Category: Stocks

IDFC First Bank Q4 earnings preview: Analysts predict 25.2% surge in NII, 8% dip in PAT

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

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IDFC First Bank is set to report its financial performance for the quarter ended March 2024 (Q4FY24) on Saturday, April 27.

According to a CNBC-TV18 poll, analysts anticipate the bank’s net interest income (NII) to witness a significant uptick, projecting a robust growth of 25.2% year-on-year (YoY) to reach ₹4,502.2 crore. Moreover, sequentially, the NII is expected to climb by approximately 5%.

However, the profitability may take a slight dent as the profit after tax for Q4FY24 is anticipated to dip by 8% to ₹738.6 crore compared to ₹802.6 crore reported in the corresponding quarter of the previous fiscal year.

However, broking firm Motilal Oswal expects deposit growth to be strong at 32.8% YoY, coupled with a sequential increase of 5.3%. Additionally, the firm anticipates a rise in loan growth, pegging it at 23% on a YoY basis.

According to Morgan Stanley, the bank may see improvements in certain key metrics. They anticipate net interest margin (NIM) to witness a positive uptick, potentially improving by 41 basis points. However, this optimism is tempered by expectations of a 17 basis points increase in credit costs compared to Q4FY23.

Meanwhile, the street expects IDFC First Bank’s asset quality to remain stable or improve on a sequential basis. In Friday’s trading session, the stock of IDFC First Bank rose by 1.56% to close at Rs 84.70.

The Mumbai headquartered bank has a market capitalisation of ₹59,964.28 crore and has delivered a negative return of around 1% in the past six 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

Software companies put up their worst show since FY18

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

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The combined net profit of the country’s largest information-technology firms grew at the slowest pace in six years after clients across the globe cut back their discretionary spending due to an uncertain business environment. What is more worrying is that the sector is not out of the woods yet as most of them have lowered their margin aspiration for the next year as well.

Six software firms which form part of the Nifty50 Index saw their aggregate earnings increase by 4.1% to ₹1.06 lakh crore in FY24. That compares with the 6.3% rise reported in the previous year. The growth in the bottom line for the year was the lowest after 2018 when they together reported a 3.5% rise, according to data collated by CNBC-TV18. In fact, the net profit has been growing at a single digit over the last seven years, except FY19 and FY22 in which their aggregate profit surged by 13% and 18%, respectively.

While the net profit of Wipro and Tech Mahindra continued to decline for the second year in a row, the growth has almost halved for HCL Technologies. Similarly, Tata Consultancy Services (TCS) reported 9% growth in FY24 against an increase of 10% in FY23. The two largest IT firms — TCS and Infosys — account for 68% of the aggregate profit and close to 60% of the total revenue of the sample.

Also Read: Synopsys to buy engineering software firm Ansys in $35 billion deal

Further, the revenue of these IT companies increased by 5% in FY24 to ₹6.8 lakh crore. In contrast, the six companies — TCS, Infosys, HCL Technologies, Wipro, Tech Mahindra and LTIMindtree — together had reported 19% growth in their top-line in FY23.

Vetri Subramaniam, Chief Investment Officer at UTI AMC, argues that the global picture is more tricky as there has been a very big shift in the kind of expectations for interest rate policy by the US Federal Reserve. According to him, one should watch out for management commentaries of these companies with respect to their growth strategy and hiring. “Tech capex spending in the US hopefully signals better times for the Indian IT sector,” said Subramaniam.

Even though TCS expects the current fiscal year will be better than the previous one, the second-largest outsourcing provider — Infosys has cut its FY25 revenue target to 1 % to 3% on a constant-currency basis. That was a revision from its earlier guidance of 4% to 7% a year ago due to prevailing weak demand in the sector.

Also Read: Alphabet in talks to acquire marketing software firm HubSpot

The gauge for IT stocks — the Nifty IT index has declined as much as 5.2% so far in 2024, against 3.2% gains generated by the benchmark Nifty50 during the same period.

