Investment Shastra
Weekly Result Updates 28-04-2023

Q4FY23 Result Updates – 28 April 2023

Dear Readers,

Welcome to our weekly 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.

In addition to the weekly company result update, after the end of the earnings season, we will also be sending you a quarterly sector result review. This will give you a broader understanding of how these sectors are performing and help you make informed decisions about your investments.

Tata Consumer

TATA Consumer reported a consolidated revenue growth of 14% to 3619Cr and a consolidated EBITDA margin of 14.3% to 518Cr.The India Beverages business grew by 8%, while India Foods continued its strong trajectory with an 8% increase in volumes. The Salt business margin almost reached the normative range. The international business recorded 11% revenue growth (1% ex acquisitions in constant currency) with EBITDA in line with last year. During the year, consolidated revenue grew by 11% to 13,783Cr, led by India Foods with 26% growth and International business with 8% growth primarily due to price increases. Consolidated EBITDA margin of 13.6% to 1874Cr.

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HDFC AMC QAAUM (Quarterly Average Assets Under Management) stood at INR 4,481 Bn, reflecting a growth of 4.4% YoY/ 0.4% QoQ led by healthy inflows in the equity-oriented funds. The equity-oriented fund AUM stood at INR 2,445 Bn, an increase of 18.2% YoY/ 2.2% QoQ, contributing 54.4% to the overall QAAUM. The share of debt in the overall AUM was stable QoQ at 26.2% in Q4FY23 but declined from 33.3% in Q4FY22. Revenue from operations grew by 4.8% YoY to 541 Cr.

Net profit for Q4FY23 grew by 9.5% YoY/ 1.8% QoQ at 376 Cr, while for FY23 PAT grew by 2.2% at 1423 Cr., PAT as a percentage of AUM was steady at 34 bps.

Results were sub-par driven by a positive shift towards equity funds in the AUM mix, reducing the negative effect of debt fund outflow.

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Nestle India

Nestle India reported revenue at INR 48,305mn (+21% YoY/+13.5% QoQ). Domestic sales grew 21.2% YoY due to a healthy balance of pricing, volume, and mix while export sales grew 24.9% YoY. The EBITDA was INR 11,068mn (+20.2% YoY/+12.2% QoQ) with an EBITDA margin contraction of 15bps YoY/26bps QoQ to 22.9%. The adjusted PAT grew by 26.6% YoY/16.6% QoQ to INR 7,479mn.

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Persistent Systems reported strong revenue growth of 37.7% YoY, driven by growth across all business segments, including software, hi-tech & emerging business, BFSI business, and healthcare & life Science business. In Q4FY23, the company’s revenue stood at INR 22,545 million, a growth of 3.92% QoQ and 37.7% YoY, while its EBIT margin increased by 132 bps YoY to 15.4%. The company’s PAT surged to INR 2515.1 million in Q4FY23 from INR 2009.9 million in Q4FY22. During the year, the revenue grew by 46.2% to 83,505, while PAT grew by 33.4% to 9,210.

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Mahindra Logistics

Mahindra Logistics Ltd’s consolidated revenue in Q4FY23 increased by 17% year-on-year to 1,273 Cr, while its EBITDA also grew by 17% year-on-year to 68 Cr. Furthermore, for the full year of FY23, MLL’s consolidated revenue increased by 24% year-on-year to 5,128 Cr, and its EBITDA grew by 39% year-on-year to 276 Cr. PAT at a loss of 1 Cr due to higher depreciation and interest expenses on account of the Rivigo and Meru acquisition.

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Muted quarter, margins fell due to express business.

IndusInd Bank

IndusInd Bank reported its Q4FY23 PAT at Rs2041Cr, up 50% YoY (4% QoQ), with RoA at 1.8% for FY23.

Loan growth was healthy at 6% QoQ and 21% YoY, driven by a 7% QoQ / 20% YoY rise in Retail and supported by mid & small corporates (up 7% QoQ). Within retail, the vehicle book saw 5% QoQ growth while MFI jumped 9% QoQ, and other retail businesses (barring LAP) also showed strong growth. IndusInd aims at advanced growth of 18-23% CAGR.

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Good results with steady Net Interest Margin and advances growth.


ICICI Bank Core’s operating profit grew by 36.4% YoY to 138.66 Bn in Q4-2023; 28.1% YoY to 491.39 Bn in FY2023. Loan growth at 18.7% YoY to 10,19,638 Cr was led by SME & business banking, Total deposits increased by 10.9% YoY to INR 11,80,840 Cr.

The net NPA ratio declined to 0.48% at Mar 31, 2023, from 0.55% at Dec 31, 2022. Provision coverage was 82.8% at Mar 31, 2023. PAT grew by 30.0% YoY to 91.22 Bn in Q4-2023; 36.7% YoY to 318.96 Bn in FY2023.

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Impressive results aided by strong advances growth, high NIM, and robust asset quality.

Reliance Industries Ltd

RIL reported Revenue growth of 26% YoY to INR 8794Bn for FY23 and a consolidated EBITDA of 1,547 Bn up 23.4% YoY.

The strong earnings in Q4 were driven by the recovery in the O2C segment, and EBITDA growth in the digital business due to improvements in ARPU, subscriber addition, and new revenue streams. Additionally, there is potential for further value unlocking in the digital and retail business.

