Page 98 - Q1 Results

Top headlines: GST council meet on July 11, India Inc Q1 profit may rise

Business Standard brings you the top headlines at this hour

IT cos to log muted Q1 as macro woes persist; recovery to be slow: Analysts

Indian IT services companies are expected to log a muted show in June quarter with wage hikes keeping margins under pressure amid weak macro overhang, cuts in discretionary spends, and project delays, say analysts. Some brokerages, in fact, have cautioned that pain will continue for the tech pack up ahead, as recovery is likely to be more gradual, only around Q4 FY24 or in FY25. As tech companies head into Q1 earnings season this week, experts will also be keeping a close watch on any management commentary on the revision of the growth outlook for FY24, the spread of demand deterioration beyond BFSI (banking, financial services and insurance), hi-tech, telecom and retail verticals, net hiring, project ramp downs and pricing pressures, as key monitorables. Tata Consultancy Services (TCS) and HCL Tech are scheduled to declare their results on July 12, followed by Wipro's report card a day later (July 13). Infosys will announce its Q1 numbers on July 20, while LTIMindtree is slated to

TMS Ep472: Data Protection Bill, Threads, markets, rupee global currency

What does the Data Protection Bill imply for privacy? Can Threads pose a real threat to Twitter? How will India Inc fare in Q1FY24? What is internationalisation of the rupee? All answers here

After strong Q1 performance, outlook remains robust for Titan Company

But valuations rich after the run-up in the last three months

Weak demand, inventory to weigh on agrochemical companies' stocks

Street remains cautious about the sector due to lower price realisations and fears about El Nino's impact on the monsoon

Titan revenue grows 20% in Q1 FY24 on strong performance in key businesses

The company also said that the key categories of gold and studded grew well with no notable change in the overall product mix

JSW Steel posts 11% rise in crude steel production at 6.43 MT in Q1

JSW Steel on Thursday posted an 11 per cent year-on-year growth in consolidated steel production at 6.43 MT during the first quarter of this financial year. It had produced 5.77 million tonnes (MT) steel during the April-June period of the preceding 2021-22 fiscal, JSW Steel said in a statement. However, on a quarter-on-quarter basis, steel production stood at 6.43 MT, 2 per cent down from the 6.58 MT output in the quarter ended March 31, 2023. The consolidated numbers include production of JSW Steel's operations in India and JSW USA - Ohio. The operations in Ohio produced 0.24 MT steel, up from 0.16 MT in April-June FY23. Part of JSW Group, JSW Steel is among the top three steel producing companies in India.

Yes Bank's loan book grows 7.5% to Rs 2 trn in quarter ending June

It deposits grew 13.5 per cent YoY to Rs 2.19 trillion at end of June 2023

Paytm Q1: Value of loans disbursed increases 167%, GMV rises 37% YoY

Focus is on payment volumes that generate profitability, says fintech company

Street gives thumbs up to Bajaj Finance's strong Q1 biz update, stock up 7%

Though most analysts are bullish on the stock, their average target price indicates that near-term positives are well captured

Not the time to cash out of this market rally: Nirav Sheth of Emkay Global

India's macroeconomic fundamentals are resilient, with growth/inflation dynamics better than those of many developed markets

Weak discretionary spend likely to weigh on IT cos' revenue in Q1

Weak discretionary spending across verticals, especially in financial services, telecom and hi-tech, could contribute to weak trends

UltraTech Cement Q1 consolidated sales increased by 19.64% to 29.96 MT

Leading cement maker UltraTech's consolidated sales increased 19.64 per cent to 29.96 million tonne (MT) in the first quarter ended June 2023. The company produced 25.04 MT of cement in the April-June quarter a year ago, Aditya Birla Group firm said in a regulatory filing on Saturday. Its total sales volume in the domestic market rose 19.87 per cent to 29.01 MT during the quarter under review. It was 24.20 MT in Q1 FY23. Its grey cement production in the domestic market was 28.60 MT in the June quarter of FY24, a 20 per cent growth, while its white cement production was 0.41 MT, up 11 per cent. UltraTech's overseas production, mainly grey cement, was 1.04 MT in Q1 FY24, up 10.63 per cent. The company registered a "capacity utilisation of 90 per cent for the quarter," it added. UltraTech has a consolidated capacity of 135.55 million tonnes per annum (MTPA) of grey cement. It has 23 integrated manufacturing units, 29 grinding units, one clinkerisation unit and eight bulk packaging

