Q1 results 2024 Highlights: Jindal Steel & Power's net profit declines 21% to Rs 1,338 crore

L&T CFO R Shankar Raman: For Indian economy to continue to grow the private sector, state governments and central government need to come together to help form a conducive environment for growth.

Labour shortage in the infrastructure industry is not just an issue of paying more wages, L&T CFO R Shankar Raman said on July 24.

"A lot of skilled labour from India are being exported to Middle East countries to work on high paying infrastructure projects," Raman said.

L&T CFO R Shankar Raman: There is no reason for IOCL to re-launch its tender aimed at establishing a green hydrogen production unit.

IOCL had earlier called a tender, for the construction of a 10 ktpa capacity unit on a build, own, operate, and transfer (BOOT) basis at the Panipat refinery.

So far the Israel-Hamas war has not impacted order inflows from the Middle East, but it can disrupt order inflows, said L&T CFO R Shankar Raman on July 24 during a post-earnings briefing.

"If the infrastructure plans laid out by the Middle Eastern countries are not disrupted by the Israel-Hamas war, the region has a potential to award orders worth $ 60 billion in the coming years," Raman said.

Bikaji Foods International on July 24 reported a 40.6 percent growth in net profit at Rs 58.55 crore in the first quarter of FY25, compared to Rs 41.65 crore in the year-ago period, the firm said in an exchange filing.

The net profit for Q1 declined from Rs 116.24 posted in the March quarter.

The company's revenue for the quarter under review surged to Rs 555.12 crore from Rs 481.68 crore reported in the corresponding period of previous financial year, the filing said.

On July 24, the stock of the company rose 2.29 percent to Rs 726.5 on NSE at close.

L&T CFO and non-executive chairman R Shankar Raman: Private capital expenditure is more measured but if India continues to grow its economy there is opportunity for private capex to come in.

L&T CFO and non-executive chairman R Shankar Raman: "L&T is transitioning its Power EPC business from a carbon forward to a carbon light business. We repurposing power business for carbon capture project as part of strategy to pivot to clean energy."

Jindal Steel and Power Limited on July 24 posted a 20.9 percent decline in net profit at Rs 1,337.92 crore in the June quarter, compared to Rs 1,691.8 crore in the corresponding year of previous financial year, the company said in an exchange filing.

In the March quarter, the company had reported a net profit of Rs 933.46 crore.

The revenue from operations jumped to Rs 15,868.63 crore in the quarter under review from Rs 14,553.54 crore posted in the year-ago period. The revenue in the March quarter stood at Rs 15,784.96 crore.

The stock of the company on July 24 ended 1.82 percent higher at Rs 970.1 on NSE.

L&T's CFO and non-executive chairman R Shankar Raman: Daily average ridership of Hyderabad Metro during Q1FY25 fell to 4.3 lakhs passengers. The ridership was impacted in the June quarter and we expect it to improve in the coming months.

L&T' chief financial officer and non-executive chairman R Shankar Raman on July 24 during a post-earnings briefing said the firm's subsidiary Nabha Power generates a profit of Rs 1 billion per quarter.

L&T CFO and the non-executive chairman R Shankar Raman: Operating margin of L&T's infra segment grew in Q1FY25 to 5.8 percent from 5.1 percent a year ago.

L&T chairman and managing director SN Subrahmanyan: We have achieved steady growth across all financial parameters in Q1 FY 2024-25, despite the geopolitical situation across the globe. Amidst various transformational shifts happening worldwide, we are well-positioned to grasp these opportunities with our expertise in our traditional P&M business and technology driven new-age businesses.

L&T chairman and managing director SN Subrahmanyan: The Union Budget released yesterday presented a detailed roadmap towards pursuit of a Viksit Bharat by 2047. With the expected policy continuation in India, the tailwinds in the Indian economic growth is likely to continue which will facilitate the group to achieve its Lakshya 26 targets.

Larsen & Toubro on July 24 posted its quarterly earnings.  On global factors affecting its operations said, "The global economy is expected to witness a rebound, though the run-up to the US Presidential elections in November can exhibit economic volatility. With the change of government in UK, and a hung parliament in France, the concern about the European economic recovery remains. China’s economic recovery remains debatable with rising trade tensions threatening to overshadow growth in exports."

L&T on outlook:  "With the Union elections behind and the likely political stability, the government’s continued thrust on capex and business optimism augur well for investment activity.

However, the pace of infrastructure progress could slow down due to skilled labour shortage in certain sectors. The Indian economy is at an inflection point in its path towards greater transformational changes that will bring about more stability and growth."

