Q1 Results 2024: With majors like Tata Consultancy Services (TCS), HCL Technologies, Infosys, Wipro, Jio Financial Services, HUL, HDFC Bank, SpiceJet, Asian Paints, LTIMindtree, Infosys, Paytm, Kotak Mahindra Bank, CEAT, and many others already having released their Q1 results, the first quarter earnings season is now in full swing.
Today, Larsen & Toubro, Axis Bank, Bajaj Finserv, Jindal Steel & Power, Petronet LNG, Federal Bank, Hitachi Energy India, Indraprastha Gas, V-Guard Industries, Aditya Birla Sun Life AMC, Bikaji Foods International, Trident, Ramkrishna Forgings, Karnataka Bank, DCB Bank, and many others will report their first quarter results.
The ongoing week too will be in focus with market participants and investors keen on performance of players like Adani Green Energy Limited, Nestle India, DLF, Tech Mahindra, Canara Bank, Ashok Leyland, Mphasis, Cipla, IndusInd Bank, Punjab & Sind Bank, Piramal Pharma, ICICI Bank, Dr Reddy’s Laboratories, among many others.
N Venu, MD & CEO, Hitachi Energy India Ltd, said, “As the energy transition gathers pace, investments in the power sector - especially renewables continued to grow. This is reflected in our strong order intake and record order backlog which we are steadily converting to revenues through solid execution while keeping a close watch on costs. We are optimistic on ongoing market support, especially in our identified high growth segments - renewables, HVDC, data centers, electrification of transport, etc.”
During the quarter, the company recorded orders worth Rs 2,436.7 crore, more than double as compared to the same period last year. “Renewables led the charge – from studies across utilities and industries, to nearly 2.5GW of grid integration projects, along with several power quality projects. Expansion, upgrades and improved efficiency also resulted in orders from existing power plants. We also received orders from distribution utilities, for upgrade of digital solutions to provide better real time visibility and network management,” Hitachi Energy said in a statement. Service orders included GIS upgrades, Annual Maintenance Contracts and replacement equipment as well as overhaul of key transformer components.
Meanwhile, exports were up by around 47 per cent YoY. Orders for transformers, power quality technologies and other key products were booked from markets like Europe, Middle East, Australia and neighboring countries in South Asia. As of June 30, 2024, the order backlog stood at a record high of Rs 8,539.4 crore.
Hitachi Energy India Ltd on Wednesday recorded its first first quarter profit at Rs 10.42 crore, posting a jump of 332.4 per cent in comparison to Rs 2.41 crore reported during the corresponding quarter of FY24. It posted revenue from operations at Rs 1327.24 crore, up 27.6 per cent as against Rs 1040.06 crore during the same period of previous fiscal year. The company EBITDA stood at Rs 47.7 crore, up 41.5 per cent on-year.
SN Subrahmanyan, Chairman and Managing Director, said, “We have achieved steady growth across all financial parameters in Q1 FY 2024-25, despite the geopolitical situation across the globe. Amidst various transformational shifts happening worldwide, we are well-positioned to grasp these opportunities with our expertise in our traditional P&M business and technology driven new-age businesses. The Financial Services portfolio has achieved a remarkable transformation into Retail Finance with improved profitability. To enhance our presence in the Semiconductor sector, we have recently entered into a share purchase agreement with SiliConch Systems, a Bengaluru based chip design company.”
“As a testament to our exceptional credit quality and robust financial health, two coveted global credit rating agencies – S&P and Fitch – have assigned ‘BBB+’ rating to the company. This is two notches above the sovereign rating. Further, MSCI ESG Research has upgraded our ESG rating to ‘BBB’ for improved performance on Environment, Social & Governance parameters. The Union Budget released yesterday presented a detailed roadmap towards pursuit of a Viksit Bharat by 2047. With the expected policy continuation in India, the tailwinds in the Indian economic growth is likely to continue which will facilitate the Group to achieve its Lakshya 26 targets,” he added.
