Q1 Results 2024: With many majors like TCS, HCL Technologies, Infosys, Wipro, Tech Mahindra, Jio Financial Services, Nestle India, HUL, Nestle, Adani Wilmar, Maruti Suzuki, IOCL, HPCL, HDFC Bank, GAIL India, Axis Bank, SpiceJet, L&T, IGL, Infosys, M&M, Paytm, CEAT, DLF, and many others already having released their Q1 results, the first quarter earnings season is now in full swing.
Today, ITC, Tata Motors, Sun Pharmaceutical Industries, Adani Enterprises, Adani Ports and Special Economic Zone, Zomato, Dabur India, Max Healthcare Institute Limited, Kalyan Jewellers India, Aditya Birla Capital, Escorts Kubota, Emami, Akzo Nobel India, Welspun Enterprises, Arvind Fashions Limited, NIIT Learning Systems, and many others are slated to report their fiscal first quarter results.
This weekend too will be in focus with market participants and investors keen on the performance of players like State Bank of India, Bank Of India, Affle India, JK Tyre and Industries, Siyaram Silk Mills, and others.
Analysts at Elara Securities said, “Bank of Baroda (BOB IN) PAT of INR 44.6bn missed our estimates, following softer revenue momentum (lower NII & other income), even as curtailed credit cost cushioned the impact. Key highlights include: 1) softer business momentum as loans & deposits declined QoQ, as the bank focused on profitability over growth. That said, it retains FY25 growth guidance, 2) NIM optically looked lower, down 9bp QoQ on high base, given one-offs, excluding which NIM was up 4bp QoQ, 3) soft fees, which was a miss, and 4) steady asset quality but BOB has a few segmental blips, which need to be watched. Discussions hereafter will focus on NIM trajectory, business growth and softer aspects. The bank sustains ROA target of 1.1%; we believe BOB has levers to deliver a ROE of 14-15% in the near term.”
ITC Ltd on Thursday announced its fiscal first quarter earnings with profit at Rs 5176.99 crore, marginally lower than Rs 5190.71 crore recorded during the first quarter of previous fiscal year. It posted revenue from operations at Rs 20,029.60 crore, up 3 per cent as against Rs 19446.49 crore recorded during the June quarter of FY24.
Gross revenue was recorded at Rs 19912.10 crore, driven by Hotels, Value Added Agri products and Leaf Tobacco. ITC said that FMCG – Others and Cigarettes delivered resilient performance amidst subdued demand conditions. While green shoots of demand recovery emerged during the quarter in the Paperboards, Paper & Packaging segment, performance remained impacted largely due to cheap Chinese supplies in international markets including India and a surge in domestic wood prices, the company said.
Tata Motors board approved the scheme of demerger into two listed companies. PV business to merge with Tata Motor and CV business to list as new company TMLCV. Demerger Ratio 1:1
Tata Motors registered total sales of 71,996 units in July 2024. While the total PV sales was recorded at 44,954 units, down 6 per cent YoY, total CV sales was at 27,042 units, down 18 per cent YoY.
Further, domestic sale of MH & ICV in July 2024, including trucks and buses, stood at 11,174 units, compared to 13,291 units in July 2023. Total sales for MH & ICV Domestic & International Business in July 2024, including trucks and buses, stood at 11,886 units compared to 13,830 units in July 2023.
Total PV domestic sales (including EVs) came in 44,725 units, posting a degrowth of 6 per cent.
Tata Motors on Thursday posted its fiscal first quarter profit at Rs 5,566 crore, recording a growth of 73.8 per cent in comparison to Rs 3,203 crore during the corresponding quarter of FY24. It posted revenue from operations at Rs 108,048 crore, up 5.7 per cent as against Rs 102,236 crore during the same period last year. The company EBITDA stood at Rs 15,785 crore, up 19 per cent.
Zomato on Thursday posted its fiscal first quarter earnings with profit at Rs 253 crore, posting a growth of 12550 per cent in comparison to Rs 2 crore recorded during the corresponding quarter of FY24. It posted revenue from operations at Rs 4,206 crore, up 74.1 per cent as against Rs 2,416 crore during the same period of previous fiscal year.
The food delivery platform posted gross order value (GOV) growth across its B2C businesses (food delivery, quick commerce and going-out) at Rs 15,455 crore, up 53 per cent YoY. Meanwhile, food delivery GOV grew by 27 per cent on-year, quick commerce GOV posted growth of 130 per cent YoY and going-out GOV increased by 106 per cent YoY.
The company’s B2B business Hyperpure’s revenue grew by 96 per cent YoY with improving profitability.
