Category: Earnings

Tata Technologies declares dividend of ₹10.05, net profit slides 27% to ₹157 crore in Q4

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

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Tata Technologies Ltd, which provides engineering and product development digital services, on Friday (May 3) reported a 27.4% year-on-year (YoY) decline in net profit at ₹157.2 crore for the fourth quarter that ended March 31, 2024.

In the corresponding quarter last fiscal, Tata Technologies posted a net profit of ₹216.6 crore, the company said in a regulatory filing. The company’s revenue from operations dipped 7.2% to ₹1,301 crore as against ₹1,402.4 crore in the corresponding period of the preceding fiscal.

Also Read: South Indian Bank Q4 net profit dips 14% to ₹287 crore, NII rises to ₹875 crore

At the operating level, EBITDA declined 1.1% to ₹240 crore, over ₹242.6 crore. EBITDA margin stood at 18.5% in the reporting quarter as compared to 17.3%. EBITDA is earnings before interest, tax, depreciation, and amortisation. In USD terms, total operating revenues were up 1.2% quarter-on-quarter to $156.6 million. Services segment revenues came in at $120.2 million.

The board has recommended a final dividend of ₹8.40 and a special dividend of ₹1.65 per equity share of ₹2 each of the company for the financial year ended March 31, 2024. The dividend, if approved at the Annual General Meeting (AGM), shall be paid or dispatched on or after the third day from the conclusion of the 30th AGM.

Tata Technologies closed a total of 12 large deals in FY24, which included one $50 million plus deal and five deals in the $15 to $25 million range. The company’s customer pyramid has continued to improve, with 2 customers added in the $10-50 million category, 2 in the $5-10 million category, and 3 in the $1-5 million category.

Also, the board has re-appointed Warren Kevin Harris as CEO and Managing Director of the company for a term of three years and six months with effect from September 9, 2024, subject to the approval of the shareholders.

Also Read: Havells beats estimates to post 24% rise in Q4 net profit, declares dividend of ₹6

Warren Harris, Chief Executive Officer and Managing Director said, “I am delighted with the way our business performed in FY24 with revenue growth of 15.9% and a 15% growth in operating EBITDA. In the last 3 years, our revenue from operations has grown at 29% CAGR while operating EBITDA grew at a 35% CAGR.”

The results came after the close of the market hours. Shares of Tata Technologies Ltd ended at ₹1,085.90, down by ₹4.05, or 0.37%, 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

Godrej Properties Q4 Results: Realtor expects bookings worth ₹27,000 crore in FY25

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

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Godrej Properties Ltd., the Mumbai-based real estate developer, anticipates bookings worth ₹27,000 crore in financial year 2025.

In its post-earnings presentation, Godrej Properties said that it reported a booking value of ₹22,527 crore, which was well above the ₹14,000 crore guidance that the company had issued at the start of the financial year.

Cash collection for the year stood at ₹11,436 crore, compared to the ₹10,000 crore guidance the company had issued earlier. For the new financial year, Godrej Properties expects cash collections to be worth ₹15,000 crore.

The companyG

This is the seventh consecutive year of record sales for Godrej Properties.

Nearly half of the booking value in financial year 2024 came from the NCR market, which registered a booking value of ₹10,016 crore. The core Mumbai Metropolitan Region (MMR) stood second with a booking value of ₹6,545 crore.

Pune and Bengaluru saw booking value worth ₹2,686 crore and ₹2,460 crore during financial year 2024.

Here’s how the area-wise split looks like for Godrej Properties:

For the March quarter, Godrej Properties reported a 14.3% jump in its net profit to ₹471 crore, while revenue fell by 13.4% to ₹1,426.1 crore.

Earnings Before Interest, Tax, Depreciation and Amortisation fell by 65% from last year to ₹122.6 crore, while margin narrowed to 8.6% from 21% last year.

Shares of Godrej Properties are trading 1.1% higher at ₹2,561. The stock had declined on Thursday after the 127-year old Godrej Group announced a family settlement. You can read more on that here. The stock has gained 30% so far in 2024 and is up 92% in the last 12 months.

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

Q4 results: Adani Green net profit drops 70% to ₹150 crore

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

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Adani Green Energy Ltd net profit fell 70% on a year-on-year (YoY) basis to  ₹150 crore in the January-March quarter of the financial year 2023–24. The company had posted a net profit of ₹508 crore in Q4FY23. Adani Energy incurred a one-time cost of ₹80 crore during the quarter.

Billionaire Gautam Adani promoted diversified Adani Group firm’s revenue in the quarter dropped 2% to ₹2,257 crore on a YoY basis. Adani Green’s revenue in Q3FY23 was ₹2,587 crore.