Larsen & Toubro received orders worth Rs 70,936 crore at the group level during Q1FY25, registering a YoY growth of 8 per cent aided by the strong ordering momentum in the Middle East. During the quarter, orders were received across multiple segments like Offshore vertical of Hydrocarbon business, Renewables, Transmission & Distribution, Roads, Nuclear Power, Hydel & Tunnel, Ferrous Metals, Health, and the Precision Engineering sectors, the company said in a regulatory filing.
International orders stood at Rs 32,598 crore during the quarter and it comprised of 46 per cent of the total order inflow. The consolidated order book of the group as on June 30, 2024, came in at Rs 490,881 crore.
Larsen & Toubro (L&T) on Wednesday recorded a profit growth of 11.7 per cent for the fiscal first quarter of FY25 at Rs 2785.72 crore as compared to Rs 2493.00 crore recorded during the corresponding quarter of FY24. It posted revenue from operations at Rs 55,119.82 crore, up 15.1 per cent as against Rs 47,882.37 crore posted during the first quarter of previous financial year, with robust execution witnessed in the Projects & Manufacturing (P&M) portfolio on the back of a large order book. International revenues during the quarter stood at Rs 26,248 crore and it constituted 48 per cent of the total revenues.
The company EBITDA stood at Rs 5615.3 crore.
CNG: Rs 2987.22 crore
LNG: Rs 2.25 crore
PNG: Rs 887.65 crore
Indraprastha Gas Ltd on Wednesday posted fiscal first quarter profit at Rs 480.22 crore, down 8 per cent in comparison to Rs 521.99 crore during the corresponding quarter of FY24. It posted revenue from operations at Rs 3891.47 crore, up 3.4 per cent as against Rs 3761.85 crore recorded during the first quarter of previous financial year.
Axis Bank added 50 branches during the quarter, taking its overall distribution network to 5,427 domestic branches and extension counters along with 182 BCBO’s situated across 2,987 centres as at June 30, 2024. As on June 30, 2024, the Bank had 15,014 ATMs and cash recyclers spread across the country. The Bank’s Axis Virtual Centre is present across six centres with over 1,600 Virtual Relationship Managers.
Axis Bank reported gross NPA at 1.54 per cent during Q1FY25 as against 1.96 per cent during the same period last year. The net NPA came in at 0.34 per cent during the quarter in review as against 0.41 per cent recorded during Q1 of FY24. Recoveries from written off accounts for the quarter was Rs 591 crore.
The Bank in the quarter wrote off NPAs aggregating Rs 2,206 crore.
Axis Bank’s balance sheet grew by 13 per cent on-year at Rs 14,68,163 crore as on June 30, 2024. The total deposits rose by 13 per cent YoY. The share of CASA deposits in total deposits stood at 42 per cent. On QAB basis, total deposits grew 14 per cent YOY, within which savings account deposits grew 3 per cent YOY, current account deposits grew 8 per cent YOY; and total term deposits grew 21 per cent YOY. The Bank’s advances grew 14 per cent YOY to Rs 9,80,092 crore as on June 30, 2024.
Provision and contingencies for Q1FY25 stood at Rs 2,039 crore. Specific loan loss provisions for Q1FY25 stood at Rs 2,551 crore. The Bank holds cumulative provisions (standard + additional other than NPA) of Rs 11,732 crore at the end of Q1FY25.
Axis Bank on Wednesday recorded a profit of Rs 6034.64 crore for the first quarter of FY25, up 4.1 per cent in comparison to Rs 5797.10 crore posted during the corresponding quarter of FY24. The private sector bank recorded a total interest earned during the quarter at Rs 30.06 thousand crore. NII for Q1FY25 stood at Rs 13,448 crore.
SBI Life Insurance Company has a distribution network of 327,038 trained insurance professionals consisting of agents, CIFs and SPs along with widespread operations with 1,062 offices across the country. Its distribution network consists of a strong bancassurance channel, agency channel and others comprising corporate agents, brokers, micro agents, common service centers, insurance marketing firms, web aggregators and direct business.
APE channel mix for Q1FY25 is bancassurance channel 59 per cent, agency channel 30 per cent and other channels 11 per cent.
