Q4 earnings highlights: Bajaj Finance net profit up 20% to Rs 3,402 crore, dividend of Rs 36/share declared

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--We are going to unlock tremendous value with the recent rise in commodity prices: Vedanta executive director Arun Misra

--We believe FY25 will be the best every year in terms of cost, revenue and bottom line: Misra

--Co is well positioned to sustain current momentum: CFO Ajay Goel

--Steel plant divestment is under consideration, regulatory clearances will be done between Q1 and Q2 of FY25: Vedanta exec

--Confident on achieving the deadline of demerger: Misra

--Vedanta exec on steel biz divestment: Buyers ready

--Awaiting NOCs from lenders for taking forward the demerger process to NCLT. We have started receiving NOCs from private lenders: Misra

--Confident on achieving the deadline of demerger: Misra

--Vedanta exec on demerger says lenders are comfortable with numbers of units.

Bajaj Finance: NIM has been moderating throughout FY24 due to increase in cost of funds (COF) and gradual shift in AUM composition towards secured assets. We expect COF to peak by July-August’24 and AUM composition pivot towards secured assets to stabilise by September 2024. Accordingly, we expect a 30-40 bps moderation in NIM over the next two quarters from our current levels: Management

--Coromandel International reported a 33 per cent decline in its consolidated net profit to Rs 163.91 crore.

--Total income fell to Rs 1,640.64 crore in the January-March period of the 2023-24 fiscal from Rs 2,012.93 crore in the corresponding period of the preceding year.

--During the full 2023-24 fiscal, the company's net profit declined to Rs 3,996.25 crore as against Rs 5,522.68 crore in the preceding year.

--Coromandel is a part of the Rs 74,220 crore Murugappa Group.

--Bajaj Finance has made required changes in response to the regulatory restriction imposed by RBI on the company, on sanction and disbursal of loans under 'eCOM' and 'lnsta EMI Card'. The Company has formally requested RBI for a review and removal of these restrictions.

--RBI has in November 2023 banned Bajaj Finance from issuing loans under two products with immediate effect, due to deficiencies in adhering to digital lending guidelines.

--Net profit up 20% to Rs 3,402 crore from Rs 2,837.36 crore
--Revenue from operations increased to Rs 12,760.49 crore from Rs 9,717.25 crore
--The company declared a dividend of Rs 36 per share
--Consolidated profit after tax rose to Rs 3,825 crore
--Consolidated numbers include the businesses of the lender's subsidiaries, Bajaj Housing Finance and Bajaj Financial Securities.

--We are looking at growing our branches from the existing 2800 to 3500 in the next two years: Sumant Kathpalia - MD & CEO, IndusInd Bank
--Our operating expenses jumped in FY24 and we hired around 11,000 employees in FY24: MD
--Our total expense in IT is around 8-10 percent of our total cost to income: MD

Amit Chadha, CEO & Managing Director, L&T Technology Services Limited.“With a strong 5.1% sequential growth in Q4, our revenue run-rate has now crossed the $1.2Bn run-rate, a year after we moved past the $1Bn mark. We won a landmark $100 million deal in cybersecurity where we will architect and operate a sophisticated cyber intelligence centre by leveraging AI and Digital Forensic solutions. Our disciplined investments into new technology areas have enabled us to win larger engagements and drive a 16% CAGR in dollar revenue and 25% CAGR in profits, over the past 3 years."

--"We are proud of the milestones achieved in FY24 which include the successful integration of SWC into LTTS, securing several significant wins in cybersecurity and next-generation communications supported by a comprehensive portfolio, filing 54 patents in AI along with a total of 1,296 patents to date, and developing a robust pipeline of opportunities in the Software-Defined Vehicle (SDV) domain."

--"We are now embarking on the next stage of growth with a ‘Go Deeper to Scale’ strategy under which we will streamline our organization into 3 segments – Mobility, Sustainability and HiTech. This cohesive structure will enhance our agility and domain specialization to unlock higher value for customers and employees.” said

--L&T Tech reported flat net profit YoY at Rs 341 crore for the quarter ended 31 March, 2024.
--Net profit up 1.4% QoQ from Rs 336 crore
--Revenue from operations up 7% YoY to Rs 2,537.5 crore, and 5% QoQ
--USD Revenue at $305.1 million; growth of 6.3% YoY and 5.1% QoQ in constant currency
--EBIT margin at 16.9%
--Final dividend of Rs 33 per share declared

--IndusInd Bank reported 15 percent jump in net profit at Rs 2,349 crore for Q4FY24. The net profit beats market estimates of Rs 2,261 crore.

