FMCG giant Nestle has reported a significant increase in its standalone profit for the fourth quarter (Q4), with a 27% jump to ₹ 934 crore from ₹ 737 crore recorded in the same period last year. This surge is attributed to increased pricing and robust demand for Nestle’s packaged food products. The company’s revenue also witnessed a 9% growth to ₹ 5,268 crore.
Hindustan Unilever (HUL) witnessed a decline in its share price after reporting its earnings for the quarter ended March 2024. The company’s net profit dropped by 6% year-over-year, leading to a fall in HUL shares by up to 1.2% on the BSE. HUL’s revenue, however, experienced a marginal rise of 2% YoY. The Home Care segment saw a 1% growth, while the Beauty & Personal Care segment contracted by 2%. The Foods & Refreshment segment delivered a 4% growth driven by pricing. Despite the muted results, HUL declared a dividend of 24 per share.
Tech Mahindra is scheduled to announce its financial results for the March quarter on April 25, 2023. While the IT firm’s revenue growth is anticipated to be subdued year-on-year, profit numbers are projected to experience a sequential increase due to a low base in the previous quarter. However, the company faces challenges in its communications, media, and entertainment (CME) vertical, which accounts for approximately 37% of sales. Experts believe this weakness will continue to hinder the company’s overall growth trajectory.
A total of 38 companies will reveal their financial results for the fourth quarter of FY24 today, April 25. Among these companies are Nestle India, Tech Mahindra, IndusInd Bank, L&T Technology Services, Schaeffler India, Coromandel International, Jai Balaji Industries, Tata Teleservices (Maharashtra), Welspun Living, Tanla Platforms, AAVAS Financiers, and UTI Asset Management Company. Other companies scheduled to release their earnings include Glenmark Life Sciences, Kirloskar Pneumatic Company, Avantel, Quick Heal Technologies, Som Distilleries and Breweries, Wendt (India), Dr. Agrawals Eye Hospital, Wardwizard Innovations and Mobility, Shiva Cement, BEML Land Assets, Enkei Wheels (India), Prime Securities, Parshva Enterprises, G G Engineering, Gayatri Sugars, Comfort Fincap, DMR Hydroengineering & Infrastructures, Luharuka Media & Infra, and Ashish Polyplast.
IT services company LTIMindtree reported a 1.2% year-on-year decline in consolidated net profit for the March quarter to ₹1,100.7 crore, impacted by slower ramp-ups and weak performance in the banking and financial services space. However, the company expressed confidence in returning to growth in the April-June period. The company’s revenue for the quarter grew 2.32% to ₹8,892.9 crore, with 74% of the revenue coming from the North American region. For the full fiscal year 2024, LTIMindtree’s net profit rose 4% to ₹4,584.6 crore, and revenue increased 7% to ₹35,517 crore. The company’s order inflow for the full year grew 15.7% to $5.6 billion.
Tata Consumer Products’ Q4 financial results led to a significant drop in its share price on Tuesday. The company reported a 22.5% decrease in net profit to ₹267.7 crore, compared to ₹345.6 crore in the corresponding period last year. Despite an 8.5% increase in revenue from operations to ₹3,927 crore, the lower profit impacted investor sentiment. Tata Consumer’s board has declared a final dividend of 775% for FY24. While the stock price initially fell over 5% in morning trade, it has since partially recovered and is currently down approximately 4.5%. Brokerage firms remain positive about the company’s long-term prospects, citing its outperformance of equity benchmarks and growth potential in its various business segments.
ICICI Prudential Life Insurance Company’s Q4 results led to a significant decline in its share price, falling over 6%. The company reported a 26% drop in net profit, primarily due to a decline in Value of New Business (VNB) and VNB margin. Despite a rise in net premium income, the lower margins impacted the overall performance. Several brokerages have adjusted their earnings estimates for ICICI Prudential, with some maintaining ‘Buy’ ratings and revised target prices.
Tata Elxsi’s share price witnessed a significant decline of more than 5% during morning trades on Wednesday. This downturn follows the company’s announcement of a 4.6% sequential decrease in net profit for the March 2024 quarter. The earnings results were released after market hours on Tuesday. However, further details and analysis of the company’s performance are yet to be released.
Today, April 24, marks the release of financial results for the fourth quarter of FY24 for a total of 23 companies. These companies span various sectors, including banking, consumer goods, technology, and manufacturing. Investors and market analysts will be closely monitoring these results to gauge the overall health of the corporate sector and the impact of recent economic headwinds.
16 companies are scheduled to release their financial results for the fourth quarter of FY24 on April 23rd. These companies include Tata Consumer Products Ltd, ICICI Prudential Life Insurance Comp Ltd, Tata Elxsi Ltd, Mahindra & Mahindra Financial Services Ltd, Multi Commodity Exchange of India Ltd, Cyient DLM Ltd, Huhtamaki India Ltd, Nelco Ltd, Axita Cotton Ltd, Artson Engineering Ltd, Mahindra EPC Irrigation Ltd, LKP Securities Ltd, ARO Granite Industries Ltd, Jindal Hotels Ltd, Netlink Solutions (India) Ltd and Bkm Industries Ltd. Reliance Industries Ltd posted a lower-than-expected quarterly profit as the net income fell 1.8% to 189.5 billion rupees ($2.3 billion) for the quarter ended March 31 from a year-ago period.
