The Q1FY24 earnings season has started on a dismal note for corporate India. The early-bird companies' revenue growth has been at a 10-quarter low, while the combined earnings of non-BFSI (banking, financial services, and insurance) companies seem to have hit the ceiling. The numbers suggest corporate India is entirely dependent on BFSI companies and the IT services sector to drive growth in revenue and profit while other sectors are showing signs of stagnation.
Consolidated net debt of Airtel increased by 24 per cent to Rs 97,395.2 crore.
The company commands a market value of Rs 2,74,874 crore (Rs 2,748.74 billion) -- the highest for any listed firm in the country.
Other gainers included Kotak Bank, HCL Tech, ONGC, Asian Paints, Vedanta, HDFC Bank, Bajaj Finance, Maruti and TCS, gaining up to 1.41 per cent. Sun Pharma was the top loser, cracking 8.58 per cent.
Combined profit before tax of 81 firms down 37.5% y-o-y, worst show in at least 3 years.
Total income from operations, however, dipped 27 per cent to Rs 68,261 crore.
Rising investment is eating into the luxury carmaker's cash pile.
Bharti Airtel's total revenue for the December 2018 quarter stood at Rs 20,519 crore, just one per cent higher than the Rs 20,319 crore in the corresponding period of the previous year.
Currently, TCS is India's second most valuable firm after Reliance Industries, which has a market cap of nearly Rs 12.9 trillion.
Mukesh Ambani group's flagship company Reliance Industries on Thursday posted a net profit of Rs 2,799 crore (Rs 27.99 billion) in the October-December quarter, up from Rs 1,776 crore (Rs 17.76 billion) in the year-ago period.
The standalone net sales of the petrochemical giant grew 80 per cent to Rs 56,856 crore (Rs 568.56 billion), from Rs 31,563 crore (Rs 315.63 billion) in the corresponding period a year ago, RIL said in a filing to the National Stock Exchange.
IndusInd Bank, L&T, ITC, HUL, Reliance Industries and Sun Pharma were among the gainers. On the other hand, HCL Tech, Axis Bank, Asian Paints, UltraTech Cement and Infosys were among the laggards.
On the Sensex chart, SBI was the top gainer, rallying around 4 per cent, followed by Bharti Airtel, Reliance Industries, HDFC Bank, ITC, Axis Bank and NTPC. NSE Nifty advanced 78.70 points to a fresh closing peak of 14,563.45.
The country's most valued corporate entity Reliance Industries on Thursday said it received 1,093 complaints from investors during the latest quarter, but all were resolved.
Markets in green tracking firm global cues.
Private equity investments into domestic companies fell sharply year-on-year by 42 per cent to $23.3 billion in 2022, which is the lowest since 2019, when it was $15.8 billion, according to an industry report. The numbers reflect the overall funding winter that the startup space in particular, and the overall foreign investments in general have been witnessing since the Ukraine war began last February. Private equity investment inflows into the country fell by a sharp 42 per cent in 2022 from last year to $23.3 billion -- the lowest annual inflows since 2019 when it was a low $15.8 billion, but still relatively elevated compared to historical levels, said Elaine Tan, a senior analyst at Refinitiv, the LSEG business arm that provides financial markets data and insights.
The company added 95 lakh new 4G subscribers taking its total 4G subscriber base to 7.53 crore inching closer to its peer Bharti Airtel which reported 4G customer base of 7.7 crore.
The firm earned $11.6 on turning every barrel of crude oil into fuel in the quarter.
Reliance group flagship company RIL on Friday posted a profit of Rs 2091 crore (Rs 20.91 billion) for the quarter ended December 2004, recording a massive growth of 52 per cent over the corresponding quarter of the last fiscal.
Companies announce Rs 768 bn worth investments in Dec quarter versus Rs 1.15 trn in Sep quarter
Axis Bank was the top gainer in the Sensex pack, rallying over 6 per cent, followed by HDFC, IndusInd Bank, TCS, Asian Paints, Titan, HCL Tech and ICICI Bank. On the other hand, ONGC, Bajaj Finance, NTPC, M&M and Reliance Industries were among the laggards.
The combined net sales of 42 listed construction and capital goods companies that have declared their third-quarter results so far were down 2.3 per cent year-on-year in Q3FY21 while core operating profit was up just 4.9 per cent YoY during the quarter.
