Q1 Results 2024 Highlights: With most of the listed companies across sectors including majors like Tata Consultancy Services (TCS), HCL Technologies, Infosys, Wipro, Tech Mahindra, Infosys, Nestle India, HUL, Nestle, Adani Wilmar, Vodafone Idea, Bharti Airtel, LIC, Reliance Industries, IOCL, HPCL, HDFC Bank, SBI, Paytm, Nykaa, Vedanta, Hindalco, Berger Paints, Tata Motors, Maruti Suzuki, BSE Limited, and many others already having released their Q1 results, the first quarter earnings season ended today.
Today, over 400 companies released their Q1 earnings and these include Hindustan Aeronautics, Ola Electric Mobility, Glenmark Pharma, Mazagon Dock Shipbuilders, TT, Reliance Power, Reliance Infrastructure, Redtape, Ethos, Lux Industries, Kirloskar Industries, Borosil, PC Jeweller, Genesys International Corporation, Bajaj Healthcare, Coffee Day Enterprises, VIP Clothing, GMR Power and Urban Infra, and many others. With this, the Q1 earnings season will end and we will move on to analysing these results with the numbers shared by the companies and also views from the brokerage firms and analysts.
Orient Green Power Company reported over 40% rise in its consolidated net profit to Rs 13.05 crore in the June 2024 quarter.
It reported a consolidated net profit of Rs 9.29 crore in the quarter ended on June 30.
Total income rose to Rs 68.39 crore in the quarter from Rs 67.82 crore in Q1FY24.
Reliance Power reported that its consolidated loss narrowed to Rs 97.85 crore in Q1FY25, attributed to improved income. This compares to a loss of Rs 296.31 crore in Q1FY24. The company's income increased to Rs 2,069.18 crore from Rs 1,951.23 crore a year earlier.
KP Energy posted over 19% rise in its consolidated net profit to Rs 18.20 crore in Q1FY25. The company reported a consolidated net profit of Rs 15.23 crore in the quarter ended on June 30.
Its total income rose to Rs 135.20 crore in the quarter from Rs 113.35 crore a year ago
Glenmark Pharmaceuticals reported a more than two-fold increase in consolidated net profit for the first quarter ended June 30, reaching Rs 340 crore, up from Rs 150 crore in the same period last year. The Mumbai-based drug firm also noted a rise in consolidated revenue from operations, which stood at Rs 3,244 crore compared to Rs 3,036 crore in the April-June quarter of the previous fiscal year.
Saji John, Senior research analyst, Geojit Financial Services, said,
"The Indian E2W industry is projected to grow at a CAGR of 11%, reaching a market size of Rs 2.8 trillion to Rs 3.6 trillion by FY28. With the current market share of 38% YTD and robust capex plan, the OLA is likely to act as a catalyst for boosting investors’ confidence and could help accelerate the growth and adoption of electric two-wheelers across the country. OEML is the only automaker in India approved for both PLI schemes for advanced automotive technology and cell chemistry batteries. Despite profitability challenges and a loss in FY24, the company is poised to enhance profitability in the long term through improved scalability and by vertical integration. We expect the debut will encourage other players to unlock their value and validate their presence in EV expansion.
OEML and its subsidiaries face numerous challenges in the EV industry, including ongoing losses, limited manufacturing experience, and no assurance of profitability despite significant R&D investments. Supply chain issues, reduced government incentives, and higher depreciation have led to a rising cost of the ola vehicle compared to its peers. Furthermore, quality issues, intellectual property risks, technological limitations, and customer dissatisfaction have also harmed the OEML brand in the past and added complexity. We expect the highly competitive market, coupled with the need for significant capital investment and potential operational delays, are likely to endanger the EV company’s growth and financial stability. Established players with a different business model and long channel relationship gain a competitive edge by reducing the cost of the vehicle, potentially leading to a loss of market share and penetration risk for new players.
India's electric infrastructure is progressing but isn't fully ready for large-scale expansion. While power generation, especially from renewables, has improved, issues like unreliable transmission and distribution and the need for grid modernization and insufficient EV charging infrastructure remains. The government has allocated funds for EV infrastructure through initiatives like FAME and encourages investment through state policies and PPPs, where specific annual budget allocations for charging infrastructure are typically embedded within broader schemes rather than itemised separately. Meanwhile, the overall trend indicates a growing commitment to developing the necessary infrastructure to support the country's transition to electric mobility."