SBI Life Insurance Company reported a profit of Rs 519.52 crore for the first quarter of FY25, recording a growth of 36.3 per cent as against Rs 381.04 crore during the corresponding quarter of previous financial year. It posted net premium income at Rs 15.11 thousand crore, up 15.3 per cent on-year in comparison to Rs 13.10 thousand crore during the first quarter of FY24.
The company posted private market leadership in NBP of Rs 7.03 thousand crore, up 13 per cent; and private market leadership in individual NBP of Rs 4.75 thousand crore, up 17 per cent. Annualized Premium Equivalent (APE) stood at Rs 3.64 thousand crore.
Mithun K Chittilappilly, Managing Director, V-Guard Industries Ltd, said, “The business has delivered strong topline growths in electronics and consumer durables segments led by strong demand for summer products. Wires which is the largest category under the electricals segment was impacted by trade de-stocking due to the softening of copper prices in June. Overall, we witnessed a good performance by all our regions, with the contribution from non-South markets to total revenue exceeding 50% during the quarter. Gross margins continue to improve with the benefit of softening commodity prices and various pricing and cost effectiveness initiatives flowing through. We continue to deliver robust cash flows through effective management of working capital. The year has started well and we are optimistic about delivering a good performance in coming quarters.”
V-Guard Industries Ltd on Wednesday posted Q1FY25 profit at Rs 98.97 crore, up 54.1 per cent in comparison to Rs 64.22 crore during the first quarter of previous financial year. It posted revenue from operations at Rs 1477.10 crore, up 21.6 per cent as against Rs 1214.76 crore recorded during the first quarter of FY24. The company EBITDA stood at Rs 155.7 crore, up 48.4 per cent on-year.
Industrial Systems: Aggregate sales for the quarter were at Rs 1,357 crore recording a growth of 8 per cent YoY. PBIT was at Rs 182 crore (13.4 per cent of sales). Unexecuted Order Book as at June 30, 2024 was 20 per cent higher YoY at Rs 2,451 crore.
Power Systems: Aggregate sales for the quarter were at Rs 750 crore, recording a growth of 47 per cent YoY. PBIT was at Rs 149 crore. Unexecuted Order Book as at June 30, 2024 was 60 per cent higher YoY at Rs 4,603 crore.
CG Power and Industrial Solutions Ltd recorded its first quarter profit for FY25 at Rs 241.14 crore, up 18.4 per cent in comparison to Rs 203.71 crore recorded during the first quarter of previous fiscal year. It posted revenue from operations at Rs 2227.52 crore, up 18.9 per cent as against Rs 1874 crore during Q1FY24. The company EBITDA stood at Rs 327 crore, up 23 per cent on-year.
Rane (Madras) Ltd recorded its fiscal first quarter profit at Rs 3.41 crore, recovering from a loss of Rs 14.47 crore recorded during the first quarter of the previous fiscal year. It posted revenue from operations at Rs 522.01 crore, down 11.3 per cent in comparison to Rs 588.34 crore during the same period last year. The company EBITDA stood at Rs 40.4 crore, down 4.5 per cent on-year.
Textile business:
Revenue: Rs 2387.30 crore; up 17.2% YoY
EBITDA: Rs 348.40 crore; up 11.6% YoY
Flooring business:
Revenue: Rs 227.80 crore; up 1.2% YoY
EBITDA: Rs 21.00 crore; up 14.9% YoY
BK Goenka, Chairman, Welspun Group, said, “The company continues to deliver strong performance in Q1FY25 with a growth of 17% YoY, with sustainable EBITDA. Despite the Red sea issues and mixed global macroeconomic conditions, our exports have grown by 20% YoY, clearly out-performing the industry. All our Emerging businesses, which are our pillars of growth, have shown promising results during the quarter. It is also heartening to see the Flooring business continuing to show a profitable growth with QoQ higher capacity utilisation. The Domestic Consumer business has shown resilience in the face of challenging demand scenarios in the Indian retail market and continued to be the leading Home Solution brand in India, increasing our presence in 21000+ stores and 39 EBO’s across India.”
