Divi’s Laboratories is in the process of entering into a long-term supply agreement with an unnamed customer with a planned capacity addition of Rs 650-700 core to be funded from internal accruals. The proposed facility is expected to be operational around January, 2027. The company has not revealed any other details due to confidentiality agreement.
Revenue increased by 12.7% YoY (+9.8% QoQ) to Rs 5398.1 crores, mainly led by cement sales volume growth of 22.4% YoY (+16.3%) to 10.4 mtpa. However, net realization was down by 7.9% YoY (-5.7% QoQ) which partially negated the impact of strong volume growth. EBITDA grew by 79.5% YoY to Rs 837.1 crores as EBITDA/ton has improved sharply on YoY basis to Rs 805/ton (vs Rs 549/ton YoY) led by lower operational cost and positive operating leverage. Sequentially, EBITDA/ton is down 20.3% on lower realization & higher RM cost. PAT was up significantly (+216.4% YoY) to Rs 748.5 crores. For FY24, revenue is up 12.2% YoY to Rs 19952.2 crores (mainly led by 20.3% volume growth) with EBITDA/ton stood at Rs 830/ton (vs Rs 498/ton in FY23).
PSP Projects has approved the allocation of 36.4 lakh shares to eligible qualified institutional buyers at ₹ 670 apiece. Thus, the company raised ₹ 244 crore.
Patel Engineering has approved the allocation of 7.08 crore shares to eligible qualified institutional buyers at ₹ 56.53 apiece. Thus, the company raised ₹ 400 crore.
Glenmark life sciences (GLS) reported muted set of numbers for Q4FY24 with a revenue de-growth of 11% YoY to Rs 520 core. API sales to Glenmark Pharma (~32% of the revenues) de-grew 28% YoY to Rs 166 crore on a higher base. External API sales on the other hand grew 6% to Rs 318 core. CDMO sales de-grew 38% to Rs 35 crore as execution for a Japanese CDMO contract was deferred to next fiscal. Overall sales to the extent of Rs 45 crore were also impacted by supply chain disruption and realigning adjustments pertaining to Nirma consolidation. EBITDA Margins were squeezed to 26.9% compared to 33.7% last year. Decline mainly due to lower sales even as the GPMs were strong at 56%.
Q4 Sales grew ~21% QoQ to Rs 1440 crore driven by driven by 30% growth in generic APIs to Rs 745 crore and 17% growth in formulations to Rs 430 crore. CDMO sales also grew 11% QoQ to Rs 236 crore. GPM however declined ~450 bps QOQ probably on account of higher ARV API sales. But EBTIDAM improved ~160 bps QoQ to 16.8% on the back of better cost controls.
IndusInd Bank has reported steady performance in Q4FY24. Advances growth came at 18% YoY to Rs 3.4 lakh crore, led by growth across verticals with focus on retail segment. Deposit accretion was at 14% YoY to Rs 3.8 lakh crore, with CASA being at 38%. Focus on asset mix and liabilities accretion supported margins which dipped 3 bps QoQ to 4.26%. Investment in distribution kept opex elevated while GNPA remained flat at 1.92%.
Bajaj Finance posted mixed Q4FY24. While AUM growth remained healthy at 34% YoY to Rs 3.3 lakh crore, moderation in margins, slower customer acquisition amid regulatory forbearance and signs of asset quality concerns in rural B to C segment remains a dampener. Increase in cost of borrowings impacted margins thereby resulting in slower growth in NII at 18% YoY, while higher provision kept PAT growth at 21% YoY to Rs 3825 crore.
Tech M in Q4FY24 reported revenue of US$ 1,548 mn, down 1.6% QoQ while in CC terms it declined by 0.8% QoQ. In rupee terms the revenue came at INR 12,871 crore, down 1.8% QoQ. Region wise RoW (25% of mix) grew by 1.2% QoQ while America (50.8% of mix) & Europe (24.2% of mix) declined by 3.7%. Segment wise BFSI (16.3% of mix) grew by 3.5% QoQ while CME, Manufacturing & Retail declined by 2.7%, 1% & 9.6% respectively. EBIT margin of the company increased by 200 bps QoQ to 7.4%, (grew 40 bps compared to adjusted margins of Q3). The company during the quarter won TCV of US$ 500 mn, up 31.2% QoQ. The company’s net employees during the quarter declined by 795 to 145.5 k and attrition was steady at 10%. The company declared final dividend of INR 28 per share. For FY24 the company reported revenue of US$ 6.3 bn, down 5% (4.7% in CC terms) and in rupee terms the revenue declined by 2.4%. The company’s EBIT margin in FY24 came at 6.1%, down 530 bps while PAT margin came at 4.5%, down 460 bps. The company in FY24 won TCV of US$ 1.9 bn, down 35.3%.
