Engineering and construction major Larsen & Toubro (L&T) reported a 25 per cent rise in net profit attributable to the owners of the company for the January–March quarter of 2024-25, owing to higher revenues and an exceptional gain.

Photograph: Shailesh Andrade/Reuters

For the quarter under review, L&T posted a consolidated net profit of Rs 5,497.3 crore, while revenue rose 10.9 per cent year-on-year (Y-o-Y) to Rs 74,392.28 crore.

Order inflow for the quarter ended March 31, 2025, stood at Rs 89,613 crore, up 24 per cent Y-o-Y.

 

International orders, at Rs 62,739 crore during the quarter, constituted 70 per cent of the total, the company said.

For the full year ended March 2025, the engineering conglomerate reported a net profit of Rs 15,037 crore, up 15.1 per cent Y-o-Y.

Revenue was Rs 255,734 crore, up 15.7 per cent Y-o-Y, driven mainly by a large order book and ramp-up in execution across its projects and manufacturing business.

L&T’s board has also recommended a final dividend of Rs 34 per equity share.

L&T, however, missed quarterly revenue estimates, with 17 analysts in a Bloomberg poll projecting Rs 76,298.1 crore, but exceeded net profit expectations, beating the adjusted net income estimate of Rs 4,545.3 crore from 11 analysts.

“We achieved the highest-ever yearly order inflows in the company’s history, which buoys up our order book to a record level.

“Similarly, the strong revenue growth underpins our journey towards achieving operational excellence through innovation and digitalisation,” said S N Subrahmanyan, chairman and managing director, L&T.

As of March 31, 2025, L&T’s consolidated order book stood at Rs 5.79 trillion, up 22 per cent Y-o-Y, with international orders accounting for 46 per cent of the total.

During the year, the group secured new orders worth Rs 3.56 trillion.

Earnings before interest, tax, depreciation, and amortisation (Ebitda) was Rs 8,203 crore, up 13 per cent Y-o-Y, while the Ebitda margin remained stable at 11 per cent.

Expenses for the quarter rose 10 per cent to Rs 67,988.09 crore compared to the same period last year.

“During the year, the company made strategic investments to strengthen its new-age businesses in semiconductor technologies and data centres.

“Growth in our traditional core business, combined with a focus on technology-driven new-age businesses, will steer the company towards its vision of diversifying its portfolio and becoming future-ready,” Subrahmanyan said.

Titan Q4 net profit up 13% to Rs 871 crore on strong jewellery sales

Sharleen Dsouza reports

Titan Company’s net profit during the fourth quarter of financial year 2024-25 (FY25) was up 13 per cent year-on-year (Y-o-Y) to Rs 871 crore on the back of strong sales.

Revenue from operations grew 19.4 per cent Y-o-Y to Rs 14,916 crore.

Sequentially, net profit fell 16.8 per cent while revenue was down 15.9 per cent.

The jewellery major’s profit before interest, depreciation, and tax (PBIDT) was up 22.4 per cent Y-o-Y to Rs 1,653 crore in the quarter ended March.

The owner of Tanishq, Mia and Zoya saw its income from the jewellery business grow 25 per cent to Rs 11,232 crore on a standalone basis compared to the corresponding quarter last year.

Also, its India business grew 23 per cent in the same period, driven by a strong 30 per cent growth in gold jewellery and coins (together) and 12 per cent surge in studded jewellery, it said.

“Despite a steep increase in gold prices, the studded and gold coin segments saw buyer growths.

“Solitaires likewise witnessed a good rebound on the back of good buyer growth, albeit on the lower carat weights.

“The high gold prices, however, are continuing to weigh on consumer sentiment in the near term,” the company said in its earnings release.

In the watches and wearables business, it recorded a total income of Rs 1,126 crore, up 20 per cent over the corresponding quarter last year.

The domestic business grew 18 per cent during the same period.

The eyecare division recorded a total income growth of 16 per cent to Rs 192 crore in the quarter.

Emerging businesses, comprising Indian dress wear (‘Taneira’) and fragrances and fashion accessories (‘F&FA’), recorded a total income of Rs 102 crore for Q4FY25, growing 5 per cent over last year.

“FY25 was marked by multiple external events that had varying impacts on the businesses in general.

“Titan’s businesses clocked yet another year of strong 22 per cent revenue growth.

“This resulted in the company crossing the milestone of over Rs 50,000 crore of revenues for the full year,” C K Venkataraman, managing director (MD) of Titan said in its earnings release.

He added, “Our analog watch business continued its strong growth trajectory by product innovation-led premiumisation while moving in sync with the rising aspirations of the Indian consumer.

