Q3 FY24 earnings calls.

Havells India reported a mixed Q3 FY24 with muted consumer demand offset by sustained B2B infrastructure spends. Lighting delivered strong volume growth but value was impacted by price deflation; margins improved 153bps

HCLTech delivered a strong Q3 FY24 with 6% sequential revenue growth in constant currency, the highest since Q3 FY21. Services revenue grew 3.1% QoQ despite furloughs, while software revenue rose 5% YoY. Operating margin

HDFC Bank reported a 33.5% YoY PAT growth to INR 164 billion, driven by strong advances growth of 4.9% QoQ and stable NIM at 3.4%. However, deposit growth lagged at 1.9% QoQ, with retail deposits growing 2.9% while non-r

HDFC Life reported a mixed 9M FY24. Individual APE grew only 6% YoY, well below the 15% target, as high-ticket (>INR 5 lakh) policies contracted sharply. However, number of policies grew 9% and retail sum assured surged

Hero MotoCorp delivered a strong Q3 FY24 with 20% revenue growth and 50% PAT growth, driven by premiumization, cost savings, and festive demand. ICE margins reached 16%, enabling reinvestment in EV and premium segments.

HFCL's Q3 FY24 revenue declined 4.9% YoY to INR 1,032 crore, with EBITDA margin contracting 197 bps to 15.83% due to a sharp drop in optical fiber cable (OFC) sales amid global inventory destocking. PAT fell 18.9% to INR

Hindalco reported a strong Q3 FY24 with consolidated EBITDA up 36% YoY to INR 6,985 crore and PAT up 71% YoY to INR 2,331 crore, driven by recovery at Novelis, cost control in India Aluminium, and record copper performan

HUL reported a resilient quarter with 2% underlying volume growth and EBITDA margin of 23.7%, up 10bps YoY. Revenue was flat due to negative price growth of 2%, driven by price cuts in Home Care and BPC. The F&R segment

Hindustan Zinc delivered a strong Q3 FY24 with revenue of ₹7,310 crore (down 7% YoY but up 8% sequentially) and EBITDA of ₹3,559 crore (up 14% sequentially). EBITDA margin expanded to 49% (up 300 bps QoQ) driven by recor

ICICI Bank reported a strong Q3 FY24 with PAT growing 23.6% YoY to ₹102.72 billion, driven by robust loan growth of 18.5% YoY and stable asset quality. Core operating profit rose 10.3% YoY to ₹146.01 billion, while NIM c

IEX reported a strong Q3 FY24 with consolidated revenue of ₹141.2 crore (+20.3% YoY) and PAT of ₹91.8 crore (+18.9% YoY), driven by 28.3 BU total volume (+16.8% YoY). Key drivers included regulatory tailwinds from GNA an

IRCTC reported its highest-ever quarterly revenue of INR 1,118 crore (+21.8% YoY) and net profit of INR 300 crore (+17.4% YoY), driven by strong catering (+29.1% YoY) and tourism (+32.3% YoY) segments. EBITDA margin cont

Indus Towers delivered a strong Q3 FY24 with record tower additions of 7,563 macro towers, more than 5x YoY, driven by rural expansion from a major customer. Revenue grew 6.4% YoY to INR 72 billion, while EBITDA margin e

IndusInd Bank reported a mixed Q3 FY24. PAT grew 17% YoY to INR 2,301 crore, supported by stable NIM at 4.29% and strong retail loan growth of 24% YoY. However, asset quality disappointed with gross slippages of INR 1,76

Infosys reported Q3 FY24 revenue declined 1% YoY in constant currency, with operating margin at 20.5%, down 70bps sequentially due to salary hikes and the McCamish cyber incident. Large deal TCV was strong at $3.2 billio

IndiGo reported a stellar Q3 FY24 with PAT of INR 3,000 crore (15.4% margin) and EBITDA of INR 5,500 crore (28% margin), driven by robust demand, 27% ASK growth, and strong yields of INR 5.48. Revenue from operations gre

JSW Steel reported a mixed Q3 FY24. Consolidated revenue was INR 41,940 crore, down 6% QoQ, with EBITDA of INR 7,180 crore (margin 17.1%). PAT stood at INR 2,450 crore. Operational performance was strong: record crude st

Kalyan Jewellers reported a strong Q3 FY24 with consolidated revenue of INR 5,223 crore (+34.5% YoY) and PAT of INR 180 crore (+21.6% YoY). India revenue grew 40% YoY to INR 4,512 crore, driven by robust same-store sales

KFin Technologies delivered a strong Q3 FY24 with revenue growing 16% YoY, EBITDA up 21% to a margin of 45%, and PAT rising 25%. Growth was driven by domestic mutual fund AUM expansion (22.7% YoY, outpacing industry), a

Kotak Mahindra Bank reported consolidated PAT of INR 4,265 crore for Q3 FY24, up 6.8% YoY, driven by strong performance in securities, vehicle finance, and microfinance. Standalone PAT was INR 3,005 crore, impacted by IN

