Will Zerodha come out with an IPO: Nithin Kamath says ‘most companies forced...’
Nithin Kamath emphasizes long-term sustainability over IPOs, citing unpredictable revenue. He believes entering public market would shift focus. Key Points
Hindustan TimesGST upsurge: This tax needs to be tweaked
For 2023-24, India’s GST revenue crossed ₹20 trillion. If its weak mop-ups are firmly in the past, at long last, we must go for slab and rate reforms. Key Points
mintAccenture fans IT industry spending gloom with annual forecast cut
Accenture now expects full-year revenue growth in the range of 1% to 3%, from its prior forecast of 2% to 5%. The firm has been grappling with sluggish demand for its IT and consulting services as high interest rates slam the brakes on an industry that benefited from breakneck growth during the pandemic. Key Points
Economic TimesReddit Sees More Than 20% Sales Growth in 2024 in IPO Roadshow
Reddit Inc. is telling potential investors in its initial public offering that it expects revenue in 2024 to grow by more than 20% versus the previous year, according to a person familiar with the situation. Key Points
mintGoing forward, we have Rs 12,000 crore of unrecognised revenue, which is coming at a much higher margin: S
Sobha explains that the revenue and margin pressure is due to the completion of pre-Covid projects. The company expects an uptick in revenue and margin percentages as the pace of deliveries increases. The focus on cash flow management helps maintain positive net cash flow and a low net debt to equity ratio. Key Points
Economic Times
Google, Snapchat take bigger pie of ad spending, but slowdown may hurt growth
Google, which dominates the $270 billion digital advertising sector, recently disappointed Wall Street when its 8.9% fourth-quarter ad revenue growth fell short of expectations. Snap, which owns social media app Snapchat and also relies heavily on advertising dollars, reported discouraging revenue for its most recent quarter. Key Points
Economic TimesAzad Engineering Q3 profit rises to Rs 16.8 crore
Mumbai, Feb 6 (PTI) Hyderabad-based Azad Engineering on Tuesday reported more than three-fold increase in Profit After Tax (PAT) at Rs 16.8 crore for the three months ended December 2023. The company had posted a PAT of Rs 3.83 crore in the year-ago period, according to a statement. The revenue from operations in the third […] Key Points
ThePrintIndia key to Apple's not-so-secret sauce
India's smartphone market, dominated by affordable Chinese brands, saw robust revenue growth for Apple, with the company's revenue in the December quarter hitting a record, driven by iPhones and increasing adoption by enterprises. Apple also achieved revenue records in other emerging markets like Indonesia, Saudi Arabia, and Chile. In India, Apple's revenue grew strongly in double digits and reached a quarter revenue record. Key Points
Economic TimesIndia bites big into Apple sales pie
India Business News: India continues to be a bright spot for Apple, registering a quarterly revenue record with strong double-digit growth. Find out more about Apple's success in India and its record-breaking sales. Key Points
Times Of IndiaVodafone Idea Q3 results today: Will the telecom operator pleasantly surprise or disappoint?
