The company said its cost reduction and localisation initiatives, growth in volumes and favourable foreign exchange helped improve the bottomline during the quarter.
With sales of cooling products turning out dismal this summer due to unseasonal rains, the stocks of related companies are now off their March highs. Shares of fan and air conditioner makers such as Voltas, Symphony, Orient Electric, Johnson Controls-Hitachi Air Conditioning and Crompton Greaves are down 5-23 per cent since March when the summer season saw a firm onset. In comparison, the BSE Sensex index is up 10 per cent.
The recent surge in crude oil prices could shave off the gains made by India Inc in profit margins in the past few quarters. Worse, it comes at a time when consumer demand in the country is slipping and major global economies are witnessing a slowdown. A back-of-the-envelope calculation suggests that the margin expansion accounted for three-fourths of the rise in the listed firms' operating profit between the April-June quarter (Q1) of FY23 and Q1FY24, and only a quarter of profits gains came from revenue growth.
Investors are increasingly turning optimistic about shares of new-age companies. From broad-based 'sell' calls, analysts are giving thumbs up to Zomato, Paytm, and FSN e-Commerce Ventures-owned Nykaa as these companies have shifted focus to sustainable profits. The shares of Zomato hit a fresh 52-week high of Rs 126 apiece on the BSE on November 7, having rallied 15.4 per cent in one week.
Notwithstanding the fact that the country's pharmaceutical (pharma) pricing regulator has allowed a 12 per cent price increase for medicines listed under the National List of Essential Medicines (NLEM) in 2023, analysts and industry insiders predict that the overall domestic pharma industry will only witness a price hike of 5-6 per cent. This is attributed to higher competitive intensity in the market. Krishnakumar V, executive director and chief operating officer (CEO) of Eris Lifesciences, a domestic-focused pharma company, noted that the NLEM segment experienced growth suppression of around 150 basis points due to price reductions during the January to July period this year.
Since its results for the first quarter of the 2023-24 financial year (Q1FY24) earlier this month, the stock of auto component major Bharat Forge is up nearly 15 per cent and hit its all-time high in the process. The recent gains have extended the returns over the last three months to over 34 per cent. After a strong Q1 performance which beat expectations, brokerages had revised their earnings estimates upwards to factor in the improved outlook.
India's gold imports, which have a bearing on the country's Current Account Deficit (CAD), rose 6.4 per cent to $12.9 billion during April-July this fiscal due to healthy demand, according to government data. The imports stood at $12 billion during the same period a year ago. In July 2022, however, imports of the precious metal fell sharply by 43.6 per cent to $2.4 billion, as per the latest data released by the commerce ministry.
Red Bull's Formula One World champion Max Verstappen took pole position for the Australian Grand Prix on Saturday with Carlos Sainz qualifying alongside on the front row for Ferrari two weeks after undergoing surgery for appendicitis.
A rise in import duty could be a reason for increase in illegal consignments, say experts.
Car market leader Maruti Udyog Limited is opting for a new name. The board of directors, at its meeting in New Delhi on Thursday, approved a proposal to change the company's name to Maruti Suzuki India Limited.
Its total income, as per Indian GAAP, for Q1FY08 surged 54% to Rs 5,873.52 crore (Rs 58.735 billion) from Rs 3,815.49 crore (Rs 38.154 billion) in Q1FY07.
The NBFCs, which filed for ECB in January with the Reserve of India (RBI), include REC (over $500 million), Tata Motors Finance ($200 million), L&T Finance Holdings ($125 million), and Shriram Finance ($750 million), according to the RBI data. A senior executive with State Bank of India (SBI) said overseas borrowing by Indian companies, including highly rated NBFCs, was likely to grow because hedging costs were low and there was a softening bias in global interest rates.
Most of the index heavyweights are yet to declare their results.
Wipro said recently it was expecting its revenue growth to drop 2.33 per cent or stay flat between $2,015 and $2065 million.
While the current headcount reduction has more to do with slowing demand, the rise of artificial intelligence will impact jobs in the future.
The central government's fiscal deficit touched 21.2 per cent of the annual target in the June quarter as against 18.2 per cent in the year-ago period, according to official data. The fiscal deficit is the difference between total expenditure and revenue of the government. It indicates the total borrowing that are needed by the government.
The average rate of inflation in the country during the first quarter of current fiscal has been lower than that in the corresponding period in each of the last three years, Finance Minister P Chidambaram said on Tuesday.
Stocks of new-age companies have seen a mixed performance thus far in calendar year 2023 (CY23). While those of One97 Communications (parent company of Paytm), PB Fintech and Zomato have surged up to 63 per cent year-to-date (YTD), FSN e-commerce, the parent company of Nykaa, however, has dropped 14 per cent YTD. By comparison, Nifty50 and Nifty 500 indices have advanced 7 per cent and 8.7 per cent, respectively, during the period, ACE Equity data show.
