Q4 FY24 earnings calls.

HDFC Life reported a 15% YoY increase in PAT to INR 1,569 crore for FY24, driven by an 18% rise in backbook profit emergence. Individual APE grew only 1% unadjusted, but normalized growth was 11% for the full year and 20

Hero MotoCorp reported a strong Q4 FY24 with revenue of INR 9,519 crore (+15% YoY) and PAT of INR 1,016 crore (+18% YoY). EBITDA margin expanded 130 bps to 14.3%, driven by operating leverage, mix improvement, cost savin

HFCL reported FY24 consolidated revenue of INR 4,465 crore, down ~6% YoY due to a temporary OFC demand slowdown. However, EBITDA grew 2% to INR 682 crore and PAT rose 6% to INR 338 crore, driven by a favorable product mi

Hindalco reported a strong Q4 FY24 with consolidated EBITDA up 24% YoY to INR 7,200 crore and PAT up 32% YoY to INR 3,174 crore. The India business EBITDA rose 30% YoY to INR 3,340 crore, driven by lower input costs and

HUL reported a resilient Q4 FY24 with underlying volume growth of 2% and sales growth of 1%, amid gradual demand recovery. EBITDA margin contracted 30bps YoY to 23.4%, as gross margin expansion of 350bps was reinvested i

Hindustan Zinc reported a resilient Q4 FY24 despite a 25% YoY decline in zinc prices. Revenue from operations for the full year was approximately INR 29,000 crore, down 15% YoY, while EBITDA stood at INR 13,677 crore, do

ICICI Bank reported a strong Q4 FY24 with PAT growing 17.4% YoY to INR 107.08 billion, driven by robust core operating profit growth of 10.5% YoY and controlled provisions. Domestic loan growth was 16.8% YoY, led by reta

IEX reported a solid Q4 FY24 with consolidated revenue of INR 149.3 crore (+15% YoY) and PAT of INR 96.7 crore (+9.5% YoY), driven by 30.1 BU electricity volume (+15.7% YoY) and strong REC volumes. Growth was fueled by i

IRCTC reported Q4 FY24 revenue of INR 1,155 crore, up 19.7% YoY, driven by the catering segment which grew 34.1% YoY to INR 530.8 crore. Internet ticketing revenue rose 16% YoY to INR 342.4 crore, with EBIT margin at 80.

Indus Towers delivered a stellar Q4 FY24 with record tower additions of 7,961 macro towers, the highest ever quarterly rollout. Revenue grew 6.5% YoY to INR 71.9 billion, driven by strong tower additions and 5G loading.

IndusInd Bank reported Q4 FY24 PAT of INR 2,349 crore, up 15% YoY, with NIM stable at 4.26% and ROA at 1.90%. Loan growth was 18% YoY, driven by retail (23% YoY), while deposits grew 18% YoY (retail LCR). Asset quality i

Infosys reported Q4 FY24 revenue flat YoY in constant currency, with operating margin at 20.1% (down 40bps QoQ) due to a one-time ~100bps impact from a financial services contract rescoping. Full-year revenue grew 1.4% C

IndiGo reported a strong Q4 FY24 with net profit of INR 18.9 billion and EBITDA margin of 24.8%. Full-year total income reached INR 712 billion, up 27% YoY, with net profit of INR 81.7 billion versus a loss last year. Ca

Jio Financial Services reported consolidated PAT of INR 311 crore for Q4 FY24, up from INR 294 crore in Q4 FY23, driven by higher total income from interest, dividends, and gains on investments. The company focused on bu

JSW Steel reported Q4 FY24 consolidated revenue of INR 46,269 crore, up 10% YoY, with EBITDA of INR 6,124 crore (margin 13.2%) and PAT of INR 1,322 crore. Record quarterly sales of 6.73 million tons were driven by strong

Kalyan Jewellers reported a strong Q4 FY24 with consolidated revenue of INR 4,535 crore (+34% YoY) and PAT of INR 137 crore (+96% YoY, adjusted +34%). Growth was driven by robust same-store sales growth of 12-15% across

KFin Technologies delivered a strong Q4 FY24 with revenue growth of 24.7% YoY, EBITDA margin expansion of 238 bps to 45.8%, and PAT growth of 25.7% YoY to ₹246 crore. The domestic mutual fund business grew 3% YoY, while

Kotak Mahindra Bank reported consolidated PAT of INR 5,337 crore for Q4 FY24, up 17% YoY, with full-year PAT of INR 18,213 crore, up 22% YoY. The bank's standalone PAT grew 38% QoQ to INR 4,133 crore, aided by tax revers

L&T reported a robust Q4 FY24 with group revenues up 15% YoY to INR 67,100 crore and recurring PAT up 8% YoY to INR 4,300 crore. Order inflows declined 5% YoY to INR 72,100 crore, but the order book reached a record INR

