Material costs declined by 30.9% YoY to Rs 202.8 crore in the fourth quarter due to reversal of inventory provisions of Rs 20.3 crore that were created in prior quarters of FY24. This relates to reassessment of inventory provisioning classified as a change in accounting estimate.

For Q4 FY24, staff costs added up to Rs 250.2 crore (down 1% YoY), other direct costs aggregated to Rs 24.6 crore (down 10.1% YoY) and other expenses amounted to Rs 112.4 crore (up 10% YoY).

EBITDA fell by 1.2% to Rs 333 crore in Q4 FY24 from Rs 336.9 crore in Q4 FY23. EBITDA margin was 36% in Q4 FY24 as against 33% in Q4 FY23.

Profit before tax in Q4 FY24 stood at Rs 209 crore, down by 9.5% from Rs 230.9 crore in Q4 FY23.

For FY24, Syngene recorded net profit and revenues of Rs 510 crore (up 9.8% YoY) and 3,488.6 crore (up 9.3% YoY), respectively.

Jonathan Hunt, managing director and chief executive officer, Syngene International, said, ?While the fourth quarter performance came in lower than expected, the underlying driver - reduced demand for research and development services within US biotech stemming from a difficult funding environment - is well understood and already showing positive signs of recovery.

Despite the business environment, we delivered growth during the year. This resilience is the result of our broad operating span and the investments made to establish our development and manufacturing divisions with biologics, in particular, delivering a strong performance throughout the year.

I?m encouraged by the recent step up in new funding into US biotech and expect this to drive a recovery in demand for research and development services translating into revenue growth in the latter part of the year.

Looking ahead, we expect revenue growth in fiscal year 2025 to be in the range of high single digits to low double digits with momentum building up during the year. We expect the EBITDA margin to be similar to the level delivered in fiscal year 2024 and PAT growth in single digits.?

Syngene International is an integrated research, development, and manufacturing services company serving the global pharmaceutical, biotechnology, nutrition, animal health, consumer goods, and specialty chemical sectors.

The scrip shed 0.33% to currently trade at Rs 691.90 on the BSE.

Pritish Nandy Communications Ltd, GPT Infraprojects Ltd, Vimta Labs Ltd and Active Clothing Co Ltd are among the other gainers in the BSE's 'B' group today, 25 April 2024.

Raj Oil Mills Ltd surged 19.99% to Rs 75.38 at 12:01 IST. The stock was the biggest gainer in the BSE's 'B' group. On the BSE, 1.03 lakh shares were traded on the counter so far as against the average daily volumes of 4868 shares in the past one month.

Pritish Nandy Communications Ltd soared 15.10% to Rs 66.99. The stock was the second biggest gainer in 'B' group. On the BSE, 24880 shares were traded on the counter so far as against the average daily volumes of 3602 shares in the past one month.

GPT Infraprojects Ltd spiked 14.90% to Rs 215.95. The stock was the third biggest gainer in 'B' group. On the BSE, 76118 shares were traded on the counter so far as against the average daily volumes of 16922 shares in the past one month.

Vimta Labs Ltd jumped 12.67% to Rs 574. The stock was the fourth biggest gainer in 'B' group. On the BSE, 34986 shares were traded on the counter so far as against the average daily volumes of 2143 shares in the past one month.

Active Clothing Co Ltd spurt 12.29% to Rs 134.8. The stock was the fifth biggest gainer in 'B' group. On the BSE, 2.94 lakh shares were traded on the counter so far as against the average daily volumes of 7836 shares in the past one month.

Profit before tax jumped 33.67% YoY to Rs 534.69 crore in Q4 FY24.

EBITDA stood at Rs 706 crore in Q4 FY24, registering the growth of 25% as compared with Rs 565 crore in Q4 FY23. EBITDA margin 36.2% in Q4 FY24 as against 34.1% in Q4 FY23.

Enterprise revenue for the year stood at Rs 13,090 crore, a 19% growth over the previous year with a 80% share from the domestic business.

Management fee income grew by 18% over the previous year at Rs 470 crore reflective of IHCL?s assetlight strategy.

On FY24 basis, the company?s net profit jumped 25.58% to Rs 1,259.07 crore on 16.5% increase in revenue from operations Rs 6,768.75 crore in FY24 over FY23.

Meanwhile, the company?s board has declared a dividend of Rs 1.75 per share.

