Q3 Results Updates: Reliance Industries Profit Rises 14%; Jio, Retail Also See Growth In Profit

Grocery was the standout performer, said Taluja, with broad-based growth continuing across various categories. The online grocery business is benefiting from the existing infrastructure and network, and its average order value is among the highest in the industry, he added. The value proposition of the online grocery business lies in offering a wider range of products to customers, he further stated.

Source: Earnings Con Call

CFO Dinesh Taluja of Reliance Retail stated that the fashion and lifestyle business experienced a strong turnaround after facing headwinds in the previous quarters.

He also highlighted that the contribution of digital and new commerce to total revenue remains steady at 18%. The consumer electronics, apparel, and footwear businesses saw growth driven by the festive season, with a continued focus on improving business and offerings for Ajio, he added.

Source: Earnings Con Call

The tech giant's ADR is trading 4.72% lower at $21.81, as of 08:26 p.m.

Jio's AI Cloud offering has raised the bar by providing 100GB of cloud space to all Jio users free of cost, said Thomas. The company is also working on additional integrations, such as DigiLocker, and offering multiple tools to edit photos and videos. Currently, this has been launched as a beta offering and is expected to be fully launched in the next quarter, he added.

Source: Earnings Con Call

Thomas said that the company is focused on setting up AI-ready infrastructure in the nation and aim to deliver various innovative partnerships. He added that they are building on the AI platform JioBrain, which is currently available to consumers through beta offerings.

Source: Earnings Con Call

CEO Thomas highlighted that they are being selected as exclusive service providers on a pan-India basis, and across the board, connectivity is steadily getting strengthened.

Source: Earnings Con Call

CEO Thomas mentioned that Reliance Jio is starting to see a significant number of new AirFiber connections coming from outside urban centers, and they see a greenfield opportunity to connect over 100 million homes with AirFiber.

Source: Earnings Con Call

CEO Kiran Thomas of Reliance Jio said that True5G has been a story of steady growth, and as soon as a customer acquires a 5G smartphone, they can utilise the True5G network, with 70% of new phone purchasers ultimately becoming Jio customers.

Source: Earnings Con Call

Reliance Industries Q3 Highlights (Consolidated, QoQ)

• O2C Revenue down 4% to Rs 1.49 lakh crore versus Rs 1.55 lakh crore.

• Oil & Gas Revenue up 2% to Rs 6,370 crore versus Rs 6,222 crore.

• Retail Revenue up 18% to Rs 90,351crore versus Rs 76,325 crore.

• Digital Revenue up 4% to Rs 39,733 crore versus Rs 38,055 crore.

• Other Revenue up 5% to Rs 12,236 crore versus Rs 11,623 crore.

Metro Brands Q3 Highlights (Consolidated, YoY)

• Revenue up 10.6% to Rs 703 crore versus Rs 636 crore.

• Ebitda up 13.1% to Rs 225 crore versus Rs 199 crore.

• Ebitda margin at 32% versus 31.3%.

• Net profit down 3.7% to Rs 95.1 crore versus Rs 98.8 crore.

The consumer electronics company declared an interim dividend of Rs 4, as per an exchange filing, to all shareholders having a stake in the company as of record date Jan. 22.

Dive deeper into the financial performance of Axis Bank for the quarter ended December.

The majority of the verticals registered subdued growth, as per a press release shared by the company after the announcement of their Q3 results. On a YoY basis, revenue from Technology, Media and Communications grew 8.9%; Manufacturing and Resources grew a mere 0.1%; BFSI grew 7.5%; Healthcare, Life Sciences, and Public Services grew 1.8%; and Consumer Business growth grew 1.8%. 

Puneet Sharma stated that the bank's through-cycle guidance on margins is 3.8%. He added that the bank is committed to defending this target and expressed confidence that they will comfortably maintain it in the current macro environment.

Source: Earnings Con Call

Shares of Mukesh-Ambani owned Reliance Industries Ltd. ended 2.71% higher at Rs 1,568.40 apiece on NSE, as compared to a 0.42% advance in the benchmark NSE Nifty 50.

Reliance Industries is India’s largest conglomerate by market capitalisation as well as revenue. The company is also India’s largest exporter, accounting for 7% of India's total merchandise exports. The core businesses of RIL are petrochemical, refining, and oil and gas-related operations. 

Arjun Chowdhry, group executive of retail lending, said that corrective actions have been taken, such as raising income cut-offs, orienting acquisition efforts to a specific set of customers, and reviewing customer leverage. He also highlighted that there is a certain level of overleveraging occurring in the system currently.

Source: Earnings Con Call

Sharma also explained that the margin drop is primarily due to higher credit costs and a higher LCR. He noted that there are increased risks in certain retail segments, which are pan-market and not specific to Axis Bank. However, he added that the bank has not exceeded its 15-year averages.

