Q1 Results Updates: Tata Motors Profit Beats Estimates; RattanIndia Power Swings To Profit

Tata Motors Ltd., Adani Enterprises Ltd., and ITC Ltd. will be among the major companies to report the first-quarter earnings on Thursday.

Tata Motors is expected to post a net profit of around Rs 5,310 crore for the three months ended June, according to analysts' estimates compiled by Bloomberg.

Adani Enterprises is expected to post a profit of Rs 1,164 crore, while ITC may post a bottom line of Rs 5,450.7 crore.

Other companies that will be announcing their earnings include Sun Pharmaceutical Industries Ltd., Adani Ports and Special Economic Zone Ltd., Kalyan Jewellers India Ltd., Zomato Ltd., Dabur India Ltd. and Godrej Agrovet Ltd.

India's benchmark index — NSE Nifty 50 — climbed to a fresh record and surpassed the key psychological barrier of the 25,000 mark as markets opened on Thursday morning.

The landmark has been buoyed by optimistic first-quarter earnings and shrugging off the negative sentiments from the capital tax gains in the Union Budget 2024.

The index recorded a 1,000-point journey in 25 sessions while taking about 11 months to add 5,000 points to the index.

The benchmark took 23 sessions to reach the 24,000 mark, while it surpassed the 23,000 in 89 trading sessions. The gauge took 63 sessions more than it took to touch the 22,000 mark.

The Nifty index has risen 26.8% in the last 12 months and 15.% on a year-to-date basis. During the session, the Nifty 50 companies' market capitalisation rose by over Rs 90,000 crore.

ITC Ltd. is expected to report a 9.4% increase in revenue, reaching Rs 17,158 crore in the quarter ended June, compared to Rs 15,676 crore in the same period last year.

Operating profit is anticipated to rise by 4% to Rs 6,497 crore, though margins are projected to remain flat at 38%.

Key factors to watch include mid-single-digit volume growth in the cigarettes segment, high-single-digit growth in FMCG volumes, and the outlook on the agriculture and paper businesses, particularly in light of raw material pricing trends.

Cognizant's net profit rose 22% year-on-year to $566 million in the second quarter of 2024, while revenue guidance for the year has been narrowed.

On a sequential basis, the profit rose 3.6%. Revenue from operations came in at $4.9 billion, a sequential increase of 1.9%, and a 0.7% decline annually in reported terms.

The Nasdaq-listed IT services company has narrowed the revenue guidance to -0.5% to 1% for 2024 from a decline of 2% to growth of 2% earlier in constant-currency terms. Guidance for the third quarter is flat at 1.5% in CC terms.

For the second quarter, operating margin expanded to 14.6% from 11.8% in the year-ago period, and adjusted operating margin of 15.2%, which expanded 100 basis points. Cognizant follows calendar year.

Dabur India is expected to show a steady performance in the first quarter of the current financial year.

The maker of Dabur Red Paste is likely to post a 6.9% rise in consolidated net profit to Rs 496 crore in the quarter ended June, according to a consensus estimate of analysts tracked by Bloomberg.

Analysts highlight the recovery in rural markets, strong growth in healthcare and personal care segments, and strategic distribution efforts as key drivers.

Dabur Q1 FY25 Earnings Estimates (Consolidated, YoY)

• Revenue likely to rise 6.8% to Rs 3,343 crore versus Rs 3,130 crore.

• Ebitda expected to rise 9.2% to Rs 661 crore versus Rs 605 crore.

• Margin expected expand to 19.8% versus 19.3%.

• Net profit expected to rise 6.9% to Rs 496 crore versus Rs 464 crore.

Motilal Oswal

• Recovery in rural markets should support its portfolio, as it is heavily skewed towards rural areas.

• In domestic business, healthcare, oral care and food businesses are expected to grow faster than others.

• The distribution drive will further contribute to rural growth.

• Ebitda margin remained in the range of 19–20% for the past several years. The margin is expected to improve in the coming years due to a better mix of products, such as higher healthcare offerings, and increased pricing in high-market-share brands.

Axis Securities

• Consolidated sales are expected to grow by 6%, led by home and personal care and healthcare portfolios.

• The food business was impacted due to weaker sales of beverages, led by low out-of-home consumption.