Puneet Chhatwal, managing director & CEO, IHCL, said, ?IHCL achieves its key goals under Ahvaan 2025 well ahead of time with a full year consolidated EBITDA margin of 33.7%, a portfolio of 300+ hotels and a cash position of INR 2,206 crores. Q4 FY24 marked eight consecutive quarters of record financial performance driven by double-digit revenue growth in same store hotels, incremental revenue from not like for like hotels and scaling of new businesses. With 53 signings in FY2024 IHCL achieved a portfolio of 310 hotels, enabled by attaining scale in each of our brands and forming strategic alliances in new market segments.

Investing in our competitive advantage of optimising the balance between operating leverage and fee-based business, IHCL has commenced a five-year capital deployment plan from FY2023 to FY2027 totalling INR 3,500 crores towards key asset upgradation, building capabilities and select new projects. This includes strengthening of our digital capabilities with new brand website launches starting May 2024, implementation of a new ERP system and Data Lake for advanced analytics with AI/ML capabilities.

Looking ahead at FY2025, IHCL will continue to deliver double digit revenue growth with new businesses at 30%, and opening of 25 hotels. IHCL will also introduce the re-imagined Gateway, a full-service hotel offering in the upscale segment, an ideal fit to capture growth opportunities in emerging micro markets in metros and Tier II and Tier III cities. The brand roll-out starting with 15 hotels will commence with launches in Bekal and Nashik this quarter followed by destinations like Bengaluru, Thane and Jaipur. The brand will scale to a 100 hotels portfolio by 2030.?

Giridhar Sanjeevi, executive vice president and chief financial officer, IHCL said, ?The resilience of our business model over eight consecutive quarters is reflective of robust fundamentals of a diversified topline, a balanced portfolio, prudent capital allocation and a sharp focus on driving operating flow thorough.

The buoyancy of domestic demand drove a 20% growth in IHCL?s standalone revenue at Rs 4,590 crore, EBITDA margin of 41.3% an expansion of 200 basis points leading to a record PAT of Rs 1,095 crore.?

Indian Hotels Company Limited (IHCL) and its subsidiaries bring together a group of brands and businesses that offer a fusion of warm Indian hospitality and world-class service.

The scrip fell 4.71% to Rs 579.60 on the BSE.

Jupiter Wagons Ltd, Vesuvius India Ltd, Godfrey Phillips India Ltd and Inox Wind Ltd are among the other gainers in the BSE's 'A' group today, 25 April 2024.

Hitachi Energy India Ltd surged 14.66% to Rs 9417.75 at 11:46 IST. The stock was the biggest gainer in the BSE's 'A' group. On the BSE, 11838 shares were traded on the counter so far as against the average daily volumes of 5068 shares in the past one month.

Jupiter Wagons Ltd soared 10.19% to Rs 431.05. The stock was the second biggest gainer in 'A' group. On the BSE, 3.11 lakh shares were traded on the counter so far as against the average daily volumes of 1.09 lakh shares in the past one month.

Vesuvius India Ltd spiked 7.73% to Rs 4274.95. The stock was the third biggest gainer in 'A' group. On the BSE, 2916 shares were traded on the counter so far as against the average daily volumes of 1798 shares in the past one month.

Godfrey Phillips India Ltd jumped 7.29% to Rs 3355. The stock was the fourth biggest gainer in 'A' group. On the BSE, 4477 shares were traded on the counter so far as against the average daily volumes of 5956 shares in the past one month.

Inox Wind Ltd gained 6.97% to Rs 644.75. The stock was the fifth biggest gainer in 'A' group. On the BSE, 1.17 lakh shares were traded on the counter so far as against the average daily volumes of 1.81 lakh shares in the past one month.

Profit before tax increased 14.51% to Rs 785.24 crore in the quarter ended 31 March 2024 as compared with Rs 685.76 crore in the quarter ended 31 March 2023.

The three months ended 31 March 2024, the Products business posted a revenue of Rs 1,491 crore, up 12% year-over-year, and operating income of Rs 718 crore, up 13% year-over-year. For the same period, the Services business posted a revenue of Rs 151 crore, up 13% year-over-year, and the operating income of Rs 44 crore, up 47% year-over-year.

Meanwhile, the company?s board has declared an interim dividend of Rs 240 per equity share for FY24.

Makarand Padalkar, managing director and chief executive officer, said, ?This was a result of our winning portfolio of products and services focused on the financial services industry. During the fiscal year 2024, we signed license fees of $137.3 million across our entire range of products registering 43.7% growth over license fee signings in fiscal year 2023.

