Key Q4 Results Live Updates: With the likes of Maruti Suzuki, Wipro, Bajaj Finserv Infosys, TCS, HCL Technologies, HDFC Bank, Shriram Finance, Jio Financial, Reliance Industries, Tata Consumer Products, HUL, Axis Bank, ‘Vedanta, Tech Mahindra, Bajaj Finance having already released their earnings for the quarter ended March 31, 2024, the Q4 earnings season is now full swing. Market Participants are today keen on the performance of players like Varun Beverages, Zomato, Jindal Steel & Power, Aditya Birla Capital, Chalet Hotels, Sanofi India, Karur Vysya Bank, Inox India, among others. Meanwhile, the street is also keeping a watch on how stocks are performing for the companies that have already released their earnings for the period.
The week will witness announcements from the likes of Bharti Airtel, Siemens, Colgate Palmolive (India), Apollo Tyres, Mankind Pharma, ICRA, Mahindra and Mahindra, GAIL India, among others
Aditya Birla Capital’s health insurance business recorded gross written premium (GWP) growth by 36 per cent year-on-year to Rs 3,701 crore, with retail contributing 52 per cent of total GWP.
Aditya Birla Capital’s life insurance business recorded renewal premium growth of 24 per cent year-on-year to Rs 9,160 crore in FY24. The Individual First Year Premium (FYP) grew by 2 per cent year-on-year to Rs 3,074 crore in FY24.
Aditya Birla Capital’s mutual fund quarterly average assets under management (QAAUM) grew by 21 per cent year-on-year to Rs 3,31,709 crore for Q4FY24, with equity mix at 45.8 per cent. Individual monthly average assets under management grew by 23 per cent year-on-year to Rs 1,73,238 crore in Mar 2024. Profit before tax grew by 48 per cent YoY to Rs 268 crore in Q4FY24.
Aditya Birla Capital’s Housing Finance business recorded disbursements growth of 64 per cent year-on-year to Rs 2,933 crore in Q4FY24 and 59 per cent year-on-year to Rs 8,450 Crore in FY24. Loan portfolio grew by 33 per cent year-on-year to Rs 18,420 crore. The profit witnessed growth by 14 per cent on-year to Rs 95 crore in Q4 and 22 per cent year-on-year to Rs 376 crore in FY24.
Aditya Birla Capital’s NBFC business posted disbursements growth of 16 per cent year-on-year to Rs 18,123 crore in Q4FY24. Disbursements grew by 31 per cent year-on-year to Rs 64,387 crore in FY24. Loan portfolio grew by 31 per cent year-on-year to Rs 105,639 crore. Loans to Retail, SME and HNI customers constitute 67 per cent of the total loan portfolio. Profit before tax grew by 31 per cent year-on-year to Rs 794 crore in Q4FY24.
Aditya Birla Capital expanded its physical footprint with a pan-India presence of 1,474 branches across all businesses as of March 31, 2024. The branch expansion is targeted at driving penetration into tier 3 and tier 4 towns and new customer segments. During Q4 FY24, Aditya Birla Capital and Sunlife sold about 5 per cent and 6.5 per cent stake in ABSL AMC respectively through an offer for sale with the objective of meeting the minimum public shareholding requirement by October 2024.
Aditya Birla Capital continued to expand its footprint in the MSME segment through its comprehensive B2B platform, Udyog Plus, which has seen more than 8 lakh registrations till date. It offers paperless digital journey for business loans and loan disbursement of up to Rs 10 lakh. Udyog Plus has clocked disbursements of ~Rs 500 crore till date with ABG ecosystem contributing about two-thirds of the business. The total AUM of Udyog Plus has reached ~ Rs 250 crore till date.
Aditya Birla Capital Limited posted its consolidated revenue in Q4FY24 at Rs 12,079 crore, up 32 per cent on-year. Its FY24 revenue was at Rs 39,050 crore, up 30 per cent YoY. The consolidated profit after tax, excluding one-off items, grew 33 per cent year-on-year to Rs 812 crore in Q4FY24 and rose by 41 per cent year-on year to Rs 2,902 crore in FY24.
“The strong momentum across businesses led to a 31 per cent year-on-year and 8 per cent sequential growth in the overall lending portfolio (NBFC and HFC) to Rs 1,24,059 crore as on March 31, 2024,” the company said in a regulatory filing. The total AUM (AMC, life insurance and health insurance) grew by 21 per cent year-on-year to Rs 4,36,442 crore. The total premium (life insurance and health insurance) grew by 18 per cent year-on-year to Rs 20,961 crore in FY24.
