Reliance Industries (RIL) reported strong March quarter results, with a beat on EBITDA. Key highlights include a miss in Retail Ebitda due to lower revenue, offset by better O2C on higher utilization and improved refining. Jio and Upstream numbers were in line. Analysts have raised FY25 and FY26 earnings estimates and target prices on RIL by up to 10% post-quarterly earnings.
Wipro’s share price has been facing a downward trend, dropping 15% from its one-year high and underperforming compared to peers like TCS and Infosys. The release of Q4 results, which showed a decline in consolidated net profit and revenue, has raised concerns among investors and analysts. Experts believe that Wipro is facing demand uncertainties and challenges in timely deal ramp-up. Despite this, the share has shown resilience compared to its 52-week low and has rebounded by over 27%. Analysts recommend cautious optimism as Wipro navigates the current market environment.
A total of 16 companies will release their financial results for the fourth quarter of FY24 (Q4 FY24) today, April 23 (Tuesday). 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. Shares of these 16 companies are likely to react to their Q4 results on Tuesday.
Tamilnad Mercantile Bank (TMB) reported a flat net profit of ₹253 crore in Q4, impacted by higher provisions for employee benefits and non-performing assets (NPAs). Net interest income rose to ₹567 crore, but net interest margin contracted. Gross and net NPAs increased, while provision coverage ratio declined. Despite these challenges, the bank saw growth in its retail, agriculture, and MSME segments. The board recommended a 10% dividend.
Reliance Industries’ (RIL) Q4FY24 earnings brought mixed results. While revenue grew by 10.8% to ₹2,64,834 crore, profit after tax declined by a marginal 0.4% to ₹21,243 crore. Key highlights include double-digit growth in revenue, profit, and EBITDA for Jio Platforms, driven by subscriber growth and increased data and voice traffic. However, EBITDA margin for Jio Platforms slightly declined. The company witnessed strong contributions from O2C and consumer businesses, while the impact of lower refining margins was offset by higher chemical spreads.
Reliance Industries Ltd (RIL) reported a slight decline in its net profit for the March quarter, while its revenue from operations witnessed a significant surge. The company’s consolidated net profit for the quarter stood at Rs 18,951 crore, representing a 1.80% year-on-year (YoY) decrease from the Rs 19,299 crore reported in the corresponding quarter last year. However, RIL’s consolidated revenue from operations rose by 11.3% YoY to Rs 2,40,715 crore, compared to Rs 2,16,265 crore in the same quarter last year. The company’s EBITDA for the quarter also grew by 14.3% YoY to Rs 47,150 crore, while its EBITDA margin came in at 17.8%, a rise of 50 basis points over the 17.3% reported in the year-ago quarter. RIL’s board of directors declared a dividend of Rs 10 per share for the financial year 2023-24. The company’s strong performance was attributed to its key businesses, including Jio, Reliance Retail, and the oil and gas segment. Jio’s EBITDA increased by 12.5% YoY, while Reliance Retail continued to perform well with its omni-channel presence. The oil and gas segment also witnessed a significant increase in its EBITDA, primarily driven by higher gas and condensate production from the KG D6 block.