L&T reported a robust Q3 FY24 with group revenue of ₹55,100 crore (+19% YoY) and recurring PAT of ₹2,900 crore (+20% YoY). Order inflows surged 25% YoY to ₹76,000 crore, driven by mega Middle East hydrocarbon and renewab

M&M reported a solid Q3 FY24 with consolidated PAT up 34% YoY (excluding one-offs), driven by strong auto performance. SUV revenue market share reached 21% (number one), and LCV share stood at 49.6%. Auto PBIT surged 91%

Maruti Suzuki reported a strong Q3 FY24 with PAT of INR 3,130 crore, up 33% YoY, driven by record quarterly exports of 71,785 units and a favorable product mix. CNG penetration hit an all-time high of 30% of sales, while

NTPC reported a resilient Q3 FY24 with group PAT for 9M FY24 up 21% YoY to INR 14,842 crore, driven by higher generation (group generation up 7% to 315 BUs) and improved coal production (up 74% to 25.36 MMT). The company

ONGC reported Q3 FY24 standalone PAT of INR 9,536 crore, down 13.7% YoY due to lower crude and gas realizations and GST on royalty provisions. Crude oil realization fell to $81.59/bbl from $87.13/bbl YoY. Production from

PowerGrid reported consolidated Q3 FY24 revenue of INR 11,820 crore and PAT of INR 4,028 crore, with EBITDA margins maintained above 80%. The company has a strong order book of INR 77,770 crore, including recent TBCB win

Reliance Industries delivered a strong Q3 FY24 with consolidated EBITDA of INR 44,700 crore (+17% YoY) and net profit of INR 19,641 crore (+11% YoY), driven by robust performance in Retail (EBITDA +31% YoY) and Oil & Gas

SBI Life delivered a solid Q3 FY24 with PAT of INR 10.8 billion (+15% YoY) and VNB of INR 40.4 billion (+11% YoY). Individual NBP grew 17% to INR 177.6 billion, with private market share expanding 184 bps to 29.1%. Growt

SBI reported Q3 FY24 PAT of ₹9,164 crore, absorbing a one-time exceptional provision of ₹7,100 crore for pension and dearness relief. Excluding this, PAT would have been significantly higher. The bank's asset quality imp

Sun Pharma reported Q3 FY24 consolidated revenue of INR 12,157 crore, up 9.5% YoY, driven by strong specialty sales (up 26.1% to $296M) and India formulation growth of 11.4%. EBITDA margin expanded 140bps to 28.1%, aided

Tata Consumer Products delivered a strong Q3 FY24 with consolidated revenue growth of 9% and EBITDA expansion of 190 bps. India beverages saw tea volume growth of 2% (fourth consecutive quarter of positive volume), while

Tata Motors delivered a strong Q3 FY24 with consolidated revenue growing 25% YoY and EBIT margin expanding 390 bps to 8.3%. JLR was the standout, posting record revenue of GBP 7.4 billion and EBIT of 8.8%, driven by volu

Tata Steel's Q3 FY24 consolidated revenue stood at INR 55,312 crore with EBITDA of INR 6,334 crore, yielding an 11% EBITDA margin, up 300 bps QoQ. India standalone EBITDA margin improved to 24% (+400 bps QoQ) driven by h

TCS reported Q3 FY24 revenue of INR 63,583 crore, up 4% YoY, with operating margin expanding 70 bps sequentially to 25%. Net profit stood at INR 11,735 crore, with net margin at 19.4%. Growth was driven by cloud and cybe

Tech Mahindra reported Q3 FY24 revenue of $1.573 billion, down 5.7% YoY, with EBIT margins at 5.4% (7% adjusted for exceptional items). The quarter saw a sequential revenue uptick of 1.1%, driven by manufacturing and ret

Federal Bank reported a historic PAT of INR 1,007 crore in Q3 FY24, its first four-digit profit, driven by strong business momentum and strategic branch expansion. NII also reached an all-time high. The bank maintained r

IHCL delivered a record Q3 with consolidated revenue of INR 2,004 crore (+15% YoY) and EBITDA of INR 772 crore (+18% YoY), with EBITDA margin expanding 100 bps to 38.5%. PAT grew 18% to INR 452 crore. Performance was dri

Titan reported a strong Q3 FY24, driven by jewelry (17% secondary growth) and watches, while EyeCare and ethnic wear lagged. Jewelry EBIT margin at 12.2% was within the 12-13% guided range despite a lower studded mix and

UltraTech reported a steady Q3 FY24 with industry demand growth of 3%-4%, impacted by elections, floods, and seasonal slowdown. Management highlighted that demand improved from mid-December and expects Q4 utilization to

Varun Beverages reported a strong Q3 CY2024 with consolidated revenue growth of 24.1% YoY to INR 4,804.6 crore, driven by expanded distribution and product penetration. EBITDA grew 30.5% to INR 1,151.1 crore, with margin

Wipro delivered a strong Q3 FY24 with constant currency revenue growth of 3% QoQ and 27.5% YoY, driven by broad-based demand across markets and service lines. Operating margin of 17.6% exceeded the guided range, reflecti