• Ebitda-margin expansion to moderate to 50 basis points owing to higher ad spends.

• Key monitorables: New-product-development performance and new launches in niche segments; domestic demand outlook; rural expansion and growth; international business performance and distribution expansion; direct-to-consumer foray update.

ITC is expected to report a 9.4% increase in revenue, reaching Rs 17,158 crore in the quarter ended June, compared to Rs 15,676 crore in the same period last year.

Result Estimates (Standalone YoY)

• Revenue is expected to rise 9.4% to Rs 17,158 crore versus Rs 15,676 crore.

• Ebitda is expected to rise 4% to Rs 6,497 crore versus Rs 6,250 crore.

• Margins expected to be flat at 38% versus 40% in the year-ago period.

• Net profit is expected to rise 5.2% to Rs 5,160 crore versus Rs 4,903 crore.

Motilal Oswal

• Expects ~3% YoY volume growth in the cigarette business.

• Expects marginal improvement in gross margin of 70 bp YoY.

• Rural recovery was not much visible during the period, but there was an there was an expectation of government initiatives to drive consumption.

• Outlook on the agri, paper and packaging businesses is a key monitorable.

Axis Securities

• Expects 6% revenue growth on account of estimated cigarette segment growth of 6% YoY (2% volume), FMCG growth at 7% YoY, and hotels at 8% YoY. Papers and agriculture are expected to remain flat.

• Ebitda margins are expected to decline YoY on account of subdued performance in agri and paperboard business.

• Key monitorables include demand outlook on rural versus urban, competitive intensity, RM trends, hotels, and agri business outlook.

Akzo Nobel Q1 Highlights (Consolidated, YoY)

• Revenue up 3.7% at Rs 1,036 crore versus Rs 999 crore.

• Ebitda up 4.2% at Rs 169 crore versus Rs 162 crore.

• Margin at 16.3% versus 16.2%

• Net profit up 4.3% at Rs 115 crore versus Rs 110 crore

The net profit of GHCL Ltd. fell nearly 65% to Rs 151 crore for the first quarter of the current financial year.

GHCL Q1 Highlights (Consolidated, YoY)

• Revenue down 18.5% at Rs 830 crore versus Rs 1,019 crore.

• Ebitda down 27.6% at Rs 217 crore versus Rs 299 crore.

• Margins at 26.1% versus 29.4%.

• Net profit down 64.7% at Rs 151 crore versus Rs 426 crore.

The consolidated net profit of Adani Ports and Special Economic Zone Ltd.'s rose 47% in the first quarter of this financial year.

Adani Ports Q1 Highlights (Consolidated, YoY)

• Net profit up 46.6% at Rs 3,107 crore versus Rs 2,119 crore.

• Revenue up 21% to Rs 7,560 crore versus Rs 6,248 crore.

• Ebitda up 29% to Rs 4,848 crore versus Rs 3,754 crore.

• Margin expanded to 64.12% versus 60.08%.

Shares of Adani Ports were trading 1.19% higher at Rs 1,588.55 apiece on the NSE after the results were announced, compared with a 0.21% advance in the benchmark NSE Nifty 50.

The financial year 2025 has begun on a strong note for the Adani group company with stellar performance on both financial and growth fronts, according to Ashwani Gupta, whole-time Director and chief executive officer.

"On the financial front, we posted all-time high earnings. But for the temporary disruption in Gangavaram Port, which is now fully restored, our Q1 cargo volume would have been at 114.7 MMT, a 13% increase."

On the growth front, the company won two new port concessions and a port O&M contract, he said.

• Volume grew 8% year-on-year to 109 million tonnes.

• Reports its highest ever quarterly revenue at Rs 7,560 crore, a 21% Y-o-Y growth.

• Net Debt to TTM Ebitda at 2.1 times versus 2.3 times in FY24.

• Received ratings upgrade from two domestic rating agencies and outlook upgrade from an international rating agency.

• Signed two new port concession agreements and won one new port operation and maintenance contract.

• Arrival of first mothership at the Vizhinjam transshipment port.

• Focus on efficient operations and financial discipline led profit after tax and Ebitda improvement.

• Will continue providing end-to-end transit solutions for customers.

• Signed two new port concessions in Tanzania and and kandla.

• Debt ratings continue to see significant improvements.

