Jio Financial Q1 Results 2024 Live Updates: The first quarter earnings season started on July 8 with majors like Tata Consultancy Services (TCS) and HCL Technologies announcing their Q1 results. With this, India Inc is now all set to release their results for the quarter ended June 31, 2024. TCS and HCL Tech surpassed street expectations with a profit growth of 9 per cent and 20.5 per cent respectively.
Today, companies like Jio Financial Services, HDFC Life Insurance Company, HDFC Asset Management Company, Bank of Maharashtra, Hatsun Agro Products, Angel One, SpiceJet, Ganesh Housing Corporation, Benares Hotels, Udaipur Cement Works, among a few others, will announce their quarter earnings.
India Inc is expected to post good profit during Q1. IT companies are also expected to post a healthy performance driven by the improvement in demand environment and good deal execution, said a report by Kotak Institutional Equities. The report further stated that profits may stay flat YoY and drop by 10.7 per cent sequentially for the Nifty 50 set of companies. Further, the BSE-30 companies are expected to post growth in profit by 8.1 per cent on-year, but on quarter-on-quarter basis, there will be a drop of 8.4 per cent.
Besides, during this week, several major firms are to report their quarterly earnings. These include Reliance Industries, Infosys, Wipro, One97 Communications, Yes Bank, Kotak Mahindra Bank, Tata Technologies, among others.
“We are pleased to announce a strong financial performance in Q4 FY2024, with net profit surging sixfold to Rs 119 crore compared to the same quarter last year. The results reflect our relentless efforts to enhance operational efficiency and our commitment to turning around the company's fortunes. We are confident that SpiceJet is well-positioned to soar even higher in the coming quarters. As we move forward, we are exploring opportunities to raise fresh funds to further bolster our growth plans and take advantage of the burgeoning demand in the Indian aviation market. We are confident that with our robust strategy and dedicated team, we will continue to soar to new heights and create value for our stakeholders,” said Ajay Singh, Chairman and Managing Director, SpiceJet.
During the quarter, SpiceJet completed capital infusion aggregating to Rs 1,060 crore under a preferential issue. It also signed a settlement agreement at $22.5 million with Export Development Canada (EDC) to resolve $90.8 million (Rs 755 crore) in liabilities. It settled liabilities aggregating to over US$50 million with various lessors.
SpiceJet posted PAT for Q4FY24 at Rs 119 Crore, marking an increase from Rs 17 crore in Q4FY23, representing sixfold year-on-year growth. The company EBITDA (profit) came in at Rs 386 crore in Q4FY24 compared to Rs 344 crore in Q4FY23
During the quarter, SpiceJet achieved one of the highest Passenger Load Factors at 92 per cent.
During Q1FY25, Jio Financial Services announced the Beta launch of the JioFinance App. It also commenced the business of leasing AirFiber devices. The company also launched loan against mutual funds and auto and 2-wheeler digital insurance, during the quarter in review. Jio Financial recorded over 1 million CASA customers and approximately 0.5 million JioFinance App downloads since launch, it said in a regulatory filing. During this period, it also received approval from the Reserve Bank of India to operate as a core investment company.
Jio Financial Services on Monday released its fiscal first quarter earnings with profit at Rs 312.63 crore, down 5.8 per cent in comparison to Rs 331.92 crore during the corresponding quarter of FY24. It posted revenue from operations at Rs 417.82 crore, marginally higher than Rs 414.13 crore reported during the first quarter of FY24.
Hatsun Agro declared an interim dividend of Rs 6 per equity share (600 per cent) on the fully paid up equity shares of the face value of Re 1 per share. This is the first interim dividend declared by the Board for the financial year 2024-25, it said. “Fixed July 24, 2024 as the record date for the purpose of payment of interim dividend. The interim dividend will be paid on or before August 14, 2024,” the company said in a regulatory filing.
Hatsun Agro Product on Monday recorded a profit of Rs 130.54 crore for the first quarter of FY25, up 62.9 per cent in comparison to Rs 80.14 crore posted during Q1FY24. It posted revenue from operations at Rs 2,375.06 crore, u p 10.4 per cent as against Rs 2,150.64 crore during the corresponding quarter of FY24. The company EBITDA stood at Rs 330.3 crore, up 39 per cent on-year.
