Category: Earnings

Schaeffler India Q1 Results | Net profit shrinks 25% but revenue rises 11%

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Industrial and automotive parts maker Schaeffler India Ltd on Thursday (April 25) reported a 25.3% year-on-year (YoY) fall in net profit at ₹219.7 crore for the first quarter that ended March 31, 2024.

The company follows the January to December financial year.

In the corresponding quarter, Schaeffler India posted a net profit of ₹294.1 crore, the company said in a regulatory filing. The company’s revenue from operations increased 10.6% to ₹1,873.1 crore against ₹1,693.6 crore in the corresponding period of the preceding fiscal.

Also Read: Axis Bank Q4 results: Net profit stands at ₹7,130 crore, asset quality improves

At the operating level, EBITDA rose 4.8% to ₹329.8 crore in the first quarter of this fiscal over ₹314.7 crore in Q4 of the previous fiscal. The EBITDA margin stood at 17.6% in the reporting quarter against 18.6% in the corresponding period of FY23. EBITDA is earnings before interest, tax, depreciation, and amortisation.

Harsha Kadam, Managing Director, said, “Margins for the quarter remained resilient despite seasonality in some of our sectors. With a good rebound in our intercompany exports for the quarter, we remain cautiously optimistic of the challenging and volatile macro-economic environment. With focused efforts on financial and operating metrics, we remain committed to deliver long-term value for all our stakeholders.”

The results came after the close of the market hours. Shares of Schaeffler India Ltd ended at ₹3,277.15, down by ₹13.60, or 0.41%, on the BSE.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

KPI Green Energy Q4 Results | Net profit rises 36% to ₹43 crore

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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KPI Green Energy on Thursday (April 25) posted a nearly 36% rise in consolidated net profit to ₹43.04 crore in the March quarter mainly on the back of higher revenues.

The consolidated net profit of the company was ₹31.77 crore in the year-ago period, the company said in a BSE filing.

The company’s total revenue increased to ₹292.96 crore during the quarter from ₹184.41 crore a year ago. The consolidated net profit during the entire FY24 also increased to ₹161.65 crore from ₹109.62 crore a year ago.

Also Read: LTIMindtree Q4 results: Profit slips to ₹1,100 crore, revenue declines sequentially to ₹8,892 crore

The board has also recommended a final dividend at 2%, i.e. Re 0.20 per equity share of the face value of ₹10 each for the financial year 2023-24, subject to the approval of the shareholders at the upcoming annual general meeting of the company.

Shares of KPI Green Energy Ltd ended at ₹2,109.25, up by ₹100.40, or 5.00% on the BSE.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Cyient Q4 Results | Net profit surges 28.5% over third quarter

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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IT solutions provider Cyient Ltd on Thursday (April 25) reported a 28.5% quarter-on-quarter increase in net profit at ₹196.9 crore for the fourth quarter that ended March 31, 2024.

In the December quarter, Cyient posted a net profit of ₹153.2 crore, the company said in a regulatory filing. The company’s revenue from operations increased 2.2% to ₹1860.8 crore in the March quarter against ₹1,821.4 crore in the third quarter.

At the operating level, EBIT (earnings before interest and taxes) rose 3.1% to ₹268.1 crore in the fourth quarter compared to ₹260 crore in the third quarter of this fiscal. EBIT margin stood at 16.9% in the reporting quarter against 21.5% in the previous quarter.

Also Read: Dalmia Bharat tanks over 8% after Q4 results miss estimates

For FY24, Cyient Group delivered $863 million in revenue with a year-on-year growth of 15.6%, EBIT of 14.5%, profit after tax (PAT) of ₹735 crore (a 30% jump over FY23) and free cash flow (FCF) of ₹648 crore, up 32.6%.

Cyient Digital, engineering and technology segment

Cyient’s digital, engineering and technology (DET) segment delivered $179.3 million at an EBIT of 16% for Q4 of FY24. The company closed nine large deals with a total contract potential of $200 million this quarter, taking its order intake for the quarter to $228 million.

For FY24, Cyient DET revenue grew to $713.9 million, up 12.6% year-on-year while EBIT climbed 16.1%. PAT for the year was ₹689 crore, up 31.6%, while FCF was ₹754 crore, a jump of 71.4%.

