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The combined revenue of companies that have reported their March-quarter earnings so far rose 1.8% year-on-year, while aggregate net profit grew over 8%, a Mint analysis showed. Excluding the banking, financial services, and insurance (BFSI) sectors, revenue rose 2.7%, with profits up 8.2%. The BFSI sector has held up reasonably well so far, while fast-moving consumer goods (FMCG) companies continue to face headwinds.
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The analysis covered 269 BSE-listed companies (including 67 banking and financial services firms) that had declared their results so far and whose data was available on Capitaline’s database.
Scroll down for select company-wise details.
Tata Consultancy Services
TCS missed expectations on both revenue and margins. Revenue saw a 0.8% quarter-on-quarter decline but a modest 2.5% year-on-year growth in constant currency in Q4. Profit also fell 1.3% sequentially, with a slight 1.7% annual increase.
The company cited delayed discretionary spending decisions and noted emerging demand uncertainty starting in March 2025. Read more, as Jas Bardia reports.
Infosys
Infosys reported a 3.5% quarter-on-quarter revenue decline in Q4, although year-on-year growth in constant currency was 4.8%. Profits were flat sequentially but rose 12% year-on-year. The company attributed roughly two-thirds of the revenue drop to lower third-party costs and deal slippages, while management expressed optimism about future guidance. Jas Bardia reports further.
ICICI Bank
ICICI Bank reported robust loan growth of 13.3% year-on-year and 2.1% quarter-on-quarter, fuelled by strong business banking and mortgage growth.
Deposit growth also remained strong at 14% year-on-year. Maintaining benign asset quality with a significant 15.5% sequential decline in fresh slippages, ICICI also demonstrated tight cost controls, resulting in a reduced cost-to-income ratio of 37.9%. Anshika Kayastha has the details.
HCL Tech
HCL Technologies Ltd’s investors are upbeat, especially in a world where global macroeconomic gloom has lately kept IT stocks on tenterhooks.
Sequentially, the company’s revenue dropped 0.8% in constant currency terms last quarter, compared to the consensus estimate of a 0.5% revenue drop, hurt by the usual seasonality in its software business. Yet, shares rose, possibly driven by HCL’s FY26 guidance and robust deal wins. Read Harsha Jethmalani’s Mark to Market analysis.
Hindustan Unilever
FMCG major Hindustan Unilever (HUL) on Thursday reported a 3.7% year-on-year fall in its consolidated net profit (attributable to owners of the company) for Q4FY25 to ₹2,464 crore. The company had reported a profit of ₹2,558 crore in the year-ago period. Sequentially, the consolidated net profit was down 17.4%. Suneera Tandon and Gaurav Laghate report further.
Nestle India
Nestle India Ltd reported Q4 consolidated net profit at ₹873.46 crore, which declined 6.5% year on year compared to ₹934.17 crore in the year-ago quarter. At the standalone level, Nestle reported net profit at ₹885 crore declined 5.3% compared to ₹934 crore in the year ago quarter. Read Ujjval Jauhari’s report.
Reliance Industries
Billionaire industrialist Mukesh Ambani-led energy-to-telecom conglomerate reported a 6% growth in its consolidated profit for the January–March quarter, driven by a resurgence in its retail business and better realisations in telecom, even as challenges persisted in its core oil-to-chemicals (O2C) business. The company’s revenue from operations during the reporting quarter rose to ₹2.61 lakh crore, compared to ₹2.4 lakh crore recorded in the year-ago period. Read Manish Joshi’s report.
Maruti Suzuki
Maruti Suzuki India Ltd reported a 1% year-on-year decline in consolidated net profit for the March 2025 quarter at ₹3,911 crore, compared to ₹3,952 crore in the same period last year, while also recommending a dividend of ₹135 per share. Total consolidated revenue rose 6.6% year-on-year to ₹40,920.1 crore, supported by a 3.5% growth in sales volume to 604,635 units. At the standalone level, net sales increased 5.9% to ₹38,848.8 crore, while net profit declined 4.3% to ₹3,711.1 crore from ₹3,877.8 crore a year ago. Read the full report by Ujjval Jauhari.
UltraTech Cement
UltraTech Cement reported a 10% YoY rise in consolidated net profit to ₹2,482 crore for Q4, with revenue from operations up 13% to ₹23,063 crore. Sales volumes rose 17% to 41.02 million metric tons, while EBITDA per ton (excluding acquired assets) grew 7% YoY. The company also surpassed 1 GW in renewable power installations. A dividend of ₹77.50 per share has been proposed, totaling ₹2,283.75 crore. UltraTech added 17.4 mtpa capacity in FY25, raising its total global cement capacity to 188.76 mtpa. Read the full report by Dhanya Nagasundaram.
Force Motors
Force Motors is back in focus after reporting a strong Q4 performance, with net profit jumping 210% YoY to ₹434.7 crore—boosted by a one-time ₹394.6 crore incentive from the Madhya Pradesh government. Revenue rose 17% to ₹2,356 crore on robust demand, while operating profit grew 18% YoY to ₹329 crore with margins hitting a record 14%. Crisil sees margins stabilizing at 12–13% in the medium term, supported by a strong product mix and healthy cash generation. Ayesha Shetty has a Profit Pulse analysis.