Gautam Adani, Chairman, Adani Group, said, “Adani Enterprises Ltd (AEL) is further expanding its position as India's leading business incubator and a global model in infrastructure development. The substantial growth in our EBITDA, driven by the exceptional performance of the ANIL ecosystem, our airport operations and our road construction business, underscores our commitment to operational excellence and sustainable value creation. The combination of best-in-class management practices, state-of-the-art technologies, high ratings and fully-funded growth strategies, ensures that AEL continues to set new national and international benchmarks."
Adani Enterprises on Thursday recorded its fiscal first quarter profit at Rs 1454.50 crore, posting a growth of 115.8 per cent in comparison to Rs 673.93 crore during the corresponding quarter of FY24. It posted revenue from operations at Rs 25,472.40 crore, up 12.5 per cent as against Rs 22,644.47 crore reported during the same period of previous fiscal year, driven by strong operational performance by ANIL Ecosystem and Airports. The company EBITDA stood at Rs 3,705 crore, up 47 per cent on-year.
Consumer care business: Rs 2,567.18 crore
Food business: Rs 703.19 crore
Retail business: Rs 29.59 crore
Other segments: Rs 40.14 crore
FMCG major Dabur India on Thursday recorded a profit growth of 7.8 per cent on-year for the first quarter of FY25 at Rs 500.12 crore in comparison to Rs 463.88 crore posted during the corresponding quarter of FY24, in line with expectations. It posted revenue from operations at Rs 3,349.11 crore, up 7 per cent as against Rs 3,130.47 crore during the same period of previous fiscal year. The company
Harsha V Agarwal, Vice Chairman and Managing Director, Emami Limited, said, “I am very happy to announce a strong and profitable growth this quarter, highlighted by robust domestic volume growth of 8.7%, a befitting start to the new financial year as we celebrate our 50th Anniversary. Our summer portfolio performed exceptionally well, led by the stellar performances of our power brands, Navratna and Dermicool. Modern trade, e-commerce, and institutional channels continued to post strong growth in the Domestic business and our International Business also witnessed impressive growth of 11% in constant currency driven by the MENA and SAARC regions. As we move forward, we remain committed to delivering sustainable and profitable volume-led growth.”
Emami Ltd on Thursday released its quarter earnings for the first quarter of FY25 with profit at Rs 152.64 crore, up 10.8 per cent in comparison to Rs 137.72 crore during the same period of last year. It posted revenue from operations at Rs 906.07 crore, up 9.7 per cent as against Rs 825.66 crore recorded during the June quarter of FY24. The company EBITDA stood at Rs 216.5 crore, up 14 per cent YoY.
While the domestic business of the company grew by 10 per cent with a volume growth of 8.7 per cent, international business was up 11 per cent in constant currency.
Orient Electric Ltd on Thursday posted its fiscal first quarter earnings with profit at Rs 14.34 crore, down 27.2 per cent in comparison to Rs 19.69 crore recorded during the corresponding quarter of FY24. It posted revenue from operations at Rs 754.86 crore, up 7 per cent as against Rs 705.63 crore during the same period of previous fiscal year. The company EBITDA stood at Rs 40 crore, down 9.5 per cent on-year.
The company’s electrical consumer durables segment posted a revenue of Rs 544.87 crore during the quarter and the lighting & switchgear category recorded a revenue of Rs 209.99 crore during Q1FY25.
GHCL Ltd on Thursday recorded a profit decline of 64.7 per cent during the first quarter of FY25 at Rs 150.63 crore in comparison to Rs 426.33 crore during the same period of previous financial year. It posted revenue from operations at Rs 830.49 crore, down 18.5 per cent on-year as against Rs 1,018.62 crore recorded during the same period last year. The company EBITDA stood at Rs 216 crore, down 27.7 per cent YoY.
Ashwani Gupta, Whole-time Director & CEO, APSEZ, said, “FY25 has begun on a strong note for us with stellar performance on both financial and growth fronts. On the financial front, we posted all-time high earnings. But for the temporary disruption in Gangavaram Port, which is now fully restored, our Q1 cargo volume would have been at 114.7 MMT, a 13% increase. On the growth front, we won two new port concessions and a port O&M contract. We are proud that four of our ports featured in World Bank’s Container Port Performance Index 2023.”
Adani Ports And Special Economic Zone Ltd on Thursday posted its fiscal first quarter earnings with profit at Rs 3,112.83 crore, reporting a growth of 47.2 per cent on-year in comparison to Rs 2,114.72 crore posted during the corresponding quarter of FY24. It posted revenue from operations at Rs 6,956.32 crore, up 11.3 per cent as against Rs 6,247.55 crore during the first quarter of previous fiscal year. The company EBITDA stood at Rs 4,847crore, up 29 per cent on-year.