#4QWithCNBCTV18 | #AdaniGreen reports #Q4Results

➡️Net profit down 70% at ₹150 cr vs ₹508 cr (YoY)
➡️Revenue down 2 % at ₹ 2,527 cr vs ₹ 2,587 cr (YoY)
➡️EBITDA down 18% at ₹ 1,851 cr vs ₹ 2,264 cr (YoY)
➡️Margin at 73.2% vs 87.5% (YoY) pic.twitter.com/UPyfFKXbIU

— CNBC-TV18 (@CNBCTV18Live) May 3, 2024

Adani Green’s EBITDA also dropped 18% to ₹1,851 crore in the fourth quarter of the financial year 2023–24. It had reported an EBITDA of ₹2,264 crore in the year-ago period.

The margin in the quarter also fell to 73.2% from 87.5% in the year-ago period.

Earlier on April 15, the company reported a 35% year-on-year increase in its operational capacity to 10,934 MW in FY24. The growth in operational capacity was driven by the addition of 2,418 MW of solar and 430 MW of wind power plants.

Following the Adani Group renewable firm’s results, shares of Adani Green dropped 2.5% on the NSE in an otherwise weak market but the shares recovered soon after. The broader NSE Nifty50 fell 1.12% to 22,394.50.

At 2.59 pm, the Adani Green Energy share price quoted at ₹1,792.05.

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

Agrochem demand recovery likely in second half of FY25: Neogen Chemicals

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

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While the specialty pharma business has mostly recovered, a revival in agrochemicals demand is unlikely until the second half of April-March 2024-25, according to Harin Kanani, Managing Director of Neogen Chemicals.

“The news from most of the international customers is that their 2024 demand is taken care of, they want to basically focus on 2025. And they will come back in the second half of 2024 calendar year to basically start discussing their demands for 2025,” Kanani said.

He expects this delay in recovery to affects the specialty chemical maker’s exports, which are largely linked to the agro industry.

Exports accounted for roughly 27% of total revenue in FY24.

For the non-battery business, he expects revenues of ₹750-800 crore this financial year and about ₹1,000 crore by the financial year 2026.

The consolidated revenue target for FY25 is about ₹850 crore, provided all the anticipated approvals in the battery segment are received as per schedule, he said.

“Our initial trial capacities for the battery materials have started coming on line. We have started shipping some trial quantities for approvals to the customers which should come in Q2 and Q3 so even that business would contribute around ₹100 crore volume. So together between ₹850 crore and ₹900 crore if the battery approvals come on time and BuLi chemical approvals also continue,” he explained.

Also Read | Neogen Chemicals aims revenue consolidation as pharma sector shows recovery signs

Looking ahead to FY26, Kanani outlined a revenue target of at least ₹250 crore from the battery business alone.

Neogen Chemicals is currently engaged in multiple projects, with investments totaling ₹1,500 crore earmarked for the fiscal years 2024 to 2026.

These projects hold the potential to drive revenues to a range of ₹2,500-2,950 crore.

In the fourth quarter of FY24, Neogen Ionics, the company’s battery materials arm, commenced generating revenues by supplying Lithium Electrolyte Salts to major customers in Japan and South Korea.

Also Read | India’s chemical companies are now eyeing the EV battery value chain

The Electrolyte plant at the Dahej facility was successfully commissioned by the end of fourth quarter, with plans to increase capacity in phases.

Brokerage firm Kotak Institutional Equities initiated coverage on the stock with a ‘Buy’ rating and a price target of ₹1,840 per share.

The current market capitalization of the company is ₹4,062 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

Firstsource Solutions to acquire QBSS for ₹328 crore; shares slip post Q4 earnings

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

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Shares of BPO sector firm Firstsource Solutions Ltd fell over 2% after the company reported a 3.7% quarter-no-quarter rise in net profit at ₹133.5 crore for the March 2024 quarter. The same was ₹128.7 crore in the previous December quarter.

Revenue also rose 4.6% to ₹1,670.4 crore for the fourth quarter ended March 31, 2024, as compared to ₹1,596.6 crore in the last quarter.

EBIT or Earnings before Interest and Tax stood rose 7.1% to ₹183 crore, compared to the ₹171 crore in the third quarter. EBIT Margin also expanded to 11% from 10.7% in the previous quarter.

Along with its earnings announcement, Firstsource also said that will acquire Quintessence Business Solutions and Services for ₹328 crore.

“This is to inform that, at its meeting held on May 03, 2024, the Board of Directors has approved execution of a share purchase agreement (SPA) with Anitha Balasubramanian, N S Ragunathan, T S Giridharan, R Nirmal Kumar (Sellers) of Quintessence Business Solutions & Services (QBSS) for acquisition of 100% ownership in QBSS for a consideration not exceeding ₹327,81,08,975 (i.e., ₹ equivalent of $39.25 million), on a cash free and debt free basis, and subject to terms set out in the SPA (Purchase Consideration),” it said.