For the previous quarter, Jio Financial Services had reported a 6% quarter-on-quarter rise in its consolidated net profit at Rs 311 crore. On a standalone basis, the net profit stood at Rs 78 crore, as against Rs 71 crore in the previous quarter. The non-deposit taking NBFC in Q3FY24 had reported a 56% QoQ fall in its consolidated net profit at Rs 294 crore due to higher expenses and lower total income.
During Q4FY24, the total income stood at Rs 418 crore, higher than Rs 414 crore in Q3. Overall expenses rose by Rs 2 crore QoQ to Rs 101 crore.
Manish Chowdhury, Head of Research, StoxBox, said, “HDFC Life came out with a stable set of numbers, with consolidated net profit rising 15% in the quarter, meeting consensus estimates. The life insurer registered a substantial increase in the number of policies and witnessed an expansion in ticket size. As guided, the company achieved its stated full-year APE double-digit growth target by clocking a growth of 31% despite the budget changes affecting the high-ticket business. We expect the company to increase its VNB margin going forward, with its focus on growing its share in the Tier-2 and Tier-3 areas showcased through its new branch additions, mainly in the focus market. Also, the company will be leveraging Exide Life’s network, which will further enable it to penetrate the targeted markets while maintaining the quality of the business.
He further added that the key areas to monitor going forward include product-level growth, especially in protection products, and margin guidance for APE and VNB. “We believe the company’s counter-share in the parent and strong brand will help the company navigate industry headwinds and provide growth visibility going ahead,” he said.
HDFC Life Insurance Company on Monday reported its fiscal first quarter profit at Rs 478.97 crore, up 14.9 per cent in comparison to Rs 416.71 crore during the corresponding quarter of previous year. The company’s net premium income for the quarter stood at Rs 12,548.42 crore as against Rs 11,507.89 crore during the same period last year. The Assets Under Management (AUM), meanwhile surpassed Rs 3 lakh crore, reporting a growth of 22 per cent.
HDFC Asset Management Company Limited on Monday reported its fiscal first quarter earnings with profit at Rs 603.76 crore, up 26.5 per cent in comparison to Rs 477.41 crore during the first quarter of FY24. It posted revenue from operations at Rs 775.24 crore, recording a growth of 34.9 per cent as against Rs 574.54 crore during the same period last year.
Kumar Rakesh, Analyst – IT & Auto, BNP Paribas, said, “HCL Tech’s 1Q revenue decline was not as high as earlier feared. Also, HCL Tech now expects revenue growth in 2Q vs “soft” earlier, which is reassuring and suggests that the worst of the weakness is behind. While meeting the FY25 revenue and margin guidance is still heavily dependent on strong 3Q seasonality, a pick-up in deal wins in the coming quarters will help alleviate investor apprehensions. An attractive dividend yield, a solid execution track record and strong digital capabilities makes HCL Tech an attractive pick for the IT Services demand recovery, in our view. We tweak our FY25-27E earnings to bake in 1QFY25 results and management commentary.”
Ugro Capital Ltd on Monday said that its overall AUM for the first quarter of FY25 stood at approximately Rs 9,200+ crore compared to Rs 9,047 crore reported in Q4FY24 and Rs 6,777 crore in Q1FY24. It further added that the quarterly gross loan origination for Q1FY25 was over Rs 1,840 crore as against Rs 2,036 crore in Q1FY24. Borrowings from Banks and NBFCs, it said, constitute roughly 41 per cent and 10 per cent of its liability mix, respectively, while the rest are from DFIs (23 per cent), Capital markets (33 per cent, including 15 per cent on part of NCDs held by DFIs), and FIIs (7 per cent).
Bank of Maharashtra recorded a total business of Rs 476,447 crore, recording a growth of 13.43 per cent on-year. Total deposits during Q1FY25 stood at Rs 267,416 crore, up 9.43 per cent YoY. Of the total deposits, CASA stood at Rs 133,334 crore. The bank stated that the CASA stood at a level of 49.86 per cent of total deposit.
