Results for: Net Profit

Indian companies’ corporate social responsibility (CSR) expenditures increased at a slower rate than their average net profits in FY23. The total CSR spending by companies listed on the National Stock Exchange was 15,524 crore, just a 5% increase compared to the previous year’s 14,816 crore. This growth was despite a 13% rise in average net profits over the preceding three years. The slow growth resulted in CSR spending as a percentage of net profit falling to a six-year low of 1.87% in FY23. The top CSR spenders were HDFC Bank and Tata Consultancy Services. HDFC Bank spent 821 crore, while TCS spent 783 crore. Energy and power giants Reliance Industries and NTPC were also among the top spenders.

Bajaj Finserv Ltd (BFL), the holding company for the Bajaj group’s financial services businesses, reported a 20% increase in consolidated net profit to Rs 2,119 crore for the March quarter. The company’s total consolidated income during the fourth quarter of FY24 increased to Rs 32,042 crore, as against Rs 23,625 crore in the year-ago period. The Board of Directors has recommended a dividend of Re 1 per equity share for the financial year ended March 31, 2024.

Adani Group’s cement manufacturer, ACC, has witnessed a remarkable performance in the fourth quarter of FY24. The company’s net profit surged by an impressive 216% to reach 748.54 crore, marking a significant increase from the 236.57 crore recorded in the corresponding period of the previous year. Additionally, the company’s revenue from operations for Q4FY24 has witnessed a healthy growth of 12.67% to 5,398.11 crore, compared to 4,790.77 crore year-on-year (YoY).

Nestle India, the Indian arm of Swiss food giant Nestle, reported a strong financial performance for the three months ended March 31, 2024 (Q4 FY24). The company’s net profit surged by 26.73% year-on-year to Rs 934 crore, while revenue from operations climbed 9.05% to Rs 5,268 crore. This growth was driven by a combination of pricing actions and a strong performance across the company’s product portfolio.

Nestle India is expected to announce strong earnings growth in its first quarter of fiscal year 2024 (Q1 FY24) ending March 2024. The company is anticipated to report a revenue growth of 6.6% to Rs. 5,150 crore, fueled by price hikes and margin expansion. The net profit for the quarter is projected to increase by 16.5% to Rs. 858 crore year-over-year (YoY). Nestle India’s Q1 results for the period from January 1, 2024, to March 31, 2024, will be released on April 25, 2024.

Axis Bank reported a significant increase in its consolidated net profit during the March 2024 quarter, leading to a rise in its stock price. The bank’s net profit for the quarter stood at Rs 7,599 crore, a remarkable growth compared to the previous year’s loss. This positive performance contributed to Axis Bank emerging as the biggest gainer among the BSE Sensex and NSE Nifty firms.

Private sector lender Axis Bank has reported a robust financial performance for the fourth quarter and full fiscal year 2023-24. The bank recorded a significant jump in net profit, total income, and net interest income for the quarter ended March 31, 2024, compared to the same period last year.

Axis Bank has reported a significant surge in its financial performance for the quarter ended in March 2024, registering a net profit of Rs 7,130 crore. This remarkable turnaround follows a net loss of Rs 5,728 crore during the corresponding period last year. For the entire fiscal year, the bank’s net profit soared to Rs 24,861 crore, reflecting a substantial 160% growth compared to the previous year.

Jio Financial Services, the financial arm of Reliance Industries, has been experiencing a consistent upward trend, reaching record highs. Factors contributing to this growth include strong financial performance, the establishment of a joint venture with BlackRock, and the company’s inclusion in the Nifty Next 50 index. Reliance Strategic Investments Limited, which was demerged and rebranded as Jio Financial Services, made its stock market debut in August 2023, with a slight premium over the discovered price.

Axis Bank is expected to report a 4-6% decline in net profit for the March quarter, despite an 8-10% rise in net interest income (NII). Provisions are anticipated to drop substantially compared to the previous quarter due to a high base, according to analysts. Margins are expected to narrow sequentially. Analysts predict a 5.9% year-over-year (YoY) decrease in profit to Rs 6,233 crore, with NII rising 8.5% to Rs 12,741 crore.