Also Read: IndusInd Bank Q4 results: Net profit rises 15%, lender declares ₹16.50 dividend

Karthikeyan Natarajan, Executive Director and CEO of Cyient, said, “In light of the current macroeconomic conditions, our company has performed admirably well. The growth was led by aerospace, sustainability and automotive sectors and we see communications and semiconductor business bouncing back to growth in FY25.”

The results came after the close of the market hours. Shares of Cyient Ltd ended at ₹1,916, up by ₹23.95, or 1.27%, on the BSE.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Bajaj Finance offers final dividend of ₹36 a share as quarterly profit jumps 21%

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Non-banking financial company (NBFC) Bajaj Finance on Thursday (April 25) reported a 21.1% year-on-year (YoY) increase in net profit at ₹3,824.53 crore for the fourth quarter that ended March 31, 2024.

In the corresponding quarter last year, Bajaj Finance posted a net profit of ₹3,157.8 crore, it said in a regulatory filing. CNBC-TV18 poll had predicted a profit of ₹3,888.7 crore for the quarter under review.

Net interest income (NII), which is the difference between the interest income a bank earns from its lending activities and the interest it pays to depositors, rose 21.1%, coming at ₹3,824.53 crore against ₹3,157.8 crore in the corresponding quarter of FY23.

Also Read: ACC Q4 results: Cement maker’s profit beats estimates by over 65%, revenue at ₹5,398 cr in March quarter

The gross non-performing asset (GNPA) stood at 0.85% in the March quarter against 0.95% in the December quarter. The net non-performing asset (NNPA) came at 0.34% against 0.37% quarter-on-quarter.

The board of directors has recommended a dividend of ₹36 per share (1800%) of face value of ₹2 each for the financial year ended March 31, 2024. The dividend, if approved by the shareholders at the ensuing annual general meeting, will be credited or dispatched on or July 26-27.

The results came after the close of the market hours. Shares of Bajaj Finance Ltd ended at ₹7,293.90, down by ₹33.80, or 0.46% on the BSE.

Also Read: L&T Technology declares dividend of ₹33, matches Q4 net profit forecast

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Equitas Small Finance Bank expects gross NPA to remain at current levels of 2.5-2.6% in FY25

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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P.N. Vasudevan, Managing Director and CEO of Equitas Small Finance Bank, on Thursday (April 25) indicated that the bank’s asset quality has nearly reverted to pre-pandemic levels. Addressing concerns over non-performing assets (NPAs), Vasudevan affirmed the bank’s expectation that gross NPAs would sustain at current levels in FY25.

“It will hover between 2.5-2.6%,” he told CNBC-TV18.

He highlighted a one-time impact on NPAs in March 2024 due to Reserve Bank of India’s (RBI’s) clarification.

Further, Equitas SFB anticipates loan growth of 25% in FY25.

The bank has strategically managed its credit-deposit ratio and aims to maintain a credit cost of 1.20-1.25% in the upcoming financial year.

Looking ahead, Equitas Small Finance Bank plans to allocate ₹520 crore over the span of three years to reinforce its operational capabilities and drive sustainable growth.

Despite acknowledging a likely uptick in interest costs by 8-10 basis points, the bank maintains a prudent approach to managing its cost-to-income ratio, expecting it to range between 62-65% in FY25.

On Wednesday (April 25), Equitas Small Finance Bank reported a 9.47% increase in net profit, reaching ₹208 crore for the fourth quarter ending March 31, 2024.

The bank’s total income witnessed a growth to ₹1,685 crore for the fourth quarter, signifying a year-on-year increase from ₹1,394 crore.

As of March 31, 2024, Equitas SFB’s net worth stood at ₹5,969 crore.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

L&T Technology declares dividend of ₹33, matches Q4 net profit forecast

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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L&T Technology Services Ltd (LTTS) on Thursday (April 25) reported a net profit of ₹341 crore for the fourth quarter that ended March 31, 2024. The company matched the CNBC-TV18 poll projection of ₹341 crore for the quarter under review.

The board of directors has recommended a final dividend of 1650% i.e. ₹33 per equity share of face value of ₹2 each, subject to approval of the shareholders of the company. The record date for the purpose of the final dividend shall be intimated later.

The company’s revenue from operations increased 4.8% to ₹2,537.5 crore as against ₹2,421.8 crore in the previous quarter. CNBC-TV18 poll had predicted revenue of ₹2,532 crore for the quarter under review.