“The eye care business has returned to the double-digit growth trajectory in Q3 and Q4 of FY25 and is poised for even better growth in FY26.”

He also said that within emerging businesses, fragrances has performed well in FY25 signifying growing acceptance of the SKINN brand.

Its international business expansions are progressing well in North America and Gulf Cooperation Council (GCC) regions.

“As we look forward to FY26, all businesses of Titan Company are focusing on market share expansion in their respective categories and catering to the changing needs of our consumers,” Venkataraman said.

Ajoy Chawla appointed MD

The board of directors of Titan Company, at its meeting on Thursday, approved Ajoy Chawla as managing director (MD) from January 1, 2026, as CK Venkataraman, the current MD, will retire on December 31 this year.

Chawla is currently chief executive officer (CEO) of the jewellery division.

He is a mechanical engineer from VJTI Mumbai and a PGDM from IIM Calcutta.

He joined the Tata Administrative Services (TAS) in 1990 and initially joined the finance department of Titan in 1991.

“Over the next two decades, he was in the watches division, and played several roles spanning commercial, sales, retailing, supply chain, SAP implementation, leading accessories and licensed brands as strategic business unit (SBU) head.

“He then headed the Titan SBU for domestic and international markets,” the release said.

Between 2013 and 2019, Chawla was the chief strategy officer of Titan as well as head of business incubation, scaling the fragrances business and establishing the Taneira business.

In October 2019, he became CEO of Titan’s jewellery division.

Under his leadership, the jewellery division has grown 2.5 times in sales and profits and reinforced its market and thought leadership, the release added.

The formal process to induct Chawla on the board of the company and his appointment as MD of Titan will be completed in due course.

It is subject to shareholder approval.

The decision relating to Chawla’s successor in the jewellery division will be taken subsequently.

Asian Paints Q4 net profit drops 45% on muted demand and weak margins

Sharleen Dsouza reports

Photograph: Courtesy, Asian Paints

Asian Paints on Thursday reported a 45 per cent decline in net profit for the quarter ended March 2025 to Rs 692.1 crore.

Despite a 1.8 per cent volume rise in its decorative paints business, the company’s net sales declined 4.3 per cent to Rs 8,358.9 crore due to muted demand and increased competition.

The industrial business registered a 1.5 per cent value decline, impacted by macroeconomic challenges in Africa.

However, key markets in West Asia and Asia performed well, with the international portfolio delivering 6 per cent revenue growth on a constant currency basis.

Profit before interest, depreciation, and tax (PBIDT) stood at Rs 1,559.1 crore, down 18.1 per cent.

“The weak demand conditions prevalent for the past few quarters continued to affect the paint industry even in the last quarter of the financial year.

“The demand for decorative coatings was only marginally better than in the third quarter.

“The domestic decorative business registered a volume growth of 1.8 per cent, but standalone revenues declined by 5 per cent,” Amit Syngle, managing director and chief executive officer of Asian Paints.

“The adverse mix and overall lower revenues impacted the quarter’s operating margins on a year-on-year basis.

“The industrial business fared relatively better, growing by 6.1 per cent, aided by growth in the general industrial and automotive coatings segments.

“Overall, revenues from the coatings business in India declined by 4.1 per cent in the quarter,” Syngle added.

He also said that its home decor business faced multiple headwinds, resulting in a muted performance for the quarter.

In the international portfolio, revenues declined by 1.5 per cent (6 per cent revenue growth in constant currency terms) and added, key markets in West Asia and Asia performed well, while markets in Africa faced macro-economic challenges.

“While the overall macroeconomic environment remains uncertain, we are cautiously optimistic about a recovery in demand conditions and continue to work diligently on leveraging our brand strength and driving operational efficiencies to pursue growth,” Syngle further stated.

Airtel Africa Q4 profit at $80 million on revenue growth, lower costs

Subhayan Chakraborty reports

A sustained rise in revenue and lower finance costs helped Airtel Africa to post $80 million consolidated net profit in the January to March quarter of the financial year 2024-25 (FY25).

This was up from a $91 million loss in Q4FY24.

As a result, the telecom operator saw its annual net profit rise to $328 million in FY25, up from a $89 million loss in FY24.

Quarterly finance costs fell 52 per cent in Q4 to $221 million, down from $465 million in Q4FY24.

Total finance costs for FY25 stood at $822 million, down 51 per cent from the $1.7 billion in FY24.

It was impacted by $179 million of derivative and foreign exchange losses as a result of the Nigerian naira’s devaluation in the first half of FY25, which has been partially offset, the company said.

Airtel Africa reported a 17.8 per cent rise in revenue to $1.31 billion, up from $ 1.1 billion in Q4FY24.