Vodafone Idea Ltd is expected to see a sequential improvement in performance in the December quarter. Net loss is seen narrowing from the September quarter, while consolidated revenue is expected to remain flat. Average revenue per user (ARPU) is likely to rise 1% sequentially. However, net subscribers are expected to decline. Key Points
Economic Times
HCL Tech to pay Rs 12/share interim dividend; sets record date
India's third-largest IT service provider HCL Tech reported a decent set of numbers as the consolidated net profit rose 13.5% sequentially to Rs 4,350 crore. The IT major's Board declared an interim dividend of Rs 12/share and fixed January 20 as the record date for the same. The payment date of the said interim dividend will be January 31. Key Points
Economic TimesWipro Q3 results: Net profits drop 12% to Rs 2,694 crore; Re 1/share interim dividend declared
India Business News: Net profit declined to Rs 2,694 crore, while consolidated revenue dropped to Rs 22,205 crore. Re 1 per share interim dividend announced. Q4 revenue ex Key Points
Times Of IndiaWipro Q3 Results: Consolidated PAT drops 12% YoY to Rs 2,694 crore; Re 1/share interim dividend announced
Wipro Q3 Results: Wipro reported disappointing Q3 results, with a decline in net profit and revenue. The company's consolidated net profit decreased by nearly 12% YoY to Rs 2,694 crore, while the consolidated revenue dropped 4.4% to Rs 22,205 crore. The board recommended an interim dividend of Re 1 per share. For the nine months ended December, Wipro's consolidated revenue rose by only 0.4% to Rs 67,552 crore, while the net profit declined by nearly 1% to Rs 8,211 crore. Wipro expects revenue from its IT Services business to be in the range of $2.62 billion to $2.67 billion for the quarter ending March. Key Points
Economic TimesTCS Q3 Results: Profit rises 2% YoY to Rs 11,058 crore; revenue up 4%
TCS Q3 Results: Indias largest software service provider reported a 2% YoY growth in consolidated net profit for the December quarter to Rs 11,058 crore, while the revenue increased 4% to Rs 60,583 crore. Analysts estimated a revenue of Rs 60,119 crore and a profit of Rs 11,446 crore. The board also recommended a special dividend payout of Rs 18/share and an interim dividend of Rs 9/share. Key Points
Economic TimesInfosys Q3 Results: Profit falls 7% YoY to Rs 6,106 crore; company revises FY24 revenue guidance
Infosys Q3 Results: Infosys reports a Q3 net profit of Rs 6,106 crore, down 7% YoY. Meanwhile, its Q3 revenue rose 1% to Rs 38,821 crore. The IT major revised revenue guidance for FY24 to 1.5%-2% in constant currency terms. It bagged $3.2 billion worth of large deals in Q3 and the attrition rate declined to 12.9%. Key Points
Economic Times
Instagram, TikTok fitness workouts are harmful? Here is what studies reveal
Instagram and TikTok workouts posts often attract eyeballs. However, one must be careful before following such handles. Key Points
Economic TimesQ3 Result Preview: Zee, PVR-Inox, Sun TV expected to see mixed earnings in Q3FY24, says Nuvama
Q3 Result Preview: The brokerage predicts a QoQ decline in foot traffic for PVR INOX, a decline in ad revenue for Zee due to the ICC World Cup, and a 5% YoY decline in ad revenue for Sun TV. However, Sun TV's movie business revenue is expected to see a decent jump in Q3FY24. Key Points
mintQ3 likely to be last weak quarter, expect revenue growth for Indian IT firms from Q4: BNP Paribas
Indian IT companies may see faster revenue growth starting from Q4FY24 due to a better overall economy and large deal wins, according to BNP Paribas. The firm believes Q3FY24 will be the last quarter of weakness before growth picks up. Key Points
mintPunjab's GST revenue rises 16.52% to Rs 15,524 cr in April-December
Punjab experienced a 16.52 per cent year-on-year growth in revenue from Goods and Services Tax (GST) and a 10.4 per cent increase in revenue from excise levy during the April-December period of the current fiscal year. The net GST collection reached Rs 15,523.74 crore, compared to Rs 13,322.59 crore in the previous financial year. The revenue from excise levy rose to Rs 6,679.84 crore. Key Points
Economic TimesAvenue Supermarts shares fall over 3% on Q3 updates. Should you buy stock?