Ajay Singh, Chairman and Managing Director, SpiceJet, said, “We are pleased to report a profit of Rs 150 Crore for Q1 FY 2024-25, which underscores our determination to navigate through uncertainties and is a testament to the hard work and dedication of our team. The upcoming Rs 3,000 Crore fundraise through QIP will be instrumental in reinforcing our financial foundation and positioning SpiceJet for sustained success. We believe in the resilience of our business model and remain committed to providing our customers with the best flying experience possible."
Spicejet Ltd on Wednesday recorded Q1FY25 profit at Rs 158.19 crore, reporting a decline of 20 per cent in comparison to Rs 197.63 crore during the corresponding quarter of FY24. It posted revenue from operations at Rs 1708.24 crore, down 14.7 per cent as against Rs 2003.59 crore during the same period of previous year. The company EBITDA was up 5.5 per cent at Rs 650 crore.
Ola Electric stated that the quarter witnessed the highest ever deliveries of vehicles by the company at 1,25,198 units as against 70,575 units delivered in the same period last year. The company ramped up deliveries of its mass market scooter portfolio (S1 X portfolio) during the quarter which helped accelerate growth. The existing product portfolio (S1 Pro, S1 Air, S1 X+) also saw strong demand which continued growth momentum throughout the quarter.
Further, the company is set to launch its electric motorcycle portfolio across mass and premium segments during its annual flagship event on August 15, 2024.
Ola Electric Mobility Ltd on Wednesday reported its fiscal first quarter earnings with loss at Rs 347 crore, higher than the loss of Rs 267 crore incurred during the corresponding quarter of FY24. It posted revenue from operations at Rs 1644 crore, up 32.3 per cent as against Rs 1243 crore during the same period of previous fiscal year. The company EBITDA loss stood at Rs 205 crore.
Swan Energy Ltd on Wednesday recorded Q1FY25 profit at Rs 267.67 crore, posting a jump of 84.8 per cent in comparison to Rs 144.82 during the first quarter of FY24. It posted revenue from operations at Rs 1141.74 crore, up 42.0 per cent as against Rs 804.30 crore during the corresponding quarter of previous financial year.
MTNL said that board has approved the following proposals:
a) Approved the proposal of sale of shares of MTNL in Mahanagar Telephone (Mauritius) Ltd (MTML), an overseas wholly owned subsidiary of MTNL.
b) Approved the proposal of sale of shares of MTNL in MTNL STPI IT Services Ltd (MSITS) to STPI.
c) Approved the proposal for closure of Millennium Telecom Limited (MTL), a wholly owned subsidiary of MTNL.
d) Approved to enter into a Service Agreement between BSNL and MTNL for a period of 10 years.
Mahanagar Telephone Nigam Ltd (MTNL) on Wednesday narrowed its loss during the fiscal first quarter to Rs 773.46 crore from a loss of Rs 851.93 crore recorded during the corresponding quarter of FY24. It posted revenue from operations at Rs 183.85 crore, down 7.8 per cent as against Rs 199.48 crore during the same period of previous financial year. The company posted EBITDA loss at Rs 150.3 crore.
Mazagon Dock Shipbuilders Ltd on Wednesday reported its fiscal first quarter earnings with profit at Rs 696.10 crore, posting a growth of 121.4 per cent in comparison to Rs 314.34 crore during the corresponding quarter of FY24. It posted revenue from operations at Rs 2357.02 crore, up 8.5 per cent as against Rs 2172.76 crore during the same period of previous fiscal year. The company EBITDA came in at Rs 642.3 crore.
Hindustan Aeronautics Ltd (HAL) on Wednesday reported its fiscal first quarter profit growth of 76.5 per cent to Rs 1437.14 crore in comparison to Rs 814.09 crore recorded during the corresponding quarter of FY24. It posted revenue from operations at Rs 4347.50 crore, up 11 per cent as against Rs 3915.35 crore during the same period of previous fiscal year. The company EBITDA stood at Rs 990.6 crore, up 13 per cent YoY.
