Q3 Results Highlights: Adani Power net profit surges multi-fold to Rs 2,738 crore, revenue rises 67%

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--Last year, the company pegged its capex at Rs 20,000 crore amid plans to add nine million tonnes (mt) to its current capacity. The capex is part of the Rs 49,000-crore spend that JSW had outlined over a three-year timeframe.

--Responding to a Moneycontrol query regarding the change in capex figure, Chief Executive Officer Jayant Acharya said, "It would get passed on to the next financial year, it's only a timing issue. There is no change in the focus of the capex."

Read more here

--SBI Cards and Payment Services standalone net profit rose 7.8% year-on-year to Rs 549.1 crore
--Other income fell 20.1% year-on-year to Rs 119.90 crore
--Total income up 29.7% at Rs 4,714.6 crore.

--Cons PAT at Rs 2738 crore vs Rs 9 crore YoY
--Revenue: Rs 12,991 crore vs Rs 7,764 crore, up 67% YoY

Warren Harris, Chief Executive Officer and Managing Director, said: “We delivered sequential growth and a healthy operating EBITDA margin at 18.3% in Q3FY24 while making strategic investments in relationships to enable future growth. Our deal win momentum has stayed robust, with 5 large deals won in the quarter, including one deal with over $50 million in TCV and another one with $25 million in TCV."

"We remain positive on customer spending in the Automotive vertical as OEMs continue to pivot towards electrification and other alternative propulsion systems. The Aerospace industry is looking upbeat, with a good pickup in demand there. We are investing in building capabilities at scale and remain confident about the long-term fundamentals of our business. We have seen our employee engagement initiatives yield success with a steady reduction in attrition levels over the last few quarters. We continue to focus on engineering a better world for our customers, employees, partners and the community," Harris added.

Tata Tech Q3 results highlights

-- On YoY basis, net profit up 14.7% at Rs 170.2 crore vs Rs 148 crore
--Total operating revenue up 14.7% YoY and up 1.6% QoQ to Rs 1289.5 crore
-- In USD terms, total operating revenues were up 0.9% QoQ and up 13.4% YoY to $154.8 million.
--Services segment revenues were up 8.3% YoY to $120.2 million.
--In constant currency, Services revenues were up 5.8% YoY.
--Continued improvement in the customer ramp-up activity, with 39 customers now in the million-dollar plus revenue bucket compared with 34 at the end of Q3 FY2, says Tata Tech
-Operating EBITDA at Rs 237 crore.
--Operating EBITDA margin at 18.3%, a 140-bps increase QoQ driven by improved Services gross margins.
--Net income at Rs 170 crore; Net margin at 13.2%.
--Net headcount addition of 172; Workforce strength of 12,623
--180 bps sequential improvement in [LTM] attrition to 15.4

-- Net profit saw 18 percent fall at Rs 2,013 crore for the third quarter of 2023-24, due to higher finance and raw materials cost amid muted sales.

--The company had reported a profit of Rs 2,464 crore in the same quarter a year ago and a loss of Rs 1,783 crore in the second quarter of FY24.

--Vedanta's previous quarter performance was dented by exceptional expenses owing to a change in tax rates as the company shifted to a new tax regime.

--Revenue from operations rose 3.8 percent to Rs 34,968 crore in October-December 2023, from Rs 33,691 crore in the same period of the previous fiscal. Sequentially, revenue was down nine percent.

--JSW Steel, India's largest steelmaker by capacity, reported a nearly five-fold rise in third-quarter profit on Thursday, helped by strong domestic demand.

--Consolidated net profit rose to Rs 2.415 crore for the quarter ended Dec. 31 from Rs 490 crore a year earlier.

----Revenue from operations rose 7.2% to Rs 41,940 crore

--Ebitda rose 57.9% to Rs 7,180 crore

--Ebitda margin expanded 550 bps to 17.11% vs 11.61%.

--SBI Life Insurance Company posted a net profit of Rs 322 crore, up 6 percent year-on-year (YoY) from Rs 304 crore posted in the same quarter last year.

-Net premium income in the third quarter jumped 16 percent YoY to Rs 22,316 crore.