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HCL Tech

HCL Tech (HCLT) reported Q4FY23 revenues of US$3,235mn, down 0.3% QoQ in USD and down 1.2% QoQ in CC terms, with revenues in CC terms up 10.5% YoY. IT and business services (74% of revenues) grew 1.6% QoQ CC, ER&D (16% of revenues) declined 3.8% QoQ CC due to delays in decision-making in discretionary spending, and HCLT’s software business (~10% of revenues) fell 14.6% QoQ CC due to seasonality. For FY23, the company’s services segment grew 15.8% CC, slightly below the annual guidance of 16-16.5%, and Q4FY23 EBIT margin was 18.2% at Rs48bn.

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Cyient reported QoQ revenue growth of 8.1% to US$213 mn, with a CC growth of 6.6%. Consolidated services revenue for the quarter was US$176.2 mn, up 4.9% QoQ, and in CC terms, it grew 3.2%. In rupee terms, the company reported revenue of INR 1751.4 crore, up 8.2% QoQ. For FY23, the company reported a group-level revenue of US$746.3 mn, up 22.7% (26.9% in CC terms), while consolidated services revenue grew 25.6% to US$632.4 mn (30.2% in CC terms). The company reported normalised consolidated services EBIT margin at 13.7%, and normalised Group EBIT margin at 12.8%.

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Bajaj Auto

Bajaj Auto Net sales declined by 9.4% QoQ to INR 8,905 crore. Blended ASPs for the quarter increased by 9.4% QoQ to INR 1 lakh/unit. Total volumes for the quarter fell by 12.8% QoQ to 8.6 lakh units, with exports share in volumes at 40% compared to 45% in Q3FY23. The share of 3-Wheeler vehicles in volumes rose by approximately 220 bps QoQ to 15.7% in Q4FY23.

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UTI Asset Management reported Total revenue for Q4 FY23 of 301 Cr, unchanged from 301 Cr YoY. Total AUM for UTI AMC increased by 15.4% YoY to 15,55,995 Cr. UTI AMC registered QAAUM growth of 7% YoY (3% QoQ) to Rs 2.4tn in the mutual Fund segment.

Along with 3% sequentially lower core operating profits, owing to sharp compression in equity yields (-5.6bps QoQ), coupled with elevated staff costs (17.7bps of MF QAAUM), and MTM losses on treasury book.

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Muted results on account of lower AUM growth and loss in market share.


Robust growth momentum in gross premium to Rs 196bn in Q4; NBP market share climbs to 22.9%

HDFC Life Q4 retail APE (+27% YoY) was led by strong growth in high ticket non-par policies (35% of total Q4 APE/ 12% of FY23 APE) in March. APE stood at Rs 133.4bn at the end-FY23, of which 85% or Rs 114bn comprised individual APE. APE grew 37% YoY in FY23 whereas individual APE grew 40%.VNB margin of 27.6% for FY23 includes Exide Life numbers.

PAT grew by 13% to Rs 1,360 Cr; with back book growing by a robust 27% offset by new business strain. Embedded Value stood at 39527 Cr as on 31 Mar 2023 with an operating return on embedded value of 19.7% for the year.

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Good results driven by strong Annual premium equivalent (APE) growth.

SBI life

SBI Life APE growth of 10%/18% YoY during Q4FY23/FY23 to 168.1 Billion, led by individual Non-Par savings APE growth of +64%/119% YoY while Ind. Par APE grew by +36%/+27% YoY during Q4FY23/FY23 respectively.

On an APE basis, the share of non-par increased to 22% in FY23 (12% in FY22), while the share of ULIPs declined (55% vs. 66%). Value New Business (VNB) margin expanded to 30.1% (vs. 25.9% in FY22) driven by improved product mix. VNB grew by 37% to 50.7 Bn. Operating Return on Embedded Value (EV) stood at 22.8%. PAT grew by 14% growth in PAT to 17.2 Bn.

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Good Results driven by margin improvement and EV operating profit increase.

Bajaj Finance

The consolidated revenues stood at INR 21,755 Cr, an increase of 23.7% YoY (+4.6% QoQ).

Bajaj Finance Net interest income (NII) grew by 28% YoY to 7,771 Cr in Q4FY23, aided by AUM growth of 25/7% YoY/QoQ to 2,47,379 Cr, primarily driven by urban B2C growing 29% YoY and SME lending growing 35% YoY. Asset quality has improved with Q4 GNPA and NNPA ratios declining to 0.94% and 0.34% from 1.14% and 0.41%, respectively, in Q3FY23.

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Strong quarter driven by AUM momentum.

Axis Bank

Axis Bank NII of Rs 117bn (33% YoY & 2.5% QoQ) was marginally below expectation due to excess liquidity in the balance sheet. NIM declined by 4bps QoQ and increased by 73bps YoY to 4.22% largely due to a change in loan mix and loan re-pricing benefit.

Advances grew 19% YoY and 11% QoQ to Rs 8,45,303 Cr as on 31st March 2023. Domestic net loans grew 23% YoY and 13% QoQ. Retail loans grew 22% YoY and 14% QoQ. GNPA at 2.02% declined by 80 bps YoY while NNPA at 0.39% declined by 34 bps YoY.
Bank incurred one-off expenses pertaining to Citi bank portfolio acquisition amounting to 12490 Cr, translating into net loss of 5728 Cr. Adjusted for the exceptional item, PAT stands at 6625 Cr (61% YoY & 13% QoQ).

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Results were good, working towards building a sustainable retail loan mix.

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