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

Eveready Industries Q4 net profit at ₹8 crore amid sluggish rural demand

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

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Eveready Industries India on Friday (April 26) announced a fourth-quarter profit of ₹8 crore for the period ended March 2024, compared to a loss of ₹14.39 crore in the corresponding quarter of FY’23, amidst a marginal dip in operational revenue to ₹281 crore.

However, sequentially, the profit saw a marginal decline compared to the December 2023 quarter. The company reported revenues for the full FY24 at ₹1,314.2 crore, marking a slight decline of 1% from ₹1,327.7 crore in FY23.

Profit After Tax (PAT) for the year saw a substantial increase of 231% to ₹66.7 crore in FY’24, against ₹20.1 crore in FY’23.

Also Read: SBI Life Insurance Q4 results: Net premium income rises 26%, dividend declared

“Revenue remained moderated primarily due to weak rural demand impacting batteries and flashlights, and industry-wide price deflation affecting the lighting segment.

We believe this to be a temporary phenomenon, and we remain optimistic that FY25 will see a turnaround,” Suvamoy Saha, Managing Director at Eveready Industries, said.

Shares of Eveready Industries India Ltd ended at ₹357.75, up by ₹3.50, or 0.99% 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

RBI invites applications from eligible small finance banks to become regular banks

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

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The Reserve Bank of India (RBI) on Friday (April 26) invited applications from small finance banks meeting specified criteria, including a minimum net worth of ₹1,000 crore, for becoming regular or universal banks.

The RBI, in November 2014, issued the guidelines for licensing of small finance banks (SFBs) in the private sector. There are about a dozen SFBs, including Au Small Finance Bank, Equitas Small Finance Bank and Ujjivan Small Finance Bank.

An SFB aiming to become a universal bank should have a minimum net worth of ₹1,000 crore as at the end of the previous quarter (audited) and the shares of the bank should have been listed on a recognised stock exchange, the central bank said.

It should also have a net profit in the last two financial years and GNPA and NNPA of less than or equal to 3% and 1%, respectively, in the last two financial years.

Also Read: RBI maintains FPI investment limits in G-Secs at 6%, corporate bonds at 15%

Other conditions include a prescribed CRAR (capital-to-risk weighted assets ratio) requirement and a satisfactory track record of performance for a minimum period of five years.

On shareholding pattern, the RBI said: “There is no mandatory requirement for an eligible SFB to have an identified promoter. However, the existing promoters of the eligible SFB, if any, shall continue as the promoters on the transition to universal bank”.

Further, the addition of new promoters or change in promoters would not be permitted for an eligible SFB during the transition period. “There shall be no new mandatory lock-in requirement of minimum shareholding for existing promoters in the transitioned universal bank,” the circular said.

In December 2019, the RBI provided the transition path for SFBs to convert into universal banks.

Also Read: RBI bars Kotak Bank from onboarding new online customers, issuing new credit cards

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

Force Motors declares dividend of ₹20 per share as Q4 revenue rises 35%

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

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Auto maker Force Motors Ltd on Friday (April 26) reported a 4.3% year-on-year (YoY) dip in net profit at ₹140.3 crore for the fourth quarter that ended March 31, 2024.

In the corresponding quarter, Force Motors posted a net profit of ₹146.6 crore, the company said in a regulatory filing. The company’s revenue from operations increased 35% to ₹2,011.2 crore against ₹1,490.3 crore in the corresponding period of the preceding fiscal.

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

At the operating level, EBITDA stood at ₹278.7 crore in the fourth quarter of this fiscal over ₹120.8 crore in the corresponding period in the previous fiscal.

The EBITDA margin stood at 13.9% in the reporting quarter compared to 8.1% in the corresponding period in the previous fiscal. EBITDA is earnings before interest, tax, depreciation, and amortisation.

The board of directors has recommended a dividend of ₹20 (200%) per equity share of ₹10 each, for the financial year ended March 31, 2024.