-- Total APE (Annualised Premium Equivalent) up 13 percent to Rs 6,130 crore in Q3 FY24 versus Rs 5,430 crore in the same quarter of the previous financial year (Q3 FY23).

--Value of New Business (VNB) came in at Rs 1,680 crore, up 11.3 percent from Rs 1,510 crore in Q3 FY23.

--The VNB margin contracted to 24.4 percent from last year's margin of 27.8 percent.

PNB reports Q3 net profit at Rs 2,222.8 crore Vs Rs 628.9 crore (YoY)

NII up 12.1% at Rs 10,293 crore Vs Rs 9,179.4 crore (YoY)

-- Gross NPA ratio at 6.24% Vs 6.96% (QoQ)

-- Net NPA ratio at 0.96% Vs 1.47% (QoQ)

-- Gross NPA at Rs 60,371 crore Vs Rs 65,563.1 crore (QoQ)

-- Net NPA at Rs 8,815.8 crore Vs Rs 13,114.1 crore (QoQ)

-- Provisions at Rs 2,739.1 crore Vs Rs 4,713.34 crore YoY & Vs Rs 3,444.18 crore QoQ

-- Provision coverage ratio At 94.28% Vs 91.90% QoQ

IGL has reported Q3 net profit at Rs 392 crore, revenue comes in at Rs 3,556 crore, EBITDA is at Rs 564 crore, while margin is at 15.9%

HPCL has announced its Q3 FY24 net profit at Rs 529 crore, which is down 89.7% QoQ. Standalone numbers:

Net Profit down 89.7% at Rs 529 Cr Vs Rs 5,118 Cr (QoQ)
Revenue up 16% At Rs 1.11 Lk Cr Vs Rs 95,701 Cr (QoQ)
EBITDA down 73.7% At Rs 2,163 Cr Vs Rs 8,217 Cr (QoQ)
Margin At 1.94 % Vs 8.6% (QoQ)

* Net Profit up 44% At Rs 90.4 Cr Vs Rs 62.7 Cr (YoY)
* Revenue up 22% At Rs 474 Cr Vs Rs 389 Cr (YoY)
* EBITDA up 36% At Rs 121 Cr Vs Rs 89 Cr (YoY)
* Margin 25.5% Vs 22.8% (YoY)

* Net Loss At Rs 57 Cr Vs Profit Of Rs 34 Cr (QoQ)
* Revenue Down 12% At Rs 1,322 Cr Vs Rs 1,494 Cr (QoQ)
* EBITDA Down 58% At Rs 89 Cr Vs Rs 213 Cr (QoQ)
* Margin At 6.7% Vs 14.3% (QoQ)

Indian newspaper group DB Corp has announced its numbers for Q3FY24. Consolidated numbers as follows:
* Net Profit at Rs 123.9 Cr vs Rs 48.2 Cr (YoY)
* Revenue up 14% at Rs 644.7 cr vs Rs 565.7 cr (YoY)
* EBITDA at Rs 183.2 cr vs Rs 91.2 cr (YoY)
* Margin At 28.4% vs 16.1% (YoY)

Nomura On Birlasoft

* Buy Call, target raised to Rs 950 per share
* Co consistently outperforming expectations
* Well positioned to deliver industry-leading quadrant growth in FY25
* Q3 revenue & margins above estimates
* Margin expansion continues under new unified organisational structure
* Raise FY24-26 EPS by approximately 4-5 percent

HSBC On Havells:

* Buy call, target cut to Rs 1,470 per share
* Subdued demand from consumer end market
* Higher advertising and promotional expenses impacted Q3 results
* Continue to believe that demand improvement is around corner
* Profitable growth should resume from Q4

Morgan Stanley View On Dalmia Bharat:
* Overweight call, target Rs 2,750 per share
* Q3 saw lower realisations but better volumes
* Benefits of lower realisations & better volumes more than offset by higher opex
* Fuel costs & freight costs were broadly in-line
* Raw materials costs were higher

Morgan Stanley View On Canara Bank:

