Varun Beverages has given an outstanding performance yet again, led by robust Volume and Revenue growth of 24.7% / 37.7% respectively driven by improved product mix (Higher contribution by Sting and Milk based beverages) and strong demand across regions despite the weather disruptions in March, supporting overall revenue growth.
Newgen reported decent financials for Q4FY23. The company’s Q3 & Q4 are stronger than H1. Newgen added 11 new clients in Q4FY24, taking the total to 47 in FY23. Subscription and annuity revenue grew 25% and 32% YoY to ? 880mn / ? 1.66bn.
Trent delivers yet another consistent quarter and continues to outperform its peers despite headwinds from the macro demand environment, majorly driven by robust expansion. Westside portrayed strong growth with SSSG at 23%, maintaining its market position, while Zudio continued to sway with healthy scale up of stores and revenue.
Mphasis posted weak revenue print, yet maintained its margins. FY23 growth of 9.7% in cc terms was impacted by 4% from a decline in Digital Risk and 1.6% from a decline in DXC business. The increase in deal pipeline by 35% YoY including higher growth in non-BFSI deal pipeline is a sign of portfolio diversification and/or relative stress in BFSI (60% of revenue).
ICICI Bank reported Q4FY23 PAT at ? 91.2 bn, ahead of our consensus, PAT estimate ? 85.8 bn / ? 90.4 bn respectively. The operating profit was in-line with expectations and the profit beat was mainly on account of softer than estimated provisions (? 16.2 bn reported vs. ? 22.6 bn estimated).
ICICI Bank reported Q4FY23 PAT at ? 91.2 bn, ahead of our consensus, PAT estimate ? 85.8 bn / ? 90.4 bn respectively. The operating profit was in-line with expectations and the profit beat was mainly on account of softer than estimated provisions (? 16.2 bn reported vs. ? 22.6 bn estimated).
Cyient reported Q4FY23 revenue of US$ 213 mn (up 6.6% cc QoQ/+39.1% cc YoY). Management guided to FY24 Services revenue growth of 15- 20% (including 7% inorganic) and margin expansion of 100–200bps. Cyient reported strong organic growth in services revenues in Q4FY23 led by transport vertical.
Newgen Software Technologies is a full-fledged software products company offering a platform that enables organization to develop applications rapidly, thereby addressing their strategic business requirements. The applications created on its platform enable organisations to drive digital transformation and competitive differentiation with respect to its competitors / peers.
The RBI has raised policy repo rate six times totalling 250 bps in less than a year since May’22 before announcing a pause in the latest policy review. Although the withdrawal of accommodation stance and rate hike cycle in the last one year remains sharpest in the past decade and a half.
The RBI has raised policy repo rate six times totalling 250 bps in less than a year since May’22 before announcing a pause in the latest policy review. Although the withdrawal of accommodation stance and rate hike cycle in the last one year remains sharpest in the past decade and a half. Indian banks have witnessed and withstood enough hawkish rate scenarios and can therefore navigate the current situation well.
