Key Q4 Results Live Updates: With the likes of Wipro, Infosys, TCS, HDFC Bank, Jio Financial, Reliance Industries, already having released their earnings for the quarter ended March 31, 2024, the Q4 earnings season is now picking up pace. Investors are today keen on the performance of players like Tata Consumer Products, ICICI Prudential Life Insurance Company, Tata Elxsi, Mahindra & Mahindra Financial Services, Cyient DLM, Jindal Hotels, 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 Hindustan Unilever, Axis Bank, LTIMindtree, Nestle India, Tech Mahindra, Maruti Suzuki India, among many others.
Nelco Ltd approved the re-appointment of PJ Nath as the Managing Director & CEO of the company from 13th June 2024 to 28th February 2027, subject to approval of the shareholders of the company. His present tenure as a Managing Director & CEO will conclude on 12th June 2024.
PJ Nath joined the company on 21st February 2011 as Chief Executive Officer (CEO) and was appointed as Executive Director & CEO effective from 13th June 2012. He was re-designated as Managing Director & CEO effective from 1st June 2017.
During his career, he has worked in many different roles encompassing Sales, product management, customer support, project management, business head and CEO.
Nelco Ltd board recommended a final dividend of Rs 2.20 per share (22 per cent) (face value of Rs 10 each) for the financial year ended 31st March 2024 subject to the approval of the shareholders at the ensuing Annual General Meeting.
Nelco Ltd, a part of the Tata Group, reported profit for the fourth quarter of FY24 at Rs 6.10 crore, up 7.8 per cent in comparison to Rs 5.66 crore during the same period last year. It posted revenue from operations at Rs 81.61 crore, marginally lower than the Q4FY23 revenue of Rs 81.98 crore recorded during the fourth quarter of FY23. The company EBITDA stood at Rs 14.7 crore, down 12.5 per cent on-year from Rs 16.8 crore during the fourth quarter of previous year.
“Our outlook for FY25 continues to remain strong, we expect strong growth backed by order book and strong relationships with our key clients. Our focus will be on expanding our geographic footprint globally through inorganic expansion,” said Anthony Montalbano, CEO, Cyient DLM.
“We have added two new logos in A&D and won key large deals in FY24 and have a strong pipeline for the future years. During the year, the company inaugurated two new facilities, strengthening capabilities, and adding capacity. The Precision Machining facility in Bengaluru will cater to incremental demand from existing customers and will enable new opportunities and partnerships. The new EMS facility in Mysuru, to focus on growth in key segments like Medical and Industrial sectors,” said Anthony Montalbano, CEO, Cyient DLM.
Anthony Montalbano, CEO, Cyient DLM, said, "Cyient DLM business focus remains on strengthening our capabilities and expanding our customer base. The robust growth for this year was led by Aerospace and Defence (A&D) segments. Large deals in A&D constitute major portion of the order book and pipeline and are expected to contribute towards FY25 & FY26 growth."
Cyient DLM Ltd reported its fiscal fourth quarter profit at Rs 22.74 crore, up 80.6 per cent in comparison to Rs 12.59 crore during the same period last year. It posted revenue from operations at Rs 361.84 crore, up 30.5 per cent on-year as against Rs 277.36 crore during the fourth quarter of FY23. The company's EBITDA stood at 37.9 crore, up 18.8 per cent from Rs 31.9 crore during the fourth quarter of previous financial year.
Tata Consumer Products added 29 net new stores for Tata Starbucks during the fourth quarter and entered into 6 new cities. This year, it added, saw the highest store addition at 95 stores, taking the total number of stores to 421 across 61 cities.
“In India, we solidified our sales & distribution infrastructure; our total reach has expanded to 4 million outlets as of March ’24. We implemented split routes in all 1 million+ population towns and have seen significant improvement in assortment and growth. We are strengthening our Rurban focus and are deepening reach into rural areas. Alternate channels (modern trade and e-commerce) recorded significant momentum and continue to be strong growth drivers,” said Sunil D’Souza, Managing Director & CEO of Tata Consumer Products.
“We delivered good topline growth of 10 per cent in FY24, but importantly an EBITDA growth of 24 per cent and significant expansion in EBITDA margin. During the year, we recorded growth in India tea and salt businesses. Our premiumization agenda continues to progress well with the premium portfolio in both tea and salt showing good growth and contributing to an increasing share of the overall portfolio. Our growth businesses (Tata Sampann, RTD, Tata Soulfull, Tata SmartFoodz) continued their strong growth trajectory with a revenue growth of 40 per cent in FY 24.”
Tata Consumer Products board recommended a final dividend of Rs 7.75 per equity share of Re 1 each (775 per cent) for the financial year 2023-24. “The dividend, if approved by the members at the ensuing 61st Annual General Meeting, will be paid/dispatched (subject to deduction of tax at source) after the AGM and within 30 days of its declaration,” the company said in a regulatory filing.
Tata Consumer Products posted its fiscal fourth quarter earnings with profit at Rs 267.71 crore, down 22.5 per cent on-year in comparison to Rs 345.58 crore during the fourth quarter of FY23, missing estimates. It posted revenue from operations at Rs 3926.94 crore for the quarter ended March 31, 2024, up 8.5 per cent as against Rs 3618.73 crore during the same period last year.
Mahindra & Mahindra Financial Services witnessed a share price decline of over 7% in early trading on Tuesday following the revelation of a fraud worth Rs 150 crore detected at one of its branches in the North East region. Shares of Mahindra Finance plummeted by as much as 7.88% to Rs 256.85 apiece on the BSE.
Mahindra & Mahindra Financial Services has deferred its board meeting scheduled for today to consider the Q4 results to a later date as a fraud was detected at one of the company’s branches in the North East.
“In respect of retail vehicle loans disbursed by the company the fraud involved forgery of KYC documents leading to embezzlement of company funds. The investigations in the matter are at an advanced stage. The company estimates that the financial impact of this fraud is unlikely to exceed Rs150 crore,” it said in a regulatory filing. It further stated that investigations are underway and necessary corrective actions have been identified and at various stages of implementation, including arrest of few persons involved.
The new meeting date will be announced later.
Tata Consumer Products is expected to report Q4 results today. According to a CNBC TV18 poll, the company is estimated to post Q4 profit at Rs 315 crore, down from Rs 345.6 crore during the fourth quarter of FY23. It is expected to record revenue at Rs 3991 crore, up from Rs 3618.7 crore during Q4FY23. One of the important factors to track includes 2 months of Capital Foods acquisition which may reflect in results.
Swiss multinational pharmaceutical corporation Novartis AG reported total company net income at $2.7 billion in 2024 as compared to $2.3 billion in 2023. Net cash flows from operating activities for the total company amounted to $2.3 billion and free cash flow amounted to $2.0 billion. Net sales were $11.8 billion (+10 per cent, +11 per cent cc), with volume contributing 14 percentage points to growth.
Vas Narasimhan, CEO of Novartis, said, “Novartis continued our strong momentum with both sales growth and core margin expansion in Q1. Our performance was broad-based, across all key growth brands and geographies, allowing us to raise guidance for the full year 2024. We continued to advance our pipeline in Q1, with submission-enabling data for Scemblix first-line, Pluvicto pre-taxane and remibrutinib in CSU. The momentum in our business and pipeline gives us continued confidence in our mid- and long-term growth outlook.”