Cyient at group level reported revenue of US$ 224 mn, up 2.4% QoQ & 5.2% YoY (5.3% in CC terms). In DET business the company reported revenue of US 179.3 mn, up 0.1% QoQ (down 0.5% QoQ in CC terms). Geography wise EMEA (36.2% of mix) grew by 3.5% QoQ while Americas (43.7% of mix) & APAC (20.1% of mix) declined by 0.4% & 4.7% respectively. Segment wise in CC terms Sustainability & New Growth areas grew by 0.7% & 1.2% respectively while Transportation & Connectivity declined by 1.5% & 2.3% respectively. The company in DET business reported flat EBIT margin of 16% while at Group level EBIT margin improved by 10bps QoQ to 14.4%. The company in Q4 reported PAT of INR 173.5 crore with a PAT margin of 11.7% in DET business. The company in Q4 reported order intake of US$ 227.8 mn, down 23.4% QoQ & up 7.1% YoY. The company declared final dividend of INR 18 per share in Q4FY24. The company’s net employees during the quarter declined by 217 to 15,461 and attrition declined by 130 bps to 17.1%. For FY24 the DET business reported revenue of US$ 714 mn, up 12.9 % (12.6% in CC terms). The company reported normalized EBIT margin of 16.1%, up 240 bps in DET business while normalized PAT margin came at 11.7%. The company for FY25 is guiding for revenue growth in high single digit & EBIT margin in the range of 16% in DET business.
Axis Bank delivered steady performance on all parameters with 14% YoY and 4% QoQ growth in advances (₹ 965068 crore), deposit accretion at 13% QoQ & 6% QoQ, improvement of 5 bps in margins at 4.06% and improvement in GNPA by 15 bps QoQ to 1.43%.
Tata Passenger Electric Mobility Ltd. (TPEM), a subsidiary of Tata Motors Ltd., has signed a non-binding MoU with Vertelo, a Macquarie managed integrated fleet electrification platform, for the delivery of 2,000 XPRES-T EVs.
NTPC Ltd and Nuclear Power Corporation of India, through joint venture Anushakti Vidhyut Nigam Ltd, are looking to invite bids for works of 2,800-MW Mahi Banswara Rajasthan nuclear power project in this financial year in line with the government's aim to speed up nuclear power generation. In March, NTPC had signed a supplementary joint venture agreement with the Nuclear Power Corporation of India for the development of Mahi Banswara and 1,400 MW Chutka Madhya Pradesh Atomic Power projects. The Mahi Banswara Rajasthan power project is estimated to cost about ₹44,800 crore, while the Chutka project is likely to cost about ₹22,400 crore.
Sales de-grew ~9% YoY to Rs 917 crore as Discovery services segment (~30% of the sales) continued to face challenges in the US biotech space due to difficult funding environment. Development & Manufacturing segment (~40% of the sales) on the other hand did relatively better. EBITDA was flat YoY at Rs 316 crore with margins improving ~290 bps at 34.5% tracking strong GPM of ~78%. PAT grew 5% YoY to Rs 112 crore. For FY24 Sales grew 9% to Rs 3489 crore while EBITDA and PAT grew 11% and 20% to Rs 1014 crore and Rs 509 crore, respectively.
Revenue increased by 10% YoY (+19.5% QoQ) to Rs 4307 crore, mainly led by 18.5% YoY (+29.3% QoQ) growth in cement sales volumes to 8.8 million tonnes (mtpa). However, net realization declined by 7.4% YoY (-7.6% QoQ) to Rs 5097/ton which partially negated the impact of strong volume growth. EBITDA declined by 7.8% YoY (-16% QoQ) to Rs 654 crore as margins contracted significantly on both YoY and QoQ basis, due to lower realizations. EBITDA/ton stood at Rs 743/ton (-22% YoY, -34.8% QoQ). Total cost/ton remained lower (-4.1% YoY, flat QoQ) led by lower power & fuel cost. PAT declined 47.5% YoY to Rs 320 crore. For FY24, revenue is up 8.4% YoY as volume growth of 11.8% YoY was partially negated by lower realizations (-3.2% YoY). FY24 EBITDA/ton stands at Rs 917/ton (vs Rs 904/ton in FY23), mainly led by lower power & fuel cost.
