Q1 Results 2024: The first quarter earnings season has kickstarted already and India Inc is all set to release its results for the quarter ended June 31, 2024. Among IT companies, Tata Consultancy Services (TCS) was the first to report its Q1 results on July 11 with a net profit of Rs 12,040 crore, down 3.2 per cent in comparison to the March quarter. It reported revenue growth of 2.2 per cent QoQ at Rs 62,613 crore. TCS won deals worth $8.3 billion during the quarter.
Today, another IT major HCL Technologies is slated to release its quarter earnings and per analysts, is likely to report a decline of 2 per cent sequentially in its revenue in the June quarter on the back of a combination of annual productivity pass-backs to clients and planned ramp-downs in IT services. The average of five brokerage firms expect HCLTech’s revenue to fall to Rs 27,866 crore in the June quarter from Rs 28,499 crore in March quarter.
Besides HCL Tech, others like Indian Renewable Energy Development Agency, Oriental Hotels, Teamo Productions HQ, Gautam Gems, Golkonda Aluminium Extrusions, among others, will release their Q1 earnings today.
In terms of the IT sector, besides TCS and HCL Tech, other firms that will release their Q1 earnings this month are Infosys slated to report Q1FY25 numbers on July 18, Wipro on July 19, Tech Mahindra on July 25, and HCL Technologies on April 26.
Meanwhile, India Inc is expected to post good profit for the June quarter, with sectors like automobiles, banking, metals, capital goods and pharmaceuticals doing reasonably well during the period. Information technology (IT) players are also expected to chip in with a decent performance courtesy the improving demand environment and better deal execution, said Kotak Institutional Equities. For the Nifty 50 set of companies, profits may stay flat YoY and decline 10.7 per cent sequentially. For BSE-30 companies, the brokerage firm expects profits to go up by 8.1 per cent YoY, but fall 8.4 per cent sequentially. Continuing stability in the prices of generics in the US as also good growth in other markets is expected to boost the earnings of pharma majors.