Q1 Results 2024: The first quarter earnings is now on full swing with majors like Tata Consultancy Services (TCS), HCL Technologies, Infosys, Wipro, Jio Financial Services, HUL, HDFC Bank, Axis Bank, SpiceJet, L&T, IGL, 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, Tech Mahindra, Nestle India, DLF, Adani Green Energy Limited, Canara Bank, Ashok Leyland, United Breweries, Mphasis, AU Small Finance Bank, PNB Housing Finance, Mahanagar Gas, Chalet Hotels, LT Foods, Westlife Foodworld, Mahindra Holidays and Resorts India, Glenmark Life Sciences, and many others will report their first quarter results.
The coming week too will be in focus with market participants and investors keen on performance of players like Adani Wilmar, Hindustan Petroleum Corporation, Pfizer, GAIL India, Indian Oil Corporation, Castrol India, Maruti Suzuki India, Tata Steel, Mankind Pharma, ITC, Tata Motors, Dabur India, State Bank of India, among many others.
United Breweries posed volume growth of 5 per cent during the quarter, despite capacity constraints and restrictions in operations due to elections.
The premium segment grew by 44 per cent in the quarter. Within the segment, the company witnessed strong growth for Kingfisher Ultra & Kingfisher Ultra Max and has continued to drive premium volume growth. “We continue to invest behind our brands and capabilities in combination with revenue management and cost initiatives. Investments in capex during the quarter were Rs 47 crore, primarily in supply chain initiatives to cater for future growth. We remain optimistic about the industry's long-term growth potential, driven by increasing disposable income, favorable demographics & premiumization,” it said in a statement.
Jupiter Wagons Q1FY25
-Total income up 19% at Rs 902.19 crore
-PAT at Rs 89.23 crore, up 9.9
-EBITDA up 32% to Rs 128.86 crore
-EBITDA margin improving to 14.4%, from 12.9% in Q1 FY24.
Vivek Lohia, Managing Director of Jupiter Wagons said, "Despite challenges from the general election and peak summer, we maintained a strong consolidated EBITDA margin of 15.5%."
United Breweries Limited (UBL), part of the HEINEKEN Company, on Thursday posted its fiscal first quarter profit at Rs 173.80 crore, up 27.5 per cent in comparison to Rs 136.34 core recorded during the corresponding quarter of FY24. It posted revenue from operations at Rs 5811.28 crore, up 10.8 per cent as against Rs 5243.01 croe during the first quarter of previous fiscal year. The company EBITDA stood at Rs 285.4 crore, up 27.9 per cent on-year.
The company recorded net sales growth f 9 per cent driven by 5 per cent volume growth, led by 44 per cent growth in the premium segment, further fueled by pricing.
The Ramco Cements Limited on Thursday recorded fiscal first quarter profit at Rs 36.57 crore, down 50.8 per cent in comparison to Rs 74.36 crore during the corresponding quarter of previous year. It posted revenue from operations at Rs 2,093.55 crore, down 6.8 per cent as against Rs 2,246.66 crore during the first quarter of FY24.
During Q1FY25, the sales volume was 4.36 million tons, compared to 4.30 million tons in the Q1FY24 with a marginal growth of 1 per cent in view of weak demand amid general elections. The cement capacity utilisation for the Q1FY25 was at 77 per cent.
Karthikeyan Natarajan, Executive Director and Chief Executive Officer, Cyient, said, “We secured five large deals this quarter across Connectivity, Aerospace and Sustainability. Our pipeline for the year remains strong, and we are committed to delivering Intelligent Engineering solutions for our customers. The new growth segments and Sustainability delivered growth YoY.”
Krishna Bodanapu, Executive Vice Chairman and Managing Director, said, “Cyient Group witnessed soft Q1 FY25 results, with Group quarterly revenue at $200.9 million, degrowth of 1.5% YoY in constant currency. Cyient’s Digital, Engineering and Technology (DET) business delivered revenue at $169.6 million, degrowth of 5.0% QoQ and degrowth of 3.6% YoY in constant currency. DET EBIT margin stood at 13.5%, declined by 260 bps YoY. We expect DET revenue growth for FY25 to be flattish YoY in constant currency terms due to the Q1 FY25 impact.”
“Our top customer engagement as well as our FY24 exit order intake grew double-digit YoY. We won 5 large deals in DET with a total contract potential of $52.4 Mn in this quarter. With this, we are confident that we have taken steps to align the supply to the demand. We believe this will translate into improved revenue realization and drive a sharp recovery of growth through the coming quarters.”
Cyient Limited on Thursday posted a profit decline of 14.4 per cent at Rs 143.90 crore for the first quarter of FY25 as compared to Rs 168.10 crore during the corresponding quarter of previous financial year. It posted revenue from operations at Rs 1675.70 crore, marginally lower than Rs 1686.50 crore recorded during the first quarter of FY24. The company EBIT stood at Rs 199.2 crore, down 25.7 per cent on-year.
Tech Mahindra recorded a total headcount of 147,620, which increased by 2165 from the previous quarter and was down by 677 as compared to Q1 of FY24.