At the operating level, earnings before interest and taxes (EBIT) rose 2.9% to ₹428.2 crore in the fourth quarter of this fiscal over ₹416.2 crore in the previous quarter. CNBC-TV18 poll had predicted an EBIT of ₹435 crore for the quarter under review.

Also Read: Axis Bank Q4 results: Net profit stands at ₹7,130 crore, asset quality improves

EBIT margin stood at 16.9% in the reporting quarter as compared to 17.2% in the previous quarter. CNBC-TV18 poll had predicted a margin of 17.2% for the quarter under review.

During the quarter, LTTS signed a $100-million, a $30-million and two deals worth $20 million and $10 million each. The company also signed one significant empanelment agreement.

“We delivered 17.9% revenue growth in FY24 and crossed the $1.2 billion run rate 12 months after we moved past the $1 billion mark. In Q4, we had a strong sequential growth of 5.1% which was led by telecom & hi-tech and plant engineering,” said Amit Chadha, CEO and managing director of L&T Technology Services.

In fiscal 2024 (FY24), L&T Technology Services reported revenue of ₹9,647.3 crore, marking a growth of 9.4% compared to the previous year. Factoring in pre-restatement figures, the growth stood significantly higher at 20.4%.

Also Read: LTIMindtree Q4 results: Profit slips to ₹1,100 crore, revenue declines sequentially to ₹8,892 crore

In terms of dollar revenue, the company generated $1,164 million during the fiscal year, rising 6.9%. In constant currency terms, the growth was slightly higher at 7%. Prior to restatement, the growth in constant currency was higher at 17.9%.

L&T Technology Services also maintained a healthy EBIT (earnings before interest and taxes) of ₹1647.4 crore, with the EBIT margin standing at 17.1%. The company reported a net income of ₹1,647.4 crore for the fiscal year, reflecting a growth of 7.6%. The net margin was reported at 13.5%.

At the end of Q4 of FY24, the patents portfolio of L&T Technology Services stood at 1,296, out of which 833 are co-authored with its customers and the rest are filed by LTTS. Employee strength stood at 23,812 at the end of the fourth quarter.

The results came after the close of the market hours. Shares of L&T Technology Services Ltd ended at ₹5,180.95, down by ₹50.90, or 0.97%, on the BSE.

Also Read: Indian Hotels Q4 | Tata Group firm declares dividend of ₹1.75 per share, net profit surges 29%

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Vedanta Q4 Result: Profit slides 27% due to falling metal prices, subdued oil & gas segment

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Mining major Vedanta Ltd posted a 27% drop in net profit for the fourth quarter of the fiscal year 2023-24 amid declining prices of metals like zinc, copper, and aluminium, and a subdued performance in the oil and gas segment.

The Anil Agarwal-led company’s net profit for the January-March quarter stood at ₹2,273 crore against ₹3,132 crore in the same quarter of the previous fiscal year. This is also a drop from the ₹2,868-crore profit reported in the third quarter.

Also Read: Tech Mahindra Q4 Results: CEO Mohit Joshi hopeful of growth returning by second half of FY25

Revenue from operations fell 6.4% to ₹35,509 crore during the quarter under review, down from ₹37,930 crore in the year-ago period.

The global economic slowdown, exacerbated by geopolitical tensions and supply chain disruptions, has contributed to the fall in metal prices which has affected Vedanta’s profitability. Metals such as zinc, copper, and aluminium are significant revenue drivers for the company. Challenges in the oil and gas segment have also added to the company’s financial woes.

The earnings before interest, taxes, depreciation, and amortisation (EBITDA) slipped 7.3% to ₹8,768 crore against ₹9,459 crore reported in the corresponding period in the previous year. The EBITDA margin stood at 24.7%  against 24.9% in the preceding fiscal.

Shares of Vedanta ended 1.16% lower at ₹379 apiece on Thursday, April 25.

Also Read: IndusInd Bank Q4 results: Net profit rises 15%, lender declares ₹16.50 dividend

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Tech Mahindra Q4 Results: CEO Mohit Joshi hopeful of growth returning by second half of FY25

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Tech Mahindra’s new CEO Mohit Joshi said in a post earnings address that financial year 2025 will be a better year compared to financial year 2024.

For the March quarter, Tech Mahindra reported a net profit of ₹661 crore, which was lower than the CNBC-TV18 poll of ₹749 crore. On a sequential basis, net profit increased by 29%.