Larsen and Toubro (L&T) on July 24 reported a consolidated net profit of Rs Rs 2,786 crore for the quarter ended June 2023, up 12 percent over Rs 2,493 crore in the same quarter of previous financial year, the company said in an exchange filing.

Revenue from operations jumped 15 percent to Rs 55,120 crore in Q1FY25 as against Rs 47,882 crore in the year-ago period.

On July 24, L&T's shares closed 0.45 percent lower at Rs 3,522 apiece.

DCB Bank of  July 24 posted a 3.5 percent jump in net profit at Rs 131.36 crore in the June quarter, compared to Rs 126.93 crore in the corresponding year of previous financial year, the lender said in an exchange filing.

In the March quarter, the bank had reported a net profit of Rs 155.68 crore.

The asset quality weakened slightly as gross non-performing assets rose to 3.33 percent in the reported quarter from 3.23 percent in the year-ago period. The net non-performing assets also increased to 1.18 percent in Q1FY25 from 1.11 percent in Q1FY24.

Here are the key highlights of SBI Life Insurance Company

-Private market leadership in new business premium (NBP) of Rs 7,030 crore with 13 percent growth and 21.8 percent market share

-Private market leadership in individual NBP of Rs 4,750 crore with 17 percent growth and 25.9 percent market share

-Annualized premium equivalent (APE) stands at Rs 3,640 crore with growth of 20 percent

-Agency channel annualized premium equivalent (APE) stands at Rs 1,090 crore with growth of 45 percent

-Value of new business (VoNB) stands at Rs 970 crore with 12 percent growth

-VoNB margin stands at 26.8 percent

-Solvency ratio of 2.01

-Assets under management stands at Rs 4.1 lakh crore with 26 percent growth

Indraprastha Gas Limited on July 24 posted a net profit of Rs 401.45 crore in the first quarter of FY25, down 8.42 percent compared to Rs 438.4 crore reported in the corresponding quarter of previous financial year, the company said in an exchange filing.

However, the net profit improved from Rs 382.8 posted in the March quarter, according to the filing.

The revenue from operations jumped to Rs 3,891.47 crore in Q1FY25 from Rs 3,761.85 crore in Q1FY24.

On July 25, the shares of the company closed 2.6 percent higher at Rs 548 on NSE.

Amitabh Chaudhry, MD & CEO, Axis Bank said, ‘The last quarter was crucial in terms of getting all the teams to work together for the last leg of Citi integration. I am delighted that the integration is done and it was largely seamless given the size and scale of the transition. I am thankful to the teams who worked tirelessly in making this possible, and to our 2 million new customers for keeping their trust and faith in us."

Axis Bank on July 24 reported a net profit of Rs 6,035 crore for Q1 FY25, up from Rs 3,452 crore in the corresponding quarter previous year. This beat street expectations. An average estimate of 8 brokerages had expected a net profit of Rs 5,797 crore.

The bank's asset quality worsened sequentially with gross non-performing assets up 11 basis points (bps) at 1.54 percent and net non-performing assets 3 bps up at 0.34 percent.Axis Bank's net interest income (NII) for the April-June quarter rose to Rs 13,448 crore from Rs 11,959 crore in the same quarter a year ago.

Shares of the lender closed for trading at Rs 1239.75 a piece, 1.83 percent down on BSE.

Provision and contingencies for Q1FY25 stood at Rs 2,039 crore. Specific loan loss provisions for Q1FY25 was at Rs 2,551 crore.

SBI Life Insurance Company on July 24 reported a 36.34 percent jump in net profit at Rs 519.52 crore in the first quarter of FY25, compared to Rs 381.04 crore in the same period of past financial year, the company said in an exchange filing.

On July 24, the firm's stock closed 2.37 percent higher at Rs 1,632.65 on NSE.

CG Powe on July 24 said it has entered into an agreement to acquire 55 percent stake of G G Tronics Private Limited (GGT) through a combination of purchase of equity shares from the promoters of GGT and by way

of subscription to compulsorily convertible preference shares for an aggregate consideration of up to Rs 319.38 crore.

Sibaji Biswas, executive director and chief financial officer, Syngene International Limited added, “The current industry dynamics, particularly the geopolitical shifts, present a substantial opportunity for our organization. We continue to generate strong cash flows and our balance sheet is robust. We are investing in technology and capabilities that will position us favorably to leverage the opportunity and capture an increased market share. Based on the current dynamics, we are on track to hit our guidance range for the year with momentum expected to build in the second half of the year.”

Jonathan Hunt, managing director and chief executive officer, Syngene International Limited, said, “First quarter performance was broadly flat, in line with our expectations, reflecting the dip in funding for US biotechs that has impacted our sector over the last two years. However, the value of US biotech funding has seen a marked improvement in the first half of 2024. It will take a while for this funding to flow through into outsourcing activities and Syngene is in a strong position to capture a significant share of the upturn in biotech spending in the months ahead.”