Source: Earnings Con Call

Source: Earnings Con Call

CFO Puneet Sharma stated that he does not anticipate a material jump in provisions and does not foresee much volatility in this figure. He added that most provisions are related to retail unsecured loans, and corrective actions have been taken in this segment.

Source: Earnings Con Call

Chaudhry mentioned that the wholesale segment is seeing higher transaction flows, leading to better current account balances, and that digital activities of Citibank customer accounts have shown improvement following the successful transition in Q2, positioning the bank well in the current macro environment.

Source: Earnings Con Call

CEO Chaudhry mentioned that the bank has significantly progressed toward becoming a resilient all-weather franchise. He also noted that the normalisation of retail asset quality is in progress and is expected to settle in a quarter.

Source: Earnings Con Call

Havells India Q3 Highlights (Consolidated, YoY)

• Revenue up 10.8% to Rs 4,889 crore versus Rs 4,414 crore.

• Ebitda down 1.6% to Rs 426 crore versus Rs 433 crore.

• Ebitda margin at 8.7% versus 9.8%.

• Net profit down 3.5% to Rs 278 crore versus Rs 288 crore.

Amitabh Chaudhry, MD & CEO, stated that the bank delivered healthy core operating performance, although business growth has been slow this quarter. He also highlighted that the focus loan segments have grown at a reasonable pace and that the bank remains well-capitalised.

Source: Earnings Concall

LTIMindtree Q3 Highlights (Consolidated, QoQ)

• Revenue growth in CC terms at 1.8%.

• Dollar revenue up 1.1% at $1.14 billion.

Hatsun Agro Product Q3 Highlights (YoY)

• Revenue up 6.5% to Rs 2,010 crore versus Rs 1,887 crore.

• Ebitda flat at Rs 214 crore.

• Ebitda margin at 10.7% versus 11.3%.

• Net profit down 28.7% to Rs 40.9 crore versus Rs 57.4 crore.

The IT firm's top line rose 2.4% over the previous three months to Rs 9,660.90 crore in the quarter ended December, according to an exchange filing on Thursday, missing the Rs 9,649-crore consensus estimate of analysts tracked by Bloomberg.

Jayesh Sangrajka, CFO of Infosys, stated that the company plans to hire 15,000 freshers this year and 20,000 freshers next year. He also mentioned that the contribution from the top 5 clients was impacted by furloughs.

Source: Earnings Presser

"I am not aware of AI washing within Infosys," said Parekh, adding that they are very clear about what they are doing with GenAI. "Clients are eager to use the small language models we are building and have been asking us to help create similar models for them. This is genuine GenAI work. For example, we built an agent for auditing for a professional services company. The work we are doing in GenAI is leading the industry, " he stated.

Source: Earnings Presser

The manufacturing vertical remains slow, although the situation in Q3 is better than what was observed in Q2. The pipeline is strong, with large deals and mega deals in the works. However, the deal closure situation remains the same as it was in Q2, said CEO Parekh.

Source: Earnings Presser

Discretionary spend in consumer products vertical is also improving, said CEO Parekh, adding that financial services in Europe are also picking up. The company will wait and see the impact of change in US administration, he stated, expressing confidence on growth outlook in the US.

Source: Earnings Presser

Jio Financial Services Q3 Results: Date, Time, Earnings Schedule, Share Price History And More

All verticals and most geographies grew. Financial services in US continues to grow strongly, while automotive vertical in Europe continues to remain slow. In GenAI, we are developing over 100 new agents for deployment, said Salil Parekh, chief executive officer and managing director of the company.

Source: Earnings Presser

Infosys' free cash flows for the quarter stood at $1.3 billion, higher than $839 million recorded last quarter. 

Besides, the large deal total contract value came in at $2.5 billion, with 41% being net new. This compared with $2.4 billion recorded in the second quarter. The number of active clients stood at 1,876, with 6 added during the quarter. 

The IT giant recorded revenue rise of 2% over the previous three months to Rs 41,764 crore in the quarter ended Dec. 31, 2024, according to an exchange filing on Thursday, in line with the Rs 41,331-crore consensus estimate of analysts tracked by Bloomberg.

Net profit of Rs 6,822 reported by the company is also in line with the Bloomberg estimate of Rs 6,787 crore.

Infosys Q3 Highlights (Consolidated, QoQ)

• Revenue growth in CC terms at 1.7%.

• Large deal contract value at $2.5 billion.

• Last 12 months attrition at 13.7% versus 12.9%.

• Dollar revenue at $4.9 billion versus $4.7 billion.

Take a look at Infosys' financial performance in the quarter under question here.