--The bank's net loans grew 18%, it had said in its quarterly update earlier this month, outpacing a 14% growth in deposits.

--The bank's gross non-performing asset (NPA) stood at 1.92%, down from 1.98% recorded in the same quarter last year. On the other hand, net NPA for the quarter stood at 0.57%, improving from 0.59% on a year-on-year basis.

--IndusInd declared a dividend of Rs 16.50 per equity share of Rs 10 face value.

--Net interest income - the difference between interest earned and paid - rose 15% to Rs 5,376 crore.

--Mohit Joshi, CEO and MD, Tech Mahindra, "As we step into FY25, we look forward to improvement in clients spending, which fuels our optimism for a better revenue performance ahead. Our unique ability to enable customers with transformative scale at unparalleled speed, differentiates us from competitors. FY24 posed its fair share of challenges for the IT services sector; yet, amidst the global economic uncertainties, we continue to observe a notable push towards digital adoption."

--Rohit Anand, CFO, Tech Mahindra, "With another quarter of robust cash generation, we have reported improvement in deal wins and operating margins in Q4FY24, which has enabled consistent dividend distribution. We are confident that our actions will lead to steady earnings growth in the coming years. We will continue to focus on operational excellence and cost savings to deliver superior shareholder returns."

--Revenue at Rs 51,996 crore; down 2.4% YoY

--EBITDA at Rs 4,965 crore; down 38.2% YoY

--Consolidated PAT at Rs 2,358 crore; down 51.2% YoY

--Earnings per share (EPS) at Rs 26.58

--Revenue at USD 1,548 mn; down 1.6% QoQ, down 7.2% YoY
--Revenue declined by 0.8% QoQ, by 6.4% YoY in constant currency terms
--EBITDA at USD 169 mn; up 22.9% QoQ, down 31 .1 % YoY; Margin at 10.9%, up 220 bps QoQ
--Profit after tax (PAT) at USD 79 mn; up 29.5% QoQ, down 41.5% YoY
--Free cash flow at USO 129 mn
--Total headcount at 145,455 down 795 QoQ
--Final dividend of Rs 28 per share recommended

--Tech Mahindra reported 41 percent fall in consolidated net profit at Rs 661 crore for the quarter ended 31 March, 2024. The company had reported a net profit of Rs 1,118 crore in the year-ago period.

--Sequentially, the net profit was up 29.6 percent from Rs 510 crore in Q3FY24.

--The profit missed Street estimates. According to the average estimate of seven brokerages, Tech Mahindra’s net profit was expected to increase 39 percent QoQ to Rs 709.47 crore, while revenue is expected to decline 1.33 percent to 12,926.7 crore,

--Glenmark Life Sciences reported 33 percent decline in net profit at Rs 98 crore for the quarter ended 31 March, 2024. The company had declared a profit of Rs 146 crore in the year-ago period.

--Revenue from operations fell 13.5 percent to Rs 537 crore from Rs 621 crore in the quarter under review.

--Shares of Glenmark Life Science were down 8.32 percent to Rs 757.50 apiece on BSE during late trading hours.

--Glenmark Life Science reported 33 percent decline in net profit at Rs 98 crore for the quarter ended 31 March, 2024. The company had declared a profit of Rs 146 crore in the year-ago period.

--Revenue from operations fell 13.5 percent to Rs 537 crore from Rs 621 crore in the quarter under review.

--Shares of Glenmark Life Science were down 8.32 percent to Rs 757.50 apiece on BSE during late trading hours.

Laurus Labs reported 26 percent fall in consolidated net profit at Rs 76 crore for the quarter ended March 31, 2024. The company has reported a profit of Rs 103 crore in the year-ago period.

Revenue from operations increases 4 percent to Rs 1,440 crore from Rs 1,381 crore last fiscal.

Shares were trading 2.52 percent lower at Rs 423.45 apiece on BSE during late trading hours on April 25.

--Cement manufacturer ACC reported a 216 percent rise in consolidated net profit for the March quarter at Rs 749 crore as against Rs 237 crore in the year-ago period.

--Revenue came in at Rs 5,398 crore, up 13 percent from a year ago.

--The Adani Group company declared dividend of Rs 7.50 per equity share of face value of Rs 10.