LTIMindtree reported overall weak result in Q4FY24 with revenue & margins impacted by cancellation of 2 projects. The company reported revenue of US$ 1,069.4 mn, down 1.3% QoQ both in dollar & CC terms while in rupee terms the revenue came at INR 8,892.9 crore, down 1.4% QoQ. The revenue decline was mainly due to cancellation of 2 projects which had an impact of 80 bps. Segment wise BFSI (35.1% of mix) & Manufacturing (18.6% of mix) declined by 2.7% & 9.6% QoQ while Hitech, Retail & Health grew by 4.7%, 1.2% & 4.8% respectively. Geography wise RoW & Europe declined by 10.6% & 0.6% while North America (73.8% of mix) was flat sequentially. The company’s top 5 clients revenue grew by 1.6% QoQ while the top 10/20/40 client’s revenue declined by 0.8%/1.3% & 2.2% respectively. EBIT margin of the company declined by 70 bps QoQ due to the headwinds of -80 bps impact of cancellation of 2 projects & -60 bps impact of higher depreciation mitigated by the tailwinds of +70 bps of reversal of furloughs & lower pass-through income. The company during the quarter won TCV of US$ 1.4 bn, down 6.7% QoQ. The company’s net employees during the quarter declined by 821 to 81.6k while attrition grew by 20bps QoQ to 14.4%. The company declared final dividend of INR 45 per share. For FY24 the company revenue grew by 4.2% in CC terms while in dollar & rupee terms it grew by 4.4% & 7%. The company reported an EBIT margin of 15.7%, down 50 bps while PAT margin came at 12.9%, down 40 bps. The company in FY24 won TCV of US$ 5.6 bn, up 15.7%.
RBI has directed Kotak Mahindra bank to cease onboarding of new clients through online and mobile banking channel and desist issuing new credit cards from immediate effect. This action has been initiated owing to deficiency in IT inventory management, data security and data leak prevention strategy and others.
As per media sources, Coal India is expected to witness stiff competition and potential demand decline from existing coal buyers (possessing captive mines) by ~20% to ~58% post FY26E. In FY23, the company supplied ~691.3 million tonnes (MT) of coal to its top 50 power and top 50 non-power buyers, who currently possess mining rights to over ~404.6 MT of coal capacity through captive mines.
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The IPO opened for subscription on the 23rd of April and closes on the 25th of April.
Global pigments major Heubach GmbH has filed an application for the opening of regular insolvency proceedings over its assets with the competent insolvency court in Braunschweig, Germany. The court is expected to appoint an insolvency administrator to examine the possibility of continuing business operations and possible options for restructuring and/or selling the business in due course.
MCX has reported mixed performance in Q4FY24. While option volume have increased from Rs 95989 crore in Q3FY24 to Rs 113672 crore, futures have seen decline in volume from Rs 20796 crore to Rs 17558 crore. Resultantly, revenue from operation have declined marginally from Rs 191 crore to Rs 181 crore. Bottom-line have recovered from loss in previous quarters to Rs 87.9 crore in Q4FY24, led by anticipated decline in software expense.
As per government notification, Ministry of Heavy Industries (MHI) has received bids from seven bidders under global tender for the re-bidding of Production Linked Incentives (PLI) for 10 GWh Advanced Chemistry Cell (ACC) manufacturing. The list of bidders are: ACME Cleantech Solutions Pvt. Ltd, Amara Raja Advanced Cell Technologies Pvt. Ltd, Anvi Power Industries Pvt. Ltd, JSW Neo Energy Limited, Reliance Industries Limited, Lucas TVS Limited, and Waaree Energies Limited for a cumulative capacity of 70 GWh.
Wipro reported its March quarter numbers on 19th April.
HDFC Bank reported its March quarter numbers on 20th April.
For Q4FY24, operational performance of HDFC Bank remained steady, however, variation in terms of one-off including gains from stake sale in subsidiary, ex-gratia provision for staff and creation of floating provision kept earnings broadly flattish. NII grew 2.1% QoQ, margins improved by 4 bps at 3.44% while other income surged led by gain of ₹7340 crore related to stake sale in HDFC Credila Financial Services. However, the bank utilized the gains to shore up contingent provision by ₹10900 crore. Ex-gratia staff provision kept opex a tad higher during the quarter. Asset quality remained broadly steady with GNPA at 1.24% and NNPA at 0.33%.
