Dear Readers,
Welcome to our company result update note. We understand the importance of staying up-to-date with the latest financial developments of the companies you have invested in. That’s why we are committed to providing you with short and insightful information about the earnings and performance of the companies in our coverage.
Contents:
- Reliance
- Telecom (Airtel)
- IT (HCL, Infosys, TCS)
- Auto & Auto Ancillary (Maruti Suzuki, Tata Motors)
- Diagnostics (Krsnaa)
- Brokerage & Exchanges (Angel One, IEX, Kfin)
- Others (Zomato, Care Ratings)
[sta_anchor id=”reliance”]Reliance Industries[/sta_anchor]
The strong performance led by the retail segment and sustained performance in other segments.
[sta_anchor id=”telecom”]Telecom[/sta_anchor]
Bharti Airtel
Stable result after adjusting for the tax one-off.
[sta_anchor id=”it”]IT[/sta_anchor]
HCL Technologies
Revenue growth was tepid but margin improvement was positive. FY24 growth guidance reduced to 5-6% CC from earlier 6-8%.
Infosys
Results were muted. FY24E guidance being further reduced to 1-2.5% was a big miss.
TCS
Decent results, Deal TCV growth was positive. The company announced buybacks for upto 17,000 Cr @Rs. 4,150 per share.
[sta_anchor id=”auto”]Auto & Auto Ancillary[/sta_anchor]
Maruti Suzuki
Strong results with swift improvement in margins & doubling of Utility Vehicle volumes.
Escorts Kubota
Poor numbers in the Agri segment while the Commercial vehicle segment recovered.
Tata Motors
Strong results led by recovery in the JLR segment which because of a better revenue mix.
Hero Motocorp
Stable results. Management expects the 2-Wheeler industry to post double-digit volume growth in this festive.
Sona BLW Precision
Stable results.
Swaraj Engines
Stable results.
Balkrishna Industries
Capex increased by Rs. 300Cr to set up mould manufacturing capacity. Decent results, however guidance was negative as the company expects FY24 volumes to de-grow marginally.
[sta_anchor id=”diagnostics”]Diagnostics[/sta_anchor]
Krsnaa
Overall decent results even though they look bad optically. We expect a positive trajectory of revenues along with a 25% EBITDA margin to continue in the coming quarters.
[sta_anchor id=”brokerage”]Brokerage & Exchanges[/sta_anchor]
Angel One
Robust results on account of an increase in market share aided by an increase in active clients to 4.9 million.
Motilal Oswal Financial Services
Good overall results.
Indian Energy Exchange
Decent numbers in the Electricity segment amidst price decoupling worries. Impressive growth seen in Gas Exchange segment.
Kfin Technologies
Strong quarterly performance led by faster growth in non-domestic mutual fund businesses and better execution driving margin expansion.
[sta_anchor id=”others”]Others[/sta_anchor]
Zomato
1Adjusted Revenue= Revenue (+) Delivery costs
2Adjusted EBITDA = EBITDA (+) share-based payment expense (-) rent
Strong growth numbers across segments. Blinkit’s business turning contribution positive was a surprise.
CARE Ratings
Stable results despite management indication of a steep slowdown in net new project announcements in the first half of FY24 (being the Pre-election period).
SIS Ltd
Decent results
Amber Enterprises
Performance as expected, Q2 is supposed to be the seasonally weakest quarter.
Related Blog:
- Q2FY24: Weekly Result Update Part 1 – Dabur, ACC, L&T, Petronet
- Q2FY24: Weekly Result Update Part 2 – Sun Pharma, Container Corp, Coromandel, Bluedart
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