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Dhandho Marwadi

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๐Ÿ“Š HDFC Securities FY25 Performance Analysis A) Strong Growth Across Core Metrics Operating Revenue jumped 23% YoY to โ‚น3,264 Cr (vs โ‚น2,660 Cr in FY24), reflecting a robust uptick in broking, distribution, and retail activity. Operating Profit rose 21% to โ‚น2,350 Cr, though operating margins slightly dipped from 72.74% to 72.00%, suggesting pressure on profitability despite volume growth. B) Expense Trends Rising Sharply Employee Benefit Expenses surged 25% to โ‚น480 Cr โ€” likely due to higher incentives amid a booming FY25 market. Other Expenses climbed 31% to โ‚น427 Cr, possibly driven by tech upgrades, infrastructure expansion, or customer acquisition costs. C) Finance Cost Spikes Finance cost increased sharply by 31% YoY to โ‚น785 Cr, a key watchpoint โ€” possibly due to elevated borrowing, interest rate impact, or higher margin funding requirements. D) EPS Up EPS grew 7% YoY, from โ‚น597 to โ‚น637 โ€” showing stability in per-share profitability, despite increased cost pressure.

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