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CORPORATE AND ECONOMY NEWS

* Infosys Q1 FY24 (Consolidated, QoQ): Revenue up 1.3% to Rs 37,933 crore vs. Rs 37,441. EBIT flat at Rs 7,891 crore vs. Rs 7,877 crore. Margin 20.80% vs. 21.03 (Bloomberg estimate: 20.9%) Net Profit: Rs 5,945 crore vs. Rs 6,134 crore. Revises lower FY24 revenue guidance to 1.0–3.5% from the 4-7% estimated earlier.

* Hindustan Unilever Q1 FY24 (Consolidated, YoY): Revenue up 6% at Rs 15496 crore vs. Rs 14624 crore. Ebitda is up 8% at Rs 3665 crore vs. Rs 3402 crore. Margins at 23.7% vs. 23.3%. Net profit up 7% at Rs 2554 crore vs. Rs 2381 crore.

* Persistent Systems Q1 FY24 (Consolidated, QoQ): Revenue flat at Rs 2,321.1 crore vs. Rs 2,254.4 crore. EBIT fell 14% to Rs 298 crore vs. Rs 346.6 crore. Margin 12.83% vs. 15.37%. Net Profit fell 9% to Rs 228.7 crore vs. Rs 251.5 crore.

* United Spirits Q1 FY24 (Consolidated, YoY): Revenue up 10% at Rs 2,667.8 crore vs. Rs 2,419.1 crore. Ebitda up 92% at Rs 713.50 crore vs. Rs 372.3 crore. EBITDA margin 26.7% vs. 15.3% Net profit up 83% at Rs 476.7 crore vs. Rs 261.1 crore.

* Union Bank of India Q1FY24 (Standalone): Net interest income up 16.5% to Rs 8839 crore vs. Rs 7581 crore (YoY). Net Profit up 2x at Rs 3236 crore vs. Rs 1558 crore (YoY). GNPA: 7.34% vs. 7.53% (QoQ) NNPA: 1.58% vs. 1.70% (QoQ).

* ICICI Securities Q1 FY24 (Standalone, YoY): Revenue up 18% to Rs 934.31 crore vs. Rs 793.55 crore. Net interest income up 17% to Rs 749.7 crore vs. Rs 693.2 crore. Net profit down 1% to Rs 270.84 crore vs. Rs 273.59 crore.

* Mphasis Q1 FY24 (Consolidated, QoQ): Revenue fell 3% to Rs 3,252 crore vs. Rs 3,361 crore. EBIT fell 3% to Rs 500 crore from Rs 515.27 crore. EBIT margin flat at 15.3%. Net profit fell 2% to Rs 396.05 crore vs. Rs 405.3 crore.

* Coforge (Consolidated, QoQ): Revenue up 2.4% at Rs 2221 crore vs. Rs 2170 crore. EBIT up 2.9% at Rs 230.3 crore vs. Rs 223.8 crore. Margins at 10.4% vs. 10.3% Net profit up 44% at Rs 165.3 crore vs. Rs 114.8 crore.

* 360 One Wam Q1 FY24 (Consolidated, YoY): Revenue up 19% to Rs 558.96 crore vs. Rs 471.12 crore. NII up 17% to Rs 448.35 crore vs. Rs 283.56 crore. Net profit up 17% to Rs 183.58 crore vs. Rs 156.58 crore.

* India MART lnterMESH (Consolidated, YoY): Revenues up 25.65% at Rs 282.1 crore vs. Rs 224.5 crore. Net profit up 77.9% at Rs 83.1 crore vs. Rs 46.69 crore. Ebitda up 20.59% at Rs 77.35 crore vs. Rs 64.14 crore. Margins at 27.41% vs. 28.57%. The board of the company has approved a buyback of up to Rs 500 crore consisting of 12.5 lakh shares, representing a 2.04% stake via tender offer. The buyback price will be Rs 4,000 per share, a premium of 38% over Thursday’s closing price.

* Larsen & Toubro: The company will consider a share buyback and special dividend on July 25.

* IndusInd Bank: The board of the bank approved raising Rs 20,000 crore via debt securities on a private placement basis.

* Jindal Stainless: The company completed the acquisition of Jindal United Steel by acquiring the remaining 74% stake for Rs 958 crore, making JUSL a 100% owned subsidiary of JSL.

* Hindustan Aeronautics: The company has signed a Letter of Intent on co- operation for Light and Medium Utility Helicopters for the Armed Forces of Argentina.

* LTIMindtree: The company announced a strategic partnership with CYFIRMA to enhance the threat intelligence capabilities of its XDR platform. Larsen & Toubro, through its L&T Innovation Fund, recently invested in CYFIRMA in a pre-Series B round of funding.

* Utkarsh Small Finance Bank: The small finance bank shares will list on the bourses on July 21. The issue price has been fixed at Rs 25 per share.

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