Ultratech cement has announced acquisition of 1.1 million tonnes (mtpa) cement grinding unit (located at Parli, Maharashtra) from India Cements. The company has also approved expanding of this acquired facility by 1.2 mtpa. Additionally, the company will be adding 1.8 mtpa of capacity at its Dhule (Maharashtra) facility. The company will spend Rs 504.4 crore on the 3 mtpa capacity expansions while Rs 315 crore to be spent on the buyout of the 1.1 mtpa Parli unit. The entire capex would be funded through internal accruals.
Star Cement has commenced commercial production from its new clinker line of 3.3 million tonnes (mtpa) capacity situated at Lumshnong (Meghalaya).
HDFC AMC reported healthy performance with ~6% QoQ growth in AUM at ₹ 6 lakh crore, with market share broadly steady at 11.4%. Equity AUM continued to contribute substantial proportion of the AUM at ₹ 3.75 lakh crore, with market share at 12.8%. SIP inflow continued to witness robust traction at 11.4% QoQ to ₹ 2930 crore in Q4FY24. Operational performance remained in-line with AUM trajectory. Revenue came at ₹851 crore; up 5% QoQ while PAT growth got reported at 10% QoQ to ₹ 541 crore.
Oberoi Realty (ORL) sold 228 units worth ₹ 1,775 crore in Q4FY24 vs 673 crore in Q4FY23. We highlight the optical growth is owing to a) depressed base (27% decline in Q4FY23) and b) new launch in Thane Kolshet Road project, which in our view has received softer than expected response.
Infosys reported its Q4FY24 numbers after the market hours on 18th April.
Defence Research and Development Organisation (DRDO) tested the indigenous technology cruise missile (ITCM) successfully, with a strike range of 1,000-km, from the Odisha coast. This subsonic long-range land-attack cruise missile is a variant of Nirbhay missile and is powered by the indigenous Manik turbofan engine. The missile was monitored by several radars, electro-optical tracking systems and telemetry sensors deployed at different locations to ensure complete coverage of the flight path.
Defence Research and Development Organisation (DRDO) tested the indigenous technology cruise missile (ITCM) successfully, with a strike range of 1,000-km, from the Odisha coast. This subsonic long-range land-attack cruise missile is a variant of Nirbhay missile and is powered by the indigenous Manik turbofan engine. The missile was monitored by several radars, electro-optical tracking systems and telemetry sensors deployed at different locations to ensure complete coverage of the flight path.
HDFC Life Insurance reported de-growth in new business premium (NBP) at 9.7% YoY, however, excluding impact of high-ticket inflow in Q4FY23 amid tax amendments, APE growth remained at 11% YoY. Protection and annuity business remained primary contributor forming ~49% of incremental NBP. Renewal business continued to remain robust with healthy persistency. VNM (Value of new business) margin stood at 26.3%, lower on YoY basis, due to higher growth in linked business. Embedded value stood at ₹ 47468 crore, with RoEV at 17.5%. AUM increased 22% YoY to ₹ 292220 crore.
As per Business Update from Landmark Cars, the total revenue from operation (including agency sales) for the quarter came in at ₹ 1311 crores, up by 8% YoY. Within this, Vehicle Sales (including agency and pre-owned vehicle sales) amounted to ₹ 1090 crores (up by 7.5% YoY) and After Sales Service reported a revenue growth of 13% YoY to ₹ 221 crores.
Infosys reported weak performance in Q4FY24 as both revenue & margins came below the streets expectations. The company’s revenue declined by 2.2% QoQ in CC terms in Q4 more than expected due to renegotiation of contract (15% de-scoped) by a large client. The company reported revenue of US$ 4,564 mn, down 2.1% QoQ while in rupee terms revenue came at INR 37,923 crore, down 2.3% QoQ. Geography wise in CC terms, North America (59.6% of mix) declined by 2.2% YoY while Europe (28.6% of mix) grew by 4.9% YoY. Vertical wise Manufacturing (14.7% of mix) & Hi-Tech (8.7% of mix) grew by 8.7% & 9.7% YoY in CC terms while Financial Services (26.4% of mix) & Retail (14.3% of mix) declined by 8.5% & 3.7% YoY. EBIT margin of the company declined by 40 bps QoQ to 20.1% due to the headwind impact of 100 bps contract rescoping & renegotiation by a client & 80 bps impact of increase in salary & travel cost mitigated by tailwinds of 60 bps lower post sales customer support, 40 bps of Project Maximus & 40 bps of reversal of cyber security incident in Q3. Large deal TCV came at US$4.5 bn. For FY24 the company revenue grew by 1.4% in CC terms while in rupee terms it grew by 4.7%. The company reported an EBIT margin of 20.7%, down 40 bps compared to FY23. The company for FY25 is guiding for a revenue growth in the band of 1-3% and margin in band of 20-22%.