The NSE Nifty 50 and BSE Sensex extend gains for the third straight session on Thursday, ahead of Reliance Industries Ltd., Infosys Ltd., and Axis Bank Ltd. third quarter results. After a positive opening the Nifty 50 was range bound near 23,300.

The Nifty 50 ended 318.74 points or 0.42% higher at 23,311.80, and the Sensex ended 318.74 points or 0.42% higher to 77,042.82. During the session, the Nifty 50 rose 0.77% or 178.45 points at 23,391.65. The Sensex rose 0.78% or 595.42 points higher at 77,319.50.

The renewable technologies company declared an interim dividend of Re 1, as per an exchange filing, with Jan. 24 being the record date to ascertain the eligibility of shareholders.

Centrum Broking maintains 'buy' on the life insurer post their solid Q3 performance, continuing to value the company at an unchanged 2.2 times FY27E P/EV (40% discount to mean) for a target price of Rs 780, reflecting a 31% upside. Read Centrum's take here.

Dive deeper into the quarterly performance of Waaree Renewable Technologies here.

Sterling and Wilson Renewable Energy Ltd. share price hit the 10% upper circuit as the company reported that its profit had quadrupled during the October–December quarter. The company reported that its consolidated Ebitda surged 333.9% on the year to Rs 70.3 crore in the third quarter from Rs 16.2 crore.

Kesoram Industries Q3 Highlights (Consolidated, YoY)

• Revenue down 1.4% to Rs 65.5 crore versus Rs 66.4 crore.

• Ebitda loss at Rs 6.2 crore versus a loss of Rs 8.7 crore.

• Net loss at Rs 69.2 crore versus a loss of Rs 49.2 crore.

Mastek Q3 Highlights (Consolidated, QoQ)

• Revenue up 0.2% to Rs 870 crore versus Rs 867 crore.

• Ebit up 0.6% to Rs 124 crore versus Rs 123 crore.

• Ebit margin at 14.3% versus 14.2%.

• Net profit down 26.4% to Rs 94.7 crore versus Rs 129 crore.

Waaree Renewable Technologies Q3 Highlights (Consolidated, YoY)

• Margin at 20% versus 27%.

• Ebitda down 18% to Rs 72 crore versus Rs 88 crore.

• Revenue up 11% to Rs 360 crore versus Rs 324 crore.

• Net profit down 16.7% to Rs 53.5 crore versus Rs 64.2 crore.

Ceat Q3 Results: Profit Nearly Halves Even As Revenue Rises 11%

Alok Industries Q3 Highlights (Consolidated, YoY)

• Revenue down 31% at Rs 864 crore versus Rs 1,253 crore.

• Ebitda loss at Rs 41.7 crore versus loss of Rs 5.5 crore.

• Net loss of Rs 273 crore versus loss of Rs 230 crore.

Sterling and Wilson Renewable Energy Q3 Highlights (Consolidated, YoY)

• Net profit at Rs 17.1 crore versus a loss of Rs 62.4 crore.

• Revenue at Rs 1,837 crore versus Rs 583 crore.

• Ebitda at Rs 70.3 crore versus a loss of Rs 16.2 crore.

• Margin at 3.82%.

Reliance Industries Ltd. is scheduled to declare its financial results for the quarter ended December 2024 soon. The company has informed the stock exchanges about the board meeting scheduled for this week to announce Reliance Industries' third-quarter results.

Reliance Industries in a stock exchange filing on Jan. 9 said that its board of directors will meet on Thursday, Jan. 16 to consider and approve the financial results for the October-December quarter of the current fiscal.

It further mentioned that a presentation to the media and analysts will also be made available after the board meeting ends.

"A presentation to the analysts and media on financial results of the company for the quarter and nine months ended Dec. 31, 2024, shall be made on the same day after the meeting," the company said.

Infosys' second quarter results showed a 5.1% increase in revenue compared to the previous year, reaching Rs 40,986 crore for the quarter ending September.

Net profit grew by 4.8% YoY, totalling Rs 6,516 crore as compared to Rs 6,215 crore in the same quarter last year.

Infosys Q2 FY25 Highlights (Consolidated, YoY)

• Net profit up 4.8% at Rs 6,516 crore vs Rs 6,215 crore

• Revenue increased 5.1% to Rs 40,986 crore vs Rs 38,994 crore

• Operating profit soared 4.5% to Rs 8,649 crore vs Rs 8,274 crore

• Margin at 21.1% vs 21.2%

• Indian equities continue to trade higher with Nifty being rangebound around 23,300 and Sensex trading 76,999.

• Intraday, both Nifty and Sensex rose over 0.77%.

• Nifty rose 0.77% or 178.45 points at 23,391.65.

• Sensex rose 0.78% or 595.42 points higher at 77,319.50.

• Broader indices also advanced. Nifty Midcap rose 1.20%; Nifty Smallcap was trading 1.09% higher.

