Early-bird results for the January-March 2025 quarter (Q4FY25) suggest a slowdown in earning growth for India Inc, despite a benign cost environment that has led to an improvement in margins. The combined net profit (adjusted for exceptional gains and losses) of 175 early-reporting companies rose by 3.8 per cent year-on-year (Y-o-Y) in Q4FY25, marking the slowest growth in 17 quarters.
The country's largest carmaker Maruti Suzuki India (MSI) on Wednesday reported a consolidated net profit of Rs 475 crore for the first quarter ended June 30. The auto major had posted a consolidated net loss of Rs 268 crore in the April-June quarter of 2020-21. It noted that during the first quarter its sales and production were adversely impacted due to the second wave of the COVID-19 pandemic.
The Centre's capital expenditure (capex) outlay for the April-June quarter (first quarter, or Q1) of 2022-23 (FY23) could be close to Rs 1.5 trillion, Business Standard has learnt. As a percentage of full-year capex Budget Estimates (BE) of Rs 7.5 trillion, this could be at similar levels to the trends in the past few fiscal years. It is in the July-September quarter (Q2) of FY23 that capex is expected to pick up, when a bulk of the long-term capex loans to states are expected to be expended.
Coal India looks set to achieve its 2024-25 (FY25) production targets. If it can achieve its aim of ramping up Fuel Supply Agreement (FSA) and e-auction volumes, along with cost-saving, evacuation and infrastructure-improvement projects, the company could maintain its momentum as a critical infrastructure and core industry performer. Analysts estimate e-auction volumes of 108 million tonnes (MT) in FY25 and 120 MT for FY26, which is encouraging given the premium of e-auction prices which are consistently over 50 per cent higher than FSA.
From its recent lows, the stock of consumer major Marico is up 7 per cent on the back of a better-than-expected June quarter performance and robust outlook. In a pre-quarter update, the management indicated that domestic volume growth should witness an improvement in FY25, while other segments (growth portfolio, international business) too would see traction going ahead. The near-term trigger is strong sales and operating performance for Q1FY25.
However, the Polycab share price is up by nearly 80 per cent while Havells' has risen by 39 per cent. The Sensex has gained 26 per cent in this period. The Q1FY25 results were in line for both companies.
The changes in the domestic and global economy following the outbreak of the Covid-19 pandemic are altering the corporate profit league table in India. Reliance Industries (RIL), which topped the India Inc profit chart for more than a decade, lost out to State Bank of India (SBI) in the 2023-24 (FY24) April-June quarter (first quarter, or Q1). India's biggest lender reported a consolidated net profit (adjusted for exceptional gains and losses) of Rs 66,860 crore during the trailing 12-month (TTM) ended in June this year, ahead of RIL's TTM adjusted net profit of Rs 64,758 crore in the quarter.
Shriram Finance's (SHFL's) profit after tax (PAT) rose 10 per cent year-on-year (Y-o-Y) to Rs 2,140 crore in the fourth quarter of the financial year 2024-25 (Q4FY25).
Ola Electric share price strategy: The meteoric rise of Ola Electric share price has left analysts and investors bewildered. Yet, they suggest investors hold on to the stock as it remains a pure "momentum" play. Since its listing on August 9, the stock has surged 92 per cent (till August 19) over its issue price of Rs 76, taking its market capitalisation to a little over Rs 63,000 crore.
IT services firm Infosys on Thursday reported an 11 per cent rise in consolidated net profit in June quarter at Rs 5,945 crore, but lowered full year growth outlook to 1-3.5 per cent amid macro uncertainties. The net profit (before minority interest) during the same period previous year stood at Rs 5,362 crore.
'Primary buyers are commercial taxi and fleet operators and small businessmen.' 'CNG prices have been remarkably stable unlike petrol.'
Concerns have been raised over Marico's exposure to Bangladesh in the wake of turmoil in that country. However, the management reiterated expectations of growing domestic business at double digits and maintaining international growth. Marico scaled up its food business by 4 times between FY20-24 and aims to double it again in the next three financial years.