Rohit Anand, CFO, Tech Mahindra, said, “The Q1 results are a positive start both for the current turnaround year as well as for our medium-term strategy. As we mentioned in our strategic priorities, our focus continues to be on investing in the business for long-term sustainable performance.”
Mohit Joshi, Chief Executive Officer and Managing Director, Tech Mahindra, said, “It is encouraging to see positive momentum in most industry verticals which has led to revenue growth and margin expansion in an otherwise seasonally weak quarter. We continue to focus on execution and are on track to achieve our stated goals for FY27.”
Tech Mahindra on Thursday recorded its fiscal first quarter profit at Rs 851.50 crore, up 23 per cent in comparison to Rs 692.50 crore posted during the corresponding quarter of FY24, missing estimates. It posted revenue from operations at Rs 13,005.50 crore, down 1.2 per cent as against Rs 13159.00 crore during the same period of previous fiscal year. The company EBITDA stood at Rs 1102.3 crore.
Amit Jatia, Chairperson, Westlife Foodworld, said, “While the quarter's results reflect the ongoing challenges in the operating environment, we remain focused on driving guest count and spearheading innovation to fuel our recovery. We are optimistic by the gradual improvement in the overall eating out trend which bolsters our confidence in our ability to deliver sustained, profitable growth going forward. Our relentless focus on innovation, digital transformation, and operational excellence will be the key strategic levers as we work to deliver long-term, sustainable growth and value creation for our stakeholders.”
Westlife Foodworld Limited (WFL), the owner-operator of McDonald's restaurants across West and South India, on Thursday reported its fiscal first quarter earnings with profit at Rs 3.25 crore, reporting a decline of 88.7 per cent in comparison to Rs 28.83 crore during the corresponding quarter of FY24. It posted revenue from operations at Rs 616.33 crore, marginally higher than Rs 614.54 crore recorded during Q1FY24. The company EBITDA stood at Rs 78.7 crore, down 24.5 per cent YoY.
Dr Satyanarayana Chava, Founder & Chief Executive Officer, said, “We have begun FY2025 on a positive note, sustaining momentum in our key CDMO clinical projects and demonstrating resilience in financial health. We are leveraging power of our comprehensive technology platform & commercial excellence to advance manufacturing of several clinical programs and maximising the value impact of our integrated model. Q1 results are on expected lines, supported from strong growth in Oncology API and firm demand in ARV offset by slightly subdued performance in other divisions. We have important opportunities ahead of us especially within CDMO division, and we are highly focused on allocating resources and realising them starting H2.”
Laurus Labs Ltd on Thursday recorded profit at Rs 12.51 crore for the first quarter of FY25, down 49.7 per cent in comparison to Rs 24.85 crore recorded during the corresponding quarter of FY24. It posted revenue from operations at Rs 1194.91 crore, marginally higher than Rs 1181.79 crore during the same period or last fiscal year. The company EBITDA stood at Rs 171 crore.
Akriti Mehrotra, Research Analyst, StoxBox, said, “Despite challenges such as lower consumption growth and concerns over food inflation and fluctuating commodity prices, particularly in coffee and cocoa, Nestle India continues demonstrating resilient performance across multiple fronts. The company's strategic initiatives include enhancing rural penetration and increasing market share through the RURBAN program, a strong emphasis on innovation with numerous new product launches driving growth, and a strategy to elevate core categories like Maggi noodles through premiumization and differentiated offerings. Nestle's expansion into emerging categories such as Nespresso, Purina Pet Care, and Gerber's for toddler nutrition underscores its proactive approach to diversifying market presence.”
She further added that Nestle's renewed emphasis on the rapidly expanding nutraceutical portfolio, bolstered by the acquisition of Dr Reddy's, improves its prospects for long-term growth. “With these strategic initiatives firmly in place, Nestlé India is well-positioned to sustain growth, supported by robust operational strategies, a commitment to innovation, and expanding market reach,” she said.
Manoj Bhat, Managing Director and Chief Executive Officer, Mahindra Holidays & Resorts India Ltd, said, “Its been a robust quarter on multiple parameters. We have added new members at higher realization and now have 3 lakh plus members. We delivered 90% occupancy while being on track in terms of inventory expansion. Our profit margins expanded by 110 bps while standalone PAT grew 19%.”
Further, commenting on European operations, he added, "Holiday Club Resorts (HCR), our European Subsidiary, has delivered a stable performance despite the adverse macroeconomic situation. We continue to focus on improving operating metrics.”
Mahindra Holidays & Resorts posted member additions at 3,692 during the quarter and the membership sales value stood at Rs 182 crore, up 3 per cent YoY. It further said that the cumulative member base grew to more than 3 lakh.
Further, during the quarter, resort occupancy remained stable at 90 per cent on an expanded inventory base. Mahindra Holidays also said that it commenced operations at two resorts with approximately 200 keys. Also, one new expansion project commenced at Jaipur in addition to two ongoing Greenfield projects at Ganpatipule, MH and Theog, HP and one expansion project at Kandaghat, HP.
Mahindra Holidays & Resorts India on Thursday recorded a multi-fold jump in its fiscal first quarter profit at Rs 5.89 crore. It posted 3172.2 per cent growth in profit from Rs 0.18 crore recorded during the corresponding quarter of FY24. The company posted revenue from operations at Rs 652.86 crore, up 6.3 per cent as against Rs 614.31 crore during the first quarter of previous fiscal year. The company EBITDA stood at Rs 105.5 crore, up 25.7 per cent on-year.
Canara Bank has 9623 branches, out of which 3106 are rural, 2760 semi urban, 1914 urban & 1843 metro along with 10014 ATMs. The Bank also has 4 overseas branches in London, New York, Dubai and Gift City.
Canara Bank reported gross NPA ratio at 4.14 per cent as at June 30, 2024 from 5.15 per cent during the same period last year. Net NPA ratio came in at 1.24 per cent as against 1.57 per cent as at June 2023. Provision Coverage Ratio (PCR) stood at 89.22 per cent as at June 2024 against 88.04 per cent as at June 2023.
Global Business: Rs 23,10,350 crore; up 11.07% YoY
Global Deposits: Rs 13,35,167 crore; up 11.97% YoY
Global Advance (gross): Rs 9,75,183 crore, up 9.86% YoY
Domestic Deposit: Rs 12,31,184 crore; up 11.47% YoY
Domestic Advances (gross): Rs 9,20,334 crore; up 9.17% YoY
Canara Bank on Thursday recorded fiscal first quarter earnings with standalone profit at Rs 3,905.28 crore, up 10.5 per cent in comparison to Rs 3,534.84 crore recorded during the corresponding quarter of previous financial year, missing estimates. The net interest earned was at Rs 28,701.35 crore, up 14.8 per cent as against Rs 25,004.07 crore during Q1FY24. The Bank recorded Net Interest Income (NII) at Rs 9,166 crore
On a consolidated basis, Q1 profit was at Rs 3,977.22 crore, up 11.3 per cent as against Rs 3,573.50 crore during the same period last year.
LT Foods also announced the re-appointment of Vijay Kumar Arora as the managing director of the company, effective from September 28, 2024, for a period of five years till September 27, 2029. Vijay Kumar Arora is an Alumni of Harvard Business School and a Commerce graduate. He has more than 41 years of rich experience in running the company’s business which includes driving the strategy, business performance, operations, finance and marketing. He is also responsible for business’ strategy and global expansion.
The board of directors of the company also approved the payment of a second interim dividend of Rs 0.50 per equity share of face value of Re 1 each for the financial year ended 2024-25 and have fixed August 6, 2024 as the record date for determining the shareholders who will be entitled to the said dividend.
LT Foods on Thursday posted a profit of Rs 155.29 crore for the first quarter of FY25, up 13 per cent in comparison to Rs 137.44 crore recorded during the corresponding quarter of FY24. It posted revenue from operations at Rs 2070.51 crore, up 16.4 per cent as against Rs 1778.08 crore posted during the same period of previous fiscal year. The company EBITDA stood at Rs 241 crore, up 13 per cent on-year.
“SBI Life Insurance Company (SBIL) reported a healthy value of new business (VNB) growth of ~12% yoy to Rs 9.7 billion whereas the annualized premium equivalent (APE) grew by ~20% yoy to Rs 36.4 billion in 1QFY25. ULIP plans continued to improve their dominance in the overall portfolio mix with a share of ~61% of APE whereas the share of protection plans remained sluggish at ~8% of APE. Banca channel contributed ~59% to the APE channel mix, down from 65% in 1QFY24, as it grew at a slow pace of ~9% yoy while the agency business grew by ~45% yoy. The company is in talks with its bancassurance partners led by State Bank of India or SBI to improve product reach,” analysts at InCred Equities said.
“We like SBIL for its leadership strength and superior operating efficiency. However, we remain concerned over the slowing growth trajectory due to the levy of tax on maturity in the case of large-ticket premium products,” InCred Equities report stated.
Gross NPA ratio for the quarter ended June 30, 2024 was at 2.52 per cent as against 2.62 per cent for the first quarter of FY24. Net NPA, on the other hand stood at 0.41 per cent in comparison to 0.06 er cent for the same period last year.
Ujjivan Small Finance Bank on Thursday recorded its fiscal first quarter profit at Rs 301.08 crore, down 7.1 per cent in comparison to Rs 324.07 crore recorded during the corresponding quarter of FY24. The total interest earned during Q1FY25 was at Rs 1577.18 crore, up 22.6 per cent as against Rs 1286.88 crore during Q1FY24. The NII for the quarter stood at Rs 941.5 crore, up 18.8 per cent on-year.
Anand Rathi Research Team, said, “With revenue up 1.3% (vs. the Street’s 1.2% estimate) and volumes rising 4% (3%), HUL’s Q1 was broadly in line with estimates. Rural demand uptick, innovations (Lux & Lifebuoy launched on Stratos technology) and premiumisation (a 300bp rise in contribution in three years) aided Q1. Innovation in soaps (Stratos technology) looks promising and can drive better long-term margins, through less palm oil used. We believe the behemoth is being re-imagined under Rohit Jawa’s leadership, and are optimistic regarding higher, FY25, growth, though gradual.”