Just Dial reported revenue of ₹ 270.3 crore, up 2% QoQ & 16.2% YoY in Q4FY24. EBITDA margin of the company improved by 340 bps QoQ to 26.2% during the quarter due to moderation of employee cost which declined by 2.9% QoQ. EBITDA came at ₹ 58.9 crore while PAT came at ₹ 115.7 crore, up 38.4% YoY. Paid campaigns of the company increased by 3% QoQ & 8.4% YoY to 583.7K while avg. pricing per campaign declined by 1% QoQ to ₹ 4,630. For FY24 the company reported revenue of ₹ 1,042.9 crore, up 23.5%. The company’s reported EBITDA of ₹ 216.6 crore while EBITDA margin came at 20.8% compared to 10.2% in FY23. The company reported PAT of ₹ 362.9 crore in FY24 and the Cash & Investments at March 24 was at ₹ 4,625.4 crore.
Biocon has signed an exclusive licensing and supply agreement with Biomm S.A., a specialty pharmaceutical company in Brazil, for the commercialization of Semaglutide (generic Ozempic), which is used in type-2 diabetes treatment as well as repurposed for obesity management. Biocon will undertake the development, manufacturing and supply of the drug product, and Biomm will be responsible for obtaining regulatory approval and commercialization in the Brazilian market. The total addressable market opportunity of Semaglutide in Brazil is approximately US$ 580 million as per the IQVIA MAT Q4 2023.
Topline came in at ₹ 5692 crore, up 24.6% YoY & up 1% QoQ, driven by the consolidation of Kaleyra and Switch. The underlying data revenues was muted at ~4.8% YoY (0.4% QoQ) at ₹ 3845 crore. The underlying Digital Platforms segment of Data business witnessed growth of 4.8% YoY and was down 3.1% QoQ at ₹1271. The reported digital platform segment saw a growth of 80% YoY owing to Kaleyra (₹ 825 crore revenues in Q4) and Switch impact. Voice segment continued to remain weak with revenues down 7.2% YoY at ₹ 429 crore. Consolidated EBITDA came in at ₹ 1056 crore, up 2.1% YoY with margin at 18.6% (down 408 bps YoY and down 158 bps QoQ). The underlying EBITDA was flat YoY at ₹ 1037 crore with margin of 21.9%, up 20 bps QoQ, down 70 bps YoY. Underlying Data EBITDA margin, which was at 24.4%, up 40 bps YoY, and flat QoQ. PAT at ₹ 321 crore was down 1% YoY aided by tax credit of ₹ 249 crore. There was a sequential decline in net debt by ~₹ 184 crore to ₹ 9126 crore.
As per the Ministry of Commerce release, pharmaceutical exports grew ~13% YoY to US$ 2.8 billion for the month of March 2024. For FY24 exports grew ~10% YoY to US$ 27.9 billion.
In its long-range forecast for the upcoming Monson season 2024, IMD in its press release yesterday has forecasted monsoon to be above normal in nature with rainfall at 106% of LPA (long period average). Monsoons accounts for ~70% of total rainfall received annually in India.
Brigade Enterprises Ltd will invest ₹ 400 crore to build an office complex in Chennai. It has entered into a Joint Development Agreement (JDA) with Agni Estates & Foundations Pvt Ltd to develop 'Brigade Tech Boulevard', a 'Grade A' office space on Pallavaram-Thoraipakkam Radial Road, in Chennai. The project will have a leasable area of 8.36 lakh square feet spread across two towers. This will be the next commercial project launched by Brigade Group after the successful completion of the 'World Trade Centre' on OMR. It has also appointed Jayant Bhalchandra Manmadkar as Chief Financial Officer (CFO) of the company with effect from April 18.
Ambuja Cement, a part of Adani Group, entered into a definitive agreement with My Home Industries Private Limited for acquisition of 1.5 mtpa cement grinding unit in Tamil Nadu for ₹ 413.75 crores through internal accruals.