The rise in revenue accelerated from a 2.42 per cent rise in Q3, and two straight quarters of revenue contraction.

Strong execution and the tariff adjustments in Nigeria contributed to a further quarter of accelerating growth, with Q4 revenue growth of 23.2 per cent in constant currency and 17.8 per cent in reported currency as currency headwinds eased.

The earnings before interest, taxes, depreciation, and amortisation (Ebitda) was recorded at $623 million, up 19.8 per cent from the $520 million in the same quarter of the previous year.

Underlying Ebitda declined by 5.1 percent in reported currency to $2.3 million with margins of 46.5 per cent, compared to 48.8 per cent in the prior year, impacted by increased fuel prices and the lower contribution of Nigeria to the Group.

With operations in 14 sub-Saharan Africa countries, Airtel Africa is among the largest telecom providers in the continent.

The total customer base in the latest quarter expanded by 8.7 percent to 166.1 million, as mobile data and mobile money service penetration continued to climb.

The quarter saw a 14.1 percent surge in data customers to 73.4 million, and a 17.3 per cent increase in mobile money customers to 44.6 million.

Zee Entertainment Q4FY25 net profit jumps 14-fold to Rs 188.4 crore

Roshni Shekhar reports

Zee Entertainment Enterprises (ZEEL) reported a 14-fold increase in its consolidated net profit to Rs 188.4 crore for the January–March quarter (Q4FY25) compared to the same period last year.

The profit figure includes gains from the company’s portfolio rationalisation initiative and the treatment of Margo Networks as a discontinuing operation, valued at Rs 7.9 crore.

The Mumbai-headquartered company’s revenue from operations rose marginally by 0.7 per cent year-on-year (YoY) to Rs 2,184.1 crore in Q4FY25.

The modest growth was largely due to a sharp 24.56 per cent decline in advertising revenue, which fell to Rs 837.5 crore.

“Domestic advertising revenue declined by 27 per cent YoY for the quarter due to a slowdown in the macro advertising environment, postponement of the Zee Cine Awards, a busy sports calendar and a higher base in Q4FY24,” the company stated in its investor presentation.

In contrast, subscription revenue rose by around 4 per cent YoY to Rs 986.5 crore during the quarter, driven by both linear TV subscriptions and growth on ZEE5, the company’s digital streaming platform.

ZEEL’s other sales and services revenue—which includes the distribution business — tripled to Rs 360.1 crore in Q4FY25.

The rise was attributed to a higher number of film releases and increased syndication revenue.

In the quarter, 16 shows and movies were released, including four ZEE5 originals.

However, profit before interest, depreciation and tax (PBIDT) remained flat, dipping marginally by 0.1 per cent to Rs 98.2 crore for the quarter.

“There is not much meat left in us to cut,” a company executive said during the earnings call, referencing ZEEL’s cost-cutting measures, particularly in its digital business, ZEE5.

The executive added that future growth would now rely on increasing revenue as the scope for further cost reductions has been exhausted.

Jindal Stainless Q4 net profit up 18% at Rs 591 cr on higher volumes

Ishita Ayan Dutt reports

Jindal Stainless on Thursday reported an 18.02 per cent year-on-year (Y-o-Y) increase in consolidated net profit in the fourth quarter of the financial year 2024-25 (Q4FY25) to Rs 590.99 crore on the back of higher sales volume.

Net profit in the year-ago period had stood at Rs 500.74 crore.

Revenue from operations on a consolidated basis was up 7.87 per cent Y-o-Y at Rs 10,198 crore than Rs 9,454.02 crore in the year-ago period.

Sequentially, net profit was down by 9.8 per cent even as revenues were higher by 2.9 per cent.

Abhyuday Jindal, Managing Director of Jindal Stainless, said that (sales) volume growth for the financial year (FY25) was 9 to 10 per cent. For FY26 too, the company was expecting a 9-10 per cent volume growth.

For FY25, the company’s revenue from operations on a consolidated basis was at Rs 39,312.21 crore, up 1.9 per cent Y-o-Y.

Net profit at Rs 2,505.20 crore, was down by 7.7 per cent Y-o-Y.

However, the company was optimistic about growth export volumes and eyeing a 30 per cent increase over last year.

Jindal explained that the 25 per cent tariff announced on steel imports into the US would create a level playing field.

The 25 per cent duty was already there on imports from India and China since 2018, he pointed out.

“But now it’s a blanket duty on everybody.”

“A lot of enquiries were coming in. Customers we had lost out in 2018 are coming back.

“New customers are also interested in buying from us as they see India as a stable economy and source of high quality steel,” he added.

Jindal also said that Europe was also showing signs of recovery.

The company expects the US and Europe to account for about 70-75 per cent of its export volume.

