Motilal Oswal's research report on ICICI Lombard: ICICIGI’s gross domestic premium income (GDPI) was flat YoY in 3QFY25 at INR65b (in line), impacted by 1/n regulation implementation for long term products. Sans the impact of the regulation, GDPI would have grown 4.8% YoY. NEP grew 17% YoY to INR51b (in line). For 9MFY25, NEP grew 17% YoY to INR146b.
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Motilal Oswal's research report on Havells India: Havells India (HAVL)’s 3QFY25 revenue grew 11% YoY to INR49b (in line) as better-than-expected growth in the ECD/Switchgear segments was offset by lower revenue from the C&W segment. Lower margin in switchgear and higher-than-expected loss in Lloyd resulted in ~1% YoY decline in EBITDA (7% miss).
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Motilal Oswal's research report on RBL Bank: RBL Bank (RBK) reported a 3QFY25 PAT of INR326m (53% miss, 86% YoY decline) amid higher-than-expected provisions. The bank prudently made additional provisions of INR4.14b on its JLG loans to take PCR on this portfolio to 85%. NII grew 2.5% YoY (down 1.9% QoQ) to INR15.8b (in line) as NIM moderated 14bp QoQ to 4.90% during the quarter.
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