M&M delivered a strong FY24 with standalone PAT up 48% YoY (64% excluding one-offs) and consolidated PAT up 25%, driven by auto (PAT up 2.5x to INR 4,700 crore) and resilient farm margins (core tractor margin 17.7%). Aut

Maruti Suzuki reported a strong Q4 FY24 with net sales of INR 36,698 crore (+19.1% YoY) and net profit of INR 3,878 crore (+47.8% YoY), driven by record volumes of 584,031 vehicles (+13.4% YoY) and cost improvements. Ope

NTPC reported a solid FY24 with standalone PAT of INR 18,079 crores (+5% YoY) and group PAT of INR 21,332 crores (+25% YoY), driven by higher generation (422 BU, +6% YoY) and strong subsidiary/JV performance. Thermal cap

ONGC reported a standalone PAT of ₹9,869 crore in Q4 FY24, a sharp increase from ₹528 crore in Q4 FY23, driven by a low base due to prior exceptional items and higher other income. Consolidated PAT rose 77.9% YoY to ₹11,

Power Grid reported Q4 FY24 standalone revenue of INR 12,254 crore and PAT of INR 4,128 crore, with a slight dip versus last year due to one-time tariff arrears in Q4 FY23. Full-year consolidated revenue was INR 46,913 c

Reliance Industries reported a strong FY24 with consolidated EBITDA of INR 79,000 crore (up 16% YoY) and PAT of INR 79,000 crore (up 7.3%). The consumer businesses (Jio and Retail) drove growth, with Jio's EBITDA up ~13%

SBI Life delivered a strong FY24 with new business premium growing 29% to INR 382.4 billion, maintaining private market leadership at 24.6% share. PAT grew 10% to INR 18.9 billion, while VNB margins held at 28.1% despite

SBI delivered a strong Q4 FY24 with robust asset quality and capital position. Net NPA improved 10 bps to 0.57%, while PCR stood at 91.89%. Credit cost was a low 0.29%. Management guided for loan growth of 13%-15% in FY2

Sun Pharma reported Q4 FY24 consolidated revenue of INR 11,813 crore, up 10.1% YoY, driven by strong specialty sales (Ilumya up 21.7% to $580M globally) and India formulation growth of 10.2%. EBITDA margin contracted 30b

Tata Consumer Products reported a solid Q4 FY24 with consolidated revenue up 9% YoY to INR 3,927 crore, driven by India Foods (up 20% including Capital Foods) and International Business (up 7%). EBITDA grew 22% with marg

Tata Motors delivered a strong Q4 FY24 with consolidated revenue of INR 1,20,000 crore, up 13.3% YoY, driven by volume and mix improvements across all businesses. JLR posted record revenue of GBP 7.86 billion and EBIT ma

Tata Steel's Q4 FY24 consolidated revenue stood at INR 58,687 crore with EBITDA of INR 6,631 crore, translating to a 12% margin (up 200 bps QoQ excluding FX). India standalone EBITDA margin was 22%, while UK and Netherla

TCS reported Q4 FY24 revenue of INR 61,237 crore, up 3.5% YoY in rupee terms, with operating margin expanding 100 bps sequentially to 26%, the highest in 12 quarters. Full-year revenue grew 6.8% in rupee terms, with oper

Tech Mahindra reported Q4 FY24 revenue of INR 12,871 crore, down 6.4% YoY in constant currency, with EBIT margin of 7.4% (up 200bps QoQ). Full-year revenue declined 4.7% CC, driven by headwinds in the communications vert

Federal Bank reported a strong Q4 FY24 with net profit of INR 906 crore, though this included a one-off pension impact of ~INR 160 crore. Excluding that, operational performance was robust, driven by consistent credit gr

IHCL delivered a record Q4 FY24, with consolidated revenue of INR 6,952 crore (+17% YoY), EBITDA of INR 2,340 crore (+20% YoY), and PAT of INR 1,259 crore (+26% YoY). EBITDA margin expanded 100 bps to 33.7%, achieving th

Titan reported standalone revenue growth of ~17% YoY for Q4 FY24, with jewelry margins under pressure due to elevated gold prices and competitive intensity. Management acknowledged a ~110 bps YoY decline in jewelry EBIT

UltraTech delivered 13% volume growth in FY24, with Q4 volumes up 30% QoQ and 11% YoY, driven by strong demand across segments. Capacity utilization reached 85% for the year and 98% in Q4. Management expects industry dem

Varun Beverages delivered a strong CY2024 with consolidated revenue of ₹20,007 crore (+24.7% YoY) and EBITDA of ₹4,711 crore (+30.5% YoY), driven by 23.2% volume growth including contributions from South Africa and DRC.

Wipro reported Q4 FY24 IT services revenue of $2.617-2.670 billion (guidance range), with sequential growth of 0.1% in reported currency and -0.3% in constant currency. Full-year revenue declined 3.8% YoY in reported ter