As per the Ministry of Commerce release, Organic and In-organic chemical exports grew ~40% to US$ 3.8 billion for the month of March 2024. For FY24 however, exports de-grew~3% to US$ 29.4 billion. Imports of Organic and In-organic chemicals de-grew 19% to US$ 2.1 billion for the month of March 2024. For FY24, imports de-grew 20% to US$ 26.7 billion.
TCS has kicked off the earnings season for the March quarter on 12th April 2024.
As per media sources, SGX Iron ore prices reached $111/tonne on 12th April’24 up nearly 13% last week, following a positive demand outlook for the Chinese economy.
Anand Rathi Wealth reported healthy performance in Q4FY24 with AUM growth at 52% YoY to ₹59351 crore. Revenue increased 34% YoY to ₹197.2 crore, with yield at 1.3% on closing AUM. PAT came at 56.9 crore, up 33% YoY, with PAT/AUM ratio steady at 38 bps on closing AUM. Management has provided guidance with AUM targeted at ₹72000 crore, revenue at ₹910 crore and PAT at ₹280 crore for FY25E.
Aster DM declares special dividend of Rs 118.
Ministry of Defence (MoD) has issued a request for proposal (RfP) to Hindustan Aeronautics (HAL) for 97 Tejas Mk1A fighter aircraft. The estimated cost of this tender is ~Rs 65000 crore. As per the news report, HAL has been given 3-4 months to respond to the RfP with a detailed proposal including pricing and delivery.
TCS reported mostly inline revenue growth but margins came ahead of street expectations. TCS in Q4 reported revenue of US$ 7,363 mn up 1.1% QoQ & 2.3% YoY (in CC terms 2.2% YoY). In rupee terms its reported revenue of INR 61,237 crore up 1.1% QoQ & 3.5% YoY. Geography wise the growth was led by India (6.7% of mix), MEA (2.1% of mix) & UK (16.8% of mix) which reported YoY CC growth of 37.9%, 10.7% & 6.2% respectively while US region (50% of mix) declined by 2.3%. Vertical wise the growth was led by Manufacturing segment (mwhich grew by 9.7% YoY in CC terms while BFSI & Retail declined by 3.2% & 0.3% respectively. The company’s EBIT margin came at 26%, up 100 bps QoQ compared to adjusted margin in Q3 due to the tailwinds of 190 bps of lower subcon costs, better utilization & operating leverage mitigated by the headwinds of 90 bps of higher travel cost & third-party expenses. The company during the quarter won record TCV of US$ 13.2 bn with BFSI, Retail & US reporting TCV of US$ 4.1bn, 1.6 bn & 5.7 bn respectively. The company net employee headcount by 1.8k in Q4 and attrition further declined by 80 bps QoQ to 12.5%. The company declared final dividend of INR 28 per share in Q4. TCS for FY24 reported revenue of US$ 29.1 bn, up 4.1% (3.4% in CC term). The company adjusted EBIT margin came at 24.6% compared to 24.1% in FY23 while PAT margin for FY24 came at 19.3%.
TCS reported mostly inline revenue growth but margins came ahead of street expectations. TCS in Q4 reported revenue of US$ 7,363 mn up 1.1% QoQ & 2.3% YoY (in CC terms 2.2% YoY). In rupee terms its reported revenue of INR 61,237 crore up 1.1% QoQ & 3.5% YoY. Geography wise the growth was led by India (6.7% of mix), MEA (2.1% of mix) & UK (16.8% of mix) which reported YoY CC growth of 37.9%, 10.7% & 6.2% respectively while US region (50% of mix) declined by 2.3%. Vertical wise the growth was led by Manufacturing segment (mwhich grew by 9.7% YoY in CC terms while BFSI & Retail declined by 3.2% & 0.3% respectively. The company’s EBIT margin came at 26%, up 100 bps QoQ compared to adjusted margin in Q3 due to the tailwinds of 190 bps of lower subcon costs, better utilization & operating leverage mitigated by the headwinds of 90 bps of higher travel cost & third-party expenses. The company during the quarter won record TCV of US$ 13.2 bn with BFSI, Retail & US reporting TCV of US$ 4.1bn, 1.6 bn & 5.7 bn respectively. The company net employee headcount by 1.8k in Q4 and attrition further declined by 80 bps QoQ to 12.5%. The company declared final dividend of INR 28 per share in Q4. TCS for FY24 reported revenue of US$ 29.1 bn, up 4.1% (3.4% in CC term). The company adjusted EBIT margin came at 24.6% compared to 24.1% in FY23 while PAT margin for FY24 came at 19.3%.
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