Metal and mining companies, such as Tata Steel, JSW Steel, Hindalco, and Coal India, have been among the top-performing sectors on the bourses in recent months. The S&P BSE Metal Index is up 13 per cent in the past three months, rallying 29 per cent in the past year, outperforming the broader market. For comparison, the benchmark S&P BSE Sensex has only seen a 1.7 per cent increase in the past three months, with a 15 per cent gain since the end of September last year.
Mutual funds (MFs) have stepped up equity purchases after staying on the fence for over two months. Their net equity investments reached a four-month high of Rs 7,700 crore in July, rising for the fourth consecutive month after withdrawing a net of Rs 5,100 crore in April 2023. This trend continued in August, with net investments of Rs 3,400 crore in the first three trading sessions, according to data from the Securities and Exchange Board of India.
ICICI Bank has reported a 44.67 per cent jump in net profit on a consolidated basis at Rs 336.89 crore (Rs 3.368 billion) for the first quarter ending June 30, 2003 as compared to Rs 232.86 crore (Rs 2.328 billion) for same quarter last fiscal.
Sources close to the development told Business Standard the company was exploring different ways to save on its employee costs and had laid off a few employees on "performance" grounds. "We will see a similar development for the next few months. "The company is fine-tuning its hiring policies and implement rigourous measures to look into employee performance," a source said.
Industrial base metals major Hindalco delivered a strong consolidated performance during the January-March quarter (Q4) of FY24. Consolidated revenue was reported at Rs 56,000 crore, up 6 per cent quarter-on-quarter or Q-o-Q (flat year-on-year or Y-o-Y), with better realisation and higher India volumes.
The combined net profit of "early bird" companies, those that have declared their quarterly results, rose for the third consecutive quarter in July-September 2023 (Q2FY24). But the figures suggest a continued slowdown in revenue growth and stagnation in earnings over recent quarters. This slowdown is severe for companies in the manufacturing and non-financial service sectors.
The Chinese government has vowed to fine-tune the economy which continued on the declining trend, registering 8.1 per cent GDP growth in January-March this year, the lowest quarterly rise in nearly three years.
These stocks offer the best combination of maximum 'buy' recommendations from brokerages and share price upside over the next 12 months.
i-flex Solutions on Friday reported a 615 per cent increase in consolidated net profit of Rs 41.50 crore (Rs 415 million) for the first quarter ended June 30, 2006 when compared with Rs 5.80 crore (Rs 58 million) in Q1 FY06.
ONGC Q1 net profit for the quarter ended June 2006 rose 24 per cent to Rs 4,119 crore (Rs 41.19 billion) when compared to Rs 3,319 crore (Rs 33.19 billion) in the corresponding quarter last year.
Marico's January-March quarter (Q4) results were slightly better than consensus. Revenue was up by 1.7 per cent year-on-year (Y-o-Y) to Rs 2,280 crore. Ebitda grew by 12.5 per cent Y-o-Y to Rs 440 crore. Adjusted PAT was up 10.3 per cent Y-o-Y to Rs 320 crore.
Thomas Cook India Ltd has posted a net profit of Rs 64.71 million for the quarter ended January 31, 2003 as compared to a net profit of Rs 56.39 million for the quarter ended January 31, 2002.
'The last year's growth is a foretaste of things to come in the retail credit market.'
ICICI Bank Ltd has reported a 26.61 per cent rise in net profit at Rs 430.74 crore (Rs 4.31 billion) for the first quarter ended June 30, 2004, compared to Rs 340.2 crore (Rs 3.40 billion) in the corresponding quarter last fiscal.
Tata Power declared encouraging results for the April-June quarter (Q1) of the 2023-23 financial year (FY24). The firm's revenue rose 5 per cent year-on-year (Y-o-Y) to Rs 15,210 crore. It was driven by higher sales to distribution companies (discoms) and capacity addition in renewables. Company's adjusted profit after tax (PAT) rose 3 per cent to Rs 906 crore with reported PAT at Rs 1,100 crore on a one-time gain of Rs 235 crore.
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RIL with a market cap of Rs 2,98,776 crore (Rs 2,987.76 billion) is the country's second most valued company after Tata Consultancy Services.
Margins for the oil refining and retailing sector have moved off their peaks, and the average integrated margins (refining plus marketing) for oil marketing companies (OMCs) have normalised. The ascent in crude oil prices, combined with static retail prices, has depressed marketing margins for diesel and petrol. However, the fall in marketing margins has been offset by increased gross refining margins (GRMs).
The first-quarter performance of top IT services players, as well as mid-cap firms, has been subdued, reflecting macro uncertainties. The numbers of the top four firms show several misses, hinting at difficult times ahead. One mismatch is the total contract value (TCV) signed by the firms and the revenue growth registered.
Hindustan Lever on Monday reported a 15 per cent decline in net profit at Rs 250.25 crore (Rs 2.5 billion) for the first quarter ended March 31, 2005 as against Rs 294.88 crore (Rs 2.94 billion) in Q1 FY04.
Tata Engineering & Locomotive Company has reported a 258 per cent increase in net profit at Rs 100.31 crore (Rs 1.003 billion) for the quarter ended June 30, 2003 as against Rs 28.03 crore (Rs 280.3 million) in Q1 FY03.
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