“We could not have imagined the current state of all four of our businesses – food delivery, Blinkit, Going-out and Hyperpure. I think the team has executed phenomenally well over the last couple of years, and continues to stay (more or less) focused with their ears to the ground. Our journey in the last two years has, in so many ways, increased the expectations our stakeholders have from us and we will try our best to live up to them“ - Deepinder Goyal, Founder & CEO, Zomato.
“We believe that a business built on the back of great service quality is much tougher (and hence more defensible) than just offering lower prices. In March 2024, our average delivery time was 12.5 minutes. Besides delivering quickly, ~75% of our orders were delivered within two minutes of the promised time we showed to our customers and our accuracy on fulfilling items to customers was 99%+. This meant our service was fast, reliable and stood up to the promise we made to our customers,” said Albinder Dhindsa, Founder & CEO, Blinkit.
“ESOPs are important to help build a culture of long-term thinking and innovation and create a ‘founder mindset’ amongst senior employees, which ultimately drives the right outcomes for long-term shareholder value creation. Also, in people-dependent businesses like ours, where great execution and constant innovation are the only determinants of survival, ESOPs are a great way to drive the high-performance culture that we thrive on,” said Akshant Goyal, CFO, Zomato.
Blinkit posted its fourth quarter revenue at Rs 769 crore, up 111.8 per cent in comparison to Rs 363 crore recorded during the same period last year. Blinkit EBIT was reported at Rs 2 crore as against EBIT loss of Rs 179 crore during Q4FY23.
Food delivery platform Zomato on Monday announced its fourth quarter earnings for the financial year 2023-24 with profit at Rs 175 crore in comparison to a loss of Rs 189 crore during the corresponding quarter of FY23. The company recorded revenue from operations at Rs 3562 crore, up 73.2 per cent on-year as against Rs 2056 crore during the same period last year. It posted EBITDA at Rs 86 crore versus EBITDA loss of Rs 226 crore during Q4FY23.
“TII demonstrated resilience, achieving a consistent growth in Consolidated Profits before tax, driven by a strategic focus on Cost Reduction Initiatives and operational efficiency through Kaizen improvements. Exports during the year have grown by 14%. Notably, our subsidiaries, CG Power and Industrial Solutions Ltd, as well as Shanthi Gears Ltd, sustained their impressive performance. CG Power & Industrial Solutions Limited secured approval from the Union Cabinet under India’s Semi-conductor scheme to establish an Outsourced Semiconductor Assembly and Test (OSAT) facility, with an investment of around Rs 7,600 crore over 5 years. This investment will be supported by Government Subsidies, Equity Contribution, and bank borrowings, with technology and Joint venture partnerships from Renesas Electronics Corporation, Japan, and Stars Microelectronics, Thailand. Additionally, TII and its subsidiary, TI Clean Mobility Private Limited, forged an agreement with GEF to raise Rs 580 crore through Compulsory Convertible Preference Shares.”
The Board approved long-term borrowing up to Rs. 350 crore by way of term loan and/or by way of issue of privately placed secured non-convertible debentures, in one or more tranches, if required, to meet the company's fund requirements for FY 2024-25.
Tube Investments of India Ltd reported its fourth quarter profit for the financial year 2023-24 at Rs 189.53 crore, down 39.2 per cent on-year in comparison to Rs 311.78 crore during the fourth quarter of FY23. It posted revenue from operations at Rs 4490.11 crore, up 18.9 per cent as against Rs 3777.57 crore during the corresponding quarter of previous year.
The board has also recommended a final dividend of Rs 1.50 per equity share of Re 1 each for the financial year ended 31st March 2024. “Together with the interim dividend of Rs 2 per share, paid on 21st February 2024, the total dividend for the financial year 2023-24 works out to Rs 3.50 per share. The said final dividend, if approved by the Members at the ensuing AGM, will be paid within 30 days from the date of the AGM (i.e., on or before 30th August 2024),” the company said in a regulatory filing.
“As we look ahead to FY25, we expect a return to growth and normalization in margins driven by the agchem market returning to normality. Further, our foremost priority remains to deleverage our balance sheet which we plan to achieve through operational cash flows, completion of rights issue, and pursuing capital raise opportunities within our platforms,” said Mike Frank, CEO, UPL Corporation Ltd.
