Page 37 - Corporate Earnings

GoMechanic achieves operational profit in Q1FY25; FY24 revenue at Rs 210 cr

Car services and repair platform GoMechanic, which was on the verge of collapse about a year-and-a-half ago, on Tuesday said it achieved operational profit in the June 2024 quarter under the new management. The company was acquired by Servizzy, a subsidiary of the Lifelong Group, in March 2023 after anomalies in its financial records were found under previous management and the firm was put on sale by the investors. Under the new management, GoMechanic has posted a revenue of Rs 210 crore in the financial year 2023-24 and a revenue of Rs 85 crore in the April-June 2024 quarter. "GoMechanic proudly announces a major milestone achieved under the guidance of its new founders Himanshu Arora and Muskan Kakkar. The company has turned EBITDA positive in the first financial quarter of this year. This significant achievement marks a pivotal moment in GoMechanic's evolution, highlighting its growth and innovation in the auto service industry," the company said in a statement. The company pos

Market Highlights, July 16: Sensex, Nifty end flat after hitting record highs; RIL, HDFC Bank weigh

Stock Market Highlights today, Tuesday, July 16, 2024: In the broader markets, the BSE MidCap slipped 0.29 per cent, but the BSE SmallCap added 0.32 per cent

Revised financial statements of two IL&FS group firms submitted before NCLT

Revised financial statements of two IL&FS group firms, IL&FS Transportation and IL&FS Financial Services, for the financial years 2013 to 2018 have been submitted before the National Company Law Tribunal (NCLT). A two-member bench of NCLT Mumbai comprising Prabhat Kumar and Justice Virendra Singh Bisht has taken the submissions of revised financial statements on record. Earlier on January 1, 2019, the NCLT passed an order permitting reopening and recasting of the financial accounts of three IL&FS group companies - IL&FS Transportation, IL&FS Financial Services and IL&FS Engineering. The order was passed over an application moved by the central government, which had suspended the board of the debt-ridden Infrastructure Leasing and Financial Services (IL&FS) and appointed six-member panel. Following the order, a revised account was submitted to NCLT on June 26 and an order was uploaded for the same on Monday. "In terms of the order dated 01.01.2019 in the

SpiceJet posts 6-fold jump in profit to Rs 119 cr for March quarter

Budget carrier SpiceJet on Monday reported a six-fold jump in its standalone profit to Rs 119 crore for the January-March quarter of 2023-24 over Rs 16.85 crore profit in the corresponding quarter of the previous year. Revenue from operations during the quarter under review, however, declined 20 per cent to Rs 1,719.37 crore from Rs 2,144.85 crore in the fourth quarter of the financial year ended March 31, 2023, according to a regulatory filing. For the full fiscal 2023-24, the airline posted a loss of Rs 409.43 crore against a loss of Rs 1503 crore in FY 23, as per the filing. For the December quarter, SpiceJet reported a loss at Rs 409.43 crore as against a profit of Rs 106.82 crore in FY23, it stated. "We announce a strong financial performance in Q4 FY2024, with net profit surging sixfold to Rs 119 crore compared to the same quarter last year. The results reflect our relentless efforts to enhance operational efficiency and our commitment to turning around the company's fortune

TCS Q1 results: Net profit up 8.7%, margins rise despite salary hike

TCS meets estimates, but macro challenges persist; AI, genAI pipeline doubles

Anand Rathi Wealth Q1 net profit surges 38%; Canara Robeco MF launches BAF

Total revenue also jumped 38 per cent to Rs 245 crore, the wealth management firm said

Earnings likely to disappoint investors amid expensive market valuations

The earnings slowdown is caused in part by a severe heat wave, drawn-out election activity, and central bank curbs on unsecured loans

Global trends, earnings from TCS, HCLTech to guide mkts this week: Analysts

Equity markets will take cues from global trends and trading activity of foreign investors, while in the latter part of the week the first quarter earnings from IT majors TCS and HCL Technologies would guide investor sentiments, analysts said. Markets may consolidate after the record rally last week, experts added. "On the domestic front, the Q1 earnings season begins this week. Key companies such as TCS and HCL Technologies will release their earnings on July 11 and 12, 2024, respectively. Additionally, India's Union budget in July is a key event, with hopes pinned on growth-oriented policies and development of monsoon season, which will also be significant points of interest for investors and traders," said Pravesh Gour, Senior Technical Analyst, Swastika Investmart Ltd. The US Federal Reserve Chair Jerome Powell's testimony is scheduled for July 9, 2024, he added. "Furthermore, the activities of both foreign and domestic institutional investors (FII & DII) will be tracked, ...

Can the June 2024 quarter corporate earnings disappoint markets?