Syngene International on July 24 reported a 19 percent decline in net profit at Rs 75.7 crore in the first quarter of FY25, compared to Rs 93.4 crore in the year-ago period, the company said in an exchange filing.

The firm's revenue was down 2.3 percent at Rs 789.7 crore in the reported quarter against Rs 808.1 crore in the same period of previous financial year, according to the filing.

The company also reported 44.6 percent slump in EBITDA at Rs 170 crore in Q1FY25 compared to Rs 306.4 crore. Margin was at 21.5 percent Vs 37.9 percent (YoY).

The stock was trading 0.64 percent lower at Rs 752.9 on NSE at 15:21 pm.

The company also maintained its guidance for FY25.

V-Guard on July 24 reported a 54 percent increase in net profit at Rs 99 crore in the first quarter of FY25, compared to Rs 64.2 crore in the year-ago period, the company said in an exchange filing.

The firm's revenue was up 21.6 percent at Rs 1,477 crore in the reported quarter against Rs 1,214.8 crore in the same period of previous financial year, according to the filing.

The company also reporter 48.4 percent jump in EBITDA at Rs 155.7 crore in Q1FY25 compared to Rs 104.9 crore. Margin was at 10.5 percent Vs 8.6 percent (YoY).

The stock was trading 3.12 percent higher at Rs 469 on NSE at 15:15 pm.

Amit Kumar Sinha, managing director & CEO, Mahindra Lifespace Developers Ltd, said, “We continue to see strong momentum in our residential business. We have added healthy GDV in line with our 5X aspiration. Our IC&IC business has also delivered a strong performance in Q1 driven by demand in the manufacturing sector. Overall, it has been an exceptional start to the year on all fronts.”

Here are the Q1 FY25 key highlights:

-Gross development value additions: Rs 1,400 crore society development in Sai Baba Nagar, Borivali (5 societies), third such project in Mumbai

-Achieved pre-sales of Rs 1,019 crore (saleable area - 1.17 msft, RERA carpet area - 0.89 msft) in residential business

-Q1FY25 sales driven by launches in March 2024 and launch of new tower in Tathawade

-Collections at Rs 540 crore in the residential business

-Achieved land leasing of 18.8 acres in the IC&IC business for Rs 76.1 crore

-The consolidated total income stood at Rs 206.7 crore vs Rs. 110.1 crore in Q1 FY24 and Rs 54.6 crore in Q4 FY24

Mahindra Lifespace Developers on July 24 reported a net profit of Rs 12.72 crore in the first quarter of FY25, recovering from a loss of Rs 4.27 crore posted in the year-ago period, the company said in an exchange filing.

In the March quarter, the company had reported a net profit of Rs 71.13 crore.

The firm's revenue almost doubled to Rs 188.14 crore in the reported quarter from Rs 98.04 crore in the year-ago period, according to the filing.

The stock price of the company surged 3.07 percent to Rs 626.9 on NSE at 14:23 pm.

Rane (Madras) Limited on July 24 posted a net profit of Rs 3.5 crore in Q1FY25 against a loss of Rs 14.5 crore in Q1FY24.

The firm's revenue slipped 11.3 percent to Rs 522 crore in the June quarter compared to Rs 588.3 crore in the year-ago period. EBITDA was at 4.5 percent at Rs 40.4 cr in the June quarter against Rs 42.3 crore in the same period of last financial year. Its margin came in at 7.7 percent in Q1FY25 against 7.2 percent in Q1FY24.

The shares of the company surged 7.46 percent to Rs 895.05 on NSE at 13:48 pm.

CG Power on July 24 posted a net profit of Rs 241 crore in the quarter ended June 30, compared to Rs 204 crore in the year-ago period, recording an increase of 18.1 percent, according to the exchange filing.

In the March quarter, the net profit stood at Rs 233.6 crore.

The shares of the company jumped 2.31 percent to Rs 692 on NSE at 13:27 pm.

The firm's revenue rose 19 percent to Rs 2,227.5 crore in Q1FY25 against Rs 1,874 crore reported in the same period of previous financial year, according to the exchange filing.

Meanwhile, the EBITDA was up 23 percent at Rs 327 crore vs Rs 265.4 crore in the year-ago period. The margin stood at 14.7 percent vs 14.2 percent (YoY).

KPIT Technologies on July 24 reported a 52.3 percent jump in net profit at Rs 204.16 crore in the first quarter of FY25, compared to Rs 134 crore in the year-ago period, the company said in an exchange filing. In the March quarter, it had posted a net profit of Rs 165.9 crore.