Mike Frank, CEO, UPL Corporation Ltd, said, “We delivered significantly improved financial results in Q4 versus the two preceding quarters, inspite of the prevailing volatile and challenging market conditions. As compared to Q3, volumes recovered well and were in-line with LY, largely led by the strong performance of our high-margin differentiated and sustainable portfolio, which contributed 36% of crop protection revenue vs 29% LY.
“Our recent launches of Evolution, Feroce and Shenzi did exceedingly well, growing volumes by >50%. In addition, Europe and Rest of the World regions, had a strong performance posting double-digit growth. Contribution margins were in-line with last year, adjusted for the transitory impact of high-cost inventory liquidation and higher rebates to support channel partners. Our cost optimization efforts paid off as we reduced Q4 SG&A expenses by 17% YoY,” he added
UPL Limited on Monday announced its fourth quarter earnings for the financial year 2023-24 with profit at Rs 40 crore, down 94.9 per cent in comparison to Rs 792 crore during Q4FY23. It posted revenue from operations at Rs 14,078 crore, down 15 per cent as against Rs 16,569 crore during the corresponding quarter of last year. The company EBITDA stood at Rs 1,932 crore.
UPL Limited also recommended a dividend of 50 per cent, i.e., Re 1 per equity share on equity shares of Rs 2 each, subject to approval of members at the ensuing Annual General Meeting. The dividend will be paid / dispatched within 30 days of the Annual General Meeting, it said.
Ravi Jaipuria, Chairman, Varun Beverages Limited, said, “In-spite of delay in the holi festival by 17 days resulting in delayed seasonality cycle, we are pleased to report a reasonably strong overall operational and financial performance in the first quarter of the year. We achieved a consolidated sales revenue growth of 10.9 per cent with a break-up of volume growth of 7.2 per cent and net realization per case growth of 3.5 per cent in Q1, reflecting an improved product mix in India and higher contributions from international markets.”
Varun Beverages, one of the largest bottlers of PepsiCo products outside the US, on Monday announced its first quarter earnings for the calendar year 2024 with profit at Rs 547.98 crore, up 24.9 per cent in comparison to Rs 438.57 crore during the same period last year. It posted revenue from operations at Rs 4397.98 crore, up 11.3 per cent as against Rs 3952.59 crore during the same quarter the previous year. The company EBITDA stood at Rs 990 crore, up 24 per cent YoY.
JK Cement recorded its fourth quarter profit at Rs 219.68 crore, up 104.7 per cent in comparison to Rs 107.34 crore during the same period last year. It posted revenue from operations at Rs 3,105.8 crore, recording a rise of 11.8 per cent from Rs 2,777.9 crore during the corresponding quarter of the previous year. The company EBITDA stood at Rs 649.9 crore.
The company board recommended a dividend at the rate of Rs 15 per equity share (i.e. 150 per cent) and special dividend at the rate of Rs 5 per equity share (i.e. 50 per cent), taking overall dividend at the rate of Rs 20 i.e. 200 per cent per equity share of Rs 10 each (fully paid up) for the Financial Year 2023-24.
“DLPL posted a robust quarter, with revenue growing 11% YoY on the back of sample volume increasing 9% YoY and Swasthfit contributing 24% to the topline. DLPL’s focus and execution prowess on expanding its presence in Tier 3+ cities (bulk of expansion) is likely to support its high single-digit revenue growth in core markets (Delhi NCR). With pricing pressures abating, DLPL remains well positioned to capture the structural tailwinds enjoyed by the Indian healthcare industry. Strong balance sheet (net cash of Rs 8.7bn), and improving return ratios provide comfort on valuations.”
- Anshul Agrawal, Equity Research Analyst, Emkay Global Financial Services Ltd
BEML Limited reported Q4 earnings with profit at Rs 256.80 crore, up 62.9 per cent on-year in comparison to Rs 157.69 crore during the fourth quarter of FY23. It posted revenue from operations at Rs 1513.65 crore, up 9.1 per cent as against Rs 1387.94 crore during the same period last year. The company EBITDA stood at Rs 370.4 crore, up 29.2 per cent on-year.
The company board also recommended a final dividend of Rs 15.50 per equity share (i.e.155 per cent of paid-up share capital).