Revenue in US Dollar terms stood at $1,548 million, which was in-line with expectations of $1,554.5 million. In rupee terms, revenue stood at ₹12,871.3 crore, largely in-line with the ₹12,923 crore estimate. When compared to the December quarter, Tech Mahindra’s revenue declined by 1.8%.

In constant currency terms, revenue dropped by 0.8% quarter-on-quarter. Constant currency revenue for Tech Mahindra has declined in three out of the last four quarters.

CEO Joshi told CNBC-TV18 that the March quarter marked the low point for Tech Mahindra’s growth trajectory and that the company will be fully back on the growth path by the second half of financial year 2025.

Joshi also said that the volatility in discretionary spends remains quite high with limited visibility. That volatility is compounded given the company’s very high exposure to the telecom vertical.

For the quarter, the Communications, Media and Entertainment (CME) business contributed to 36% of the overall topline and saw a decline of 2.8% on a sequential basis. Joshi also asserted that the telecom business remains the heart of Tech Mahindra and that there is no plan to marginalise that business.

EBIT or Earnings Before Interest and Tax fell 9.3% from the previous quarter to ₹637.7 crore, while a CNBC-TV18 poll had projected the figure to be ₹960 crore. EBIT margin stood at 7.4%.

Tech Mahindra won deals worth $500 million during the quarter. The company plans to grow selectively in certain markets with focus on US and Europe. Together, both US and Europe contributed to three-quarters of the company’s topline during the quarter.

Shares of Tech Mahindra ended 0.4% higher on Thursday at ₹1,190.75.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

IndusInd Bank Q4 results: Net profit rises 15%, lender declares ₹16.50 dividend

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Private sector lender IndusInd Bank on Thursday (April 25) reported 15% rise in net profit to ₹2,349 crore for the January-March quarter of financial year (FY) 2023-24. This figure exceeded the expectations outlined in a CNBC-TV18 poll, which had projected a profit of ₹2,322.7 crore.

The bank’s net interest income (NII) stood at ₹5,376.4 crore, up by 13.9% from ₹4,669.5 crore in the corresponding quarter of the previous financial year.

IndusInd Bank’s performance was propelled by an 18% growth in net loans, outpacing the 14% growth in deposits.

The gross non-performing asset (NPA) ratio stood at 1.92%, showing a decline from 1.98% recorded in the same quarter last year.

Similarly, the net NPA ratio improved to 0.57%, down from 0.59% on a year-on-year basis.

Operating expenses for the quarter ended March 31, 2024 increased by 24% to ₹3,803 crore as against ₹3,066 crore for the corresponding quarter of previous year.

Further, IndusInd Bank announced a dividend of ₹16.50 per equity share of ₹10 face value.

The bank’s shares closed 1.5% higher at ₹1,496.85 apiece on the BSE.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Macrotech Developers eyes 5-6% hike in property prices in FY25

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Abhishek Lodha, MD and CEO of realty firm Macrotech Developers expects property prices to increase by around 5-6% in the current financial year (FY25).

The total volume growth in FY25 is expected to be 14%.

Lodha believes volume growth from existing locations will be around 4-5% and the balance 10% will come from new locations.

In the March quarter, the company’s consolidated net profit dropped by 11% to ₹666 crore. However, for the entire year (FY24(, the company saw a significant increase, with its profit soaring threefold to ₹1,549 crore.

The company closed FY24 in line with its projection of a 20% growth, at pre-sales of ₹14,500 crore.

“For fiscal 2025, our guidance is approximately 20% growth in pre-sales bringing us to about ₹17,500 crore of pre-sales and an embedded EBITDA margin of about 31%,” he said.

Lodha said the company wants to continue to have more presence in the three cities it currently operates in–Mumbai, Pune and Bengaluru.

The two launches in Bengaluru last year were very successful, he said.

Also Read | Macrotech to acquire 50% stake in Siddhivinayak Realties for ₹250 crore

The company did about ₹1,200 crore of pre-sales from Bengaluru from these two launches. Its pricing was much higher than its peers in the market.

The company secured ₹3,300 crore in equity funding and also reduced the cost of debt by 10 basis points (bps) quarter-over-quarter to 9.4%.

He also believes that the Palava and Upper Thane projects, two large developments on the outskirts of Mumbai, are set to deliver $175-200 billion in sales over the next three decades with a 50% earnings before interest, tax, depreciation, and amortisation (EBITDA) margin.

The current market capitalisation of the company is ₹1,19,469 crore.

For more, watch the accompanying video

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow