure Continues
Cut FY25-27 EPS Est By 1.5-5.2%
Macquarie on SBI
Underperform Rating, Target Price Rs700
NIM guidance reduced by 30bps to 3% levels
Credit costs decline driven by provision write-back
Expect credit costs to increase given the upcoming ECL norms and normalisation of recoveries
CLSA On Bharti Airtel
Outperform Call, Target Rs1,860/sh
Q3 India Mobile Revenue/EBITDA Up 21%-30% YoY & Indus Consolidation
ARPU Was Up 5% QoQ & 18% YoY & Now 21% Higher Than Reliance Jio’s
Bharti Even Gained 4.9 M Subscribers Versus A 2.9 M Loss Previous Quarter.
Bharti’s Q3 Consolidated FCF After Leases/Capex Were Strong
UBS on Airtel
Largely in-line results, with outperformance vs Jio
Neutral with a PT of Rs1,705
Home broadband was slightly ahead of our estimates, while Enterprise segment was a tad below
India mobile revenues in line with exp
Airtel added 6.5mn 4G subs and postpaid net adds of 0.6mn were strong
Focus on dividend growth
HSBC On Bharti Airtel
Buy Call, Target Rs1,940/sh
Growth Levers Are Intact
Rising Mobile ARPU, Expanding Home Broadband Subs, Rising FCF, & Growth In Dividends
MS On Bharti Airtel
Equal-weight Call, Target Rs1,650/sh
India Biz Revenue (Excluding Passive Infrastructure) Was In-line With Est
EBITDA Beat Est By 2%
India Net Debt (Excluding Lease Liabilities & Indus Towers) Narrowed By Almost $1bn QoQ
This Reflected Solid FCF Generation In Q3FY25
Steady Growth In Subscribers
ARPU In India Mobile Biz, Along With Sharp Margin Improvement QoQ