The robust growth of our cloud offering pipeline drove the strength of cloud bookings this fiscal year, and we expect to see continued strength in our cloud offering pipeline. With customer preference shifting toward cloud services, our revenue mix is shifting more toward recurring revenue services, including cloud services, and less for transactional revenue, including signed license fees which were $19.9 million for the quarter ended March 31, 2024.?

Avadhut Ketkar, chief financial officer, Oracle Financial Services Software, said, ?For the quarter, our revenue increased by 12% and net income grew by 17% on year-over-year basis. We continued to deliver robust financial performance by offering industry leading products and services to the financial services industry. For the quarter ended March 31, 2024, our operating margin was 43% and net margin was 34%. For the year ended March 31, 2024, we posted operating margin of 42% and net margin of 35%.?

Oracle Financial Services Software is a world leader in providing products and services to the financial services industry and is a majority owned subsidiary of Oracle Corporation.

The scrip fell 2.23% to Rs 7,184.40 on the BSE.

Info Edge (India) Ltd, Jyothy Labs Ltd, MAS Financial Services Ltd, Vodafone Idea Ltd are among the other stocks to see a surge in volumes on BSE today, 25 April 2024.

Kotak Mahindra Bank Ltd clocked volume of 16.39 lakh shares by 10:46 IST on BSE, a 7.42 times surge over two-week average daily volume of 2.21 lakh shares. The stock lost 10.11% to Rs.1,656.75. Volumes stood at 1.43 lakh shares in the last session.

Info Edge (India) Ltd notched up volume of 55892 shares by 10:46 IST on BSE, a 5.58 fold spurt over two-week average daily volume of 10018 shares. The stock rose 0.13% to Rs.5,885.75. Volumes stood at 45023 shares in the last session.

Jyothy Labs Ltd witnessed volume of 1.09 lakh shares by 10:46 IST on BSE, a 5.51 times surge over two-week average daily volume of 19780 shares. The stock increased 2.85% to Rs.434.60. Volumes stood at 18736 shares in the last session.

MAS Financial Services Ltd witnessed volume of 65303 shares by 10:46 IST on BSE, a 5.21 times surge over two-week average daily volume of 12528 shares. The stock increased 5.97% to Rs.316.00. Volumes stood at 27673 shares in the last session.

Vodafone Idea Ltd notched up volume of 10553.36 lakh shares by 10:46 IST on BSE, a 5.18 fold spurt over two-week average daily volume of 2,036.11 lakh shares. The stock rose 2.14% to Rs.13.37. Volumes stood at 3161.73 lakh shares in the last session.

The said facility is operated by Jubilant Draximage Inc., a subsidiary of Jubilant Pharma (JPL), which is a wholly-owned subsidiary of Jubilant Pharmova. JPL is an ntegrated global pharmaceutical company engaged in manufacturing and supply of Radiopharmaceuticals with a network of 46 radio-pharmacies in the US; allergy immunotherapy, contract manufacturing of sterile injectables and non-sterile products and solid dosage formulations through five manufacturing facilities that cater to all the regulated market including USA, Europe and other geographies.

The USFDA has issued 5 observations pursuant to the completion of audit. The company will submit an action plan on the observations, Jubilant Pharmova said in a statement.

Jubilant Pharmova is engaged in radiopharma, allergy immunotherapy, CDMO of sterile injectable, generics, contract research development and manufacturing (CRDMO) and proprietary novel drugs businesses.

The pharmaco has reported a net profit of Rs 66 crore in Q3 FY24 as against a net loss of Rs 16 crore in Q3 FY23. Total income increased by 10% YoY to Rs 1,713 crore during the period under review.

The scrip rose 0.25% to currently trade at Rs 684.25 on the BSE.

As compared with Q4 FY23, the company's net profit fell 1.26% and revenue from operations jumped 2.31% during the quarter.

Profit before tax declined 6.24% QoQ to Rs 1448 crore in Q4 FY24.

EBITDA stood at Rs 1,603.7 crore in Q4 FY24, down 3.1% QoQ and 4.2% YoY. EBITDA Margin was 17.3% in Q4 FY24 as against 17.6% in Q3 FY24 and 18.5% in Q4 FY23.

In dollar terms, the company recorded a revenue of $1,069.4 million in Q4 FY24, down 1.3% QoQ and up 1.1% YoY. Revenue growth, in constant currency terms, was down 1.3% QoQ and 1.2% YoY.