Aravind Fashions Q1 Highlights (Consolidated, YoY)

• Net profit at Rs 13.9 crore versus loss of Rs 4.5 crore

• Revenue up 10.2% at Rs 955 crore versus Rs 867 crore

• Ebitda up 23.6% at Rs 115 crore versus Rs 93.5 crore

• Margin at 12.1% versus 10.8%.

Emami Ltd.'s net profit increased in the first quarter of fiscal 2025, missing analysts' estimates. The company's net profit rose 10% year-on-year to Rs 150.6 crore in the quarter ended June 2024.

Emami Q1 Highlights (Consolidated, YoY)

• Revenue up 10% at Rs 906 crore versus Rs 826 crore.

• Ebitda up 14% at Rs 217 crore versus Rs 190 crore.

• Ebitda margin at 23.9% versus 23%.

• Net profit up 10% at Rs 151 crore versus Rs 137 crore.

Max Healthcare Q1 Highlights (Consolidated, YoY)

• Net profit down 1.6% at Rs 236 crore versus Rs 240 crore.

• Revenue up 20% at Rs 1,543 crore versus Rs 1,285 crore.

• Ebitda up 14.8% at Rs 387 crore versus Rs 337 crore.

• Margin at 25.1% versus 26.3%.

Dabur India Ltd.’s first-quarter profit rose in line with analysts' estimates as easing inflation allowed consumers to spend more on its personal care products. The Ayurvedic product maker's net profit rose 8.26% over the previous year to Rs 494.4 crore during the April-June period.

Dabur Q1 Highlights (Consolidated, YoY)

• Net profit up 8% at Rs 494 crore versus Rs 457 crore.

• Revenue up 7% at Rs 3,349 crore versus Rs 3,130 crore.

• Ebitda up 8% at Rs 655 crore versus Rs 604 crore.

• Ebitda margin at 19.6% versus 19.3%.

Sun Pharma Q1 Highlights (Consolidated, YoY)

• Net profit up 40% at Rs 2,836 crore versus Rs 2,023 crore.

• Ebitda margin at 28.9% versus 27.9%.

• Ebitda up 10% at Rs 3,658 crore versus Rs 3,330 crore.

• Revenue up 6% at Rs 12,653 crore versus Rs 11,941 crore.

Adani Enterprises Q1 Highlights (YoY)

• Revenue up 12.5% at Rs 25,472.40 crore versus Rs 22,644.47 crore.

• Ebitda up 46.75% at Rs 3,768.14 crore versus Rs 2,753.33 crore.

• Margin expands at 14.8% versus 12.1%.

• Net profit up 162% at Rs 1,772.26 crore versus Rs 676.93 crore.

Shares of Adani Enterprises were trading 1.71% higher at Rs 3220.35 apiece on the NSE after the results were announced, compared with a 0.25% advance in the benchmark NSE Nifty 50.

Zomato Q1 Highlights (QoQ)

• Revenue up 18% at Rs 4,206 crore versus Rs 3,562 crore (Bloomberg estimate: Rs 3,927.18 crore).

• Ebitda at Rs 177 crore versus Rs 86 crore (Bloomberg estimate: Rs 165.31 crore).

• Margin expands at 4.2% versus 2.4% (Bloomberg estimate: Rs 4.20%).

• Net profit up 45% at Rs 253 crore versus Rs 175 crore (Bloomberg estimate: Rs 212.92 crore).

KSB Q1 Highlights (Consolidated, YoY)

• Revenue up 9.3% at Rs 646 crore versus Rs 591 crore.

• Ebitda up 6.3% at Rs 90.6 crore versus Rs 85.2 crore.

• Margin contracted at 14% versus 14.4%.

• Net profit up 9.3% at Rs 646 crore versus Rs 591 crore.

Neuland Laboratories Q1 Highlights (YoY)

• Revenue up 21.1% at Rs 440 crore versus Rs 363 crore (Bloomberg estimate: Rs 381.10 crore).

• Ebitda up 27.3% at Rs 123 crore versus Rs 96.9 crore (Bloomberg estimate: Rs 97.2 crore).

• Margin expanded at 28.1% versus 26.7% (Bloomberg estimate: Rs 25.50%).