The results came after the close of the market hours. Shares of Force Motors Ltd ended at ₹9,584.60, down by ₹290.80, or 2.94%, 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

KPIT Technologies offers 5,000 stock options to eligible employees

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

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Auto industry-focused KPIT Technologies Ltd on Friday (April 26) said that its Nomination and Remuneration Committee has approved the grant of 5,000 employee stock options under the ‘KPIT Technologies Ltd – Employee Stock Option Scheme 2019A’ (ESOS 2019A).

“This is to inform you that the Nomination and Remuneration (HR) Committee of the Board of Directors of the Company (“Committee”) in its meeting held today i.e. on April 26, 2024, has considered and approved the following business: Grant of 5000 Options to the eligible employees covered under the KPIT Technologies Ltd – Employee Stock Option Scheme 2019A,” the company said in a stock exchange filing.

The grant of options entails several key details outlined by the committee. Each eligible employee will be granted 5,000 options. The exercise price per option will be determined by the committee, ensuring it is not less than the face value of the shares, which stands at ₹ 10 per share as of the date of the grant.

Also Read: CSB Bank Q4 Results | Net profit dips 3%, net interest income grows 11%

Employees will have the opportunity to exercise their vested options within a period of five years from the date of vesting. Options will vest after a minimum of one year but not later than three years from the date of grant, in accordance with the ESOS 2019A Scheme.

Notably, KPIT Technologies’ shareholders had previously approved an amendment to the ESOS 2019A Scheme on June 30, 2020. The amendment modified the exercise price per option from the “market price per share as on date of grant” to “not less than face value of the shares as on date of grant of option,” as determined by the Nomination and Remuneration Committee.

Consequently, the options will be granted at the modified exercise price of ₹10 per option, ensuring consistency with the revised scheme.

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

Shares of KPIT Technologies Ltd ended at ₹1,415.50, up by ₹41.45, or 3.02%, 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

HCL Tech Q4: IT giant declares interim dividend of ₹18 per share, net profit at ₹3,986 crore

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

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IT services company HCL Technologies Ltd on Friday (April 26) reported a flat year-on-year growth in net profit for the fourth quarter that ended March 31, 2024. Its consolidated net profit for the fourth quarter was ₹3,986 crore compared with ₹3,983 crore in FY23.

Sequentially, the net profit declined 8.4% from ₹4,350 crore in the October-December period, according to the company’s filing and statement. CNBC-TV18 poll had predicted a profit of ₹4,084 crore for the quarter under review.

Pre-tax profit (EBIT) of ₹5,018 crore was down 10.6% quarter-on-quarter but up 3.8% as compared to the previous year. The company gave a guidance of 3-5% growth in revenue in constant currency terms for FY25 and an EBIT margin of 18-19%.

EBIT margin (pre-tax profit as a percentage of revenue) declined to 17.6% in the January-March period from 19.8% in the previous quarter and 18.1% a year ago. CNBC-TV18 poll had predicted an EBIT of ₹5,226 crore for the quarter under review. Employee cost rose 11.5% during the quarter while the attrition rate at 12.4% was lower than 19.5% in the fourth quarter of last year.

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

For the March quarter, HCLTech’s revenue from operations stood at ₹28,499 crore, a 7.11% rise from ₹26,606 crore last year. For the entire FY24, HCL Tech reported a 5.73% rise in net profit to ₹15,702 crore. CNBC-TV18 poll had predicted revenue of ₹28,548 crore for the quarter under review.

In Q4 of FY24, HCL Technologies reported a rupee revenue of ₹28,499 crore, marking a marginal increase of 0.2% quarter-on-quarter and a 7.1% growth year-on-year.

Constant currency (CC) revenue, a crucial indicator accounting for currency fluctuations, exhibited a quarter-on-quarter uptick of 0.3% and a year-on-year rise of 6%. Similarly, USD revenue amounted to $3,430 million, reflecting a quarter-on-quarter increase of 0.4% and a year-on-year increase of 6.0%.

The services segment CC revenue climbed 3% quarter-on-quarter and 6.7% year-on-year. This growth was predominantly propelled by advancements in telecommunications, media, publishing, and entertainment verticals, which witnessed a remarkable quarter-on-quarter surge of 21.6% and a year-on-year expansion of 39.2%.