Following the announcement of the results, the stock of the company surged over 4 percent to Rs 1,867.95 at 13:11 pm on NSE.

The firm's revenue from operations stood at Rs 1,364.63 in the reported quarter, up 24.3 percent from Rs 1,097.62 crore in the same period of last year. In the March quarter, the company had posted a revenue of Rs 1,317.8 crore, according to the filing.

Shyam Srinivasan, managing director and CEO of the Bank said, “I am encouraged that we have had a resoundingly strong start to FY 25 and delivered our highest ever quarterly profits. With an industry leading growth in both deposits and assets we are gaining share consistently. Our overall focus of dialing up our physical and digital presence is helping us reach a larger footprint across India. It’s been a quarter where we recorded many firsts, however most noteworthy was the fact that our pioneering technology initiatives have been awarded by very reputed stakeholders. We believe the good start; stable credit quality and sustainable retail deposit traction should help us move further towards our aspiration of being the most admired bank.”

Federal Bank on July 24 reported an 18.24 percent jump in standalone net profit at Rs 1,009.5 crore for the quarter ending June 30, 2024, compared to Rs 853.74 crore posted in the year-ago period, the company said in an exchange filing.

It reported standalone net profit of Rs 906.3 crore in the March quarter.

The shares of the lender slumped 1.56 percent to Rs 194.88 on NSE at 12:58 pm.

Key highlights from the earnings

-Total business of the bank touched Rs 48,6871.33 crore

-Net profit highest ever at Rs 1,009.53 crore, up 18.24%

-Operating profit highest ever at Rs 1,500.91 crore

-ROA for Q1 stood at 1.27 percent and ROE stood at 13.64 percent

-GNPA and NNPA brought down to 2.11 percent and 0.6 percent respectively

-Total deposits surged by 19.58 percent

-Total net advances jumped by 20.34 percent

-Net interest income at Rs 2291.98 crore, grew by 19.46 percent

The key highlights from Bajaj Allianz's business update:

-Gross written premium for Q1 FY25 increased by 24 percent to Rs 4,761 crore against Rs 3.834 crore in Q1 FY24.

-Net earned premium increased by 15 percent to Rs 2,232 crore for Q1 FY25 against Rs 1.938 crore in Q1 FY24.

-Claim ratio increased to 77.1 percent in Q1 FY25 against 74.3 percent in Q1 FY24. The increase in claim ratio is mainly attributable to few large commercial claims

-Aided by better underwriting results and higher profit on sale of investments, profit after tax for Q1 FY25 increased by 39 percent to Rs 576 crore against Rs 415 crore in Q1 FY24

-Assets Under Management (AUM) represented by cash and investments as on June 30, 2024 stood at Rs 31,651 crore against Rs 28.611 crore as on June 30, 2023, an increase of 11 percent.

Bajaj Finance, subsidiary Bajaj Finserv, on July 24 posted a net total income of Rs 10,418 crore in Q1FY25 against Rs 8,397 crore in Q1FY24, jumping by 24 percent, the company said in an exchange filing.

Capital adequacy ratio (CRAR) (including Tier-II capital) as on 30 June 2024 stood at 21.65 percent. The Tier-I capital was at 20.73 percent.

Bajaj Finserv on July 24, in its business update, said the firm has recorded an increase in the customer franchise of 4.47 million and number of new loans booked of 10.97 million in Q1FY25

The NBFC posted assets under management (AUM) of Rs 12,053 crore as on 30 June 2024.

Bajaj Finserv on July 24 posted a 10 percent jump in net profit at Rs 2,137.7 crore in the first quarter of FY25, compared to Rs 1,942.63 crore in the same period of last financial year, NBFC said in an exchange filing.

It had reported a net profit of Rs 2,118.53 crore in the March quarter.

Following the announcement of the results, the firm's stock slipped almost 2 percent. It was trading at Rs 24.6, down 1.52 percent at 12:19 pm on NSE.

Go Fashion on July 24 posted a 10.3 percent jump in Q1FY25 net profit at Rs 29 crore compared to Rs 26.3 crore reported in the same period of last financial year, the firm said in a statement.

The shares of the company jumped 10.29 percent to Rs 1,166.8 on NSE at 12:00 pm.

Shares of Tata Teleservices (Maharashtra) Limited rose 2.07 percent to Rs Rs 101.9 at 11:40 am on NSE following the declaration of Q1FY25 results.

The firm's net loss widened over 7 percent to Rs 323.4 crore in the first quarter of FY25 from Rs 301.18 crore in the year-ago period, according to the exchange filing. However, the revenue jumped 13.3 percent to Rs 323.5 crore in the reported quarter compared to Rs 281.51 crore in the same period of last year.