Q1 Results Live Updates: Axis Bank Profit Up 4% But Asset Quality Sours; L&T Beat Estimates

Domestic order inflows were impacted by elections and intense heat conditions during the quarter. Infrastructure business that contributes around 66% to the total order book saw the domestic orders decline around 20% YoY, said R Shankar Raman, chief financial officer of L&T.

The company believes execution of close to Rs 5 lakh crore worth of orders, out of which 60% needs to be executed in India, will require three to four times the labour force at any point of time. "If I work with a labour force of 3 lakh people, I would require a database of 9 lakh people to replace when the churn happens," said Raman.

The company sees around Rs 9 lakh crore worth of order prospects in the coming years, out of which 60% is expected from domestic market and 40% from international businesses.

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• Total income up 23.7% at Rs 481 crore versus Rs 389 crore.

• Net profit up 27.6% at Rs 236 crore versus Rs 185 crore (Bloomberg estimate: Rs 213 crore).

• Revenue up 10.9% at Rs 1,151 crore versus Rs 1,038 crore (Bloomberg estimate: Rs 1,116 crore)

• Ebitda down 7.9% at Rs 197 crore versus Rs 214 crore (Bloomberg estimate: Rs 216 crore).

• Ebitda margin at 17.1% versus 20.6% (Bloomberg estimate: 19.3%).

• Net profit down 26.4% at Rs 60 crore versus Rs 81 crore (Bloomberg estimate: Rs 73 crore).

• Revenue up 17% at Rs 599 crore versus Rs 512 crore

• EBITDA up 3% at Rs 152 crore versus Rs 148 crore

• EBITDA margin at 25.4% vs 28.9%

• Net profit up 8% at Rs 91 crore versus Rs 84 crore

• Revenue up 6.02% at Rs 1,741 crore versus Rs 1,642 crore.

• EBIT up 15.75% at Rs 828.7 crore versus Rs 715.9 crore.

• EBIT margin at 47.59% versus 43.59%.

• Net profit up 10.17% at Rs 617 crore versus Rs 560 crore.

• Revenue up 5% at Rs 3,130 crore versus Rs 2,977 crore.

• Ebitda down 1% at Rs 138 crore versus Rs 139 crore.

• Ebitda margin at 4.4% vs 4.7%

• Net profit down 28% at Rs 64 crore versus Rs 90 crore.

• Have good communication going with regulators and law enforcement agencies on mule accounts problem.

• Have been at it over 12 months in a very focussed way to address the problem.

• Have developed a financial crimes prevention unit within the bank.

- Subrat Mohanty, ED.

• Revenue up 16% at Rs 1,158 crore versus Rs 995 crore.

• Ebitda up 19% at Rs 175 crore versus Rs 146 crore.

• Ebitda margin at 15.1% vs 14.7%.

• Net profit up 46% at Rs 111 crore versus Rs 76 crore.

• Revenue up 8% at Rs 13,618 crore versus Rs 12,588 crore (Bloomberg estimate: Rs 13,194 crore).

• Ebitda up 8% at Rs 2,839 crore versus Rs 2,628 crore (Bloomberg estimate: Rs 2,719 crore).

• Ebitda margin flat at 20.9% versus 20.9% (Bloomberg estimate: 20.6%).

• Net profit down 21% at Rs 1,338 crore versus Rs 1,692 crore (Bloomberg estimate: Rs 1,319 crore).

• Out of Rs 4,793 crore slippages, Rs 4,200 crore is from retail portfolio.

• Retail book is predominantly secured.

• Retail book has 29% unsecured loans.

• The split has more or less remained the same.

- Puneet Sharma, CFO.

• Expect government spending to come back in the system.

• But we would have to stay competitive in the current market.

- Rajiv Anand, DMD

• Retail agricultural loans added to NPA rise due to seasonality.

• Net credit cost is not indicative of full year expectation.

• Recoveries and upgrades on corporate accounts being deferred have added to elevated slippages.

• Cost of funds will likely stabilise in Q2, if marginal cost remains same.

• Been saying for a while that credit costs will likely go up.

• Seeing some unsecured loan segments show higher credit costs.

• Though this is not of any meaningful concern.

- Puneet Sharma, CFO.

• Revenue up 18.7% at Rs 572 crore versus Rs 482 crore (Bloomberg estimate: Rs 554 crore)

• Ebitda up 39% at Rs 91 crore versus Rs 66 crore (Bloomberg estimate: Rs 87 crore)

• Ebitda margin at 16% vs 13.6% (Bloomberg estimate: 15.7%)

• Net profit up 40.3% at Rs 58 crore versus Rs 41 crore (Bloomberg estimate: Rs 57 crore)

Larsen & Toubro received orders worth Rs 70,936 crore at the group level during the quarter ended June 30, 2024, registering a y-o-y growth of 8% aided by the strong ordering momentum in the Middle East. Consolidated order book at Rs 4.91 lakh crore, up 19% YoY, as of June.

During the quarter, orders were received across multiple segments like Offshore vertical of hydrocarbon business, renewables, transmission and distribution, roads, nuclear power, hydel and tunnel, ferrous metals, health, and the precision engineering sectors.

International orders at Rs 32,598 crore during the quarter comprised 46% of the total order inflow.

• Infrastructure Projects: Rs 40,053 crore (flat)

• Energy Projects: Rs 8,792 crore (up 19%)

• Hi-Tech Manufacturing: Rs 3,677 crore (up 111%)

• IT & Technology Services: Rs 11,505 crore (up 6%)

• Financial Services: Rs 3,664 crore (up 19%)

• Development Projects: Rs 1,327 crore (up 2.5%)

• Others: Rs 1,918 crore (down 4.5%)

• Government's continued thrust on capex and business optimism augur well for investment activity.