Shares of healthcare services major Max Healthcare Institute have gained over 23 per cent since the start of this month and the stock crossed the Rs 1 trillion mark on September 24. On September 25, it closed 989.85 apiece at the NSE. The gains were cornered on the back of a strong outlook for the sector and aggressive expansion plans for the chain led by acquisitions and organic growth.
Net profit of 19 listed banks is likely to decline by 4 per cent year-on-year (Y-o-Y) for the quarter ended March (Q4FY25) mainly due to pressure on net interest margins (NIM) as a result of rate cut by the Reserve Bank of India (RBI), according to analysts' estimates. Additionally, loan growth is expected to further slowdown amid low demand in certain secured products, stress in the unsecured segment, and a high cost to deposit (CD) ratio across the system.
While TCS cited evolving business needs and future readiness as reasons, industry experts say the action is a cost-cutting measure aimed at improving operating margins that have remained below the firm's aspirational range despite multiple efforts.
There has been a sharp slowdown in revenue and profit growth in the cement sector in recent quarters but it is yet to show in the share prices of cement companies. On the contrary, there has been a rally in cement stocks and a re-rating of their equity valuation in the past three years despite an earnings contraction during the period.
India's largest cable and wire manufacturer Polycab India ended financial year 2024-25 (FY25) on a high, delivering another strong quarter of double-digit growth and market share gains. This coupled with margin expansion, operating breakeven for its fast-moving electrical goods (FMEG) business, and steady exports outlook for FY26 is expected to support the stock, which is up 18 per cent over the past month. The stock is currently trading at Rs 5,765 a share.
Info Edge (India), the country's leading consumer internet company known for its platforms in recruitment (naukri.com), real estate (99acres.com), matrimony (jeevansathi.com) and education (shiksha.com) space, delivered revenue growth in line with expectations in the April-June quarter (Q1) of FY25.
The growth in personal loans for fintech major Paytm may remain muted in the future and not replicate a three-digit year-on-year (Y-o-Y) growth that it recorded in the previous years, a person familiar with the matter said. Sources said the personal loans book may grow in the range of 30 to 40 per cent Y-o-Y on its current base. On a quarter-on-quarter (Q-o-Q) basis, the number of personal loans the Noida-based fintech company disbursed has dropped 20 per cent from 0.3 million in the first quarter of this financial year (Q1FY24) to 0.24 million in Q2FY24, according to regulatory filings.
HDFC Asset Management Company (HDFC AMC) reported a healthy profit after tax (PAT) of Rs 430 crore for the July-September quarter (Q2) of financial year 2023-24 (FY24). It rose 20.2 per cent year-on-year (Y-o-Y) and decreased 8.4 per cent quarter-on-quarter (Q-o-Q). This was driven by good equity returns, leading to a sequential improvement in revenue yields.
Britannia Industries reported revenue growth of 4 per cent year-on-year (Y-o-Y) in Q1FY25 and volume growth of 8 per cent implying price trends were adverse. Other operating income jumped 195 per cent, due to the incentive received for the Ranjangaon plant. The non-biscuit portfolio (rusk, cake, bread) remained key to growth and contributed 25 per cent of the total revenue.
'MIB which is a part of retail, will grow in the range of 20 per cent.'
Reserve Bank on Thursday retained the growth and inflation projection at 7.2 per cent and 4.5 per cent respectively for the current fiscal amid expectations of a normal monsoon. In its last bi-monthly monetary policy review in June, RBI had projected real GDP growth and retail inflation at the same.
India's steel market is out of step with global trends. Global demand is weak with China at a huge supply surplus to its domestic demand, pushing down global steel prices. India's domestic demand for steel is strong, given the continuing infrastructure push and is likely to accelerate as urbanisation improves, and the auto sector continues to grow alongside the infrastructure push.
Grasim Industries has reported a 24 per cent increase in net profit at Rs 130.49 crore (Rs 1.3 billion) for the quarter ended June 30, 2003 when compared with Rs 105.47 crore (Rs 1.05 billion) in Q1FY03.
Brokerages lowered their earnings estimates following muted results in Q1FY24. While analysts remain optimistic about the stock's medium-term prospects, they highlight near-term concerns stemming from lower realisations due to changes in the product mix and margin pressures resulting from new plane additions.
