Wipro, Axis Bank, Tech Mahindra, ACC, UltraTech, SBI Cards, and Others

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Stocks to Watch Today: The Nifty futures contract traded on the Singapore Exchange indicates a positive start to domestic equities. The contract was trading at 18,049.50, up 56.5 points or 0.31% from the previous close.

Quarterly earnings today

UltraTech Cement, SBI Cards, IndiaMart and a slew of other companies will announce their quarterly results today.

Wipro: Wipro posted a mixed performance in terms of profitability for Q4FY23 as it posted a consolidated net profit of Rs 3,074.5 crore in Q4FY23, which is a couple of crores lower than a profit of Rs 3,087.3 crore a year ago same period. However, Q4 PAT inched up by 0.71% from Rs 3,052.9 crore in the preceding quarter. These profits are attributable to the owners of the company. Consolidated revenue from operations came in at Rs 23,190.3 crore in Q4FY23, registering a growth of 11.2% from Rs 20,860 crore in the same quarter last year. Revenue however is marginally down from Rs 23,229 crore in December 2023 quarter.

Axis Bank: Axis Bank reported a surprise net loss of Rs 5,728 crore in the March quarter from a year-earlier profit as expenses relating to the acquisition of Citibank’s consumer business in India took a toll. Excluding the Citi deal, the private lender would have reported a net profit of Rs 6,625 crore in the fiscal fourth quarter ended 31 March. The consensus estimate in a Bloomberg survey of analysts was for a net profit of Rs 2,532 crore. Axis Bank announced on 1 March the completion of the acquisition of Citi India’s consumer banking business for Rs 11,603 crore .

Godrej Consumer Products/Raymond: Godrej Consumer Products Ltd said on Thursday it is acquiring the consumer goods business of Raymond Consumer Care Ltd for $345 million, bolstering its portfolio of brands in the country’s fast-growing retail market. Raymond Ltd will sell its popular brands such as the Park Avenue deodorant and Kamasutra condoms to Godrej as part of the deal, which will turn it debt-free and reduce the number of business lines, its chairman Gautam Singhania said in a press conference.

Maruti Suzuki: Maruti Suzuki expects a shortage of semi-conductor chips to continue to impact production in the fiscal year 2024, with visibility of chip supply in the first month of the ongoing quarter looking worse than the last quarter of the fiscal ended 31 March, RC Bhargava, chairman, Maruti Suzuki said. “The kind of improvement we were expecting hasn’t happened,” he said, adding that the situation this quarter looks comparable to the same quarter last year, implying that sales in the quarter shouldn’t be negative on a yearly basis.

Tech Mahindra: Mahindra & Mahindra group’s blue-chip IT entity, Tech Mahindra, reported a 27.2% year-on-year decline in its net profit to Rs 1,124.9 crore, as a contraction in its BFSI vertical dragged financials for the quarter-ended March (Q4FY23). Its rupee revenue rose around 13.2% y-o-y to ₹13,718.2 crore during the quarter under review, even as deal momentum slipped 44% compared to Q4FY22. Tech Mahindra reported a total contract value (TCV) or order book of $592 million this quarter against $1.01 billion during the same quarter last year, a seven-year high.

ACC: ACC Ltd,’s reported net profits for the quarter ending December at Rs 236 Crore though came substantially lower than Rs 396 crore in the year-ago quarter impacted by higher costs. However, on a sequential basis, they rebounded well and more than doubled from Rs 113 Crore in the previous quarter. The reported Ebitda at Rs 588 crore was down 15.5% on a year-on-year basis though on a sequential basis improved by more than 40%.

Adani Green Energy: Adani Group is mulling to raise nearly USD 800 million for new green energy projects, news agency Bloomberg reported Thursday, citing people familiar with the matter. The Indian conglomerate is in discussions with global banks, including SMBC, DBS Bank Ltd, Mitsubishi UFJ Financial Group and Standard Chartered Plc, the report said. The size of the fundraise could range from about USD 700 million to some USD 800 million, the report said adding that the plan and size can vary as it is not finalised.

Indian Hotels Company: Tata group hospitality firm Indian Hotels Company Ltd on Thursday reported a 65% increase in consolidated revenue from operations at Rs 5809.9 crore in the current fiscal FY22-23, over last year’s Rs 3056.22 crore. The company has also reported a 510% increase in annual profit of Rs 1084.46 crore over the previous fiscal loss of Rs 264.9 crore in the previous year. The revenue stood at Rs 1625.4 crore versus last year’s Rs 1685.8 crore and it did see an almost doubling of year-on-year revenue of Rs 872.08 crore.

SpiceJet: Airline carrier SpiceJet on Thursday announced the appointment of Arun Kashyap as its Chief Operating Officer. The appointment of Arun Kashyap will be effective from June 12 and he will report to the airline’s Chairman and Managing Director Ajay Singh, SpiceJet said in a release. He will be rejoining SpiceJet from Air India where he is the Chief Technical Officer. Earlier, he had served as the Chief Program & Transformation Officer at SpiceJet.

Indus Towers: India’s largest mobile phone tower provider said that it had received a significant portion of dues from Vodafone Idea for the January-March quarter, even as it was engaged with the third largest carrier for recovering dues dating prior to December 2022 according to an ongoing payment plan. Top executives at the tower company said that the agreement between Vodafone Idea and Indus Towers to pay the latter in instalments would continue in FY24 and no fresh payment plan was under discussion.

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