• Net profit up 58.2% at Rs 97.9 crore versus Rs 61.9 crore (Bloomberg estimate: Rs 60.1 crore).

Thermax Q1 Highlights (Consolidated, YoY)

• Revenue up 13% at Rs 2,184 crore versus Rs 1,933 crore (Bloomberg estimate: Rs 2,243.50 crore).

• Ebitda up 7% at Rs 141 crore versus Rs 132 crore (Bloomberg estimate: Rs 192.37 crore).

• Margin contracted at 6.5% versus 6.8% (Bloomberg estimate: Rs 8.60%).

• Net profit up 82% at Rs 109 crore versus Rs 60 crore (Bloomberg estimate: Rs 134.7 crore).

Godrej Agrovet Q1 Highlights (Consolidated, YoY)

• Revenue down 6.4% at Rs 2,351 crore versus Rs 2,510 crore (Bloomberg estimate: Rs 2,620.73 crore).

• Ebitda up 17.2% at Rs 226 crore versus Rs 193 crore (Bloomberg estimate: Rs 227.25 crore).

• Margin expanded at 9.61% versus 7.68% (Bloomberg estimate: Rs 8.70%).

• Net profit up 22.9% at Rs 132 crore versus Rs 107 crore (Bloomberg estimate: Rs 129.8 crore).

Kalyan Jewellers Q1 Highlights (Consolidated, YoY)

• Revenue up 26.5% at Rs 5,535 crore versus Rs 4,376 crore (Bloomberg estimate: Rs 5,558.13 crore).

• Ebitda up 16% at Rs 376 crore versus Rs 323 crore (Bloomberg estimate: Rs 376.57 crore).

• Margin contracted at 6.8% versus 7.4% (Bloomberg estimate: Rs 6.80%).

• Net profit up 24% at Rs 178 crore versus Rs 144 crore (Bloomberg estimate: Rs 185.77 crore).

Tata Motors Q1 Highlights (Consolidated, YoY)

• Revenue up 5.7% at Rs 1,08,048 crore versus Rs 1,02,236 crore (Bloomberg estimate: Rs 1,09,228.43 crore).

• Ebitda up 14.4% at Rs 15,509 crore versus Rs 13,559 crore (Bloomberg estimate: Rs 15,266.08 crore).

• Margin up 109 basis points at 14.35% versus 13.26(Bloomberg estimate: Rs 14%).

• Net profit up 72.43% at Rs 5,692 crore versus loss of Rs 3,301 crore (Bloomberg estimate: Rs 5,309.96 crore).

ITC Q1 Highlights (Standalone, YoY)

• Revenue up 7.2% to Rs 17,000 crore versus Rs 15,828 crore. (Bloomberg estimate: Rs 17,158 crore).

• Ebitda up 0.7% to Rs 6,295 crore versus Rs 6,250 crore. (Bloomberg estimate: Rs 6,497crore).

• Margin at 37% versus 39.5% (Bloomberg estimate: 38%)

• Net Profit at Rs 4,917.45 crore versus Rs 4,903 crore. (Bloomberg estimate: 5,160 crore).

Somany Ceramics Q1 Highlights (Consolidated, YoY)

• Revenue up 2.6% to Rs 848 crore versus Rs 826 crore. (Bloomberg estimate: Rs 618.28 crore).

• Ebitda up 9.7% to Rs 318 crore versus Rs 826 crore. (Bloomberg estimate: Rs 60.62 crore).

• Margin expanded at 37.5% versus 35% (Bloomberg estimate: 9.80%)

• Net Profit down 2.5% to Rs 12.3 crore versus Rs 12.6 crore. (Bloomberg estimate: 22.88 crore).

Triveni Engineering Q1 Highlights (Consolidated, YoY)

• Revenue up 7% at Rs 1,534 crore versus Rs 1,432 crore (Bloomberg estimate: Rs 1360.95 crore)

• Ebitda down 31% at Rs 86 crore versus Rs 125 crore (Bloomberg estimate: Rs 127.45 crore).

• Ebitda margin at 5.6% versus 8.7% (Bloomberg estimate: 9.4%).

• Net profit down 54% at Rs 31 crore versus Rs 68 crore (Bloomberg estimate: Rs 72 crore).

