Side-by-side earnings comparison across financial stats, AI summaries, management guidance, risks, quotes, and accountability signals.
Grasim's Q1 FY24 consolidated revenue grew 11% YoY to INR 31,065 crore, driven by subsidiaries UltraTech and Aditya Birla Capital, but standalone revenue fell 14% YoY to INR 6,238 crore due to weak realizations in VSF and chemicals.
Read Grasim analysis →Bajaj Finserv reported a strong Q1 FY24 with consolidated PAT up 48% YoY to INR 1,943 crore and total income up 47% to INR 23,280 crore.
Read Bajajfinsv analysis →Grasim's Q1 FY24 consolidated revenue grew 11% YoY to INR 31,065 crore, driven by subsidiaries UltraTech and Aditya Birla Capital, but standalone revenue fell 14% YoY to INR 6,238 crore due to weak realizations in VSF and chemicals. Consolidated EBITDA declined 5% YoY to INR 4,981 crore, while standalone EBITDA dropped 42% YoY to INR 789 crore, impacted by high base effects and pre-operative expenses for new businesses. VSF business showed sequential recovery with EBITDA of INR 390 crore and 90% utilization, though global textile demand remains sluggish. Chemicals revenue fell 21% YoY to INR 2,146 crore amid caustic price declines. Paints business is on track for commercial launch in Q4 FY24, with 2-3 plants expected to be commissioned this year. B2B e-commerce platform Birla Pivot launched with 130+ brands. Risks include continued global demand weakness and potential margin pressure from input cost volatility.
Bajaj Finserv reported a strong Q1 FY24 with consolidated PAT up 48% YoY to INR 1,943 crore and total income up 47% to INR 23,280 crore. The general insurance arm (BAGIC) posted a combined ratio of 100.7% (vs 104.6% last year) driven by lower loss ratios in motor and commercial lines, while life insurance (BALIC) grew individual WRP by 15% despite a high base. Bajaj Finance continued its momentum with AUM growth of 32% and record low GNPA of 0.87%. Management highlighted strong distribution expansion in BAGIC and product mix normalization in BALIC post-Q1 tactical shifts. Key risks include intensifying competition in crop insurance due to EoM arbitrage and potential flood claims in Q2 from North Indian rains.
Utilization was impacted by a month-long shutdown at Harihar unit due to fire.
Chlor-alkali business maintained market leadership with volume growth.
Target capacity from 3 plants to be operational by end of FY24.
Improved from 11% in FY23, reducing power costs.
Improved from 104.6% in Q1 FY23, driven by lower claims in motor and commercial lines.
Against industry growth of 2% and private players' 8%, gaining market share.
Total AUM as of June 30, 2023, driven by strong loan growth and customer acquisition.
Up from 4-7% in Q1 FY23, aided by two-wheeler tie-ups and rural expansion.
At least 2-3 plants will be commissioned this year, with total capacity of 630 million liters.
Management guidance expansionIncludes INR 4,283 crore for paints business; peak debt expected around INR 8,000-10,000 crore gross.
Management guidance capexExpansion from 1.3M MT delayed due to monsoon; commissioning expected by Q4 FY24 or Q1 FY25.
Management guidance expansionNew capacity will be commissioned in Q2 FY24; full operational capacity expected in 12 months with 20-25% quarterly increments.
Management guidance growthManagement expects absolute NBV to grow at a similar pace as historical 24% rolling 12-month growth, with margins stabilizing around 15%.
Management guidance growthExpansion in distribution and geographies is expected to sustain motor growth in the medium term, though market dynamics may affect it.
Management guidance growthAfter a tactical Q1 with higher ULIP share, PAR mix is expected to revert to December 2022 levels, with corrective actions already taken in July.
Management guidance otherTextile exports from India have declined for 12 consecutive months, impacting VSF demand and customer profitability.
high · management_commentaryInternational caustic prices fell 46% from Oct 2022 to June 2023, with further declines expected due to oversupply from China.
high · management_commentaryCheap viscose yarn imports from China are squeezing domestic spinners' margins, potentially reducing demand for Grasim's VSF.
medium · analyst_questionMonsoon delays pushed commissioning from Q3 FY24 to Q1 FY25, which could impact volume growth.
low · analyst_questionPrivate players are aggressively bidding for crop insurance to utilize EoM allowances, potentially compressing margins for BAGIC.
medium · management_commentaryHeavy rainfall in North India may lead to elevated motor and property claims, though management expects material impact to be assessed only in Q2 call.
medium · analyst_questionRetail health loss ratios remain elevated due to fraud and claims inflation; management is investing in analytics but improvement may take time.
medium · management_commentaryWe would be launching our two new businesses in the current financial year. The paints business would commence its commercial offering from Q4 FY 2024.
Our long term goal is to be second largest player in the Indian decorative paints market, which is growing at a healthy double-digit pace.
We have said that there will be some stress on the bottom line as we start expanding. I think some of the expansion which we've done in the last 12 months has started to show the results.
The company's goal is to grow its NBV. End of the day, we should grow our margins at least at the same rate as IRNB or better if we can.