Rajiv Rajgopal, Chairman and Managing Director, Akzo Nobel India Limited, said, “In the first quarter, we continued to deliver double-digit volume growth across our operating verticals driven primarily by B2B. Our gross margins expanded due to cost initiatives and sourcing efficiencies. We continued to invest in our brands and growth initiatives. These resulted in sustained double-digit profitability. We see an increase in the raw material costs in the second half of the fiscal. As a result, we are taking necessary pricing actions without losing competitiveness.”
Akzo Nobel India Limited on Thursday posted its fiscal first quarter profit at Rs 114.60 crore, up 4.3 per cent in comparison to Rs 109.90 crore recorded during the corresponding quarter of previous fiscal year. It posted revenue from operations at Rs 1036.30 crore, up 3.7 per cent as against Rs 999.20 crore during the same period last year. The company EBITDA stood at Rs 169 crore, up 4.2 per cent on-year.
Amit Anwani, Research Analyst, Prabhudas Lilladher Pvt Ltd, said, “We revise our FY25/26E EPS estimates by +38.0%/+32.4% factoring in better margin profile owing to operating leverage and upgrade the rating to ‘Hold’ from ‘Reduce’ with a revised TP of Rs1,601 (Rs1,100 earlier).”
“HVDC will continue to remain focused growth driver with 2 projects to be awarded in next 12-18 months. Company’s approach to selective high margin order booking and cost control initiatives are expected to yield better margins. Robust order book gives significant revenue visibility with further opportunities available in high growth sectors such as data centers. We believe 1) healthy order pipeline in power market, 2) robust order book (Rs63.4bn), and 3) management’s focus on margin improvement augurs well for strong revenue & profit growth,” he added.
Gaurav Jani, Research Analyst, Prabhudas Lilladher Pvt Ltd, said, “BOB saw a good quarter since NII/NIM, opex and asset quality were better. However, fees were lower which led to core PPoP miss of 2.6%. Adjusted for 13bps recovery impact in Q4FY24, reported margins improved by 4bps QoQ to 3.14% as (1) incremental loan growth was led by retail and (2) NIM dilutive corporate assets/liabilities were shed since the bank strategically wanted to improve balance sheet mix which led to muted loan/deposit growth at 9.0% YoY. However, the bank sounded confident of achieving a 12-14% loan growth for FY25E with deposit growth of 10-12%; LDR would remain between 80-82%. Due to better asset quality, provision guidance has been reduced to 75bps from 100bps. Strong LCR at 138% should suffice to absorb the impact of draft RBI circular.”
Analysts at ICICI Securities said, “Favourable CNG mix, we believe, helped Maruti Suzuki (MSIL) deliver a 110bps EBITDAM beat, up 12.7% in Q1FY25. EBITDAM was up 40bps QoQ vs. Street’s 11.6% with improved GMs (+120bps QoQ) driving the delta amid lower scale QoQ impacting other cost line-items. Better GMs were led by a favourable mix of CNG models, stable commodity prices and beneficial forex moves. ASP rose 4% QoQ despite blended discount escalating ~INR 7.2k/unit QoQ (INR 21.7k/unit) due to the higher CNG mix. MSIL’s Q1FY25 CNG mix was at 33% vs. 27% in FY24. We factor in ~2.2mn units for FY25E, 8% YoY growth and EBITDAM of ~12.2%.”
Today, companies like ITC, Tata Motors, Sun Pharmaceutical Industries, Adani Enterprises, Adani Ports and Special Economic Zone, Zomato, Dabur India, Max Healthcare Institute Limited, Kalyan Jewellers India, Aditya Birla Capital, Escorts Kubota, Emami, Akzo Nobel India, Welspun Enterprises, Arvind Fashions Limited, NIIT Learning Systems, and many others will announce their fiscal first quarter results.
With many like TCS, HCL Technologies, Infosys, Wipro, Tech Mahindra, Jio Financial Services, Nestle India, HUL, Nestle, Adani Wilmar, Maruti Suzuki, IOCL, HPCL, HDFC Bank, GAIL India, Axis Bank, SpiceJet, L&T, IGL, Infosys, M&M, Paytm, CEAT, DLF, and others already having released their Q1 results, the first quarter earnings season is now in full swing.
In this live blog, we, at FinancialExpress.com, will bring you all the updates on the first quarter earnings of companies across sectors and will also analyse these numbers with views from brokerage firms and analysts.
Stay tuned.