SEQUENTIAL BASIS
TCS Q1 profit rises 8.7%; wage hikes, demand slump drag sequential numbers
TCS's June quarter net profit decreased 3.16% to Rs 12,040 crore due to wage hikes for its 600,000-plus workforce; net profit increased 8.7% YoY. Revenue rose 5.4% to Rs 62,613 crore. BSNL deal drove 61.8% India growth. The deal pipeline is $8.3 billion, AI projects at $1.5 billion. Operating margin is 24.7%. Interim dividend Rs 10 per share.
Rates on fresh loans and deposit moderate sequentially in May
In May 2024, the Reserve Bank of India reported a marginal decline in weighted average lending rates on fresh loans and deposits by 16 and one basis points, respectively. The WALR on fresh rupee loans fell to 9.39%, while the WADTDR on fresh term deposits dropped to 6.47%.
'Tariff repair': Bharti Airtel may want to charge more from users to improve return ratios
During a conference call, Bharti Airtel emphasized the necessity for tariff adjustments to enhance return ratios like Return on Capital Employed (RoCE). With the highest average revenue per user (ARPU) increase in the industry at Rs 16 in FY24, Airtel reported an ARPU rise to Rs 209 in Q4, with a notable 8% hike.
Rural markets continue to grow at one-and-a-half times urban market: Bharat Puri, Pidilite
Bharat Puri of Pidilite Industries aims for double-digit volume growth within a margin range of 20%-24%. Despite short-term challenges, long-term strategies focus on rural market growth, stable raw material prices, and value-driven pricing.
Marico Q4 Results: Consolidated PAT rises 5% YoY to Rs 320 crore
Marico Q4 Results: Marico reported a 5% YoY rise in Q4 net profit to Rs 320 crore. Revenue increased by 1.7% to Rs 2,278 crore. Full-year net profit grew 16% YoY to Rs 1,502 crore. Standalone PAT was at Rs 229 crore.
Spending on mobile services nearly doubles sequentially in Q1 as users upgrade to 4G, 5G
Mobile service consumer spends (post-GST) rose 2.5% sequentially to around Rs 52,400 crore in Q1FY24—almost 82% higher than the 1.38% sequential growth reported in Q4FY23—as per latest sector performance data issued by the Telecom Regulatory Authority of India (Trai).
India’s food delivery segment seen growing 10% sequentially in July-September period: UBS
This comes as a shot in the arm for Zomato and Swiggy, the segment’s duopolists, given the seasonally weak nature of the quarter.
India's current account deficit widens sequentially on higher trade deficit
India's current account deficit (CAD) widened to $9.2 billion in Q1FY24, equivalent to 1.1% of GDP on a sequential basis. Yet it narrowed on a YoY basis, compared to $17.9 billion in Q1FY23. India's foreign exchange reserves increased by $24.4 billion, and net foreign direct investment decreased to $5.1 billion.
Divi's Labs Q1 Results: Profit nearly halves to Rs 356 crore on YoY basis, misses estimates
Revenue from operations during the first quarter dropped 21% to Rs 1,778 crore, compared with Rs 2,255 crore in the same quarter of last year.
NPA provisioning of banks increases sequentially in Q1 driven by select lenders
The number of banks in the sample which reported a sequential increase in the loan loss provisioning for the June quarter increased to 14 from 10 in the previous quarter. The sequential jump in the NPA provisioning was driven by the PSBs including State Bank of India and Bank of Baroda, and private sector banks such as Axis Bank and Kotak Mahindra Bank. Each of these banks reported more than two-fold increase sequentially in their respective NPA provisioning for the June quarter. Their share in the sample’s NPA provisioning increased to nearly 23% from 11% in the prior quarter.
India’s growth prospects intact in FY24; sequential increase in food inflation in June: Finance ministry report
"Indian economy’s domestic dynamics continue to be strong. Real GDP growth data for the last quarter of FY23 reaffirmed the ability of the Indian economy to grow on the strength of its domestic demand and investment despite a rise in global uncertainties and moderation in global output," it said in its monthly economic report for June.
Dairy companies' gross margins to improve sequentially in FY24, says new report
Gross margins for dairy companies are expected to improve sequentially in FY24 due to a healthy improvement in milk supply by H2 FY2024, according to ICRA. The report revealed that there was a demand-supply gap in FY2023 as domestic milk supply was impacted by the Lumpy Skin Disease, which reduced milk yields.
AU Small Finance Bank gross advances rise 29% YoY to Rs 63,635 crore in Q1
Deposits grew 27% to Rs 69315 crore. The bank reduced its peak deposit rates by 25 basis points across savings and retail term deposits. "The bank had an liquidity coverage ratio of 151% as on March 31, 2023, and thus the focus in Q1’FY24 was to consume this excess liquidity instead of growing high-cost deposits," the bank said in a regulatory filing to stock exchanges.
Prices of veg and non-veg thalis rise sequentially in May: CRISIL
The RRR report said that the cost of veg and non-veg thalis declined 9% and 4% on-year, respectively, in May due to a steep decline in prices of vegetables and cooking oil, which account for 25% of the total cost of a veg thali, but increase in prices of cereals, pulses, chicken, and eggs capped the reduction.
IndiGo Q4 Preview: Strong YoY earnings eyed, but sequential growth to falter after strong Q3
IndiGo is expected to post significant growth in earnings in the fourth quarter as compared to the previous year period. However, the sequential growth will likely be muted after a strong third quarter, albeit with a steady momentum. Net sales for the quarter could rise up to 75% year-on-year (YoY) to Rs 14,164 crore, according to an average estimate of five brokerages, mainly driven by a sharp improvement in passenger levels and an increase in overall yields.
Margins will continue to see sequential uptick in coming quarters: Abhishek Bansal, Just Dial
On our top line, last particular quarter on a per-day basis top line sequential growth stood at 7.4% which as anyone can understand is quite healthy in the current environment.
December cheer: Consumer goods demand rebounds sequentially
The value of fast-moving consumer goods retailed in December rose 1.4% from the last month, according to Bizom that analyses data based on orders at kirana stores. Electronics categories grew 8-10% sequentially, according to industry executives.
India's services exports, imports in October fall on sequential basis
Services exports in October stood at $25.38 billion, down from $28.03 billion in September, Reserve Bank of India's data showed. Services imports in October slipped to $13.49 billion from $16.12 billion a month earlier. However, services exports and imports rose 24.6% and 15.9%, respectively, from the year-earlier period.
Mindtree Q1 preview: Profit likely to surge over 35% YoY; margin may fall on sequential basis
Prabhudas Lilladher said June is a seasonally strong quarter for deals on account of renewals. It expects total contract value (TCV) in the June quarter to be in-line with last year's quarter. It is anticipating a 4 per cent sequential growth in dollar revenue and a 5 per cent QoQ growth in revenue in constant currency terms.
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