State-owned NMDC iron ore output grows 20% 10.70 MT in April-June

State-owned NMDC has posted 20 per cent growth in iron ore production to 10.70 million tonne (MT) in the first quarter of FY24. NMDC produced 8.92 MT of iron ore during April-June of FY23, the company said in a regulatory filing. Sales rose to 11.15 MT from 7.66 MT in the year-ago period, registering a 45 per cent rise. "NMDC's contribution to the country's economy continues to make massive headway in meeting the increase in the demand for iron ore. Our record of highest ever Q1 and June production and sales since inception resonates with our agile and diligent investments in mine planning, expansion and very efficient human assets," its CMD Amitava Mukherjee said. Hyderabad-based NMDC (formerly known as National Mineral Development Corporation) under the Ministry of Steel contributes over 17-20 per cent to India's total iron ore production.

India accounts for over 75% of Truecaller's net sales in Q1, avg users jump

India accounted for 75.5 per cent of the total net sales of Truecaller across revenue streams -- Truecaller for Business, Premium subscriptions and Ads -- in the first quarter of this year

India saw 25.1 million wearable unit shipments in Q1 2023, boAt leads

India saw the shipment of 25.1 million wearable units in first quarter of 2023, registering a strong 80.9 per cent (year-over-year) growth but remained flat quarter-over-quarter, a report showed

Apollo Global Q1 earnings fall 8% in Jan-Mar quarter, missing estimates

Like its peers, private equity firm Apollo was hit by a slump in dealmaking in the quarter that made it challenging to cash out of its private equity holdings for top dollar

Oil giant Saudi Aramco reports $31.88 billion profit in Jan-Mar quarter

Oil giant Saudi Aramco reported a first-quarter profit on Tuesday of $31.88 billion, down from $39.47 billion the same quarter last year. The firm known formally as the Saudi Arabian Oil Co. blamed the drop on lower global oil prices. Aramco made a $30.73 billion profit in the fourth quarter of last year. In March, Aramco announced earning $161 billion last year, claiming the highest-ever recorded annual profit by a publicly listed company and drawing immediate criticism from activists amid concerns about climate change. Those earnings came off the back of energy prices rising after Russia launched its war on Ukraine in February 2022, with sanctions limiting the sale of Moscow's oil and natural gas in Western markets. However, oil prices have sunk in recent weeks amid fears of a coming recession as central banks in the U.S. and elsewhere raise interest rates to try to tame inflation. Benchmark Brent crude traded early Tuesday around $76 a barrel, down from a high of $125 in the last

After a strong 2022, M&A in tech services sector falls in Q1 2023: Nasscom

The deal activity in the global technology services sector has softened, with over 150 transactions announced in the first quarter of 2023 compared to 270-plus deals in Q1 2022 and over 220 in the first quarter of 2021, according to an EY-Nasscom report. The report - Mergers and Acquisitions (M&A) Trends and Outlook in the technology services sector - noted that in 2022, the technology service sector proved to be a year of paradoxes. Despite signs of a slowdown at the end of the year and in Q1 CY23, the technology service sector witnessed a surge in M&A and private equity deals, reaching a total of over USD 57 billion in 2022, which was more than double the amount seen in 2020 (at over USD 27 billion). On the outlook for 2023, the report said that with greater emphasis on emerging digital capabilities, the market is likely to become more cautious and adopt creative deal structures to manage risk. "Although deal activity has softened, with 150 plus deals announced in Q1 CY23 ...

Cognizant Q1 profit up 3%; personnel-related action to impact 3,500 staff

IT services company Cognizant posted a 3 per cent year-on-year rise in net income for the January-March quarter, gave muted guidance for the full year 2023 revenue and said its new 'NextGen programme' aimed at simplifying operating model and optimising corporate functions will impact nearly 3,500 employees. The drive for simplification will include operating with fewer layers in an effort to enhance agility and enable faster decision-making, the company said about the 'NextGen programme'. The net income rose to USD 580 million during the three months ended March 31, 2023, against USD 563 million in the year-ago period. The revenue dipped marginally to USD 4,812 million in the just-ended quarter, from USD 4826 million in the same period of the previous year. Cognizant follows January-December financial year. "Full-year 2023 revenue is expected to be USD 19.2 to 19.6 billion, or a decline of 1.2 per cent to growth of 0.8 per cent, or a decline of 1 per cent to growth of 1 per cent in