The company said it added 30 new clients during the quarter ended 31 March 2024. The total client base currently stood at 738 active clients.

Total Headcount in Q4 FY24 was 81,650. The firm's trailing twelve months (TTM) attrition rate stood at 14.4% in Q4 FY24 as against 20.2% in Q4 FY23 and 14.2% in Q3 FY24.

On FY24 basis, the company?s net profit increased 4% to Rs 4,584.6 crore in FY24 as compared with Rs 4410 crore in FY23. Revenue from operations jumped 7.03% YoY to Rs 35,517 crore in FY24.

Meanwhile, the company?s board has declared a dividend of Rs 45 per equity share for FY24.

Further, the board has also approved the re-appointment of Nachiket Deshpande, as whole-time director for a period of five consecutive years effective from 2 May 2024 till May 1, 2029.

Debashis Chatterjee, chief executive officer and managing director, said, ?We closed FY24 amidst a tough macro environment and delivered a resilient performance with full-year revenue growth of 4.4% in USD terms and an EBIT margin of 15.7%. Our order inflow for the full year at USD 5.6 billion registered a 15.7% growth over FY23. This growth reflects the positive outcomes of our positioning as an organization with scale, expanded capabilities, and larger partnerships. As the market dynamics evolve, we are excited to be part of innovations, partnerships, and initiatives that our clients will embark on in FY 25.?

LTIMindtree is a global technology consulting and digital solutions company that enables enterprises across industries to reimagine business models, accelerate innovation, and maximize growth by harnessing digital technologies. LTIMindtree a Larsen & Toubro Group company combines the industry-acclaimed strengths of erstwhile Larsen and Toubro Infotech and Mindtree in solving the most complex business challenges and delivering transformation at scale.

Profit before tax stood at Rs 176.57 crore in fourth quarter of FY24, down 17.83% from Rs 214.88 crore reported in Q4 FY23.

For Q4 FY24, EBITDA stood at Rs 175.30 crore, registering a de-growth of 15.84% from Rs 208.30 crore reported in Q4 FY23.

EBITDA margin slipped to 11.22% in Q4 FY24 as compared to 15.02% recorded in the same quarter last year.

On a full year basis, the company?s net profit tumbled by 30.44% to Rs 346.49 crore FY24 over FY23. Revenue from operation declined marginally on YoY basis to Rs 5,253.34 crore in the financial year ended 31 March 2024.

Meanwhile, the board recommended a final dividend of Rs 7 per equity share for the financial year ended 31 March 2024, subject to approval of members. The record date for the same is 27 June 2024 and it will be paid on or after 24 July 2024.

Further, the company?s board approved re-appointment of N. Gopat as a manager for a period of two years effective from 16 April 2024 to 31 March 2026.

Supreme Petrochem (SPL) manufactures polystyrene, expandable polystyrene and extruded polystyrene. It has a polystyrene manufacturing plant at Nagothane in Raigad, Maharashtra. Apart from the primary business of polystyrene and expandable polystyrene production, SPL imports styrene monomer and trades in the domestic market.

The scrip rose 0.92% to trade at Rs 649.80 on the BSE.

Profit before tax increased 29.37% to Rs 91.09 crore in quarter ended 31 March 2024 as compared with Rs 70.41 crore posted in Q4 FY23.

Net interest income (NII) stood at Rs 168 crore in Q4 FY24, registering the growth of 35.14% as compared with Rs 124 crore posted in same quarter last year.

Asset under management (AUM) jumped 25.12% to Rs 10,125.61 crore during the quarter as compared with Rs 8092.56 crore in corresponding quarter last year. Out of the total AUM, maximum growth was recorded in the commercial vehicle loans (up 100% YoY ) followed by salaried personal loans (up 93.13% YoY), SME Loans (up 25.02% YoY), 2 wheeler loans (up 20.88% YoY), Micro enterprises loans (up 13.19% YoY).

Capital Adequacy Ratio (including Tier ll capital) as of 31st March 2024 stood at 24.05%, The Tier-l capital stood at 20.13%.

The company continues to carry a management overlay of (Rs 18.79 crore as on 31st March 2024, O.24% of the on book assets.

The MSME segment contributed around 60% in the YoY AUM growth of the company while other products also contributed meaningfully.

During the quarter, the company's long term bank facilities and non-convertible debentures rating has been upgraded to CARE AA- (Outlook: Stable) from CARE A+ (Outlook: Positive) by CARE Ratings (CARE).

