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Quarterly results snapshot: how did Godrej, Tech Mahindra, HDFC and other companies perform during the quarter?
Publish Date: 31st July, 2018
Many big companies across different sectors have announced their first quarter results for FY19 on 30 July 2018. Here is a brief summary of the results:
1) Godrej consumer products
India’s own FMCG major, Godrej Consumer Products announced better than expected results for the first quarter of FY19. The company posted an 80% jump in net profits to Rs 405 crore, beating analysts’ expectations of around Rs 295 crore. Revenues during the quarter rose by 13.7% to Rs 2,476 crore.
The company registered the best profit numbers in as many as five quarters as a result of strong domestic market performance. A deferred tax gain of Rs 116 crore also helped to boost profits. The company’s board approved an issue of bonus shares in the ratio of 1:2. This is one equity share for every two fully paid-up equity shares. The company also announced an interim dividend of Rs 2 per share for FY19.
Related read: Click here to find out how market leader HUL performed during the quarter.
2) HDFC
Housing Development Finance Corporation Ltd’s first quarter results were on par with most analysts’ expectations. The company’s net profit rose by 53.7% to Rs 2,190 crore on a YoY basis. The rise in profits was boosted by a dividend income of Rs 511 crore reported by HDFC Bank during the quarter. Net Interest Income (NII) for the quarter grew by 20% YoY to Rs 2,890 crore while Net Interest Margin stood at 3.5%.
Related read: Why we have a 'BUY' rating for HDFC post its Q1 results
3) IDFC Bank
Private lender IDFC Bank posted a 58.5% loss in net profits to Rs 181.55 crore for the quarter ended June. The company registered a profit of Rs 437.59 during the same period last year. Total income decreased by 9.8% to Rs 2,519.87 crore during the quarter.
The bank’s bad assets improved with net Non-Performing Assets (NPAs) down to 1.63% from 1.70% last year. Interest income rose by 8.2% to Rs 2,321.15 crore but income from other sources decreased by as much as 69% to Rs 198.72 crore.
Related read: Click here to find out about retail loan growth in the banking sector.
4) Shree Cement
Shree Cement posted a mixed set of results for the quarter with poor net profits but strong revenues and volume performance. The company’s net profit fell by 36.5% to Rs 279.5 crore on a YoY basis. This was mainly due to a dismal operational performance. However, revenue increased by 19.1% to Rs 3,070 crore and sales volume grew by 19% compared to last year.
Related read: Why we have a 'SELL' rating for Shree Cement
5) Tech Mahindra
Despite falling for the first time in five quarters, IT services company Tech Mahindra’s profit met analysts’ expectations for the quarter. The company reported a net profit to Rs 897.9 crore for the June quarter. This is a 12.4% rise on a YoY basis. But on a sequential basis, the company registered a 26% decline. The company’s revenues grew by 12.8% to Rs 8,276.3 crore compared to the same period last year.
The overall business growth trajectory for Tech Mahindra is on track according to the company’s Managing Director and CEO C.P. Gurnani. While business seasonality has affected growth in the current quarter, the company’s strong focus on digital transformation would keep the business buoyant.
Related read: 'ADD' Tech Mahindra. Here's why.
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