Disconnect between earnings growth and stock prices, Bernstein said, is even more visible in the small-and mid-cap (SMID) universe

'Domestic flows will sustain, but will not rise meaningfully from here'

The pockets of the market in which excess exuberance can be seen will undergo a reality check of earnings and valuations, said Gautam Sinha Roy of ICICI Pru Life Insurance

Investors beware! Four risks that can trigger a stock market correction

The faith in the market is at epic levels and may require something equally epic to break the faith. High or even bubble valuations are irrelevant for non-institutional investors, said a KIE note

ReNew Energy Global net profit jumps 7-fold to $7 mn in March quarter

ReNew Energy Global Plc on Thursday said its net profit jumped seven-fold to USD 7 million in the January-March quarter of FY24 due to higher income and reduced expenses. The total revenue for the latest fourth quarter decreased by 4.4 per cent to USD 297 million, down from USD 311 million in the same period in the preceding fiscal, according to a company statement. The company attributed the fall in revenue to lower earnings from its transmission projects. The company's net profit for the entire financial year stood at USD 50 million, compared to a net loss of USD 60 million in FY23. The clean energy major registered an 8.1 per cent jump in its total revenue to USD 1,158 million in FY24 from USD 1,072 million in FY23. The company said that the record profits were registered despite a marginal fall in the weighted average Plant Load Factor (PLF) for the reporting quarter as well as the financial year due to lower radiation and wind speeds. While the PLF for FY24 was 26.4 per cent

Sun Pharma expects high single-digit top line growth in current fiscal: MD

Drug major Sun Pharmaceutical Industries expects a high single-digit top line growth in the current fiscal, according to Managing Director Dilip Shanghvi. The Mumbai-based firm reported a consolidated total revenue from operations at Rs 48,497 crore for FY24. The number stood at Rs 43,886 crore in FY23. "We expect high single-digit consolidated top line growth for FY25. All our businesses are positioned for growth," Shanghvi said in an analyst call. He noted that in the current fiscal, the drug firm will be in the investment phase for its several businesses. "This includes, but not limited to, product launch costs in the US as the ramp-up of our global specialty business is expected to continue," Shanghvi said. He noted that R&D investments will be 8-10 per cent of sales during the year. Replying to a separate query, Shanghvi said: "We have to continue to invest for the future. And our effort would be that while we are creating that investment for future, we don't do it at the ..

Q4 results today: Tarai Foods and VAS Infra among 5 firms to post earnings

Q4FY24 company results: Add-Shop ERetail Ltd, Athena Constructions Ltd, and Panorama Studios International Ltd will release their fourth-quarter report on May 31

Oyo posts maiden profitable year with Rs 100 cr PAT in FY24: Ritesh Agarwal

Agarwal, in a post on social media platform X, added that he expects growth not just in India, but in other key markets like the Nordics, South East Asia, the US, and the UK as well

Q4 results today: Reliance Infra, Muthoot among 908 firms to post earnings

Q4FY24 company results: Apollo Hospitals, Bharat Dynamics, Welspun Corp, and Reliance Capital will be releasing their fourth-quarter report on May 30

Bata Q4 results: Net profit declines 3% to Rs 63.65 cr as expenses surge

The company, which also sells brands such as Hush Puppies and North Star in India, said its consolidated profit fell to Rs 63.65 crore ($7.6 million)in the three months ended March 31

Samvardhana Motherson Q4 results: Net profit jumps 2-fold to Rs 1,444 cr

Auto components maker Samvardhana Motherson International Ltd on Wednesday posted a two-fold jump in consolidated net profit to Rs 1,444 crore for the fourth quarter ended March 2024. The company had reported a net profit of Rs 699 crore in the January-March period of the last fiscal. Total revenue from operations rose to Rs 27,058 crore for the period under review as compared to Rs 22,517 crore in the last quarter of FY23. For the year ended on March 31, 2024, the company reported a net profit of Rs 3,020 crore as against Rs 1,670 crore in FY23. Total revenue from operations rose to Rs 98,692 crore in FY24 over Rs 78,788 crore in FY23. Motherson Chairman Vivek Chaand Sehgal said the company has maintained a healthy financial position by keeping leverage and debt under control. "Our automotive booked business of over USD 83.9 bn provides strong revenue visibility. We also foresee good traction from our non-automotive businesses, such as aerospace, consumer electronics, and health

Omaxe Q4 results: Net loss at Rs 145 cr, income up 82% at Rs 542 cr

Realty firm Omaxe Ltd has posted a consolidated net loss of Rs 145.05 crore in the quarter ended March 2024 despite rise in income. The company had posted a net loss of Rs 105.47 crore in the year-ago period. Total income rose 82 per cent to Rs 542.32 crore in the fourth quarter of last fiscal from Rs 298.17 crore in the corresponding period of the previous year, according to a regulatory filing. During 2023-24, Omaxe posted a net loss of Rs 402.60 crore as against a net loss of Rs 347.91 crore in the preceding year. Total income more than doubled to Rs 1,634.88 crore in the last fiscal from Rs 798.01 crore in 2022-23 fiscal. Omaxe is one of the leading real estate developers in North India.

Why is Nomura betting big on RIL, BEL, Exide, Sona BLW and Uno Minda?

As corporate capex picks up, it expects the Indian corporate sector to sustain 12 - 17 per cent earnings growth in the medium-term