Meanwhile, the company?s board declared a dividend of Rs 0.51 per equity share for FY24.

Further, the board has approved the borrowings of funds by way of issuance of secured/unsecured non ? convertible debentures and commercial papers upto an aggregate amount of Rs 1,500 crore and Rs 500 crore respectively, in one or more tranches through private placement basis .

Kamlesh Gandhi - founder, chairman & managing director, said, ?As we usher in to the next phase, post reaching an important milestone of (10,000 crore in AUM, we are confident to maintain a fundamentally strong growth momentum. Adequate capitalization, strong asset quality and a track record of more than 25 years to navigate across various cycles will ensure the same thus creating value on a large scale for all its stakeholders.?

MAS Financial Services is a non-deposit accepting NBFC. While the company initially provided consumer durable financing, it currently provides corporate loans to NBFC-MFIs and other NBFCs engaged in retail finance, small ticket business loans, small commercial vehicle loans, two-wheeler loans and machinery finance.

Hindustan Unilever (HUL) delivered underlying sales growth (USG) of 1% and underlying volume growth (UVG) of 2% in the quarter ended 31 March 2024.

Profit after tax before exceptional items (PAT bei) stood at Rs 2,396 crore in the March quarter, down 3% from Rs 2,471 crore posted in Q4 FY23.

EBITDA declined marginally to Rs 3,435 crore in Q4 FY24 as against Rs 3,471 crore reported in Q4 FY23. EBITDA margin reduced to 23.4% in Q4 FY24, down 30 bps, primarily on account of 60 bps impact from termination of GSK consignment selling arrangement and investments in long term capabilities.

During the quarter, Home Care grew 1% with mid-single digit UVG. Both fabric wash and household care grew volumes in mid-single digit driven by strong performance in premium portfolio. The category continued to witness YoY price decline on account of actions taken during the year, said HUL.

The FMCG company stated that its Beauty & Personal Care business continued to witness premium portfolio growing ahead of the rest. Overall, the segment had a USG of negative 2% with flat volumes. Hair care delivered volume driven high-single digit growth led by outperformance in Dove and Tresemme.

Skin care and colour cosmetics grew in low-single digit. Premium skin care continued its strong double-digit growth trajectory led by innovations in new demand spaces and formats. Skin cleansing declined due to impact of price cuts coupled with drop in volumes in the mass and popular segments while bodywash continued to do well. Oral care saw a double-digit broad based growth driven by pricing, it added.

Foods & Refreshment had a USG of 4% with flat volume growth. Functional nutritional drinks (Horlicks & Boost) delivered high-single digit growth driven by Plus range. Tea continued to strengthen value and volume market leadership. Category continued to witness consumers downgrading to loose tea. Coffee delivered double digit growth driven by pricing. Foods grew in mid-single digit led by strong performance in Soups and Food solutions, HUL stated in the press release.

In Q4 FY24, gross margin improved 350 bps YoY. The company continued to focus on building back its gross margins through improved price coverage, mix and net productivity initiatives. Advertising & Promotion (A&P) investments increased 200 bps as the firm continued to step up investments behind its brands.

On full year basis, the company?s net profit rose 1.52% to Rs 10,114 crore on 2.45% increase in revenue to Rs 59,579 crore in FY24 over FY23.

Rohit Jawa, CEO and managing director, said, ?In FY?24 we delivered a resilient performance with 3% USG and crossed Rs 10,000 crores net profit mark. We remain focused on driving operational excellence and have continued to build back our gross margins whilst stepping up investment in brands and long-term capabilities. Looking forward, I am optimistic of consumer demand gradually improving due to a normal monsoon and better macro-economic indicators.?

Meanwhile, the company's board has recommended a final dividend of Rs 24 per share for the financial year ended 31 March 2024, subject to approval of shareholders at the AGM.

Hindustan Unilever is India's largest fast moving consumer goods company.

Among the components of the S&P BSE Utilities index, Waaree Renewables Technologies Ltd (up 5%), KPI Green Energy Ltd (up 5%),SJVN Ltd (up 2.47%),Reliance Infrastructure Ltd (up 2.22%),EMS Ltd (up 1.77%), were the top gainers. Among the other gainers were Va Tech Wabag Ltd (up 1.56%), JSW Energy Ltd (up 1.1%), Nava Ltd (up 0.62%), PTC India Ltd (up 0.61%), and Power Grid Corporation of India Ltd (up 0.59%).