Additionally, digital services emerged as a key driver of revenue growth, contributing 37.1% to the overall services revenue and posting a commendable year-on-year growth rate of 6.3%. HCLSoftware reported an annual recurring revenue (ARR) of $1.02 billion, marking a year-on-year CC increase of 0.7%.

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

The quarter witnessed significant traction in new deal wins, with total contract value (TCV) amounting to $2,290 million. Notably, HCL Technologies secured 21 new large deals, comprising 13 in services and eight in software.

In terms of workforce dynamics, HCL Technologies maintained a total people count of 227,481, with a net addition of 2,725 employees during the quarter. The company onboarded 3,096 freshers. There was a notable decline in the last twelve months’ (LTM) attrition rate, which stood at 12.4%.

The company’s board of directors has declared an interim dividend of ₹18 per equity share of ₹2 for the financial year 2024-25. The record date of May 7, 2024, fixed for the payment of the aforesaid interim dividend has been confirmed by the board of directors. The payment date of the interim dividend is slated to be May 15, 2024.

The results came after the close of the market hours. Shares of HCL Technologies ended at ₹1,476.80, down by ₹26.85, or 1.79%, 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

Utkarsh Small Finance Bank net profit rises 19% on strong net interest income growth

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

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Varanasi-headquartered Utkarsh Small Finance Bank Ltd on Friday (April 26) reported a 19.4% year-on-year (YoY) increase in net profit at ₹159.7 crore for the fourth quarter that ended March 31, 2024. In the corresponding quarter last year, Utkarsh Small Finance Bank posted a net profit of ₹133.8 crore, the bank said in a regulatory filing.

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, jumped 31.8%, coming at ₹539.9 crore against ₹409.6 crore in Q4 of FY23.

Gross non-performing assets (NPAs) stood at 2.51% in the March quarter against 3.04% in the December quarter. Net NPAs came at 0.03% against 0.19% quarter-on-quarter (QoQ).

The banks’ gross loan portfolio grew by 31.1% year-on-year to ₹18,299 crore. Deposits grew by 27.4% YoY to ₹17,473 crore, led by retail term deposit (RTD) growth of 43% over the year-ago period.

Also Read: SBI Life Insurance Q4 results: Net premium income rises 26%, dividend declared

The bank posted its highest annual operating profit (pre-provisions) of ₹997 crore and profit after tax of ₹498 crore in FY24 (YoY growth of 23%); profit after tax during Q4, FY24 stood at ₹160 crore. Return on assets and return on equity stood at a healthy 2.4% and 19.5%, respectively during FY24.

Govind Singh, Managing Director and CEO of Utkarsh Small Finance Bank, said, “Our collection efficiency and asset quality witnessed a healthy trend in Q4, FY24 leading to a decline in credit cost as well as a reduction in net NPAs to a negligible level of 0.03% as on March 31, 2024.”

The board of directors has approved a final dividend of ₹0.50 per equity share of ₹10, which is subject to the approval of the shareholders at the ensuing annual general meeting.

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

The bank’s loan portfolio grew by 31.1% year-on-year to ₹18,299 crore as of March 31, 2024. It continues to see healthy growth in the micro-banking loan portfolio as well as the build-up of secured loans i.e. MSMEs (YoY growth of 67%), housing (up 30%) and CV/CE (commercial vehicle and construction equipment), which was up 69% over the year-ago period. As a result, the bank witnessed a diversity of loan portfolio improving.

Deposits grew by 27.4% YoY to ₹17,473 crore as of March 31, 2024, led by growth in retail term deposits. Retail term deposits grew 42.9% over the year-ago period to ₹7,968 crore and the CD ratio improved to 93.7% as on March 31, 2024 versus 95.3% on March 31, 2023.

The results came after the close of the market hours. Shares of Utkarsh Small Finance Bank ended at ₹59.46, up by ₹0.68, or 1.16%, 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

Market at Close | Sensex, Nifty fail to hold opening gains, ends at day’s low

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

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The equity benchmark indices Sensex and Nifty experienced a rollercoaster ride on Friday (April 26) as they failed to sustain the early gains, closing the session on a downbeat note.