• Oral care reaching 1 out of every 2 houses in India

• Skincare grew by 8%

• Food and beverage grew by 4%

• Badshah grew by 15%

• E commerce and modern trade contribute to 20% of the business

• A&P increased by 15%

• Fmcg demand will see gradual ut uptick in coming quarters

• Badshah also saw scrutiny in UK

• Badshah saw decline in international markets due to regulatory overhang and supply chain constraints

• Certain hair oil segments where we are not present we will look for organic and inorganic expansion

• Price hikes have been only upto 2%

• Coming quarters will be better than previous quarters

"Badshah Masala faced a pushback in the international markets in Q1. There is high scrutiny in the UK markets due to the spices controversy. This is leading to supply chain disruptions," said Mohit Malhotra.

• Don’t see demand-side issues in food delivery business.

• Growth of over 20% in GOV should continue.

• In few quarters, adjusted Ebitda margin expansion will continue, to reach 4-5%.

• Confident that quick commerce will be as profitable as food delivery, if not more.

Source: Company Concall

• 20% of Tata Motors’ EV volumes from fleet operators.

• Temporary market slowdown affected Tata Motors’ EV volumes in Q1.

• ⁠No change in Tata Motors’ EV sales target for FY25.

• Tata Motors expects the upcoming FAME-III scheme to include electric cars as well, CFO PB Balaji says.

Source: Company Concall

• JLR revenue highest ever in Q1 FY25, margin impact due to local challenges in the UK.

• In India, ⁠⁠Tata Motors says it in correcting inventory at the dealers’ end.

• ⁠We expect EV+CNG to continue adding a third of India volumes in FY25.

• JLR capex at £3.5 billion in FY25, in line with product plans.

• ⁠⁠JLR investments in sync with product plans.

• ⁠JLR net debt down to £1.0 billion, on track to be debt-free by end of FY25.

• ⁠JLR’s free cash flow at £230 million.

• ⁠JLR’s ROCE improves marginally to 39.6% in Q1 FY25.

• ⁠Range Rover Electric sitting on 41,000 bookings, launch next year.

Source: Company Concall

• District will be a separate app.

• Will function like Blinkit, as part of the group but still utilising the traffic we have on Zomato.

Source: Company Concall

• Opened 113 new dark stores this quarter.

• Most new stores not in Delhi-NCR.

• Preference is to open larger stores.

Source: Albinder Dhindsa, CEO, Blinkit Concall

“There’s no earthly reason to incentivise hybrid technology, as it is at best a transitionary, old-school technology. We are totally focused on EVs especially with CAFE-III coming in,” said PB Balaji, Group CFO, Tata Motors.

Source: Company Concall

RattanIndia Power Q1 Highlights (Consolidated, YoY)

• Revenue up 10% to Rs 93 crore versus Rs 549 crore.

• Ebitda up 20.3% to Rs 189 crore versus Rs 157 crore.

• Margin expanded at 20.2% versus 18.5%.

• Net Profit at Rs 93 crore versus loss of Rs 549 crore.

Repco Home Finance Q1 Highlights (Standalone, YoY)

• Total income up 14% at Rs 416 crore versus Rs 367 crore.

• Net profit up 18% to Rs 105 crore versus Rs 89 crore.

GR Infraprojects Q1 Highlights (Consolidated, YoY)

• Revenue down 18.1% to Rs 2,030 crore versus Rs 2,478 crore.

• Ebitda down 39.4% to Rs 368 crore versus Rs 607 crore.

• Margin contracted at 18.1% versus 24.5%.

• Net Profit down 49.7% at Rs 156 crore versus Rs 310 crore.

Paradeep Phosphates Q1 Highlights (Consolidated, YoY)

• Revenue down 22.2% to Rs 2,377 crore versus Rs 3,054 crore.

• Ebitda at Rs 147 crore versus loss of Rs 38.6 crore.

• Margin contracted at 6.18%.

• Net Profit at Rs 5.4 crore versus loss of Rs 120 crore.

Indegene Q1 Highlights (Consolidated, YoY)

• Revenue up 11.4% to Rs 676 crore versus Rs 607 crore.

• Ebitda up 33.2% at Rs 129 crore versus Rs 96.8 crore.

• Margin expanded at 19.1% versus 15.9%.

• Net Profit up 28.2% at Rs 87.7 crore versus Rs 68.4 crore.