Q2 results today: This week, numerous companies are scheduled to release their Q2FY24 scorecards. The market, however, does not appear to be pleased with the kind of outcomes that top Indian companies have reported thus far. In the context of elevated geopolitical tensions, inconsistent quarterly results, and an increase in US Treasury yields. Investors are still a little more optimistic about the earnings outlook.
Approximately 45 companies will release their September quarter results today. Investors are focused on major players like Tech Mahindra Ltd, Axis Bank Ltd, Jubilant Foodworks Ltd, Welspun India Ltd, Network18 Media & Investments Ltd, and Indus Towers Ltd.
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Here’s the list of companies those will report their Q2FY24 numbers today – 20 Microns Ltd, Asahi Songwon Colors Ltd, Ashnoor Textile Mills Ltd, Aurionpro Solutions Ltd, Axis Bank Ltd, Bannari Amman Sugars Ltd, Bharat Wire Ropes Ltd, Bridge Securities Ltd, Chalet Hotels Ltd, Chennai Petroleum Corporation Ltd, Cms Info Systems Ltd, Continental Controls Ltd, Cranes Software International Ltd, Dreamfolks Services Ltd, Galactico Corporate Services Ltd, Gulf Oil Lubricants India Ltd, Hckk Ventures Ltd, Hg Industries Ltd, Indus Towers Ltd, Jubilant Foodworks Ltd, Jumbo Finance Ltd, Lakshmi Machine Works Ltd, Lkp Finance Ltd, Loyal Textile Mills Ltd, Madhav Infra Projects Ltd, Network18 Media & Investments Ltd, Precision, Rallis India Ltd, Semac Consultants Ltd, Shanthi Gears Ltd, Share India Securities Ltd, Shree Rajasthan Syntex Ltd, Sona Blw Precision Forgings Ltd, Sonata Software Ltd, Shekhawati Poly-Yarn Ltd, Star Housing Finance Ltd, Sumeru Industries Ltd, Swaraj Engines Ltd, Tech Mahindra Ltd, Tiaan Consumer Ltd, Teamo Productions Hq Ltd, Tv18 Broadcast Ltd, Unistar Multimedia Ltd, Vistar Amar Ltd, and Welspun India Ltd.
Axis Bank
The private sector lender is expected to report decent profit growth with a rise in net interest income, but margins are likely to remain under pressure, in line with a broader trend in the overall banking sector.
Axis Bank is expected to see a 12% year-on-year (YoY) rise in its net profit in the quarter ended September 2023 to ₹5,970 crore from ₹5,329.8 crore in the corresponding quarter of last year.
The lender’s net interest income (NII) in Q2FY24 is likely to grow by 15% to ₹11,914 crore from ₹10,360.3 crore, YoY. Net interest margin (NIM) is expected to be marginally lower sequentially due to higher cost of funds.
Tech Mahindra
Most of the brokerages expect a soft Q2 for Tech Mahindra with a sequentially drop in revenue and margins. According to Motilal Oswal Financial Services, as the Communications, Media & Entertainment (CME) sector continues to face pressure, the brokerage predicts that revenue will drop even more after declining in 1QFY24. Revenue for the second quarter of FY24 should decrease by 1.1% QoQ in constant currency (CC).
So far major Indian IT companies, such as TCS, Infosys, HCL Tech, and Wipro, have announced muted earnings for the July–September quarter (Q2) on the backdrop of ongoing macroeconomic worries. Although the second quarter is usually a strong one for this sector, 2QFY24 was expected by the street to be sluggish since discretionary expenditure has been hindered amid macroeconomic uncertainties.
Tech Mahindra announced its April-June quarter results for fiscal 2023-24 (Q1FY24) on July 26, reporting a decline of 38 per cent in consolidated net profit at ₹692.5 crore, compared to ₹1,131 crore in the year-ago period.
Disclaimer: The views and recommendations given in this article are those of individual analysts. These do not represent the views of Mint. We advise investors to check with certified experts before taking any investment decisions.
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