• Most sectoral indices advance, led by Nifty PSU Bank.

• Nifty Bank rose 1.09%, Nifty IT was down 0.40%.

• HDFC Life, SBI Life and Shriram Finance were top Nifty gainers.

• Trent, Tata Consumers, HCL Tech and Nestle top Nifty losers.

Mukesh Ambani-led Reliance Industries Ltd. reported a 2.8% year-on-year fall in net profit, reaching Rs 19,323 crore for the quarter ending Sept. 2024, against Rs 19,878 crore in the same quarter last year.

However, the company’s gross revenue for the period rose 0.8% YoY to Rs 2.58 lakh crore, against Rs 2.55 lakh crore in FY24.

Reliance Industries Q2 FY25 Highlights (Consolidated, YoY)

• Net profit fell 2.8% at Rs 19,323 vs Rs 19,878 crore

• Revenue up 0.8% at Rs 2.58 lakh crore vs Rs 2.55 lakh crore

• Ebitda dipped 2% to Rs 43,934 crore vs Rs 44,809 crore

• Ebitda margin at 17% vs 17.5%

DB Corp Q3 Highlights (Consolidated, YoY)

• Revenue down 0.3% to Rs 643 crore versus Rs 645 crore.

• Ebitda down 3.2% to Rs 177 crore versus Rs 183 crore.

• Margin at 27.6% versus 28.4%.

• Net profit down 4.6% to Rs 118 crore versus Rs 124 crore.

• Advertising revenue down 1% to Rs 477 crore versus Rs 482 crore.

• Circulation revenue down 1.11% to Rs 356 crore versus Rs 360 crore.

Reliance Industries Heading For Negative Returns In 10 Years — What Isn't Working For The Stock

Infosys' revenues in the third quarter is expected to grow by 0.3% sequentially despite residual revenues from in-tech acquisition due to usual seasonality in the third quarter.

"We expect margins to be steady QoQ, aided by INR depreciation. We expect Infosys to narrow its FY25 revenue growth guidance to 4–4.5% YoY from 3.75–4.5% YoY and maintain margin guidance of 20–22%. Expect the large deal TCV to be $2.5–3 billion," Jefferies said.

JM Financial expects 90-basis-point cross currency headwind sequentially and estimates an impact of 130 bps of furloughs. "Lower transition costs associated with large deals could benefit margin, though lower growth will limit the extent of expansion. Expect Infosys to revise its guidance to 4–4.5% YoY," the brokerage said.

Infosys Q3 Results Preview: Muted Revenue Growth Expected, Guidance May Be Revised

Goldman Sachs expects the energy Ebitda to remain flat sequentially as gains in refining earnings were offset by weaker petrochemical earnings. "On refining, we expect a sequential growth in net GRM to $8.7 per barrel in 3Q (+6% QoQ) driven by better ex-China supply-demand dynamics and a more favourable cost.

Dolat Capital Markets in a research report, said, sequential recovery in GRMs on account of improvement in diesel and Jet cracks, and processing of discounted crude from Russia, Iraq and Venezuela have helped the company improve its O2C earnings.

Brokerage CLSA anticipates a 13% quarter-on-quarter rise in RIL's O2C Ebitda on the back of improvement in refining. However, "upstream Ebitda is expected to be 1% lower QoQ due to marginal decline in production", it said.

CLSA expects the improving flow-through of tariff hikes to drive Jio's ARPU by 6% QoQ to Rs 206, while subscribers may decline by 0.7 million. "Retail may report another quarter of slow (muted) growth, with a 2% YoY/8% QoQ rise in its Ebitda."

RIL Q3 Results Preview: Better O2C, Retail Business To Boost Earnings

RIL is likely to clock a profit of Rs 619 and revenue of Rs 2,42,278 crore for the quarter ended December, as per the consensus estimates of analysts tracked by Bloomberg. Analysts also estimate the EBIT of the company to be Rs 41,627 crore, at a margin of 17.20%.

Infosys is expected to clock in a net profit worth Rs 6,779 crore and revenue worth Rs 41,330 crore, as per consensus estimates. The tech giant is expected to post EBIT of Rs 8,758 crore, at a likely margin of 21.19%.

Axis Bank is likely to clock a standalone profit of Rs 6,297 crore for the quarter ended December, as per the consensus estimates of analysts tracked by Bloomberg.

LTIMindtree is likely to report a net profit of Rs 1,144 crore and revenue of Rs 9,649 crore for the third quarter, according to the estimates. The company is estimated to report an EBIT of Rs 1,367 crore and a margin of 14.17%, as per Bloomberg analysts.

Q3 Results Today: Infosys, Reliance Industries, LTIMindtree Among 36 Companies To Release Earnings Report