The Sensex and Nifty relinquished their morning highs and plunged to their day’s lows, with Sensex shedding 609 points to settle at 73,730, and Nifty dropping 150 points to end at 22,420. The Nifty Bank index also faced a significant setback, slipping 294 points to 48,201, while the Midcap Index defied the trend, surging 396 points to a historic high of 50,624.

IndusInd Bank, Nestle, Kotak Mahindra Bank and Mahindra & Mahindra were among the other laggards. Wipro, ITC, UltraTech Cement, Titan and Axis Bank were among the gainers. Bajaj Finance and Bajaj Finserv took a hit, sliding 8% and facing disappointment over their Q4 earnings performance. Similarly, IndusInd Bank stumbled on mixed Q4 results, while subdued guidance weighed down Larsen & Toubro Technology Services (LTTS).

Despite initial gains post-earnings, Nestle and ACC faltered, each slipping 2%, unable to hold onto their early momentum. However, Tech Mahindra witnessed substantial buying activity following its in-line Q4 results and optimistic guidance.

In the midst of market turmoil, Divi’s Laboratories announced plans to establish a new manufacturing plant, boosting its stock by 5%. Shriram Finance managed to eke out minor gains amid the volatility, although its Q4 earnings report presented a mixed picture.

Vodafone Idea, after initially grappling with losses, managed to reverse its trajectory and closed 1% higher following block deals worth ₹2,063 crore. Meanwhile, among the midcap gainers were GMR Airports, Coromandel International, Container Corporation of India (CONCOR), Dixon Technologies, and Havells India. Despite the overall downturn, market breadth favoured advances, with an advance-decline ratio standing at 1:1.

In Asian markets, Seoul, Tokyo, Shanghai and Hong Kong settled in the positive territory. European markets were trading in the green. Wall Street ended lower on Thursday. Global oil benchmark Brent crude climbed 0.31% to $89.29 a barrel. The rupee declined 7 paise to close at 83.35 (provisional) against the US dollar on Friday.

Foreign Institutional Investors (FIIs) offloaded equities worth ₹3,408.88 crore and Domestic Institutional Investors (DIIs) ₹4,356.83 crore on Friday.

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

Motilal Oswal shares rise 7% on multi-fold jump in Q4 profit; declares bonus shares

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

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Shares of Motilal Oswal Financial Services (MOFSL) climbed 7% to hit their 52-week high of ₹2,639 on the NSE on Friday after the domestic brokerage firm reported a whooping 334% year-on-year (YoY) jump in its March quarter consolidated net profit at ₹724.6 crore. The same was ₹167 crore in the year-ago period.

Motilal’s revenue from operations rose 108% YoY to ₹2,141.3 crore, compared to ₹1,027.4 crore.

EBITDA or Earnings Before Interest, Tax, Depreciation and Amortisation stood at ₹1,231.5 crore for the quarter from ₹443.7 crore recorded in the corresponding quarter of last year.

The company’s EBITDA margin stood at 57.5%, compared to 43.2% a year ago.

The board of Motilal Oswal also approved bonus shares in ratio of 3:1.

Record date for the bonus issue of shares is yet to be determined. This is the first ever issue of bonus shares that the company has considered.

In February 2024, Motilal had declared a dividend of ₹14 per share. Over the last five years, the company has paid dividends worth ₹56 per share to shareholders.

Post the bonus issue of shares, the company’s paid-up equity share capital will comprise of 59.6 crore equity shares of face value of ₹1. Motilal Oswal will capitalise ₹44.7 crore from the Securities Premium Account for implementing the bonus issue of shares.

As of March 31 2024, the company had an aggregate amount of ₹534.9 crore as an aggregate amount of its securities premium account.

At 3 pm, the scrip was trading 5.03% higher at ₹2,587.70 apiece on the NSE. The stock has given multibagger returns of 105% 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