* Underweight call, target Rs 360 per share
* Q3FY24 PAT of Rs 3,660 crore (1 percent annualized RoA) was 14 percent above estimate
* PAT growth helped by strong recoveries from written-off accounts
* Core PpOP was 14 percent below estimate on higher opex, even as NII beat estimate
* Slippages inched up QoQ to Rs 3,200 crore (1.6 percent Of Loans, Annualised) vs Rs 3,000 in Q2FY24
* Raise earnings estimate by 5 percent for FY24

Morgan Stanley View On PNB Housing Finance:
* Overweight call, target Rs 970 per share
* Q3 saw lower retail loan growth, +13 percent YoY
* Underlying spread compression, down 20 bps QoQ drove a PpOP miss of 6 percent
* PAT miss was 2 percent due to lower credit cost of 38 bps
* Lowered credit cost guidance was positive
* Valuation versus RoE appears less attractive on stock outperformance in past year

Morgan Stanley View On DLF: -
* Overweight call, target Rs 770 per share
* 9MFY24 Pre-sales of Rs 13,300 doubled YoY
* Key going forward will be if the momentum can be sustained
* Trends for collections are strong, resulting in net cash of Rs 1,250 crore (excluding rental biz)

Morgan Stanley View On Tata Steel:

- Equal-weight call, target Rs 120 per share
- Q3 domestic EBITDA was ahead of our estimate, helped by both higher realizations & better costs
- Consolidated EBITDA was even better despite weakness in Europe
- Company’s "other" domestic businesses did much better
- Gross debt was down marginally, to Rs 88,200
- Net debt was broadly stable, at Rs 77,400

CLSA On Tata Steel:

- Outperform call, target Rs 145 per share
- Q3 results showed inventory movements drive beat & core earnings in-line
- India business profitability was sharply above our estimate
- Adjusted for the inventory movement, it was largely in-line
- Losses from Europe expanded to USD 180/t vs USD 169/t QoQ
- Continued losses in both the Netherlands and the UK
- Net debt was flat QoQ at Rs 77,400 crore

Morgan Stanley's view on TVS Motors: -

* Equal-weight call, target Rs 1,706 per share
* Co reported an in-line quarter at the EBITDA level
* Like company’s focus on premiumization and EVs
* Exports recovery, albeit bumpy, near-term, could support margin expansion in FY26
* At an FY26 P/E of 32x (Vs 10-Yr median 1Y forward P/E of 27x), Risk-reward looks balanced

CLSA On TVS Motors: -

* Sell call, target Rs 1,400 per share
* Export volume growth could be muted
* Margins marginally better than estimate
* Investment in subsidiaries continues to drain cash flow
* Valuation appears stretched with stock trading at 37x FY25 EPS estimate

Morgan Stanley's view on Bajaj Auto:
- Overweight call, target Rs 8,082 per share
- Reported another strong quarter
- All time high top & bottom line for three consecutive quarters
- While share of high margin segments was down QoQ
- Improving mix supported gross margin & EBITDA was 6 percent ahead of estimate

Domestic diesel engines manufacturer Swaraj Engines has announced its earnings for Q3FY24. The consolidated numbers are as follows:

* Net Profit up 4% at Rs 24.1 cr vs Rs 23.2 cr (YoY)
* Revenue up 0.2% at Rs 279.5 cr vs Rs 278.9 cr (YoY)
* EBITDA down 0.7% at Rs 32.7 cr vs Rs 33 cr (YoY)
* Margin at 11.7% Vs 11.8% (YoY)

HSBC's view on Tech Mahindra: -
* Hold call, target Rs 1,300 per share
* Expect a turnaround to remain challenging, especially in current environment
* Margin expansion is contingent on pyramid improvement or a pricing uptick

Morgan Stanley's view on Tech Mahindra: -
* Underweight call, target raised to Rs 1,220 from Rs 1,100 per share
* Q3 may mark bottoming of performance
* View co as a good potential turnaround story candidate over medium term
* Expect sharp downward revisions to consensus estimate in near term

Brokerage house Jefferies has an "underperform" call on Laurus Labs and slashed the target price to Rs 250 per share. More comments:

* Q3 all-round miss on subdued performance in CDMO and API division
* Management reiterated their stance for margin improvement in Q4 and overall H2FY24 > H1FY24
* Management’s commentary on CDMO division’s recovery was uninspiring
* Management’s commentary on CDMO division’s recovery indicated much slower ramp-up than estimate
* Cut FY25/26 EPS estimates by 19 percent/16 percent

Domestic chemicals company Laxmi Organics announced its Q3 earnings for FY24. The company's net profit was flat at Rs 27 Cr while its Q3 revenue was up6% At YoY at Rs 694.2 crore, against Rs 654.6 crore from the corresponding quarter in the previous fiscal.