--At 1450 hours on April 25, ACC's shares were trading nearly 1% higher at Rs 2,575.2 apiece.

--Bajaj Finance stock is trading almost flat at Rs 7,356.25 apiece on BSE during late trading hours.

--The stock up 7% in a month, limited upside likely. It has surged more than 7 percent in the past month, outpacing the 1.5 percent rise in the benchmark Nifty 50.

--Valuation-wise, the stock is trading at 4.1x of FY26F BVPS and upside is limited, analysts at Nomura said.

--Strong credit offtake is expected to drive Bajaj Finance's AUM growth. This would result in higher net income, and higher net profit, analysts said.

--In its Q4 business update, Bajaj Finance reported a 34 percent YoY growth in AUM to Rs 3.3 lakh crore, surpassing its revised FY24E growth guidance of 29-31 percent.

--New loans booked were up 4 percent, while customer franchises saw a 21 percent YoY growth.

--Nuvama said Tech Mahindra will report a 1.4 percent QoQ decline in constant currency (CC) terms due to weakness in the telecom segment and the absence of passthrough revenue.

--JM Financial said the “reversal of seasonal uptick in Comviva/retail will likely pull down growth across Telecom/Enterprise.” Comviva is a mobility solutions provider that is part of Tech Mahindra.

--Axis Capital has a contrarian view and expects QoQ improvement in CC revenue due to additional working days and reversal of furloughs. Dolat Capital said revenue will be impacted by sustained furloughs in the quarter.

--Margins are expected to improve sequentially.

--Tech Mahindra is expected to report a decline in revenue due to continued weakness in its telecom business, while net profit may grow due to a one-off cost in the preceding three-month period.

--The company's net profit may increase 39 percent QoQ to Rs 709.47 crore, while revenue is expected to decline 1.33 percent to 12,926.7 crore, according to the average estimate of seven brokerages.

--While margins are expected to decline from the previous year, they are expected to improve sequentially due to the absence of a one-off cost in Q3.

--Analysts predict a 22 percent year-on-year jump in net profit, led by credit growth but caution that higher cost of funds could dampen the margin outlook.

--According to an average estimate of five brokerages, Bajaj Finance's net profit is likely to rise 22 percent to Rs 3,836 crore in Q4FY24 from the year-ago period.

--Net interest income (NII), the difference between the income the bank earned from its lending activities and the interest paid to depositors, is expected to climb 40 percent to Rs 8,764 crore.

--Nestle India shares post earnings report were up 1.42 percent to Rs 2,538.75 apiece on BSE as the profit beat Street estimates

--Please note: The Board of Directors of Nestlé India approved the results for the fifth quarter and fifteen months financial year ended 31st March 2024. The Financial Year of the Company was changed from 1st January – 31st December cycle to 1st April – 31st March cycle.

--Confectionery delivered strong performance, fuelled by KITKAT, making India the second-largest market for the brand globally.

Commenting on the results, Suresh Narayanan, Chairman and Managing Director, Nestlé India said, “I am pleased to share that we have delivered double-digit growth, despite challenges posed by rising food inflation and volatile commodity prices. We have witnessed a strong growth momentum across our product portfolio led by a combination of pricing and mix. Our domestic sales crossed INR 5,000 crore this quarter, a notable milestone for us. I would like to extend my heartfelt gratitude to my colleagues, distributors, retailers and partners for their unwavering dedication, determination, and diligence.

--Nestle India stated that its board has recommended final dividend of Rs. 8.50per equity share.

--Milk products and nutrition witnessed strong growth despite inflationary pressures: Nestle India

--Alert: The FMCG giant faces the Food Safety and Standards Authority of India (FSSAI) probe following allegations of high sugar content in baby food.

--Commodity prices witnessing unprecedented headwinds, with Coffee and Cocoa touching all-time high

--Cereals and grains are going through a structural cost increase, backed by MSP

--Milk prices are expected to rise on account of a harsh summer

--Nestle to launch Nespresso in India by the end of 2024, company to sell and distribute Nespresso products (machines and capsules) through its network, online channels, and boutiques

--Nestle India signs a joint venture with Dr. Reddy’s to bring together global range of nutritional health solutions, vitamins, minerals and health supplements of Nestlé Health Science

--The joint venture is expected to become operational in the second quarter of the financial year 2024-25

Standalone net profit came at of Rs 934 crore in March quarter vs Rs 856 crore by analysts.

Revenue rose 9% to Rs 5,268 crore.