Firstsource Solutions stock plunged 2% to ₹206.10 apiece on the NSE. Market capitalisation of the company fell to ₹14,358 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

Pipe maker Skipper retains FY25 growth guidance

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

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PVC, solid, waste and rain pipes manufacturer, Skipper, has retained its revenue growth guidance of 25% CAGR (compound annual growth rate) over the next two years.

“We have the order book to support that and again, the effort will be certainly to far exceed that guidance as well,” the company’s Director Sharan Bansal told CNBC-TV18,

Skipper closed April-March 2023-24 with revenue growth of 66% to ₹3,282 crore, far exceeding its 25% guidance. Net profit for the year jumped close to 130% to around ₹82 crore.

For the January-March quarter, sales grew over 75% to ₹1,153 crore, while the net profit rose 6% to ₹25 crore.

The Earnings Before Interest, Taxes, Depreciation, and Amortisation (EBITDA) margin was at 9.4% against 10.8% in the same quarter last year

Also Read: Fino Payments Bank sees decline in debit card use, UPI transactions soar

“On the PBT (profit before tax) basis, we were at below 2% last year. This year, we have closed at plus 3.5%. So we’re quite happy about that we should see further improvement of at least 50 basis points on the PBT side every year,” Bansal said.

Despite the challenges posed by the pandemic, Skipper’s export business remains strong, accounting for approximately 15% of their revenue.

The order inflow is expected to increase by more than ₹5,000 crore this year. Last year, it was at ₹4,200 crore.

Bansal attributed this growth to market buoyancy and indicated North America as a key focus area for future expansion, hinting at ongoing discussions for potential orders.

Also Read: CEAT’s Q4 net profit slides 23% to ₹102 crore, declares dividend of ₹30

The company plans to invest about ₹200 crore in capital expenditure this year, funded through a mix of internal accruals and long-term debt.

Despite the expected rise in debt, Bansal reassured that it will remain in check.

Skipper’s market share in engineering products, particularly in the T&D (Transmission and Distribution) and telecom sectors, is estimated to be around 10 to 15%.

Also Read: Coforge declares dividend of ₹19 per share as Q4 net profit zooms 94%

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

KEI Industries expects 16% FY25 revenue growth led by strong demand and expanded capacity

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

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KEI Industries, a manufacturer of power cables and electrical wires, aims for 15-16% growth in its revenue during April-March 2024-25 due to strong demand and capacity additions.

The Delhi-based company targets an earnings before interest, taxes, depreciation, and amortisation (EBITDA) margin of 11% for FY25.

The company’s Chairman and Managing Director, Anil Gupta believes the sharp spike in price of inputs such as copper will not affect demand much, and a pass-through clause with customers for any cost increases means the impact on margins will also be limited.

“The ongoing projects will not stop just because some commodity prices have gone up. And those contracts have limited time period for execution. Otherwise, there are penalties attributed to them. The pauses are always temporary in new order booking,” he noted.

The company has seen healthy order booking in April as well despite the rise in commodity prices, he pointed out.

KEI’s Silvassa facility is now operational, and the one in Bhiwadi will start by June 2024. The first part of the Sanand facility will be operational by April or May 2025.

Also Read | KEI Industries: Rising metals prices passed on, could temporarily affect demand

Gupta expects exports also to grow substantially. In the last financial year, the company grew exports by 58%, and this year (FY25), it can grow by 50% given that they have a healthy order book as well as enquiry flow.

The company currently has order book of about ₹3,500 crore.

“In our type of business order booking numbers will never be too big because our engineering, procurement, and construction (EPC) business is small. For the cable business, we are taking the orders and maximum within 3-4 months we are executing it. In retail business, orders are coming, and they are executed maximum within 15 days, and they are never reflected in the order book. So, order book largely relates to Business-to-business (B2B) orders and EPC orders,” he added.

Bidding pipeline is strong in the wire and cable business, and in the EPC business the company does not bid for business over ₹500 crore, which is already in place.

In the domestic as well as export market, the bidding to EPC market as well as utilities is quite strong.

KEI posted a 22% jump in profit to ₹169 crore in the January-March period.

Also Read | KEI Industries Q4 Results: Profit, revenue show healthy growth with share price in the green

The company’s market capitalisation is around ₹36,236.45 crore. Its shares have gained close to 118 % in the past year.

For the entire interview, watch the accompanying video

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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

MRF Q4 results: Net profit dips to ₹380 crore; tyre firm declares dividend of ₹194

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

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Tyre manufacturing company MRF Limited on Friday reported a 7.6% decline in net profit at ₹379.6 crore for the quarter ending March 31, 2024. It reported consolidated net profit of ₹410.7 crore in the year-ago period.