Nectar Lifesciences Ltd on Wednesday reported its fiscal first quarter profit at Rs 2.97 crore, posting a growth of 63.2 per cent in comparison to Rs 1.82 crore during the corresponding quarter of FY24. It posted revenue from operations at Rs 358.85 crore, down 8.9 per cent as against Rs 394.12 crore during the same period of previous year. The company EBITDA stood at Rs 89.4 crore, up 11 per cent YoY.
Ethos said that the average selling price has been increased by Rs 44K to Rs 221K on a YoY basis for Q1FY25. It added the the second-hand segment witnessed 31.7 per cent growth on YoY during Q1FY25. During the quarter in review, the company added 2 brands under exclusive partnerships and opened 3 stores in Q1 and 1 in August 2024.
The company said, “Factors leading to surge in the demand for luxury goods, including watches are a) Rise in the number of HNIs in fast growing economies, such as China and India has led to increase in the wealth of people; and b) Awareness and availability of luxury brands at Ethos with International retail standard.
Ethos Ltd on Wednesday recorded its fiscal first quarter profit at Rs 22.80 crore, posting a growth of 25.6 per cent as against Rs 18.16 crore during the corresponding quarter of FY24. It posted revenue from operations at Rs 273.25 crore, up 18.8 per cent in comparison to Rs 230.02 crore during the same period of previous fiscal year. The company EBITDA stood at Rs 43.2 crore, up 27.4 per cent on-year.
PC Jeweller has a wide network of 57 showrooms (including 4 franchisee showrooms) located in 42 cities spread across 15 states across India as on June 30th, 2024. Also, the core strengths of the company in the form of manufacturing and designing capabilities, manufacturing facilities, skilled staff, soft skills in the form of systems and procedures, customer policies, etc. remain intact, it said. The company is also revamping & revitalizing all other aspects of its business operations as well.
PC Jeweller Ltd on Wednesday released its fiscal first quarter earnings with profit at Rs 156.06 crore in comparison to a loss of Rs 171.62 recorded during the corresponding quarter of FY24. It posted revenue from operations at Rs 401.15 crore, reporting a jump of 492.7 per cent as against Rs 67.68 crore during the same period of previous fiscal year. The company EBITDA stood at Rs 51.5 crore.
In a statement, PC Jeweller said, “The Q1FY2025 has been a turnaround quarter for the company. The company has started regaining its customer trust and goodwill which has resulted in an exponential growth in its topline and profitability.”
Anuj Sawhney, Managing Director of Swiss Military, said, “We have had a steady start to FY25 with balanced performance, consolidating our position from a record year gone by. Our strategic initiatives are driving tangible results, and we remain on track to meet our annual goals. Looking ahead, we are excited about the opportunities to build on this momentum and continue delivering value for our shareholders. With a visionary approach and a dedicated team, we’re not just anticipating the future—we’re shaping it.”
“Despite ongoing economic challenges, we have achieved impressive revenue growth and strong profitability. Our focus on operational excellence, cost management, and strategic investment positions us well for continued success. We are committed to navigating market dynamics with agility and delivering lasting value to our stakeholders,” he added.
Swiss Military Consumer Goods Ltd reported its fiscal first quarter earnings with profit at Rs 1.73 crore, marginally higher than Rs 1.72 crore posted during the corresponding quarter of FY24. It recorded revenue from operations at Rs 46.39 crore, up 14.4 per cent as against Rs 40.54 crore during the same period of previous financial year. The company demonstrated a 16.70 per cent growth in turnover and 74.89 per cent growth in earnings for Q1FY25 compared to the corresponding period last year on standalone basis.
In Q1FY25, Swiss Military made significant strides in its operational plans with the development of a state-of-the-art manufacturing facility dedicated to producing high-quality luggage. This investment, it said, is expected to drive innovation, foster growth, and provide greater value to customers and shareholders.
Elara Securities stated in a report, “FSN E-Commerce Ventures’ (NYKAA IN) Q1 was in line, as BPC GMV grew a healthy 27.7%YoY. As per our assessment, this was also helped by consolidation of the e B2B business/man segment, without which core BPC GMV (ex of eB2B) may have grown 19%-20% YoY. The management is confident of accelerating growth going ahead, helped by the festive season. This means revenue growth momentum for the consolidated BPC business (including eB2B) may sustain towards 30%-32% YoY in the near-to-medium term. The Fashion segment reported muted growth (21% GMV growth YoY), largely on the back of a subdued wedding season, which too may accelerate going ahead. Categories such as hair care and skin care continue to see strong growth within BPC.”
Swarnendu Bhusahnm, Co Head, Institutional Research, PL Capital - Prabhudas Lilladher, said, “Gujarat Fluorochemicals (FLUOROCH) reported consolidated revenue from operations of Rs11.7bn, declining 2.8% YoY but increasing 3.8% QoQ. These numbers were in line with our estimates. The Fluoropolymers segment showed sequential growth, though revenue for the quarter was impacted by the Red Sea crisis. The segment's contribution is expected to increase QoQ, especially in the second half of FY25. Demand for refrigerants surged, leading to improved volumes and prices, particularly for R-22. However, continued dumping from China resulted in muted demand for the Specialty segment. Even though caustic soda prices improved slightly, the Bulk Chemicals segment saw a 4% sequential decline in revenue due to ongoing softness in MDC prices. On a positive note, progress in the Battery Chemicals vertical is promising. The LiPF6 plant has already been commissioned, with commercial sales expected to begin in Q4FY25, upon customer approval.”
ICICI Securities stated, “Hindalco Industries’ (HNDL) Q1FY25 consol. EBITDA was 5% ahead of Street’s estimate. Key points: 1) Record copper (Cu) EBITDA of INR 8.05bn on account of higher TC/RC margins and higher downstream sales volume. 2) Al (upstream) EBITDA/te was aided by higher LME Al prices and benign cost. 3) India operations reported net cash position of INR 17bn. 4) Consol. net debt/EBITDA was at 1.24x vs. 1.73x a year ago. Management expects to start the upstream capex in India across all three products – alumina, Cu and Al – aided by its healthy balance sheet that sports sufficient headroom for growth. At Novelis, we expect rejuvenated beverage can volumes and softening costs would maintain EBITDA in the range of USD 535-545/te.”
“We are positive on the multi-pronged growth avenues that Hindalco is pursuing. By FY26, downstream Al capacity in India would be commissioned, followed by the commissioning of Bay Minette facility at Novelis by FY27. India (upstream) capacities are likely to be commissioned in stages starting with Alumina expansion. Hence, we see a long runway for earnings growth with prudent leverage,” it further added.
Allcargo Logistics Ltd reported its fiscal first quarter earnings with profit at Rs 5.37 crore, down 95.6 per cent in comparison to Rs 122.57 crore during the corresponding quarter of FY24. It posted revenue from operations at Rs 3812.81 crore, up 16.6 per cent as against Rs 3271.06 crore during the same period of previous financial year.
Global events coupled with high demand across trade lanes during the second quarter of 2024 (calendar year) has led to improved volumes and increased freight rates, the company said. Demand is expected to continue through the peak season until the end of the year, it added.
Today, companies like Hindustan Aeronautics, Ola Electric Mobility, Glenmark Pharma, Mazagon Dock Shipbuilders, TT, Reliance Power, Reliance Infrastructure, Redtape, Ethos, Lux Industries, Kirloskar Industries, Borosil, PC Jeweller, Genesys International Corporation, Bajaj Healthcare, Coffee Day Enterprises, VIP Clothing, GMR Power and Urban Infra, and others will release their Q1 earnings.
The fiscal first quarter earnings season is now ending with major companies like TCS, HCL Technologies, Infosys, Wipro, Tech Mahindra, Infosys, Nestle India, HUL, Nestle, Adani Wilmar, GCPL, LIC, Reliance Industries, IOCL, HPCL, Nykaa, Bharti Airtel, Vodafone Idea, HDFC Bank, SBI, Paytm, Vedanta, Tata Motors, Maruti Suzuki, and many others already having released their Q1 results.
Through these daily live blogs, we have been continuously bringing you all the updates on the Q1 numbers being released by the companies across sectors, and this blog too will continue to keep you updated on the profits, revenue earned, year guidance posted by companies. Stay tuned.