• Pace of infrastructure progress may slow down due to skilled labour shortage in certain sectors.

• Global headwinds continue to linger around geopolitical conflicts, supply chain disruptions and commodity price volatility.

• Retain focus on profitable execution of order book.

• Well-positioned to exploit emerging opportunities across diversified portfolio.

• Will limit exposure on non-core businesses.

• Revenue up 15% at Rs 55,120 crore versus Rs 47,882 crore (Bloomberg estimate: Rs 53,601 crore)

• Net profit up 11% at Rs 3,445 crore versus Rs 3,096 crore (Bloomberg estimate: Rs 2,639 crore).

• Ebitda up 15% at Rs 5,615 crore versus Rs 4,867 crore (Bloomberg estimate: Rs 5,540 crore).

• Ebitda margin at 10.2% versus 10.16% (Bloomberg estimate: 10.3%).

• Total income up 24% at Rs 347 crore versus Rs 280 crore.

• Net profit up 23% at Rs 70 crore vs Rs 57 crore (Bloomberg estimate: Rs 36 crore).

• Revenue up 28% at Rs 1,327 crore versus Rs 1,040 crore.

• Net profit up 77% at Rs 10.4 crore versus Rs 2.4 crore.

• Ebitda up 42% at Rs 48 crore versus Rs 34 crore.

• Ebitda margin at 3.6% versus 3.2%.

• Net profit up 8% at Rs 400 crore versus Rs 371 crore

• Net interest income up 11% at Rs 903 crore versus Rs 815 crore

• Gross NPA at 3.54% versus 3.53% (QoQ)

• Net NPA at 1.66% versus 1.58% (QoQ)

• Net profit up 3.54% at Rs 131.4 crore versus Rs 126.9 crore.

• Net Interest Income up 5.5% at Rs 496.63 crore versus Rs 470.72 crore.

• Gross NPA at 3.33% vs 3.23% (QoQ).

• Net NPA at 1.18% vs 1.11% (QoQ).

• Revenue down 8.2% at Rs 1,714 crore versus Rs 1,584 crore.

• Net profit down 54.9% at Rs 141 crore versus Rs 313 crore.

• Ebitda down 41% at Rs 281 crore versus Rs 477 crore.

• Ebitda margin at 16.4% versus 30.1%

• Total income up 21% at Rs 154 crore versus Rs 127 crore.

• Net profit up 26% at Rs 96 crore versus Rs 76 crore.

• Revenue up 21% at Rs 891 crore versus Rs 731 crore.

• Net profit up 26.8% at Rs 142 crore versus Rs 112 crore.

• Ebitda up 23.2% at Rs 249 crore versus Rs 202 crore.

• Ebitda margin at 28% versus 27.7%.

Private sector lender Axis Bank on Wednesday reported a 4% rise in its net profit, but missed estimates as provisions doubled. Axis Bank's net profit for the quarter stood at Rs 6,034.64 crore. Analysts polled by Bloomberg estimated a net profit of Rs 6,510 crore for the first quarter.

Net interest income, or the bank's core income, rose 12% year-on-year to Rs 13,448 crore.

Asset quality for the lender worsened with the gross non-performing asset ratio increasing by 11 basis points sequentially to 1.54%. Net NPA ratio too rose basis quarter-on-quarter to 0.34%.

• Net profit at Rs 6,035 crore versus Rs 5,797 crore, up 4% (YoY).

• Net interest income at Rs 13,448 crore versus Rs 11,959 crore, up 12% (YoY).

• Gross NPA at 1.54% versus 1.43% (QoQ).

• Net NPA at 0.34% vs 0.31% (QoQ).

• Provisions at Rs 2,039 crore versus Rs 1,035 crore (YoY)

• Net interest margin at 4.05%.

• Net profit at Rs 1,010 crore versus Rs 854 crore, up 18.2% (YoY).

• Net interest income at Rs 2,292 crore versus Rs 1,919 crore, up 19% (YoY).

• Gross NPA at 2.11% versus 2.13% (QoQ).

• Net NPA flat at 0.6% (QoQ).

The Federal Bank Ltd.'s net profit for the first quarter of fiscal 2025 rose, beating analysts' estimates.

The private sector bank's standalone net profit stood at Rs 1,010 crore in the three-month period ended June, according to an exchange filing on Wednesday. Analysts polled by Bloomberg had estimated a profit of Rs 943.91 crore.

India’s largest engineering-to-construction company, Larsen & Toubro Ltd., is expected to report a net profit of Rs 2,928.8 crore, according to consensus estimates of analysts tracked by Bloomberg.

The top-line of the company is expected at Rs 53,768.5, while the construction company is likely to post at Ebitda of Rs 5,574.1 crore.

Here are the earnings estimates of major companies that are scheduled to announce their results on Wednesday:

Larsen & Toubro Ltd., Axis Bank Ltd. and Federal Bank Ltd. will be among the major firms to report their first-quarter earnings on Wednesday.

L&T is expected to post a bottom-line print of Rs 2,639 crore and top-line of Rs 53,601 crore for the three months ended June, according to analysts' estimates compiled by Bloomberg.

Axis Bank is expected to post a profit of Rs 6,510 crore and Federal Bank is expected to post a bottom line of Rs 944 crore.

AB Sunlife Ltd., Bajaj Finserv Ltd., Bajaj Holdings Ltd., Bikaji Ltd , CG Power Ltd., CMS Info Ltd., Craftsman Auto Ltd., DCB Bank Ltd., Go Fashion Ltd. wil be among the companies that will report their earnings on Wednesday.