Bank of Maharashtra on Monday recorded its fiscal first quarter profit at Rs 1293.68 crore, up 46.6 per cent in comparison to Rs 882.49 crore during the same period last year. The bank’s NII was up 19.63 per cent on-year at Rs 2799 crore as against Rs 2340 crore during the same quarter of FY24. While the gross NPA stood at 1.85 per cent, net NPA came in at 0.20 per cent during the quarter in review.
This week, companies like Reliance Industries, Infosys, Wipro, One97 Communications, Yes Bank, Kotak Mahindra Bank, Bajaj Auto, Tata Technologies, Paytm, Havells India, Ceat, Shoppers Stop, JSW Steel, Bharat Petroleum Corporation, Patanjali Foods, among others will release their first quarter earnings.
Ganesh Housing Corporation Limited on Monday reported its fiscal first quarter earnings with profit at Rs 113.84 crore, down 29.4 per cent in comparison to Rs 161.34 crore during the same period of previous financial year. It posted revenue from operations at Rs 214.14 crore, down 20.8 per cent as against Rs 270.45 crore during Q1FY24. The company EBITDA stood at Rs 149 crore, down 31 per cent on-year.
Last week, Indian Renewable Energy Development Agency (IREDA) reported a net profit of Rs 383.69 crore in comparison to Rs 294.58 crore during the same period last year. The gross NPA at the end of the June quarter stood at 2.19 per cent from 2.36 per cent at the end of the March quarter. Net NPA also saw a marginal improvement to 0.95 per cent from 0.99 per cent in the March quarter.
HCL Tech reported its Q1 earnings last week. Despite the revenue decline, the company's performance exceeded Q1 expectations. “We believe this could support the company to achieve FY25 revenue guidance band of 3-5 per cent YoY CC,” said Pritesh Thakkar, Research Analyst, Prabhudas Lilladher Pvt Ltd.
“The anticipated Q1 performance impact was largely attributed to the project transitioning (BFSI) from onsite to offshore coupled with passing seasonal productivity commitment (concentrated on Mfg). Q2 would again have an adverse topline impact of 80bps (consolidated level) due to the JV divestment. Despite the fact, the management is confident of revenue growth both at consolidated level and in the Services segment in Q2. The management’s confidence is underpinned by earlier deal wins that have gone for executions, instead of building any optimism or constructive recovery on the discretionary spends. Additionally, the management anticipates sharp recovery within the ER&D space partly led by Q1 seasonal impact within Mfg and partly by anticipated growth recovery within ASAP after the Q1 trough,” said Pritesh Thakkar.
Prabhudas Lilladher is baking in USD revenue growth of 4.7 per cent and 10 per cent YoY with margin improvement of -20bps and 90bps for FY25E and FY26E, respectively.
Last week, IT major HCL Technologies released its fiscal first quarter earnings with profit growth of 20.5 per cent on year at Rs 4,257 crore. It had recorded a profit of Rs 3,534 crore during Q1FY25. It posted revenue from operations at Rs Rs 28,057 crore, which was up 6.7 per cent as against Rs 26,296 crore recorded during the first quarter of previous fiscal year.
Earlier last week, TCS recorded a profit growth of 9 per cent on-year at Rs 12,040 crore, compared to Rs 11,120 crore reported in the same quarter last year. It posted revenue from operations at Rs 62,613 crore for the April-June period. It recorded a growth of 5.4 per cent on-year. TCS’ revenue grew 1.9 per cent QoQ to USD7.51 billion, slightly surpassing expectations and largely backed by higher than estimated revenue contribution from the BSNL deal.
The first quarter results season has kickstarted with majors like Tata Consultancy Services (TCS) and HCL Technologies already having announced their first quarter results.
Today, companies like Jio Financial Services, HDFC Life Insurance Company, HDFC Asset Management Company, Bank of Maharashtra, Hatsun Agro Products, Angel One, SpiceJet, Ganesh Housing Corporation, Benares Hotels, Udaipur Cement Works, among others will announce their quarter earnings.