Q1 FY24 earnings calls.

HCLTech reported a soft Q1 FY24 with constant currency revenue growth of 6.3% YoY but a sequential decline of 1.3%, missing internal expectations. Services revenue fell 1% QoQ, dragged by a 5.2% sequential drop in ER&D,

HDFC Bank reported a strong Q1 FY24 with net profit of INR 11,952 crore (+30% YoY) and net revenues of INR 32,829 crore (+26.9% YoY). NII grew 21% to INR 23,599 crore, with NIM at 4.1%. Advances grew 20% YoY (gross of IB

HDFC Life reported a solid Q1 FY24 with PAT of INR 415 crore (+15% YoY) and VNB of INR 610 crore (+18% YoY). Individual WRP grew 12%, 1.5x the private industry, driven by broad-based distribution gains and a 45% YoY surg

Hero MotoCorp reported Q1 FY24 revenue of ~INR 9,000 crore, with EBITDA up 28% YoY and PAT up 32% YoY (excluding INR 160 crore VRS charge). EBITDA margin came in at 13.8% (underlying ICE margin 14.5%), back to pre-COVID

HFCL reported Q1 FY24 revenue of INR 995.19 Cr (down 5.3% YoY) due to intentional reduction in low-margin turnkey projects. However, EBITDA surged 23% YoY to INR 159.62 Cr and PAT rose 42% to INR 75.56 Cr, driven by a fa

Hindalco's Q1 FY24 consolidated revenue was INR 52,991 crore, down 5% sequentially, while EBITDA rose 5% QoQ to INR 6,109 crore, driven by recovery at Novelis and India downstream. Novelis EBITDA per ton improved 11% seq

HUL reported a resilient Q1 FY24 with underlying sales growth of 7% (UVG 3%) on a high base, despite a challenging operating environment. EBITDA margin improved 40 bps YoY to 23.6%, while PAT grew 8% to INR 2,472 crore.

Hindustan Zinc reported Q1 FY24 revenue of INR 7,282 crore, down 22% YoY, primarily due to lower zinc and lead LME prices. EBITDA fell 36% YoY to INR 3,359 crore, while PAT declined 37% to INR 1,964 crore. Despite the to

ICICI Bank reported a strong Q1 FY24 with PAT up 39.7% YoY to INR 96.48 billion, driven by robust loan growth of 18.1% YoY and NII expansion of 38% YoY. Core operating profit less provisions grew 38% YoY to INR 125.95 bi

IEX reported consolidated revenue of INR 127.4 crore (+12.3% YoY) and PAT of INR 75.8 crore (+9.7% YoY) for Q1 FY24. Total electricity volume grew 8% YoY to 25.1 BU, driven by lower DAM prices (down 34% YoY to INR 5.7/un

IRCTC delivered a landmark quarter with revenue crossing INR 1,000 crore for the first time, up 17.5% YoY to INR 1,002 crore. EBITDA hit a new high of INR 343 crore with margins at 34.2%, while PAT before exceptional ite

Indus Towers delivered a strong Q1 FY24 with INR 7,080 crore revenue (+2.6% YoY) and INR 3,510 crore EBITDA (+15.3% YoY), driven by record tower additions of 5,410 and 5,984 co-locations. EBITDA margin expanded 160 bps Y

IndusInd Bank delivered a strong Q1 FY24 with 22% YoY loan growth and 30% YoY PAT growth to INR 2,124 crore, driven by broad-based momentum across vehicle, retail, and corporate segments. NIM improved 8 bps YoY to 4.29%,

Infosys reported a solid Q1 FY24 with constant currency revenue growth of 4.2% YoY and 1% QoQ, driven by strong large deal wins totaling $2.3 billion (56% net new) and a robust operating margin of 20.8%. Growth was led b

IndiGo reported a stellar Q1 FY24 with record revenue of INR 17,160 crore (+32% YoY) and record net profit of INR 3,090 crore, driven by strong demand, lower fuel costs, and operational efficiency. EBITDA margin expanded

JSW Steel delivered a strong Q1 FY24 with consolidated EBITDA of ₹7,046 crore (up 64% YoY) and net profit of ₹2,428 crore (up 189% YoY), driven by robust domestic demand, a value-added product mix (61% of sales), and bet

Kalyan Jewellers delivered a strong Q1 FY24 with consolidated revenue of ₹4,376 crore (+31% YoY) and PAT of ₹144 crore (+33% YoY). India revenue grew 34% to ₹3,641 crore, driven by robust footfalls and a 36%+ share of ne

Kotak Mahindra Bank reported a strong Q1 FY24 with consolidated PAT of INR 4,150 crore, up 51% YoY, driven by robust NII growth of 33% YoY and healthy fee income. The bank's ActivMoney product drove deposit growth, with

