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.
JM Financial said, “HUL’s Jun-Q earnings print was tad better than expectation on profitability front. Volume growth at 4% was ahead of our estimate and step up vs trends seen in recent quarters – a function of volume uptick in Home-care (Fabric wash) and Skin Cleansing. F&R (subdued quarter for Tea & Horlicks) and Skincare (decline in mass skin care) performance was muted. Home-care portfolio remains relatively resilient in our view. Within BPC, premium portfolio continues to do well; recovery in mass-end (Soaps & Skincare) will be key monitorable and management is hopeful of the same led by initiatives around Soaps portfolio (new formulation & improved price value equation in mass-end) along with some signs of recovery in rural (which should aid recovery in mass skin care). On profitability front, with absence of pricing lever (expects low single digit growth in H2) & adjusting for one-off benefit in 2QFY24, EBITDA margin is likely to remain flattish on yoy basis for FY25E. However, over medium term, mgmt. expects modest improvement in EBITDA margin led by benefit of operating leverage, mix improvement and extracting synergies from Horlicks portfolio.”
Harshal Mehta, Research Analyst, Prabhudas Lilladher Pvt Ltd, said, “Mahindra Logistics’ (MLL) consolidated revenue was marginally lower at Rs14.2bn (PLe: Rs15.2bn) in Q1FY25, down 2% QoQ, led by sequential reduction in core 3PL (down 2% QoQ to Rs11.6bn) and B2B express (down 8% QoQ to Rs0.8bn) businesses. However, EBITDA margin expanded 80bps YoY to 4.7% (PLe: 4.1%), driven by strong performance in its 3PL business (base had a non-recurring expense of ~Rs170mn). Subsequently, consolidated EBITDA rose 17% QoQ to Rs663mn (PLe: Rs622mn). Thereby, consolidated PBT/PAT showed sequential improvement (Q1FY25 loss of Rs25mn/Rs78mn vs Q4FY24 loss of Rs92mn/Rs119mn).”
Thyrocare Technologies Ltd reported its fiscal first quarter earnings with profit at Rs 24.17 crore, up 39.7 per cent as compared to Rs 17.30 crore recorded during the corresponding quarter of FY24. It posted revenue from operations at Rs 156.91 crore, up 16.3 per cent as against Rs 134.89 crore during the same period of previous fiscal year.
Param Desai, Research Analyst, Prabhudas Lilladher Pvt Ltd, said, “Torrent Pharma’s (TRP) Q4FY24 EBITDA/PAT was largely in-line. Our FY25/ FY26E EBITDA broadly remains unchanged. TRP reported Rs 80bn (75% of total sales) worth of highly profitable branded formulation sales spread across India, Brazil and RoW markets. Curatio acquisition has been scaling up well with sharp margin improvement since acquisition. We expect 16% EBITDA CAGR and 30% PAT CAGR over FY24-26E with healthy return ratios of +30%. At CMP, stock is trading at 24x EV/EBITDA/41x P/E on FY26E.”
Torrent Pharma’s India revenues for the quarter came in at Rs 1635 crore, up 15% led by outperformance in focus therapies. Torrent’s chronic business grew at 14% vs IPM growth of 8%, driven by strong revival in cardiac divisions and continued traction in anti-diabetes (OAD) new launches.
Brazil revenues stood at Rs 196 crore, up 3%. Constant currency revenues came in at R$123 million, up 8%. Primary sales, it added, were impacted by severe floods in the province of Rio Grande do Sul in April and May 2024.
Germany revenues for the quarter came in at Rs 284 crore, up 10%. Constant currency revenues were at Euro 32 million, up 9%. Growth momentum, Torrent Pharma said, continues with incremental tender wins since the last five quarters.
US business recorded revenue Rs 259 crore, down 12%. Constant currency revenue came in at $31 million, down 13% compared to the same period in the previous year. Sequential quarter sales were at a similar level.
Torrent Pharmaceuticals Ltd reported a profit growth of 20.9 per cent on-year for the first quarter of FY25 at Rs 457 crore as against Rs 378 crore recorded during the corresponding quarter of previous financial year. It posted revenue from operations at Rs 2859 crore, up 10.3 per cent as against Rs 2591 crore during Q1FY24. The company EBITDA stood at Rs 904 crore.
Devendra Shah, Chairman of Parag Milk Foods, said, “I am elated to share that, we have delivered double digit volume growth across our Core Categories during the quarter, reflecting our brand strength and enhanced consumer reach. Our flagship brand “Gowardhan Ghee” has witnessed 2% improvement in its market share, and now commands 22% market share in the Branded Cow Ghee segment; while the trusted “Go Cheese” brand enjoys a strong and steady market share of 35% in the Cheese market.”
“The company has delivered a 550 bps expansion in its Gross margins and further continues to remain focused on sustainable profitable growth. The company focuses on product innovation leveraging its strong R&D capabilities. The foray into the traditional sweets category with brand “Gowardhan” is being well received and is expected to witness a full launch during the festivities. The company continues to strengthen its building blocks and is well poised to grow exponentially towards achieving Rs 10,000 crore turnover target,” he added.
Parag Milk Foods Ltd reported its first first quarter earnings with profit at Rs 27.30 crore, up 27.5 per cent in comparison to Rs 21.41 crore recorded during the first quarter of FY24. It posted revenue from operations at Rs 757.93 crore, marginally up from Rs 749.59 crore posted during the same period of previous financial year. The company EBITDA stood at Rs 55.8 crore, up 31.9 per cent on-year.
The average milk prices during Q1FY25 were at Rs 31 per litre, down 16 per cent YoY, while the company handled around 15.5 lac liters of milk per day, Parag Milk Foods said in a statement.
Hina Nagarajan, CEO & Managing Director, said, “We have commenced fiscal 2025 with a steady performance in the first quarter. Our renovation and innovation offerings are rolling out progressively with an encouraging response. Looking ahead, we remain focused on enhancing the long-term competitiveness of our portfolio, and to sustainably deliver in a soft demand environment and harness every opportunity to create long-term value for all our stakeholders.”
Consolidated net sales value (NSV) for Q1: Rs 2761 crore; up 3.5% YoY
Standalone net sales for Q1: Rs 2352 crore; up 8.3% YoY
The company’s prestige & above segment grew by 10.1 per cent and the net sales for the popular segment fell by 2.4 per cent on-year, as inflation continues to impact the price sensitive consumer of this segment.
United Spirits said that the prestige & above segment accounted for 87.8 per cent of net sales during the first quarter, up 1.4ppts over the prior year. The popular segment, meanwhile, accounted for 9.4 per cent of net sales during the first quarter.
United Spirits Limited, a subsidiary of Diageo, reported its fiscal first quarter profit at Rs 485 crore, up 1.7 per cent in comparison to Rs 477 crore recorded during the corresponding quarter of FY24. It posted revenue from operations at Rs 6238 crore, up 7.4 per cent as against Rs 5808 crore during the same period of previous fiscal year. The company EBITDA remained unchanged at Rs 713 crore.
Today, companies like 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.
Greetings! Welcome to this live blog where, we at FinancialExpress.com, will bring you all the updates on the fiscal first quarter performance of companies across sectors. We will bring updates on their performance as well as analyse the numbers posted by the firms.
Till now, majors like 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.