Kotak Mahindra Bank, a leading Indian private sector lender, has announced its financial results for the fourth quarter and full fiscal year 2023-24, demonstrating robust growth across key financial metrics. In Q4, the bank reported an 18% year-over-year increase in standalone net profit to ₹4,133 crore, driven by a surge in total income. For the full year, net profit rose by a significant 26% to ₹13,782 crore, while total income jumped 35% to ₹56,072 crore.
Norwegian Cruise Line Holdings Ltd. has reported strong financial performance for the first quarter of 2024, ending March 31. The company has delivered positive guidance for the second quarter and the full year. Key highlights include sustained margin improvement initiatives, strong revenue growth, and a solid liquidity position.
India’s largest telecom tower provider, Indus Towers, reported a strong financial performance in the quarter ended March 2024, with a 32.4% jump in net profit to ₹1,853 crore. The company also witnessed a 6.5% growth in revenues, which rose to ₹7,193 crore during the quarter. This significant growth was driven by network expansion and an increase in the company’s market share, leading to a record number of tower additions, surpassing 200,000 towers.
SWISS International Air Lines (SWISS) reported an operating result (Adjusted EBIT) of CHF 30.7 million for the first quarter of 2024, marking a CHF 48 million decrease compared to the same period in 2023. Despite challenges, the airline aims to provide reliable air services in the upcoming summer through internal programs and cooperation with partners. Total revenues reached CHF 1.2 billion, an 8.1% increase year-over-year.
Cargojet has announced its financial results for the first quarter of 2024, reporting a slight decline in total revenue but an increase in several key financial metrics. Total revenue for the quarter amounted to $231.2 million, just below the $231.9 million recorded in the same period last year. Revenue from domestic operations, ACMI, and All-in Charter collectively grew to $181.0 million compared to $169.9 million in Q1 2023. Adjusted EBITDA for the quarter improved from $75.0 million in 2023 to $78.4 million this year. Net earnings excluding warrant valuation and contract asset amortization reached $20.8 million, a substantial increase from $9.8 million in 2023. Cash flow has also improved significantly, with Free Cash Flow surging to $168.7 million in the three-month period ended March 31, 2024, compared to $15.2 million in the same period last year. Co-Chief Executive Officers Jamie Porteous and Pauline Dhillon highlighted the company’s focus on efficiency, cost reduction, and customer satisfaction as key drivers of these positive financial outcomes. They expressed cautious optimism about the future, acknowledging geopolitical uncertainties and potential supply chain disruptions.
airBaltic, Latvia’s national carrier, has announced preliminary financial results for the first quarter (Q1) of 2024, indicating a strong performance. Total revenue surged by 26% to around EUR 132 million year-over-year, while passenger traffic jumped by 20%, marking new records for the period. Martin Gauss, President and CEO of airBaltic, attributed the positive results to increased flights, operational enhancements, and a focus on customer service. The airline transported 926 thousand passengers in Q1, with a 30% growth in Available Seat Kilometers (ASK) to 1.9 billion. The load factor improved to 75.9%, the highest ever in a Q1 period. airBaltic plans to unveil comprehensive Q1 financial results on May 22, 2024, during an investor call.
U.S. stocks rallied on Friday, with the Dow Jones Industrial Average rising over 150 points. Skechers U.S.A. (SKX) led the gains, with shares surging 16% after the company reported better-than-expected first-quarter earnings. Other notable gainers included Universal Logistics Holdings (ULH), Exponent (EXPO), Snap (SNAP), Tutor Perini Corporation (TPC), and U.S. Silica Holdings (SLCA).
Alphabet Inc. saw a 10% stock surge on Friday morning after announcing impressive first-quarter results that surpassed analysts’ expectations. The company reported $80.54 billion in revenue, exceeding estimates and marking the fastest growth rate since early 2022. Earnings per share reached $1.89, also surpassing Wall Street’s expectations. To reward shareholders, Alphabet announced its first-ever dividend of 20 cents per share and authorized a $70 billion stock buyback program.
Microsoft’s fiscal third-quarter performance exceeded expectations, showcasing the company’s strength in monetizing artificial intelligence through its Azure cloud unit. Azure revenue surged 31% year-over-year, driven by robust demand for its tech stack. Wall Street analysts praised the results, highlighting the resilience of Microsoft’s business amidst concerns about the impact of generative AI, inflation, and broader software sector challenges. Analysts raised their price targets and maintained bullish ratings, expressing confidence in Microsoft’s ability to execute profitably and capitalize on long-term growth prospects in the AI landscape.
Gilead Sciences has reported a 5% increase in revenue for the first quarter of 2024, surpassing analyst expectations and boosting its stock price. The company’s revenue growth was driven by strong performances in HIV, Oncology, and Liver Disease segments, with notable sales gains in Biktarvy and Oncology products. However, Gilead faced an earnings per share (EPS) shortfall due to substantial acquired in-process research and development (IPR&D) charges related to recent acquisitions. Despite the EPS challenges, Gilead’s revenue beat and strategic moves position it for potential future growth.