The Adani Group reported its highest-ever trailing twelve-month EBITDA of Rs 90,572 crore, driven by strong performance in its core infrastructure and clean energy businesses, along with contributions from its emerging airports segment, the conglomerate said on Thursday. The group reported an earnings before interest, taxes, depreciation and amortization (EBITDA) of Rs 90,572 crore for the period from July 2024 to June 2025, up from Rs 85,502 crore pre-tax profit in the trailing twelve months ending June 2024, it said in a statement.
Mphasis BFL has reported a 29 per cent dip in its net profit at Rs 9.02 crore (Rs 90.2 million) for the first quarter ended June 30, 2005 as compared to Rs 12.79 crore (Rs 127.9 million) in Q1 FY05.
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.
During the September quarter (Q2FY25), Hindustan Zinc's (HZL's) revenue was reported at Rs 8,300 crore (up 22 per cent year-on-year or Y-o-Y, and 2 per cent quarter-on-quarter or Q-o-Q), marginally above consensus. Operating profit stood at Rs 4,100 crore (up 31 per cent Y-o-Y and 5 per cent Q-o-Q), also a small beat. The operating profit margin was 50 per cent, up from 48.5 per cent in Q1FY25.
The growth in the contact-intensive portion of the economy trailed our expectation, highlighting how imperative it is for confidence to improve, either through accelerated vaccinations or otherwise, to drive a sustainable recovery in these sectors, asserts Aditi Nayar.
Reliance Industries Ltd (RIL) on Friday reported a 9.6 per cent year-on-year rise in net profit for the September quarter, driven by strong performance in its consumer-facing retail and telecom businesses and a recovery in its core oil-to-chemicals segment.
Hero MotoCorp (HMCL) saw strong volume performance in the first quarter of the current financial year (Q1FY25), but margins disappointed due to weak spare part sales and negative electric vehicle (EV) margins. The company hopes for a strong festive season due to better rural sentiment. Revenue grew 16 per cent year-on-year (Y-o-Y) to Rs 10,140 crore, operating profit was up 21 per cent to Rs 1,460 crore, and adjusted net profit grew 19 per cent Y-o-Y to Rs 1,120 crore.
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.
Automobile exports from India rose 15.5 per cent year-on-year in the June quarter with all verticals, barring three-wheelers, recording growth in shipments, according to the latest SIAM data. Overall shipments stood at 11,92,577 units in the first quarter the current fiscal year, as compared with 10,32,449 units in the same period of the last fiscal. Passenger vehicle exports stood at 1,80,483 units in the first quarter, registering a jump of 19 per cent over 152,156 units in the same period last year.
States are on track of fiscal consolidation with their total borrowings reaching Rs 5 trillion till October, which is 60 per cent of the projected borrowings of Rs 8.38 trillion till December 2024, according to data from official sources. Government officials said the lower-than-projected borrowings by states were a sign of prudent fiscal management by them. States announce their borrowing plans every quarter.
Bajaj Auto reported steady results in Q1FY25, with revenue surging 16 per cent year-on-year (Y-o-Y), operating profit registering a growth of 24 per cent Y-o-Y, and margins swelling 20.2 per cent. The profitability was aided by 50 basis points (bps) on the accrual of PLI benefits. The domestic prospects for two-wheelers are healthy, though the response to the newly launched CNG motorcycle is a key monitorable.
Cipla has posted a 11 per cent increase in net profit at Rs 67.20 crore (Rs 672 million) for the quarter ended June 30, 2003 as against Rs 60.63 crore (Rs 606.3 million) in Q1FY03.
Infosys has reported a 28 per cent increase in net at Rs 278.12 crore (Rs 2.78 billion) for the quarter ended June 30, 2003 when compared with Rs 216.85 crore (Rs 2.168 billion) in Q1FY03.
As a step to entrench its consumer finance business, Bajaj Finance (BFL) plans to scale up its business-to-business (B2B) activity, both in terms of volume as well as value. It plans to add up to 1,000 cities in the next three years and this will mark its presence in around 5,000 cities. The expansion activity will be more in Northern and Eastern India.
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