L&T delivered a robust Q1 FY24 with group revenues of INR 47,900 crore (+34% YoY) and PAT of INR 2,490 crore (+46% YoY), driven by strong execution across infrastructure and hydrocarbon segments. Order inflows surged 57%

M&M reported a strong Q1 FY24 with consolidated PAT of INR 3,508 crore, up 60% YoY, driven by robust auto and farm performance. Auto revenue market share surged 310 bps YoY in SUVs and 480 bps in LCVs, while farm PAT gre

Maruti Suzuki reported a strong Q1 FY24 with revenue of INR 30,845 crore (+22% YoY) and PAT of INR 2,485 crore (+145% YoY), driven by higher volumes, improved realization, and cost reduction. Domestic sales grew 9.1% to

Adani Total Gas reported Q1 FY24 revenue of INR 1,135 crore (+2% YoY) and EBITDA of INR 255 crore (+12% YoY), driven by 8% volume growth to 198 MMSCM and cost optimization. PAT rose 7% to INR 148 crore. The APM price ref

Reliance Industries reported consolidated EBITDA of INR 42,000 crore, up 5.1% YoY, driven by strong performance in Jio (+17%), retail (+34%), and upstream (+47%), offsetting a 23% decline in O2C due to normalization from

SBI Life reported a decent Q1 FY24 on a high base, with individual new business premium growing 18% YoY to INR 40.6 billion and PAT up 45% YoY to INR 3.8 billion. Growth was driven by strong annuity (individual annuity u

SBI reported its highest-ever quarterly net profit of INR 16,884 crore, up 178% YoY, driven by strong NII growth of 24.71% YoY and a sharp improvement in asset quality. Domestic NIM expanded 24 bps YoY to 3.47%, while cr

Sun Pharma reported Q1 FY24 consolidated revenue of INR 11,785 crore, up 10.7% YoY, driven by US specialty growth (up 21% to $232M) and episodic lenalidomide sales. EBITDA grew 14.7% to INR 3,308 crore, with margins at 2

Tata Consumer delivered a strong Q1 FY24 with 12% revenue growth and 19% EBITDA growth, driven by double-digit growth in India business and margin expansion of 80bps. India beverages grew 10% (volume +3%), India foods 24

Tata Motors delivered a strong Q1 FY24 with consolidated revenue growing 42% YoY and EBITDA margin expanding 700 bps to 14.4%. JLR was the standout, posting an EBIT of 8.6% (highest in 6 years) driven by mix improvement

Tata Steel's Q1 FY24 consolidated revenue stood at ₹59,490 crore with EBITDA of ₹6,122 crore (10% margin). India operations delivered ₹7,348 crore EBITDA (23% margin), supported by 18% YoY delivery growth in automotive a

TCS reported a steady Q1 FY24 with revenue of INR 59,300 crore (+12.6% YoY) and operating margin of 23.2%, despite absorbing annual wage hikes. Net profit stood at INR 11,074 crore. The order book reached $10.2 billion,

Tech Mahindra reported a tough Q1 FY24 with revenue of INR 13,959 crore, down 4.1% QoQ, and PAT of INR 693 crore. EBIT margin fell to 6.8%, impacted by a 2% one-time provision from a client bankruptcy and revenue decline

Federal Bank reported a strong start to FY24 with total business crossing INR 4 lakh crore, achieving sequential growth of ~5% despite Q1 seasonality. Management reiterated 18%-20% credit growth guidance and expects NIM

IHCL delivered its best-ever Q1 with consolidated revenue of INR 1,516 crore (+17% YoY), EBITDA of INR 459 crore (margin 30.3%), and PAT of INR 222 crore (+31% YoY). Growth was driven by strong RevPAR expansion across br

Titan delivered a solid Q1 FY24, with 19% revenue growth in the jewelry segment driven by market share gains and strong wedding demand. Management reiterated the 12-13% jewelry margin guidance for the full year, despite

UltraTech Cement reported strong operational performance in Q1 FY24, with capacity utilization reaching 90% and volumes growing double-digits. The company commissioned 4.3 million tons of capacity, taking total capacity

Varun Beverages reported a solid Q1 CY24 with consolidated revenue of INR 4,317 crore (+10.9% YoY) and EBITDA of INR 989 crore (+23.9% YoY), driven by volume growth of 7.2% and improved product mix. Gross margins expande

Wipro's Q1 FY24 results reflect a mixed performance amid a cautious macro environment. Revenue grew 6.1% YoY in rupee terms, within guided range, but constant currency growth was only 1.1% YoY. Operating margin held stea