On Tuesday, the Radhakishan Damani-owned company reported a 17% year-on-year jump in its standalone revenue for the October-December quarter at Rs 13,247.33 crore versus Rs 11,304.58 crore in the year-ago period. The total number of stores as of December 31, 2023, stood at 341, the company said in its filing to the exchanges. Key Points
Economic Times
IGR office achieves 73.49% target with three months left
The State Inspector General of Registration and Controller of Stamps in Maharashtra has registered 1,999,036 documents and earned revenue of ₹33,072 crore, meeting 73.49% of the target revenue for the financial year. The robust revenue generation is attributed to government and private projects in the real estate sector. The office has become the highest revenue generating department after GST. Key Points
Hindustan TimesCiti's 2023 revenue expected to be at lower end of forecast, CFO says
Citigroup's (C.N) full-year revenue is expected to be towards the lower end of its previous forecast, at around $78 billion, Chief Financial Officer Mark Mason said at a conference on Wednesday. Key Points
Reuters'Semiconductor revenue set to grow 17% globally'
Global semiconductor revenue is projected to grow by 16.8% to $624 billion in 2024, according to Gartner. However, in 2023, the market is expected to Key Points
Times Of IndiaWorkday raises annual subscription revenue forecast on steady product demand
Workday (WDAY.O) raised its annual subscription revenue forecast and beat estimates for quarterly profit and revenue on Tuesday, benefiting from an easing macro environment and strong demand for its cloud-based software services. Key Points
ReutersAutodesk sees annual revenue above estimates amid robust client spending
Autodesk (ADSK.O) forecast full-year revenue above market estimates on Tuesday, in a sign that client spending on its design software remains resilient in an uncertain economy. Key Points
Reuters
Auction services firm Copart tops Q1 estimates
Online vehicle auction services provider Copart (CPRT.O) beat market expectations for first-quarter revenue and profit on Thursday, helped by higher revenue from its services business. Key Points
ReutersCatalent beats quarterly revenue estimates
Catalent (CTLT.N) on Wednesday beat Wall Street estimates for quarterly revenue as production showed signs of improvement on the back of a change in management. Key Points
ReutersKalyan Jewellers India's Q2 profit rises on strong domestic demand
Kalyan Jewellers India (KALN.NS) reported a 27.1% rise in its second-quarter profit on Tuesday, helped by rising domestic demand for its ready-to-wear jewellery line and increased traffic at stores ahead of the festive season. Key Points
ReutersKalyan Jewellers Q2 Results: Net profit rises 27% YoY on strong domestic demand
Kalyan Jewellers India reported a 27.1% rise in Q2 profit, driven by domestic demand and increased store traffic. Consolidated net profit for Kalyan Jewellers India rose to INR 1.35 billion ($16.23 million) in Q2, with revenue from India operations growing 32%. Key Points
mintRobinhood misses Q3 revenue estimates on muted trading activity
Robinhood Markets (HOOD.O) missed Wall Street estimates for third-quarter revenue on Tuesday, weighed by a slowdown in trading activity, sending shares of the online brokerage down more than 9% in extended trading. Key Points
Reuters
Jack Henry & Associates revenue rises on steady demand for fintech products
Fintech firm Jack Henry & Associates (JKHY.O) reported a rise in its first-quarter revenue on Tuesday, helped by steady growth in its processing as well as services and support segments. Key Points
ReutersMax Healthcare Institute Q2 PAT rises 27 percent to Rs 338 crore
India Business News: Max Healthcare Institute Ltd reported a 26.59% increase in profit after tax to Rs 338 crore in Q2 2023. The company's network gross revenue also rose Key Points
Times Of IndiaIndia's Tata Motors smashes Q2 profit estimates on strong JLR sales
India's Tata Motors (TAMO.NS) posted a bigger-than-expected second-quarterly profit on Thursday, as higher sales of its luxury Jaguar Land Rover (JLR) cars drove record revenue and boosted margins. Key Points
ReutersUK's Smith+ Nephew expects rev growth at higher end of guidance; names new CFO
UK's Smith+ Nephew (SN.L) on Thursday forecast annual revenue growth at the higher end of its guided range of 6-7% and named ad group WPP's (WPP.L) former finance boss John Rogers as its new chief financial officer. Key Points
ReutersSensex Today | Share Market Live Updates: Sensex, Nifty set to gain at start; Gift Nifty trades in green
Sensex Today | Share Market Updates: The Indian stock market is expected to jump at the start as Gift Nifty is trading significantly higher amidst positive global cues. Wall Street rallies on hopes the Federal Reserve’s rate hikes are done. Most Asian markets are trading in the green. Key Points