On the other hand, Adani Power Ltd (down 0.81%), NTPC Ltd (down 0.14%), and RattanIndia Power Ltd (down 0.11%) moved lower.

At 09:42 IST, the S&P BSE Sensex was down 53.03 or 0.07% at 73799.91.

The Nifty 50 index was down 15.85 points or 0.07% at 22386.55.

The S&P BSE Small-Cap index was up 177.36 points or 0.38% at 47035.96.

The S&P BSE 150 Midcap Index index was up 15.65 points or 0.11% at 13913.17.

On BSE,1854 shares were trading in green, 1007 were trading in red and 105 were unchanged.

Among the components of the S&P BSE Capital Goods index, Bharat Forge Ltd (up 5.18%), Hindustan Aeronautics Ltd (up 1.77%),ABB India Ltd (up 1.7%),GMR Airports Infrastructure Ltd (up 1.52%),Rail Vikas Nigam Ltd (up 1.51%), were the top gainers. Among the other gainers were Kalpataru Projects International Ltd (up 1.34%), SKF India Ltd (up 1.14%), Bharat Electronics Ltd (up 1.04%), Polycab India Ltd (up 0.94%), and Bharat Heavy Electricals Ltd (up 0.64%).

On the other hand, Elgi Equipments Ltd (down 1.13%), CG Power & Industrial Solutions Ltd (down 0.86%), and Thermax Ltd (down 0.81%) moved lower.

At 09:42 IST, the S&P BSE Sensex was down 53.03 or 0.07% at 73799.91.

The Nifty 50 index was down 15.85 points or 0.07% at 22386.55.

The S&P BSE Small-Cap index was up 177.36 points or 0.38% at 47035.96.

The S&P BSE 150 Midcap Index index was up 15.65 points or 0.11% at 13913.17.

On BSE,1854 shares were trading in green, 1007 were trading in red and 105 were unchanged.

Among the components of the S&P BSE Industrials index, Yuken India Ltd (up 5.24%), Bharat Forge Ltd (up 5.18%),Garden Reach Shipbuilders & Engineers Ltd (up 5.02%),Cochin Shipyard Ltd (up 4.95%),Inox Wind Ltd (up 4.91%), were the top gainers. Among the other gainers were Centum Electronics Ltd (up 4.74%), KSB Ltd (up 4.04%), Jayaswal Neco Industries Ltd (up 3.87%), Inox Wind Energy Ltd (up 3.84%), and Maharashtra Seamless Ltd (up 3.59%).

On the other hand, Transformers & Rectifiers India Ltd (down 5%), Gallantt Ispat Ltd. (down 4.9%), and Bharat Bijlee Ltd (down 4.02%) moved lower.

At 09:42 IST, the S&P BSE Sensex was down 53.03 or 0.07% at 73799.91.

The Nifty 50 index was down 15.85 points or 0.07% at 22386.55.

The S&P BSE Small-Cap index was up 177.36 points or 0.38% at 47035.96.

The S&P BSE 150 Midcap Index index was up 15.65 points or 0.11% at 13913.17.

On BSE,1854 shares were trading in green, 1007 were trading in red and 105 were unchanged.

Net interest income (NII) grew 11% YoY to Rs 13,089 crore while net interest margin (NIM) slipped 16 basis points (bps) YoY to 4.06% during the quarter.

Profit before tax in Q4 FY24 stood at Rs 9,350.39 crore as compared with pre-tax loss of Rs 3,627.98 crore recorded in Q4 FY23.

Operating profit before provisions & contingencies increased 14.92% YoY to Rs 10,535.70 crore for the quarter. The bank's provisions and contingencies zoomed to Rs 1,185.31 crore from Rs 305.77 crore posted in same quarter last year.

The bank holds cumulative provisions (standard + additional other than NPA) of Rs 12,134 crore at the end of Q4 FY24, over and above the NPA provisioning included in PCR calculations. These cumulative provisions translate to a standard asset coverage of 1.26% as on 31 March 2024. On an aggregated basis, provision coverage ratio (including specific + standard and other provisions) stood at 159% of GNPA as on March 2024.

Credit cost for the quarter ended 31 March 2024 stood at 0.32%, up by 10 basis points (bps) YoY.

The bank's gross non-performing assets (NPAs) stood at Rs 15,127.12 crore as on 31 March 2024 as against Rs 18,604.23 crore as on 31 March 2023.

