Q3 results today: Since the start of the Q3 results season last week with the announcement of the Q3 scorescards by four IT heavyweights, investors have been eagerly looking forward to Reliance Industries’ (RIL) Q3 earnings today.
IT companies’ Q3FY24 results were better than expected, despite initial fears among experts. Analysts predicted that the Q3 numbers of Indian IT companies would be poor due to furloughs and ambiguous demand conditions. However, the statistics for Infosys, TCS, and HCL Tech were comforting.
The benchmark equity indices for this week, the Sensex and Nifty 50, have dropped almost 3% apiece in the previous three trading days due to profit-booking and negative global cues.
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Despite the fact that the Sensex and Nifty 50 fell for the third day in a row on Thursday, experts saw a bright spot as the benchmark bounced back from early morning panic lows. India VIX finished the day at 14.07 levels, down 7%.
Dalal Street felt the pinch as investors were not sure on the street’s consensus for six Fed rate cuts this year. The less-than-expected GDP data from China was also had a negative impact on market sentiment . Amidst heavy profit taking, the Nifty 50 and Sensex concluded a lacklustre session down.
Today, apart from Reliance Industries Ltd, a handful of companies will be releasing their Q3 results, including Atul Ltd, Avantel Ltd, Axita Cotton Ltd, Axtel Industries Ltd, Central Bank of India, CESC Ltd, Colab Cloud Platforms Ltd, CreditAccess Grameen Ltd, Futuristic Solutions Ltd, Galactico Corporate Services Ltd, Global Infratech & Finance Ltd, Gujarat Lease Financing Ltd, Hatsun Agro Product Ltd, Hindustan Unilever Ltd (HUL), Hindustan Zinc Ltd, HT Media Ltd, Intense Technologies Ltd, Key Corp Ltd, Madhusudan Industries Ltd, Mayukh Dealtrade Ltd, Morarka Finance Ltd, Onward Technologies Ltd, Oxford Industries Ltd, One 97 Communications Ltd (Paytm), Ponni Sugars (Erode) Ltd, Prime Securities Ltd, Rahul Merchandising Ltd, RBL Bank Ltd, Saptak Chem And Business Ltd, Secur Credentials Ltd, SG Finserve Ltd, Sheetal Diamonds Ltd, Shish Industries Ltd, Shree Digvijay Cement Co Ltd, Sigachi Industries Ltd, Sunteck Realty Ltd, Supreme Industries Ltd, Taneja Aerospace & Aviation Ltd, Tejas Networks Ltd, Ultratech Cement Ltd, Virinchi Ltd, Wendt (India) Ltd, Svaraj Trading & Agencies Ltd, and S.V.Trading & Agencies Ltd.
Reliance Industries
The company is expected to report a decent set of numbers for the quarter, mainly due to higher utilisation of refineries sustaining their strong operating efficiency.
Digital services and retail business is expected to lead RIL’s growth for the quarter. However, the performance of the oil-to-chemicals (O2C) business and refining and petrochemical segment may remain subdued.
According to the estimates of Motilal Oswal Financial Services, RIL may report a 10.6 per cent YoY increase in net sales while adjusted PAT may rise 11.6 per cent YoY for Q3FY24.
The brokerage firm expects RIL’s consolidated EBITDA may remain flat QoQ at ₹41,100 crore. The brokerage firm expects RIL’s EBITDA at Rs16,800 crore (up 40 per cent YoY and up 3 per cent QoQ) for the O2C segment.
Hindustan Unilever Ltd
The FMCG major, is expected to see muted earnings growth during the third quarter of FY24 as weak festive demand and price cuts are likely to weigh on volume and revenue growth of the company.
Hindustan Unilever is set to release its Q3 results on Friday, January 19. The company is likely to report a marginal rise of 2.2% in its net profit for Q3FY24 at ₹2,638 crore as compared to ₹2,581 crore in the corresponding quarter of last fiscal, as per average estimates of 5 brokerage houses.
HUL’s revenue during the quarter ended December 2023 is estimated to remain flat year-on-year (YoY) at ₹15,400 crore. The company is expected to deliver muted volume growth of around 1%-2%.
Disclaimer: The views and recommendations above are those of individual analysts, experts and broking companies, not of Mint. We advise investors to check with certified experts before making any investment decisions.
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