In FY25 exports accounted for 9 per cent of sales volume compared to 13 per cent in FY24.

Jindal Stainless recently signed a non-binding memorandum of understanding with the Maharashtra government with a possibility of an investment of Rs 40,000 crore for setting up a stainless steel manufacturing facility.

The facility is proposed to be developed over the next 10 years and is expected to create more than 15,000 jobs.

Jindal said, “We are very bullish on the domestic growth of stainless steel.

“As a company we want to maintain our leadership position.”

On the issue of low-priced stainless steel, Jindal said that a dialogue was on with the government for an anti-dumping duty on stainless steel imports.

Canara Bank Q4FY results: Net profit rises 33% to Rs 5,004 crore

Anupreksha Jain reports

State-owned Canara Bank reported a 33 per cent year-on-year (YoY) growth in net profit at Rs 5,004 crore for the January–March quarter (Q4FY25), aided by a rise in other income amid pressure on the net interest margin.

In FY25, the bank posted a net profit of Rs 17,027 crore, up 17 per cent YoY.

The lender’s shares closed 2 per cent higher at Rs 95.38 per share on the BSE.

Net interest income (NII) in Q4FY25 fell marginally by 1.44 per cent YoY to Rs 9,442 crore.

The net interest margin (NIM) from domestic operations in Q4FY25 declined to 2.73 per cent from 3.07 per cent in the same period last year.

The bank’s other income—including fees, commissions and treasury earnings—expanded by 22 per cent YoY to Rs 6,351 crore.

Fee-based income and treasury income rose by 20 per cent and 15 per cent, respectively.

The board recommended a dividend of Rs 4 per share for FY25.

“Fee-based income and recoveries contributed to the higher bottom line.

“NII fell due to a cut in interest rates and, as per regulatory requirements, last year penal interest was reclassified under commission and other income, impacting the NII,” said K Satyanarayana Raju, managing director and chief executive officer, Canara Bank.

“We are looking at treasury income from a positive point of view.

“We expect it to boost our trading profit. And as interest rates fall, it will open room for arbitrage income also,” the bank’s top management added.

The bank’s asset quality profile improved, with gross non-performing assets (NPAs) declining to 2.94 per cent as of 31 March 2025, from 4.23 per cent a year ago.

Net NPAs declined to 0.70 per cent from 1.27 per cent in March 2024.

The provision coverage ratio (PCR), including write-offs, stood at 92.70 per cent in March 2025.

Sequentially, slippages rose to Rs 2,655 crore from Rs 2,363 crore.

For FY26, the bank expects NIM to remain around 2.75–2.80 per cent, said Raju.

NIMs will continue to be under pressure owing to expectations of further rate cuts.

The benefit of rate cuts has already been passed on to the external benchmark-linked loan book, while transmission to deposits will take at least six months, he added.

Canara Bank’s global advances increased by 11.74 per cent YoY.

Domestic credit grew 11.06 per cent YoY to Rs 10 trillion.

Retail advances and corporate loans registered YoY growth of 13.23 per cent and 9.83 per cent, respectively.

Global deposits rose by 11.01 per cent to Rs 14.06 trillion.

Domestic deposits expanded by 9.56 per cent YoY to Rs 13.31 trillion.

The share of low-cost deposits – Current Account and Savings Account (CASA) – stood at 31.17 per cent in March 2025.

Looking ahead, the bank expects deposits to grow around 9 per cent and credit by 10–11 per cent in FY26, the management said.

IIFL Finance Q4 net profit down 41.6% on lower income, higher costs

Abhijit Lele reports

IIFL Finance Ltd’s consolidated net profit declined by 41.62 per cent to Rs 251.36 crore in the quarter ended March 2024 (Q4 FY25), owing to a drop in revenues and a rise in impairment costs.

The company had posted a consolidated net profit of Rs 430.63 crore in the same quarter a year ago (Q4 FY24).

For the full financial year FY25, consolidated net profit fell sharply to Rs 578.16 crore, compared to Rs 1,974.22 crore in FY24, according to the company’s filing with the BSE.

Shares of IIFL Finance closed 2.03 per cent lower at Rs 360.40 on the BSE.
 
IIFL Finance and its listed units operate in business segments such as gold loans, housing finance and microfinance.

Total income from operations for the reporting quarter (Q4 FY25) dropped to Rs 2,591.25 crore from Rs 2,853.80 crore in Q4 FY24.

The company’s expenses towards impairment of financial instruments rose to Rs 348.74 crore in Q4 FY25, up from Rs 235.60 crore in the same quarter last year.

Impairment costs reflect losses where value of an asset falls below its carrying amount on the balance sheet.