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MercadoLibre's third-quarter profit soars past expectations
Latin America's e-commerce behemoth MercadoLibre (MELI.O) reported on Wednesday a better-than-expected 178.2% surge in third-quarter net profit, compared with the previous year, after revenue grew across markets, especially in Brazil. Key Points
ReutersQorvo forecasts Q3 profit, revenue above estimates on smartphone market recovery
Wireless connectivity chip maker Qorvo (QRVO.O) forecast third-quarter revenue and adjusted profit above Wall Street estimates on Tuesday, expecting a boost from its largest customer Apple (AAPL.O) ahead of an expected recovery in the smartphone market. Key Points
ReutersCognizant forecasts quarterly revenue below estimates on weak corporate spending
Cognizant Technology Solutions (CTSH.O) forecast fourth-quarter revenue below Wall Street estimates on Wednesday, as clients tighten their IT budgets in an uncertain economy, sending its shares down more than 3% in extended trading. Key Points
ReutersPaycom forecasts weak fourth-quarter revenue; shares tank
Payroll processor Paycom Software (PAYC.N) on Tuesday forecast fourth-quarter revenue that was below market estimates hit by sluggish demand for payroll solutions and human resource management amid an uncertain economy, sending the company's shares down 28% in extended trading. Key Points
ReutersAMD forecasts misses estimates, shares drop
Chip designer Advanced Micro Devices (AMD.O) forecast fourth-quarter revenue and gross margins below Wall Street estimates on Tuesday, hurt by a weak gaming market as well as a decline in demand from some industries for its programmable chips. Key Points
Reuters
India's V-Guard posts Q2 profit in line with estimates
India's V-Guard Industries (VGUA.NS) reported second-quarter profit on Tuesday in line with analyst estimates, as more Indians bought air conditioner stabilisers and inverters in a quarter that saw the country's driest monsoon in over a century. Key Points
ReutersOnsemi forecasts weak fourth quarter on slowing demand for electric vehicles
Chipmaker Onsemi (ON.O) forecast fourth-quarter revenue and profit below market expectations on Monday, in a sign that slowing demand for electric vehicles was beginning to hurt orders for its chips from the automotive industry. Key Points
ReutersBig tech earnings signal ad market rebound
Big tech companies like Google, Meta, and Snap have reported strong Q3 numbers as ad spends pick up. These companies had previously spoken of reducing their workforce and cutting marketing spends due to the pandemic and geopolitical tensions. However, the latest results show that marketers are being drawn to their platforms, with all three companies surpassing revenue expectations. Key Points
Economic TimesNew Tech Mahindra structure to help drive innovation, improve margins & growth: CEO Designate Mohit Joshi
Tech Mahindra's CFO, Rohit Anand, discussed the impact of the current demand environment on the company's operational drop and revenue. He mentioned that while deal wins have improved, it will take time for them to convert into revenue. Anand also highlighted the company's focus on defining its core areas of focus and continuing the cost and revenue restructuring exercise. CEO Designate, Mohit Joshi, emphasized the importance of service resilience, service line innovation, and improving margins in the company's new organization structure. Key Points
Economic TimesMicrosoft beats revenue estimates on strong cloud and office software growth
Microsoft's Q1 revenue rose 13% to $56.5 billion, beating estimates of $54.52 billion Key Points
Hindustan Times
India's Cyient beats Q2 revenue estimates on sustainability, transport demand
India's Cyient (CYIE.NS) on Thursday reported a bigger-than-expected rise in its second-quarter revenue on strong growth in sustainability and transportation segments. Key Points
ReutersIndia's LTIMindtree posts better-than expected Q2 revenue, profit
Indian IT services and consulting firm LTIMindtree (LTIM.NS) reported a smaller-than-expected drop in its second-quarter profit on Wednesday, as healthy revenue growth outweighed a rise in employee and other expenses. Key Points
ReutersWipro Q2 preview: revenue may grow just 1.3% YoY; guidance for Q3 keenly eyed
Wipro Q2 preview: Wipros consolidated net profit may rise 10.3% on year to Rs 2,933 crore in the September quarter, according to the average of estimates given by nine brokerages, and revenue is expected to grow just 1.3% to Rs 22,828 crore. Sequentially, the topline is expected to be flat, while profit is likely to rise 2.2%, the estimates showed. Key Points
Economic TimesIndia's L&T Technology trims FY revenue growth guidance
