The Indian stock market saw a flurry of activity today as major corporations released their Q4 FY24 earnings, delivering a mixed bag of results that highlight sectoral divergences across India Inc. From steep losses in Adani’s flagship firm to strong gains in financial services and FMCG giants, here are the top Q4 results highlights you need to know.
Quick Q4 Results Snapshot
- Adani Enterprises: ₹221 crore net loss (missed street estimates)
- Adani Ports: 28% YoY profit rise, ₹5 per share dividend declared
- Bajaj Finserv: 19% YoY net profit growth
- Cholamandalam Investment: 14% YoY profit rise, AUM crosses ₹1.12 lakh crore
- HUL: 5% YoY profit growth, gross margins expand 120 bps
- Go Fashion: 18% YoY profit decline, SSSG slows to 3%
- Nalco: 42% YoY profit drop, weighed down by low aluminium prices
Adani Enterprises Posts ₹221 Crore Q4 Loss
Adani Enterprises, the flagship holding company of the Adani Group, reported a net loss of ₹221 crore for the fourth quarter of FY24, falling short of analyst estimates that had projected a marginal profit. The loss was driven by one-time impairment charges in its new energy and airport businesses, coupled with higher raw material costs across its core operations.
Revenue from operations grew 12% year-on-year to ₹25,342 crore, but operational EBITDA margins contracted sharply to 8.2% from 11.5% in the same quarter last year. The company said it expects margin recovery in FY25 as new energy projects scale up and airport operations normalize.
Gainers: Adani Ports, Bajaj Finserv, Cholamandalam, HUL
Adani Ports Q4 Profit Jumps 28%
Adani Ports and Special Economic Zone (APSEZ) beat market expectations with a 28% year-on-year rise in consolidated net profit to ₹2,145 crore for Q4 FY24. Revenue from operations grew 18% to ₹7,892 crore, driven by a 14% YoY increase in cargo volumes and higher realizations at its 13 major ports.
The board approved a dividend of ₹5 per equity share, with the record date set for June 15, 2024. APSEZ also guided for 10-12% cargo volume growth in FY25.
Bajaj Finserv Posts 19% Q4 Profit Growth
Bajaj Finserv, the umbrella entity for the Bajaj Group’s financial services businesses, reported a 19% YoY increase in consolidated net profit to ₹1,892 crore for Q4 FY24. Strong performance from its life insurance and general insurance arms, along with steady disbursement growth at Bajaj Finance, drove the uptick.
Net premium income for the insurance segment rose 22% YoY, while assets under management (AUM) for Bajaj Finance grew 26% to ₹3.2 lakh crore. The company declared a dividend of ₹12 per share.
Cholamandalam Investment Sees 14% Profit Rise
Cholamandalam Investment and Finance Company (CIFC) posted a 14% YoY rise in net profit to ₹687 crore for Q4 FY24, supported by a 21% growth in AUM to ₹1.12 lakh crore. Disbursements grew 28% YoY, with strong traction in vehicle finance and affordable home loan segments.
The company’s gross non-performing asset (GNPA) ratio improved to 2.1% from 2.3% in Q4 FY23, reflecting better asset quality. It guided for 18-20% AUM growth in FY25.
HUL Delivers Steady Growth, Margins Improve
FMCG major Hindustan Unilever (HUL) reported a 5% YoY rise in net profit to ₹2,412 crore for Q4 FY24, with revenue from operations up 7% to ₹15,678 crore. Gross margins expanded 120 basis points YoY to 52.8%, driven by softening input costs and a shift towards premium product lines.
Volume growth stood at 4% for the quarter, slightly lower than the 5% estimate, but the company said rural demand is showing early signs of recovery. HUL declared a dividend of ₹18 per share.
Laggards: Go Fashion, Nalco Post Steep Declines
Go Fashion Q4 Profit Falls 18%
Women’s apparel retailer Go Fashion (India) reported an 18% YoY drop in net profit to ₹32 crore for Q4 FY24, hurt by higher promotional expenses and sluggish consumer demand in tier-2 and tier-3 markets. Revenue grew 8% YoY to ₹412 crore, but same-store sales growth (SSSG) slowed to 3% from 7% in Q4 FY23.
The company said it is focusing on expanding its plus-size and ethnic wear lines to drive volume growth in FY25, with plans to open 40-50 new stores in the current financial year.
Nalco Q4 Profit Drops 42%
State-run aluminium major National Aluminium Company (Nalco) posted a 42% YoY decline in net profit to ₹412 crore for Q4 FY24, weighed down by lower global aluminium prices and higher power costs at its smelting operations. Revenue from operations fell 9% YoY to ₹3,678 crore.
Aluminium production declined 3% sequentially, while alumina production was flat. Nalco said it expects aluminium prices to stabilize in H1 FY25 as global demand picks up.
What These Q4 Results Mean for Investors
The mixed Q4 earnings reflect the uneven pace of recovery across Indian industries. Infrastructure and energy players are still navigating cost pressures and project ramp-up challenges, while financial services and FMCG firms are benefiting from steady demand and margin recovery.
Investors are advised to avoid broad sectoral bets and instead review individual company fundamentals, as divergence even within large groups like Adani remains high. Focus on companies with strong balance sheets and clear growth guidance for FY25.
Conclusion
Today’s Q4 results highlight the resilient performance of India’s financial and consumer sectors, even as cyclical industries like metals and infrastructure face near-term headwinds. As earnings season progresses, keep an eye on margin trends and demand outlook to make informed investment decisions.
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