Tech Mahindra Reports Q1 Profit Decline, Tata Consumer Revenue Rises — Earnings Wrap
Here are the major earnings reported after market hours on Wednesday.
Tech Mahindra Ltd. reported a revenue and profit decline in the first quarter of fiscal 2024, underscoring the slowdown seen in the wider Indian IT services industry.
The Pune-based software service outsourcer's net profit declined 37.5% to Rs 703.6 crore vs Rs 1,125 crore in the January-March quarter, according to an exchange filing on Wednesday. Bloomberg estimated a net profit of Rs 1,146.9 crore.
Its revenue fell 4.07% from the fourth quarter of the previous fiscal to Rs 13,159 crore in the quarter ended June. Bloomberg consensus estimate of analysts showed a revenue of Rs 13,579.2 crore.
Private sector lender Axis Bank Ltd. reported a 40.5% year-on-year rise in net profit for the quarter ended June, due to higher core income and other income.
The lender's net profit rose to Rs 5,797 crore in the first quarter from Rs 4,125 crore reported a year ago. Core income, or net interest income, rose 27.44% year-on-year to Rs 11,959 crore. Other income also improved to Rs 5,087 crore, up 74% from a year ago.
Here are the major earnings reported after market hours on Wednesday:
Tech Mahindra: Q1 FY24 (Consolidated, QoQ)
Revenue down 4.07% at Rs 13,159 crore vs. Rs 13,718.2 crore (Bloomberg estimate: Rs 13,579.2 crore).
Net profit down 37.5% at Rs 703.6 crore vs. Rs 1,125 crore (Bloomberg estimate: Rs 1,146.9 crore).
EBIT down 32.4% at Rs 891.4 crore vs. Rs 1,317.8 crore (Bloomberg estimate: Rs 1,435.9 crore).
EBIT margin at 6.77% vs. 9.60% (Bloomberg estimate: 10.57%)
Axis Bank Q1 FY24 (Standalone)
Net Profit at Rs 5,797 crore vs. Rs 4,125 crore (YoY)
NII at Rs 11,959 crore vs. Rs 9,384 crore (YoY).
GNPA at 1.96% vs. 2.02% (QoQ).
NNPA at 0.41% vs. 0.39% (QoQ).
CASA ratio as of June 30 was 46%.
Net advances up 22% year-on-year to Rs 8.58 lakh crore.
Domestic net interest margin dipped 15 bps QoQ to 4.2%.
Tata Consumer Q1 FY24 (Consolidated, YoY)
Revenue up 12% at Rs 3,741.21 crore vs. Rs 3,326.83 crore (Bloomberg estimate: Rs 3,761.3 crore).
Net profit up 24% at Rs 316.59 crore vs. Rs 255.46 crore (Bloomberg estimate: Rs 324.9 crore).
Ebitda up 19% at Rs 545.03 crore vs. Rs 457.3 crore (Bloomberg estimate: Rs 536.2 crore).
Margin at 14.6% vs. 13.7% (Bloomberg estimate: 14.3%).
Dr Reddy's Q1 FY24 (Consolidated, YoY)
Revenue up 29% at Rs 6,758 crore vs. Rs 5,233 crore (Bloomberg estimate: Rs 6,343 crore).
Net profit up 18% at Rs 1,405 crore vs. Rs 1,189 crore (Bloomberg estimate: Rs 1,008 crore).
Ebitda up 119% to Rs 2,063 crore from Rs 941 crore (Bloomberg estimate: Rs 1,620 crore).
Margin at 30.5% vs. 18% (Bloomberg estimate: 25.5%).
Colgate Palmolive Q1 FY24 (YoY)
Revenue up 11% at Rs 1,323.67 crore vs. Rs 1,196.81 crore (Bloomberg estimate: Rs 1,266.71 crore).
Net profit up 31% at Rs 273.68 crore vs. Rs 209.67 crore (Bloomberg estimate: Rs 250.46 crore).
Ebitda up 28% at Rs 418.12 crore vs. Rs 325.67 crore (Bloomberg estimate: Rs 367.32 crore).
Margin at 31.6% vs. 27.2% (Bloomberg estimate: 29%).
Fine Organics (Consolidated, YoY)
Revenue down 26.82% at Rs 547.17 crore vs. 747.73 crore (Bloomberg estimate: Rs 557.4 crore).
Ebitda down 34.19% at Rs 141.23 crore vs. 214.61 crore (Bloomberg estimate: Rs 150.2 crore).
Ebitda margin at 25.8% vs. 28.70%
Net profit down 37% at Rs 99.76 crore vs. Rs 159.79 crore (Bloomberg estimate of Rs 111 crore).
Jindal Stainless (Consolidated, YoY)
Revenue up 25.44% at Rs 10,183.96 crore vs. Rs 8,118.59 crore (Bloomberg estimate: Rs 9,457.77 crore).
Net profit up 45.22% at Rs 737.58 crore vs. Rs 507.89 crore (Bloomberg estimate: Rs 479.87 crore).
Ebitda up 34.1% at Rs 1,192.37 crore vs. Rs 889.15 crore (Bloomberg estimate: Rs 994.6 crore).
Ebitda margin at 11.71% vs. 10.95% (Bloomberg estimate: 10.5%).
REC (Consolidated, YoY)
Interest income up 14% at Rs 10,691.9 crore vs. Rs 9,375.9 crore.
PAT up 21% at Rs 2,968.05 crore vs. Rs 2,454.2 crore.
Aditya Birla Sun Life Q1 FY24 (Consolidated, YoY)
Revenue up 2% at Rs 311.16 crore vs. 304.50 crore (Bloomberg estimate: Rs 319 crore).
Ebitda down 6.25% at Rs 169.95 crore vs. Rs 181.29 crore (Bloomberg estimate: Rs 156 crore).
Ebitda margin at 54.61% vs. 59.53% (Bloomberg estimate: 49%)
Net profit up 79.47% at Rs 184.57 crore vs. 102.84 crore (Bloomberg estimate: Rs 145 crore).
Schaeffler India Q2 FY24 (YoY)
Revenue up 4.59% at Rs 1,829.14 crore vs. Rs 1,748.83 crore.
Ebitda up 6.34% at Rs 342 crore vs. 321.73 crore.
Ebitda margin at 18.7% vs. 18.4%
Net profit up 5.09% at Rs 237.28 crore vs. Rs 225.75 crore.
SIS Q1 FY24 (Consolidated, YoY)
Revenue up 11.14% at Rs 2,976.73 crore vs. Rs 2,678.18 crore.
Ebitda up 15.35% at Rs 139 crore vs. Rs 120.72 crore.
Ebitda margin at 4.66% vs. 4.49%
Net profit up 8.48% at Rs 89.50 crore vs. 82.54 crore.