Indian engineering research and development services provider L&T Technology Services (LTEH.NS) cut its revenue growth forecast for the current financial year on Tuesday, citing longer deal decision cycles and macroeconomic challenges. Key Points
ReutersInfosys ADRs plunge 6% to 2-month low on NYSE as FY24 guidance cut upsets investors
Infosys ADRs hit a low of $16.21 — their lowest level since July 28. Constrained by the slowdown in the developed economies, the software services exporter cut constant currency revenue growth guidance to 1.0-2.5% from 1.0-3.5% earlier Key Points
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India's HCLTech trims full year revenue outlook
India's HCLTech (HCLT.NS) trimmed its full-year outlook for revenue growth on Thursday, signalling near-term weakness in spending as its clients remained cautious due to uncertain demand and a challenging macroeconomic environment. Key Points
ReutersInfosys Q2 results: 6 major takeaways for Dalal Street investors; what experts say
The software major sees revenue growing 1.0-2.5% in constant currency terms in FY24, compared to 1.0-3.5% earlier. This is primarily due to a slowdown in discretionary spending, the company said in a post-earnings press conference. While Infosys cut the upper end of its revenue growth guidance, the company retained its operating margin target of 20-22%. Key Points
Economic TimesInfosys Q2 Results: PAT rises 3% YoY to Rs 6,212 crore; firm trims FY24 revenue guidance
Infosys has reported a 3% YoY growth in consolidated net profit for the quarter ended September. The company's consolidated revenue also grew nearly 7% YoY. Infosys has tweaked its guidance for FY24, expecting revenue growth of 1.0-2.5% in constant currency terms. The company retained its operating margin target of 20-22%. Infosys announced large TCV deals worth $7.7 billion for the quarter and saw a decline in attrition rate. Key Points
Economic TimesIndia's TCS skids on demand recovery worries after Q2 revenue miss
Shares of India's Tata Consultancy Services (TCS.NS) fell as much as 1.8% on Thursday, as investors worried that a recovery in demand was still not within reach after second-quarter revenue missed estimates due to weak client spending. Key Points
ReutersTCS revenue growth slows to 2.8% over weak demand
India Business News: TCS's growth in the September quarter was weak due to a decrease in discretionary spending and slower deal ramp-ups. revenue grew by 2.8% in constant Key Points
Times Of India
Infosys Q2 Preview: revenue seen up 5% YoY; co may retain FY24 guidance
Infosys Q2 Preview: Consolidated revenue from the quarter is seen rising only 1.4% sequentially to Rs 38,472.4 crore, according to the average of estimates given by nine brokerage firms. But on a year-on-year (YoY) basis, it is seen rising 5.3%. Consolidated net profit may rise 5% sequentially and about 4% YoY to Rs 6,240 crore, the estimates showed. Key Points
Economic TimesUS ad revenue at Musk's X declined each month since takeover -data
Monthly U.S. ad revenue at social media platform X has declined at least 55% year-over-year each month since billionaire Elon Musk bought the company formerly known as Twitter in October 2022, according to third-party data provided to Reuters. Key Points
ReutersIndian retailer Arvind Fashions quarterly loss deepens on demand slump
Arvind Fashions (ARVF.NS), which houses brands such as US Polo and Calvin Klein in India, reported on Thursday a loss in the first quarter, pulled down by lacklustre demand as inflationary pressures prompted shoppers to tighten their purse strings. Key Points
ReutersZee Enterprises Q1 Results: Firm posts Rs 53 crore-loss vs profit a year ago; revenue rises 8% YoY
Operating profit, calculated as earnings before interest, taxes, depreciation, and amortization (EBITDA), declined 42.3% YoY to Rs 155 crore, while it rose 2% sequentially. Key Points
Economic TimesParacetamol maker Granules India' Q1 profit hurt by cyber attack disruptions
Granules India Ltd (GRAN.NS), the maker of paracetamol and ibuprofen pain relievers, reported a 62.5% fall in first-quarter profit on Wednesday, as a cyber security incident significantly disrupted operations. Key Points
Reuters
India's Gland Pharma posts 41% jump in quarterly revenue on Cenexi acquisition
Indian generic injectables maker Gland Pharma Ltd (GLAD.NS) reported a 41% jump in first-quarter revenue on Monday, aided by its acquisition of French pharmaceutical group Cenexi. Key Points
ReutersFoxconn's July sales drop 1.23% y/y, Q3 outlook better
Taiwan's Foxconn, the world's largest contract electronics maker and a major supplier for Apple, said on Saturday revenue in July fell 1.23% year-on-year but forecast a business rebound for the third quarter. Key Points
Reuters