Shares of real estate giant DLF rose on January 25 after the company announced a 26.6% YoY increase in consolidated net profit. DLF registered a Q3 profit of Rs 655.7 crore while revenue from operations was up 1.8% YoY at Rs 1,521.3 crore.

DLF shares were quoting at Rs 752.55 at 11:30 am, up Rs 5.5 or 0.69%.

Tech Mahindra's Q3FY24 earnings results are a mixed bag as the IT consulting giant is staring at a reset with the ongoing restructuring. The restructuring goal is to create a future-ready organisation by maximising revenues and improving margins. Read our Pro Research

TVS shares declined by 3% on early trade on January 25 after multiple brokerages cited weak export recovery and draining cashflows. The automaker's three-wheelers sales in Q3 fell to 38,000 units from 43,000 units in the year-ago period. Full Story Here

Despite Tata Steel's shares gaining on the back of a good Q3 show, the industry cannot escape the impact of China as its the steel industry's profitability takes a hit. Read More Here

Shares of Tata Steel were up 1% in opening trade on Jan 25 after the steel giant posted Q3 numbers that impressed the Street. The company reported a consolidated net profit of Rs 522.14 crore despite weakness in European business. Full Picture Here

Despite the IT consulting company's Q3FY24 results mostly meeting Street expectations, brokerage houses are awaiting new CEO Mohit Joshi's turnaround strategy for Tech Mahindra. Our Full Story Here

Excellent numbers in domestic sales of its two-wheelers, coupled with a strong push to cost management saw the auto maker hitting all the right notes. Read More in out Quicktake

Shares of Bajaj Auto rose by 2% to Rs 7,360 on early trade today after the company's Q3 performance beat street estimates. Brokerage house Jefferies feels the comany's two-wheeler vertical will rebound and predicts a 15% volume CAGR in FY24-26. Full Story Here

The competition commission of India gave its approval for the merger between AU SFB and Fincare SFB. The merger will be in effect starting February 1, 2024. Full Story Here

SBI Life's Q3 VNB is pegged at Rs 1,702 crore, up from Rs 1,150 crore in the year-ago period. Healthy uptick the company's Q3 VNB will help expand VNB margins by 84 bps to 28.64 percent, which is an increase over the 27.8 percent it posted in Q3FY23.

Analysts expect SBI Life Insurance to post a 10% YoY growth in annual premium equivalent (APE) aided by life annuity products. Analysts peg Q3FY24 APE at Rs 5,963 crore, up from Rs 5,430 crore in Q3FY23. Strong APE growth, along with steady margins, could contribute to value of new business (VNB), the profitability metric, by 13 percent YoY.

APE is a key measure of sales for life insurance companies.

Some more key expectations:
* Company's standalone volumes are expected to slump 6 percent due to a seasonally weak quarter
* Blended realisations may rise 1 percent sequentially due to higher steel prices
* EBITDA per tonne to decrease 14 percent QoQ to Rs 11,000 due to increased coking coal and iron ore prices

Full Story Here

Analysts expect the steel giant to report a 45% QoQ decline in net profit for Q3 FY24.owing to reduced volume and increased operating costs. Net profit is expected to come in around Rs Rs 3,556 crore while net sales is projected at Rs 44,799.60 crore, down 18 percent QoQ and 13 percent YoY.

Good morning, Moneycontrol viewers. Many big names are expected to announce their Q3 FY24 numbers today, Jan 25, including the likes of EY, JSW Steel, Adani Power, KFintech, AU Small Finance Bank, and more just to name a few. Follow our live blog for the latest Q3 numbers