Result Updates :- HDFC Bank, LTI Mindtree, TCS and More

The first quarter of the financial year 2023-24 is over and hence the Indian companies will show their investors the performance for the past 3 months. This time around the average performance for all the sectors has been fantastic. This is also the reason why the nifty50 is rising to new highs every day. The markets have now touched 19700 levels and the bank nifty is already above 45500 levels. This has been a dream run for the Indian markets in the past 2 months.

The financial results of major companies are out now. We will decode the results of TCS, LTI Mindtree and HDFC Bank over here. 

Tata Consultancy Services

The company recorded a great upside in profit of around 17%. This means the company made 11074 Crore Rs in the 1st quarter of the year. The revenue of the frim was up by 13% as well. The company’s profit figures have beaten the expectation of the Dalal Street Analysts. The revenue of the firm was around 59381 Crore Rs. 

The analysts predicted the net profit of the frim to be around 10890 Crore Rs which came at 11074 Crore Rs. The company also declared a dividend of 9 Rs per share. The topline business grew by a mere 0.4% which was the slowest in the last 12 quarters. The profit of the firm was also 3% less than the March figures. The revenue of the firm registered a growth of 7% on a Year on Year basis. However the order book of the company was at 10.2 Billion dollars. The operating margin of the company was 130 bps less at 23.2%. 

The board said that they are confident at long term demand as they are driven by the incoming of new technologies. The research and development of the company is focused on the new version of the technologies that are going to rule the I.T segment in the future. The company on an average gave 12 to 15% rise in the compensation. The company is also focussing on the work from office mode and 55% of the force has started working in that form as well. 

The major upscale was seen in the Life Sciences business at 10% followed by healthcare at 9.4%. The North American markets registered a growth of 5% whereas the Continental Europe registered a growth of 3.4%. 

HDFC

HDFC Bank is the largest private sector lender in India. The company registered a growth of 30% in the profit and the NII also jumped to 21%. The profit of the firm was around 11951 Crore Rs. This is a 30% jump from the previous year’s 1st quarter profit. The Net interest income of the company was around 23559 Crore Rs. The core interest margin of the company was 4.1% on the assets and 4.3% on the interest earning assets. The PPOP also witnessed a growth of 22.2% from 15367 Crore Rs to 18772 Crore Rs. 

The non performing assets of the company increased from 18019 Crore Rs to 19045 Crore Rs. The net NPA increased to 4776 Crore Rs or 9.4%. The total deposit of the company was seen at 1913096 Crore Rs. This was more than 19% higher than the previous year’s figures. The company has been presenting its first result updates after the merger of HDFC asset management company and HDFC Bank. 

The SA deposits were at 560604 Crore Rs and the CA deposits were at 252350 Crore Rs which combined are 10.7% more than the previous year’s figures. The net advances of the firm were at 1615672 Crore Rs which means an increase of 15%.8% from the previous year’s figures.

LTI Mindtree

The profit of the firm was seen at 11523 Million Rs at the end of the first quarter of this year. The revenue of the firm was seen at 87021 Million Rs which is an increase of 13.8% and the net profit of the firm was at 11523 Million Rs which is a 4.1% increase. Both these figures are in comparison to the year on year figures. The Life Science business of the firm saw a growth of 6.4% whereas the manufacturing revenue was at 17.3% growth. The BFSI sector registered a growth of 37.5%, Media growth at 11.7% and the Hospitality segment growth was at 15.1%. 

The North American market growth of the firm was a record breaking 73.1% and the European business registered a growth of 15.2%. The order inflow of the firm is around 1.41 Billion dollars.

The start of the quarterly results for both IT and Banking segment has been extremely great. This has also impacted the Indian Indices as both Bank Nifty and Nifty50 have crossed their all time highs and are registering new highs in every session.