Q1 results today: The Indian equity indices are likely to open higher on Friday tracking gains in the global markets. Domestic investors will take cues from the corporate earnings for the first quarter of FY24. The Q1FY24 earnings season has begun and IT majors Tata Consultancy Services (TCS), HCL Technologies and Wipro have already declared their Q1 results earlier this week.
Companies such as Bandhan Bank, JSW Energy, Tata Steel Long Products, Unichem Laboratories and Just Dial will announce their Q1 results today.
Apart from these, Coromandel Engineering Company, CCL Products (India), Den Networks, GTPL Hathway, Sastasundar Ventures, Vandana Knitwear, Kesoram Industries, and VST Industries will also declaring their Q1FY24 earnings later today (July 14).
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Bandhan Bank
Bandhan Bank is expected to report a 7% on-year fall in its Q1FY24 net profit to ₹820 crore from ₹890 crore in the same quarter last year. Net interest income is expected to rise 4.5% to ₹2,630 crore from ₹2,510 crore, YoY, as per Motilal Oswal Financial Services.
Net interest margin (NIM) is likely to remain in a narrow range, while business growth is expected to remain muted on a sequential basis.
Meanwhile, asset quality and credit cost are likely to improve and cost ratios are expected to remain under control.
Wipro Q1 results
IT major Wipro missed street estimates in the quarter ending June 30, 2023 (Q1FY24) period. The IT giant earned a consolidated net profit of ₹2,870.1 crore in Q1, rising by 11.95% from a profit of ₹2,563.6 crore in the same quarter a year ago. However, revenue saw a single-digit growth of 6% YoY.
Sequentially, Wipro’s both PAT and revenue declined by 6.65% and 1.55% respectively as against ₹3,074.5 crore and ₹23,190.3 crore in Q4FY23.
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Updated: 14 Jul 2023, 08:50 AM IST