RIL expects oil and gas sales from the Krishna-Godavari basin to boost its revenues and profits significantly. The company started test production of oil from the basin around 10 days ago. The cost of production per barrel of oil is not known. RIL's share price on the Bombay Stock Exchange has fallen 9.3 per cent in the last month as world markets have tumbled on fears of an economic crisis.
The company had a net profit of Rs 8,079 crore (Rs 80.79 billion) in the corresponding quarter of the last fiscal, the Mukesh Ambani-led firm said in a filing to the Bombay Stock Exchange. The total turnover also dipped 8.75 per cent to Rs 31,563 crore (Rs 315.63 billion) during the quarter under review from Rs 34,590 crore (Rs 345.9 billion) in the year-ago period.
The Mukesh Ambani-led company had a net profit of Rs 4,008 crore (Rs 40.08 billion) in the same period last year.
Reliance Industries, country's most valued firm in terms of market capitalisation, on Thursday posted a 26 per cent increase in net profit for the third quarter ended December 31 to Rs 3,882 crore (Rs 38.82 billion) from Rs 3,081 crore (Rs 30.81 billion) a year ago.
Dalal Street investors became richer by more than Rs 16.36 lakh crore this year as the equity market scaled new highs despite persistent geopolitical uncertainties and inflation worries. Analysts attributed better macroeconomic fundamentals, the confidence of retail investors and foreign investors investing again in the domestic equities towards the latter half of 2022 as the key factors that led to the outperformance of the Indian market in comparison to many other stock markets worldwide. During the initial part of the year, markets were jolted by the Russia-Ukraine war.
Most analysts expect growth in the sales of Nifty-50 companies to decelerate, albeit marginally, in the quarter ended December compared to the corresponding period of 2013-14, with metals and real estate companies pulling down earnings.
The telecom services provider had a net profit of Rs 1,395.14 crore (Rs 13.95 billion) in the third quarter of FY'08, RCom said in a filing to the Bombay Stock Exchange. RCom's total income rose by 18.75 per cent to Rs 5,671.82 crore (Rs 56.71 billion) for the quarter under review from Rs 4,776.26 crore (rs 47.76 billion) in the corresponding period last fiscal.
NSE Nifty sank 127.80 points, or 1.03 per cent, to 12,224.55. According to traders, besides stock-specific action, domestic investors were also seen booking profits at record peaks.
2.75 million of the 3 million Covid-related health claims were settled.
What has hit sentiment further is a draft proposal by the government to increase vehicle insurance premiums for financial year 2022-23 (FY23). Third-party motor insurance premiums have not been increased over the last two years and if this is approved, insurance costs for specific segments could rise by a fifth. The worst impacted is the 350cc and above two-wheeler segment, where premiums are up 21 per cent. Royal Enfield (Eicher Motor) is the market leader in the segment. The premiums in the 150-350cc two-wheeler category are also being inc
Jio's global partnerships took shape this year when Jio Platforms, a 100 per cent subsidiary of Reliance Jio which has invested in various digital platforms, was able to woo a bevy of marquee investors: Facebook, Google, Qualcomm, Intel, and a numerous PE funds.
Though India was under lockdown for only seven days of the quarter, global demand and commodity prices began falling from February as COVID-19 was spreading in other countries. 1,002 listed companies - excluding banks, non-bank lenders, insurers, brokerages, and IT firms - reported a combined pre-tax loss of around Rs 2,700 crore during Q4.
India's top listed companies reported their best-ever quarterly net profit of Rs 2.39 trillion in the September quarter of FY22, up 46.4 per cent year-on-year. The earnings were driven by a big surge in the profitability of banks, non-banking financial companies & insurance (BFSI), oil & gas, and metal & mining firms. The combined net profit of these three cyclical sectors were up 87 per cent YoY to a record high of Rs 1.53 trillion, up from Rs 82,000 crore a year ago and Rs 1.08 trillion in Q1FY22.
The Sensex and the Nifty reached an intra-day high of 16,784 levels and 5,021 mark, respectively.
The earnings are, however, expected to be down around 2 per cent on a sequential basis due to pent-up demand getting exhausted and the adverse impact of rising metals and energy prices on consumer goods and manufacturing companies.
Reliance announced a rights issue of Rs 53,125 crore, which it said was the biggest in India.
market sentiment remains positive on the back of fresh long positions and short covering seen in specific stocks
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