The ratio of gross NPAs reduced to 1.43% as on 31 March 2024 as against 2.02% as on 31 March 2023.

The ratio of net NPAs declined to 0.31% as on 31 March 2024 as against 0.39% as on 31 March 2023.

As on 31 March 2024, the bank's provision coverage, as a proportion of gross NPAs stood at 79%, as compared to 81% as at 31 March 2023.

The fund based outstanding of standard restructured loans implemented under resolution framework for COVID-19 related stress (Covid 1.0 and Covid 2.0) declined during the quarter and as at 31 March 2024 stood at Rs 1,528 crore that translates to 0.14% of the gross customer assets. The bank carries a provision of around 20% on restructured loans, which is in excess of regulatory limits.

Gross slippages during the quarter were Rs 3,471 crore, compared to Rs 3,375 crore in Q4 FY23.

The bank's net advances grew 14% YoY to Rs 9,65,068 crore and total deposits jumped 13% YoY to Rs 10,68,641 crore as on 31 March 2024.

As on 31 March 2024, CASA deposits rose 3% YoY to Rs 4,59,401 crore while CASA deposits as % of total deposits stood at 43% as on 31 March 2024 as against 47% as on 31 March 2023.

As on March 2024, capital adequacy ratio (basel III) stood at 16.63%. Tier I was at 14.20% and Tier II at 2.43% as on 31 March 2024.

The bank's return on average assets (ROA) and Return on equity (ROE) stood at 2% and 20.35%, respectively in the quarter ended 31 March 2024.

For FY24, the bank?s net profit soared 159.52% to Rs 24,861.43 crore on 30.11% rise in total income to Rs 1,31,810.59 crore over FY23.

Axis Bank is the third-largest private sector bank in India. During the quarter, the bank added 125 branches taking its overall distribution network to 5,377 domestic branches and extension counters situated across 2,963 centres and 16,026 ATMs and cash recyclers spread across the country. The bank's Axis Virtual Centre is present across six centres with over 1,590 virtual relationship managers as on 31 March 2024.

The bank will continue to service its existing customers, including those with credit cards, the banking sector regulator stated.

This action follows concerns identified during RBI's examinations of the bank's IT infrastructure in 2022 and 2023. The report cites serious deficiencies in areas like IT inventory management, data security, and business continuity planning. The bank was found to be non-compliant with corrective action plans issued by RBI in previous years.

These shortcomings have resulted in frequent outages of the bank's Core Banking System and digital channels, causing inconvenience to customers. The RBI's decision aims to protect customers and the financial system from potential risks associated with these IT vulnerabilities.

The restrictions will be reviewed upon completion of an external audit commissioned by the bank with RBI's approval. The audit will assess the bank's progress in addressing the identified deficiencies. The RBI may take further regulatory action based on the audit's findings.

In an regulatory filing made after market hours yesterday, Kotak Mahindra Bank said: ?The bank has taken concrete steps to adopt new technologies to strengthen its IT systems and will continue to work with RBI to swiftly resolve balance issues at the earliest.

The bank would like to reassure its existing customers of uninterrupted services, including credit card, mobile and net banking. The bank?s branches will continue to onboard new customers, providing them with all the bank?s services, except issuance of new credit cards.

The bank believes that these directions will not materially impact its overall business.?

Kotak Mahindra Bank Ltd fell 9.4% today to trade at Rs 1669.75. The S&P BSE BANKEX index is down 0.93% to quote at 54097.22. The index is up 2.38 % over last one month. Among the other constituents of the index, ICICI Bank Ltd decreased 0.1% on the day. The S&P BSE BANKEX index went up 11.31 % over last one year compared to the 22.01% surge in benchmark SENSEX.

Kotak Mahindra Bank Ltd has lost 4.85% over last one month compared to 2.38% gain in S&P BSE BANKEX index and 1.52% rise in the SENSEX. On the BSE, 1.94 lakh shares were traded in the counter so far compared with average daily volumes of 1.96 lakh shares in the past one month. The stock hit a record high of Rs 2063 on 31 May 2023. The stock hit a 52-week low of Rs 1659 on 25 Apr 2024.

Macrotech Developers Ltd gained 2.89% today to trade at Rs 1287.7. The S&P BSE Realty Index index is up 0.3% to quote at 7600.49. The index is up 8.48 % over last one month. Among the other constituents of the index, Mahindra Lifespace Developers Ltd increased 1.14% and Brigade Enterprises Ltd added 0.46% on the day. The S&P BSE Realty Index index went up 117.76 % over last one year compared to the 22.01% surge in benchmark SENSEX.