The company’s board have announced a final dividend of ₹194 on the face value of ₹10 per share. This will result in a total payout 1,940%, the company said.

The company, in a regulatory filing, also said that it has already paid two interim dividends of ₹3 each per share for the financial year ended March 31, 2024. The total dividend for the financial year 2024 works out to ₹200.

However, MRF’s revenue from core operations rose 8.6% to ₹6,215 crore for the fourth quarter, compared to ₹5,725 crore a year ago.

The company’s operating profit or EBITDA rose 5% to ₹885.7 crore in the quarter under review as against ₹843.1 crore in the corresponding period of last fiscal. Margin stood at 14.3%, compared to 14.7% on a year-to-year basis.

Following the earnings announcement, shares of MRF Ltd. tumbled 4.15% to trade at ₹1,28,309.30. The stock fell 1% so far this year.

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

Fino Payments Bank sees decline in debit card use, UPI transactions soar

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

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Mumbai-based Fino Payments Bank said that while the use of debit cards is going down, transactions through the Unified Payments Interface (UPI) surged over the past year.

In an interview with CNBC-TV18, Rishi Gupta, Managing Director & CEO of Fino Payments Bank, provided insights into the customer profile, revenue growth projections, and the shifting trend toward UPI and other digital transactions.

UPI, he said, has become a major spending platform for customers.

“Our UPI transaction volume has grown by 175% on a year-on-year (YoY) basis; debit card, in particular, has grown by 5%, but the ecosystem is moving from debit cards to UPI now and UPI volumes are substantially going up in the entire ecosystem,” added Gupta.

The payments bank expects the growth seen in March to continue into April, and has a guidance of over 20% for the financial year 2024-2025.

Also Read | Fino Payments Bank seeks Small Finance Bank license from RBI

Gupta said that besides the traditional businesses of CASA (low-cost deposit accounts) and cash management services (CMS), which have grown over 30% in recent years, they anticipate a notable enhancement in the digital business.

He said the share of digital segment in total revenue is expected to improve to 12-15% from 9% now.

“Looking at the three big engines running, CASA, digital and CMS, we expect that the growth should be above 20% in FY24-25,” said Gupta.

Also Read | NPCI International partners with Bank of Namibia to develop UPI-like payment system in Namibia

On April 30, the company reported a 14% increase in net profit to ₹25 crore for the January-March period. The average deposits rose by 49% to ₹1,352 crore in FY24.

The market capitalisation of Fino Payments Bank is around ₹2,433.60 crore. Its shares have gained close to 33% in the past year.

For the entire interview, 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

Apple sales fall but surpass estimates, guides for low single digit sales in Q3

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

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Apple Inc.’s sales fell for the fifth time in the last six quarters but the stock surged in extended trading on hopes that the slump is easing and the company’s announcement of a $110 billion share buyback, the largest in US history.

The iPhone manufacturer reported a 4.3% drop in quarterly revenue to $90.8 billion, but the figure was marginally higher than the analyst expectation of $90.3 billion. Earnings per Share (EPS) for the quarter stood at $1.53, also higher than the $1.5 estimate.

Sales in the quarter gone by also come on a high base, when the company had realised as much as $5 billion in delayed iPhone 14 sales from supply chain issues due to the Covid-19 pandemic.

Apple’s iPhone sales fell nearly 10% to $45.96 billion, suggesting weak demand for the current generation of smartphones that were launched in September last year, although the number met street expectations. CEO Tim Cook said that excluding the late realisations from the base quarter, the iPhone sales would be flat. The iPhone still continues to account for half of Apple’s topline.

The last instance of a new iPad being launched was back in 2022, which has been a drag on sales. iPad sales fell 17% to $5.6 billion. Apple is likely to announce new iPads on May 7.

Slowing sales in China were a big concern for Apple’s investors and data from Counterpoint Research showed that sales of the iPhone had declined by 19% in the January-March period of 2024, the worst since 2020. iPhone shipments had declined 10% worldwide during the quarter.

Yet, Apple managed $16.4 billion in sales from China, which, despite being lower from last year, managed to surpass expectations of $15.9 billion.

There are also talks of the company announcing a foray into Generative AI. CEO Cook is expected to lay out Apple’s AI strategy at its annual Worldwide Developers Conference.

The Vision Pro, which the company launched in February this year is off to a slow start and could take years for it to meaningfully contribute.

While the company did not provide a formal guidance for the June quarter, CEO Tim Cook told CNBC that overall sales will grow in the “low-single-digits.”

Apple also announced a $110 billion share repurchase program, a 22% growth from last year. The stock rose 6.2% in extended trading.

(With Inputs From Agencies.)

Also Read: Is Apple past its prime?

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