Q1 Results 2024 Highlights: Titan Ltd, the prominent jeweller and watchmaker, reported a 1% decline in standalone net profit for the June quarter, totaling Rs 770 crore compared to Rs 777 crore in the same period last year. This dip was attributed to a decrease in demand due to elevated gold prices. Despite the profit decrease, the company’s standalone revenue from operations increased by 10%, reaching Rs 11,105 crore in Q1FY25, up from Rs 10,103 crore in Q1FY24. Britannia also announced its quarterly earnings that fell short of market expectations, highlighting the challenges faced by major branded consumer goods companies amid fierce competition from smaller rivals offering more affordable alternatives.
Now today, companies like Hindustan Zinc, Titan Company, Britannia Industries, GlaxoSmithKline Pharmaceuticals, Delhivery, Kirloskar Brothers, IDFC, Zydus Wellness, Saregama India, Infibeam Avenues, NESCO, Samhi Hotels, SML Isuzu, Taj GVK Hotels & Resorts, NIIT, Mafatlal Industries, LIC Housing Finance, and many others reported their quarter earnings.
This weekend too will remain a busy day in terms of companies announcing Q1 earnings. Market participants and investors, this weekend, will be 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.
Titan Ltd today reported a slight decline in standalone net profit for the June quarter, falling 1% to Rs 770 crore from Rs 777 crore a year earlier, due to reduced demand caused by higher gold prices. Conversely, the company saw a 10% increase in standalone revenue from operations, reaching Rs 11,105 crore in Q1FY25, up from Rs 10,103 crore in Q1FY24.
Britannia Industries' Q1 financial results are out. The company reported a net profit increase of 11% year-on-year, reaching Rs 506 crore, although it saw a 5% decline quarter-on-quarter. Revenue rose by 6% year-on-year to Rs 4,250 crore and increased by 4% from the previous quarter. EBITDA grew by 9% year-on-year to Rs 753 crore but fell by 4% compared to the previous quarter. The company's margins stood at 17.7%, up from 17.17% year-over-year, but down from 19.35% quarter-over-quarter.
Delhivery on Friday reported its fiscal first quarter earnings with profit for the period at Rs 54.36 crore, recovering from a loss of Rs 89.48 crore posted during the corresponding quarter of FY24. It recorded revenue from operations at Rs 2172.30 crore, up 12.6 per cent as against Rs 1929.78 crore during the first quarter of previous year. The company EBITDA stood at Rs 97 crore.
Rashesh Shah, Chairman, Edelweiss Financial Services Limited, said, “At Edelweiss, we reported an ex-Insurance PAT of Rs 107 crore. We continue to see healthy profitability and a stable trend in operating metrics across the businesses. Further, the balance sheet remains robust with all businesses being well capitalized. Customer reach experienced a 38% YoY surge, growing to 8.2 million, while customer assets grew by 13% YoY, reaching Rs 2.2 trillion. The quarter saw the businesses continue to showcase steady growth. Industry dominant Alternative Asset Management business showed a steady rise in its AUM, with a growth of 17% YoY to Rs 56,350 crore and 32% YoY growth in FPAUM to Rs 32,350 crore. Mutual Fund business recorded AUM growth of 24% YoY to Rs 1,36,000 crore and Equity AUM growth of 71% YoY to R 52,500 crore. The General Insurance business has recorded a 56% YoY growth in Gross Written Premium to Rs 236 crore, one of the fastest growing in the industry and the Life Insurance business increased its Gross Premium by 10% YoY to Rs 275 crore.”
Edelweiss Financial Services Ltd on Friday posted a profit of Rs 58.89 crore for the first quarter of FY25, recording a growth of 16.5 per cent in comparison to Rs 50.54 crore during the corresponding quarter of FY24. It posted revenue from operations at Rs 2,325.07 crore, up 17.5 per cent as against Rs 1,978.64 crore during the same period of previous fiscal year.
The company said that the customer reach expanded on the back of a retail scale up, growing 38 per cent YoY to 8.2 million. This has also aided a 13 per cent YoY growth in customer assets to Rs 2.20 lakh crore, led by the asset management businesses.
The company’s biscuit segment posted Q1 revenue at Rs 273 crore, up 23 per cent against Rs 223 crore in Q1FY24. The bakery segment’s revenue for Q1FY25 stood at Rs 154 crore, up 14 per cent against Rs 135 crore in Q1FY24.
Anoop Bector, Managing Director, said, “I am pleased to announce that we have achieved an impressive 17% year-over-year revenue growth, along with a strong 48% gross margin. Our strategic emphasis on premiumization and strong branding has positioned us to capture a greater market share. To reinforce our market position, we are dedicated to broadening our reach and enhancing our distribution network. We plan to extend our market presence by entering new regions and optimizing our distribution channels, ensuring our products are easily accessible to consumers across a wide range of locations.
Mrs. Bectors Food Specialities Ltd on Friday reported its fiscal first quarter profit at Rs 35.43 crore, up 1.7 per cent in comparison to Rs 34.85 crore recorded during the corresponding quarter of FY24. It posted revenue from operations at Rs 439.40 crore, up 17.4 per cent as against Rs 374.16 crore reported during the same period of previous fiscal year. The company EBITDA stood at Rs 64.1 crore, up 10.7 per cent YoY.
Bhushan Akshikar, Managing Director, GlaxoSmithKline Pharmaceuticals Limited, said,“We continue our growth momentum across General Medicines and Vaccines portfolios while maintaining profitability. As we celebrate hundred years of our operations in India, we remain committed to pursuing new growth opportunities, enhancing our leadership in key therapeutic areas and advancing our innovative omnichannel strategies to further enhance customer experience.”
Glaxosmithkline Pharmaceuticals Ltd on Friday recorded fiscal first quarter profit at Rs 182.33 crore, up 37.9 per cent in comparison to Rs 132.25 crore recorded during the corresponding quarter of FY24. It posted revenue from operations at Rs 814.65 crore, up 7 per cent as against Rs 761.66 crore during the same period of previous fiscal year. The company EBITDA stood at Rs 230.6 crore, up 60.1 per cent on-year.
Priyankar Biswas, Analyst – India Industrials, Logistics and Metals, BNP Paribas, said, “We expect volume accretion during 9MFY25 from Gopalpur (9mt for 9 months) and from resumption of operations at Gangavaram. Furthermore, strong container volume growth should sustain, which can help ADSEZ deliver 471mt of volumes in FY25 (in line with the 460-480mt guidance). The improvement in EBITDA margin of the acquired Karaikal port to 77% from 61% in 1QFY24 is a key positive. The 1QFY25 net debt-to-EBITDA ratio was 2.1x, down from 2.3x at end-FY24. This is below the management guidance of 2.2-2.5x for FY25. We believe this can compress interest costs even with capex at the upper end of the INR105-115b guidance. This also affirms our view that ADSEZ can turn around new acquisitions to deliver at least 16% ROCE in the long term.”
▪ Revenue at Rs 330 crore; up 13-14 per cent
▪ EBITDA at Rs 115 crore; up 30 per cent
Eris Lifesciences Ltd on Friday posted its fiscal first quarter profit at Rs 83.18 crore, down 12.3 per cent in comparison to Rs 94.86 crore recorded during the corresponding quarter of previous financial year. It posted revenue from operations at Rs 719.72 crore, up 54.2 per cent as against Rs 466.62 crore during the same period of FY24. The company EBITDA stood at Rs 250.1 crore, up 47 per cent on-year.
Mike Frank, CEO, UPL Corporation Ltd, said, “We continue to see strong fundamentals in the global crop protection market, with farmgate demand for our products at or above last year levels in most regions. Herbicides led the growth in North America, driven by glufosinate and clethodim. Our herbicide performance in Brazil also did well. Fungicides growth was led by higher volumes in Europe and North America. Revenue growth in our Natural Plant Protection (NPP) business was impressive, up 10% versus last year, driven by a strong performance in Europe, among other regions. Our contribution margin compressed by ~600 bps vs Q1FY24. This was primarily due to price decline, and partially offset with lower cost of goods. Increased freight costs and foreign exchange were also headwinds on margins this quarter. From an SG&A perspective, we continue to remain disciplined, and the organization is focused on making improvements in the operating model and driving efficiency throughout the enterprise.”
UPL Limited on Friday recorded a loss of Rs 384 crore during the first quarter of FY25 against a profit of Rs 166 crore during the corresponding quarter of previous year. It posted revenue from operations at Rs 9,067 crore, up 1.2 per cent as against Rs 8,963 crore during the same period of FY24, driven by 16 per cent increase in volumes, 14 per cent decline in price and a negative 1 per cent Fx impact. The company EBITDA came in at Rs 1,101 crore, down 13.5 per cent on-year.
Hindustan Zinc Ltd on Friday announced its fiscal first quarter earnings with profit for the period at Rs 2,345 crore, up 19.4 per cent in comparison to Rs 1,964 crore during the corresponding quarter of FY24. It posted revenue from operations at Rs 7,893 crore, up 11 per cent as against Rs 7,111 crore recorded during the same period of previous financial year. The company EBITDA stood at Rs 3,946 crore, up 18 per cent on-year.
Nesco Ltd on Friday posted a profit decline of 8.3 per cent for the fiscal first quarter of FY25 at Rs 69.79 crore in comparison to Rs 76.10 crore recorded during the corresponding quarter of previous fiscal year. It reported revenue from operations at Rs 141.35 crore, up 3.5 per cent as against Rs 136.59 crore during the same period of FY24. The company EBITDA, meanwhile, remained flat at Rs 86 crore YoY.
SML Isuzu Ltd on Friday posted its fiscal first quarter earnings with profit at Rs 46.39 crore, up 45.9 per cent in comparison to Rs 31.79 crore recorded during the corresponding quarter of FY24. It posted revenue from operations at Rs 746.10 crore, up 18.1 per cent as against Rs 631.61 crore during the same period of previous financial year. The company EBITDA stood at Rs 80.8 crore, up 74 per cent on-year.
TTK Healthcare on Friday reported its fiscal first quarter results with profit growth of 101.5 per cent at Rs 31.58 crore in comparison to Rs 15.67 crore recorded during the Q1 of previous financial year. It posted revenue from operations at Rs 207.90 crore, up 2.9 per cent as against Rs 202.12 crore during the corresponding quarter of FY24. The company EBITDA stood at Rs 6.8 crore, down 30.5 per cent on-year.
Analysts at Elara Securities, said, “Zomato reported healthy revenue growth across segments. The food business reported GOV/revenue growth of 26.6%/41.5% YoY. And the quick commerce business posted GOV/revenue growth of 130.0%/145.3%YoY. Guidance has been strong at: 1) 20-25% YoY GOV growth in the food segment in the next five years and 2) doubling quick commerce outlet count even post FY25, which could translate into a GOV CAGR of >70% in FY25-27E. Traction in other businesses – Hyperpure/Going Out – was healthy (respective revenue grew 96.4%/105.8% YoY). Take rates improved YoY for all B2C businesses; higher take rates in the food business was supported by: 1) better ad revenue and 2) higher platform fee. But take rate growth in the quick commerce was led more by: 1) improved product mix, 2) ad revenue and 3) delivery fee.”
Godrej Agrovet announced that the company has signed a definitive agreement with Tyson India Holdings Limited, an affiliate of Tyson Foods, Inc. to buy its 49 per cent stake in Godrej Tyson Foods Limited (GTFL), a subsidiary of GAVL. Following the completion of the transaction, GAVL will now hold 100 per cent stake in GTFL thereby further consolidating its business.
BS Yadav, Managing Director, Godrej Agrovet Limited, said, “Godrej Agrovet continued to demonstrate strong growth in profitability and margin expansion in the first quarter of FY25. The growth in profitability was mainly driven by robust volumes & improved realisations in the domestic Crop Protection business and margin expansion in Animal Feed and Dairy businesses.”
Talking about performance across business verticals, he said, “In the domestic Crop Protection business our segment margins improved significantly from 32% in Q1 FY24 to 45% in Q1 FY25 due to robust volume growth and higher realizations across most categories. In our Animal Feed business our segment margins improved remarkably due to favorable commodity positions while the volume growth was impacted due to subdued milk prices and lower placements. Profitability of the Dairy business improved significantly as compared to Q1 FY24 due to consistent improvement in operational efficiencies and improved milk spread. In our Poultry business, volumes from branded products increased by 17% year-on-year and revenues declined primarily due to lower volumes in live bird business as business continued to focus on branded products. Astec LifeSciences was adversely impacted by challenging market conditions. The continued pricing and demand headwinds in the enterprise products resulted in lower volumes and also necessitated write down of inventories. Vegetable Oil business suffered from fall in Fresh Fruit Bunch (FFB) arrivals and lower Oil Extraction Ratio (OER).”
Godrej Agrovet board approved an initial investment upto Rs 110 crore to set up a new feed plant in Maharashtra. The project is proposed to be funded through a mix of internal accruals and debt, it said.
Godrej Agrovet released its first quarter earnings for FY25 with profit at Rs 131.63 crore, up 22.9 per cent in comparison to Rs 107.08 crore recorded during the corresponding quarter of previous year. It posted revenue from operations at Rs 2,350.75 crore, down 6.4 per cent as against Rs 2,510.19 crore during the first quarter of previous financial year. The company EBITDA stood at Rs 226.2 crore, up 17.2 per cent on-year.
Zydus Wellness on Friday posted its fiscal first quarter earnings with profit at Rs 147.70 crore, 33.8 per cent in comparison to Rs 110.40 crore recorded during the corresponding quarter of previous financial year. It posted revenue from operations at Rs 841 crore, up 19.8 per cent as against Rs 702.10 crore posted during the first quarter of FY24. The company EBITDA stood at Rs 156 crore, up 35 per cent on-year.
For the first quarter, Zydus Wellness recorded its highest ever Q1 net sales growth of 20 per cent which stood at Rs 839.10 crore YoY. During the quarter, the company repaid its debt in full, thus de-leveraging its balance sheet and yet retaining its strong cash position at the quarter end.
Avarna Jain, Vice Chairperson, Saregama India, said, “FY25 has begun on a strong note with our new music release topping charts across different platforms and Punjabi films also getting an excellent response from the viewers. Diversification also gained momentum with successful live events and launch of third Saregama talent. We have another exciting fiscal year coming up expecting the company to gain new heights”.
Saregama India Ltd on Friday recorded its fiscal first quarter profit at Rs 36.92 crore, down 15.1 per cent in comparison to Rs 43.48 crore recorded during the corresponding quarter of FY24. It posted revenue from operations at Rs 205.28 crore, up 25.7 per cent as against Rs 163.34 crore during the same period of previous fiscal year. The company EBITDA stood at Rs 51.4 crore, up 3.4 per cent on-year.
The company said that the digital footprint across Saregama owned and controlled channels touched 262 million followers and subscribers across YouTube, Instagram and Facebook.
Analysts at InCred Equities, said, “Sun Pharmaceutical Industries’ (Sun Pharma) Q1FY25 performance was mixed, with a very strong show in India (+16% YoY) and muted US business. Global specialty sales stood at US$266m led by Levulan seasonality. EBITDA was 7% above our/consensus estimates but was partly driven by lower R&D expenses. R&D guidance stood at 8-10% of sales for FY25F, implying a sharp pick-up going ahead. The gross margin was down 120bp QoQ, partly explained by lower specialty revenue. India business did particularly well with a 16% YoY growth while emerging markets also grew at a healthy rate of 9% YoY. The weakness in the US business was largely on account of lower specialty sales and, may be, lower gRevlimid revenue (management highlighted no major contribution from the product during the quarter) – this was partly negated by market share gains in gPentasa and gCiprodex.”
Kalyan Jewellers India Ltd reported its fiscal first quarter earnings with profit at Rs 177.56 crore, up 23.7 per cent in comparison to Rs 143.55 crore recorded during the corresponding quarter of previous financial year. It posted revenue from operations at Rs 5535.48 crore, up 26.5 per cent as against Rs 4375.74 crore posted during the same period of FY24. The company EBITDA stood at Rs 376.1 crore, up 16.5 per cent on-year.
The company has 241 showrooms in India, including Candere stores and 36 showrooms in the Middle East. The company has a presence in 5 countries. Its total headcount is at 12,036.
Tausif Shaikh, India Analyst - Pharma and Healthcare, BNP Paribas India, said, “SUNP’s 1QFY25 PAT beat BBG consensus/BNPPEe by 9%/11%, due to better-than-expected EBITDA margin at 28.5% (aided by better gross margin), lower R&D costs and higher other income. Domestic revenue surprised positively with 16.4% y-y growth while global specialty products and US sales declined q-q by 2% each to USD466m and USD266m, respectively. SUNP has postponed the launch of Leqselvi (Deuruxolitinib) due to a case filed against it in the US. However, we remain confident of sales mix improvement and the earnings growth trajectory.”
“SUNP’s 1QFY25 revenue growth of 6% y-y was largely in line with consensus and our estimates but the sales mix was more favourable with domestic formulation revenue growth higher at 16.4% y-y while sales of US formulations and global specialty products fell by 2% each q-q. gRevlimid contribution was mostly similar to 4QFY24 levels and global specialty sales were hit by demand seasonality for LEVULAN while sales of other product were stable. EBITDA margin of 28.5% beat BNPPEe on higher gross margin, which we believe was due to higher domestic sales growth, and lower-than-expected R&D costs, which should rise in the coming quarter. R&D spend for global specialty products accounted for 45% of the overall R&D spend,” he added.