Macrotech Developers Ltd has added 11.55% over last one month compared to 8.48% gain in S&P BSE Realty Index index and 1.52% rise in the SENSEX. On the BSE, 10538 shares were traded in the counter so far compared with average daily volumes of 28046 shares in the past one month. The stock hit a record high of Rs 1308.95 on 25 Apr 2024. The stock hit a 52-week low of Rs 440.5 on 25 Apr 2023.

Rites, a Miniratna (Category-I) Schedule 'A' public sector enterprise, is a leading player in the transport consultancy and engineering sector in India, having diversified services and geographical reach. As of 31 December 2023, the Government of India held 72.20% stake in the company.

The company?s consolidated net profit declined 14.24% YoY to Rs 120.14 crore in Q3 FY24. Revenue from operations rose marginally to Rs 682.89 crore in the quarter ended 31 December 2023 from Rs 677.34 crore posted in Q3 FY23.

The scrip rose 0.58% to end at Rs 674.25 on Wednesday, 24 April 2024.

Net interest income (NII) grew 11% YoY to Rs 13,089 crore while net interest margin (NIM) slipped 16 basis points (bps) YoY to 4.06% during the quarter.

Profit before tax in Q4 FY24 stood at Rs 9,350.39 crore as compared with pre-tax loss of Rs 3,627.98 crore recorded in Q4 FY23.

Operating profit before provisions & contingencies increased 14.92% YoY to Rs 10,535.70 crore for the quarter. The bank's provisions and contingencies zoomed to Rs 1,185.31 crore from Rs 305.77 crore posted in same quarter last year.

The bank holds cumulative provisions (standard + additional other than NPA) of Rs 12,134 crore at the end of Q4 FY24, over and above the NPA provisioning included in PCR calculations. These cumulative provisions translate to a standard asset coverage of 1.26% as on 31 March 2024. On an aggregated basis, provision coverage ratio (including specific + standard and other provisions) stood at 159% of GNPA as on March 2024.

Credit cost for the quarter ended 31 March 2024 stood at 0.32%, up by 10 basis points (bps) YoY.

The bank's gross non-performing assets (NPAs) stood at Rs 15,127.12 crore as on 31 March 2024 as against Rs 18,604.23 crore as on 31 March 2023.

The ratio of gross NPAs reduced to 1.43% as on 31 March 2024 as against 2.02% as on 31 March 2023.

The ratio of net NPAs declined to 0.31% as on 31 March 2024 as against 0.39% as on 31 March 2023.

As on 31 March 2024, the bank's provision coverage, as a proportion of gross NPAs stood at 79%, as compared to 81% as at 31 March 2023.

The fund based outstanding of standard restructured loans implemented under resolution framework for COVID-19 related stress (Covid 1.0 and Covid 2.0) declined during the quarter and as at 31 March 2024 stood at Rs 1,528 crore that translates to 0.14% of the gross customer assets. The bank carries a provision of around 20% on restructured loans, which is in excess of regulatory limits.

Gross slippages during the quarter were Rs 3,471 crore, compared to Rs 3,375 crore in Q4 FY23.

The bank's net advances grew 14% YoY to Rs 9,65,068 crore and total deposits jumped 13% YoY to Rs 10,68,641 crore as on 31 March 2024.

As on 31 March 2024, CASA deposits rose 3% YoY to Rs 4,59,401 crore while CASA deposits as % of total deposits stood at 43% as on 31 March 2024 as against 47% as on 31 March 2023.

As on March 2024, capital adequacy ratio (basel III) stood at 16.63%. Tier I was at 14.20% and Tier II at 2.43% as on 31 March 2024.

The bank's return on average assets (ROA) and Return on equity (ROE) stood at 2% and 20.35%, respectively in the quarter ended 31 March 2024.

For FY24, the bank?s net profit soared 159.52% to Rs 24,861.43 crore on 30.11% rise in total income to Rs 1,31,810.59 crore over FY23.

Axis Bank is the third-largest private sector bank in India. During the quarter, the bank added 125 branches taking its overall distribution network to 5,377 domestic branches and extension counters situated across 2,963 centres and 16,026 ATMs and cash recyclers spread across the country. The bank's Axis Virtual Centre is present across six centres with over 1,590 virtual relationship managers as on 31 March 2024.

The scrip rose 0.69% to close at Rs 1,063.70 on the BSE.