Welspun Living Ltd on Wednesday recorded its fiscal first quarter profit at Rs 185.51 crore, up 14.8 per cent in comparison to Rs 161.60 crore recorded during the corresponding quarter of FY24. It posted revenue from operations at Rs 2536.49 crore, up 16.1 per cent as against Rs 2184.05 crore during the first quarter of previous financial year. The company EBITDA stood at Rs 342 crore, up 10 per cent on-year.
Bajaj Finserv on Wednesday reported its fiscal first quarter earnings with profit at Rs 2137.70 crore, up 10 per cent in comparison to Rs 1942.63 crore recorded during the first quarter of FY24. It posted a total income of Rs 31,480.14 crore during Q1FY25, up 35.2 per cent as against Rs 23,279.98 crore during the first quarter of previous financial year. In a regulatory filing, the company said that Q1 was a strong quarter for growth across all our major businesses. Risk metrics, however, varied across segments and our companies focused on balancing risk with growth, it added.
Federal Bank has 1518 banking outlets and 2041 ATMs and Cash Recyclers as on 30th June 2024.
Shyam Srinivasan, Managing Director and CEO, Federal Bank, said, “I am encouraged that we have had a resoundingly strong start to FY 25 and delivered our highest ever quarterly profits. With an industry leading growth in both deposits and assets we are gaining share consistently. Our overall focus of dialing up our physical and digital presence is helping us reach a larger footprint across India. It’s been a quarter where we recorded many firsts, however most noteworthy was the fact that our pioneering technology initiatives have been awarded by very reputed stakeholders.”
Federal Bank recorded a total business during the quarter at Rs 4,86,871.33 crore, up 19.92 per cent. The ROA for Q1 stood at 1.27 per cent and ROE stood at 13.64 per cent. Federal Bank’s total deposits increased by 19.58 per cent to Rs 2,22,495.50 crore as on June 30, 2024.
On the asset side, net advances came in at Rs 2,20,806.64 crore as on June 30, 2024. Retail advances grew by 19.75 per cent, business banking advances was up by 20.45 per cent, and commercial banking grew by 23.71 per cent.
Federal Bank on Wednesday posted its fiscal first quarter profit at Rs 1009.53 crore, up 18.2 per cent in comparison to Rs 853.74 crore recorded during the corresponding quarter of FY24. It registered total interest earned during the quarter at Rs 6330.88 crore, up 26 per cent as against Rs 5024.53 crore during the same period last year. Federal Bank posted Net Interest Income (NII) at Rs 2291.98 crore, up 19.46 per cent.
The Chemicals Business reported a decline of 11% in its segment revenue from at Rs 1,482 crore during Q1FY25 as against Rs 1,661 crore during first quarter of FY24. The operating profit of the Chemicals Business decreased 33% to Rs 306 crore in Q1FY25. The Specialty Chemicals Business faced headwinds in the quarter as the agrochemicals segment was sluggish due to inventory rationalization by certain key customers. The performance of the Fluorochemicals Business was affected due to low margin in the Chloromethanes segment.
The Packaging Films Business reported an increase of 22% in its segment revenue at Rs 1,336 crore during Q1FY25 as against Rs 1,095 crore during Q1FY24. The operating profit of the Packaging Films Business increased 69% to Rs 87 crore in Q1FY25.
The Technical Textiles Business reported an increase of 13% in its segment revenue from Rs 465 crore to Rs 525 crore during Q1FY25. The operating profit of the Technical Textiles Business increased 12% to Rs 68 crore. The Technical Textiles Business had a good performance, achieving the highest sales ever of Tyre Cord Dipped Fabrics.
The Other Businesses reported an increase of 6% in its segment revenue at Rs 126 crore in Q1FY25. The operating profit of the Other Businesses increased 2% to Rs 24 crore. Both the Coated and Laminated Fabrics Business performed well in a difficult market.
SRF Ltd reported its fiscal first quarter profit at Rs 252.22 crore, down 29.8 per cent on-year in comparison to Rs 359.29 crore recorded during the corresponding quarter of FY24. It posted revenue from operations at Rs 3464.12 crore, up 3.8 per cent as against Rs 3338.38 crore during the first quarter of FY24.
Ashish Bharat Ram, Chairman and Managing Director, said, “While this has been a weak quarter, it is on expected lines. We remain confident of a revival in the second half of this year."