Q4FY23 Result Updates – 19 May 2023

Dear Readers,

Welcome to our weekly company result update note. We understand the importance of staying up-to-date with the latest financial developments of the companies you have invested in. That’s why we are committed to providing you with short and insightful information about the earnings and performance of the companies in our coverage.

In addition to the weekly company result update, after the end of the earnings season, we will also be sending you a quarterly sector result review. This will give you a broader understanding of how these sectors are performing and help you make informed decisions about your investments.

SBI

	Q4FY23	% Change YoY	Comments
Advances	31,99,269	17.0%
Deposits	44,23,777	9.2%
Net Interest Income (NII)	40,392.5	29.5%	NIM at 3.84%
Gross Non-Performing Asset (GNPA)	2.78%	-118 bps
Profit after tax (PAT)	16,694.5	83.2%

Results were good on account of GNPA improvement.

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Cipla

	Q4FY23	YOY(%)	Comment
Revenue Net	5,739	9.1	Domestic formulation sales grew by 3.5% YoY
EBITDA	1,174	56.6
EBITDA Margin	20.5%	620
PAT	704	64.4

Adjusted for COVID, growth was 14% YoY led by momentum across a portfolio of the One-India business. US sales came in at $204mn. International markets grew by 7% YoY, while SAGA reported a 13% decline. API saw a decline of 3% YoY.

At Par Result.

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ITC

	Q4FY23	YoY(%)	Comments
Revenue Net	16,150	5.5	FMCG revenue grew by 19.4% to 4,945 Cr
EBITDA	6,209	18.9
EBITDA Margin	38.45%	626bps
PAT	5087	21.4

Good Result on account of increase in revenue and improvement in Margin across all segments.

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Advanced Enzyme

	Q4FY23	YOY (%)	Comment
Revenue	139	5.3	The Human Nutrition segment, which contributes ~63% to overall revenue and is even higher in terms of profit, continued to witness weakness on account of recessionary trends in the USA and inventory pile-up at the customers’ end. Ex-Human Nutrition, the portfolio grew by 13% YoY in 4QFY23.
EBITDA	44	9.5
EBITDA Margin	31.8%	122bps
PAT	32	27

At Par Result, US business to drive forward margins.

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Amber Enterprises

	Q4FY23	YOY (%)	Comment
Revenue	3003	55	Led by an uptick in demand for RAC & components coupled with new customer additions.
EBITDA	204	62.4
EBITDA Margin	6.8%	31bps	Gross margin remained flat YoY mainly due to a change in product mix. However, better operating leverage resulted in an EBITDA margin improvement
PAT	108	82.3

Good Result driven by margin improvement.

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Kajaria Ceramics

	Q4FY23	YOY (%)	Comment
Revenue ( Consolidated)	1,205	9
EBITDA	176	6
EBITDA Margin	14.60%	-46bps	Improvement in EBITDA margin of 240bps on QOQ basis on account of decline in gas prices and cost optimization initiative.
PAT	108	13

The decent result on account of easing in input costs.

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Bank of Baroda

	Q4FY23	% Change YoY	Comments
Advances	9,69,548	18.5%	International advances grew by 29.9% to 173,988 Cr
Deposits	12,03,688	15.1%
Net Interest Income (NII)	11,525	33.8%	NIM at 3.53%
Gross Non-Performing Asset (GNPA)	3.79%	-282 bps
Profit after tax (PAT)	4,775	168.4%

Results were good, with solid fundamentals on all metrics.

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Bharti Airtel

	Q4FY23	% Change YoY	Comments
Revenue	36,009	14.3%	ARPU at 193, Enterprise segment grew by 14.5% to 4,785 Cr, 7.4 Mn 4G subscribers added
EBITDA	18,806	16.6%	EBITDA margin at 52.2%
PAT	3,005	49.7%

Stable results driven by growth in subscribers & enterprise segment.

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Quess Corp Limited

Rs (Cr)	Q4FY23	YoY(%)	Comment
Revenue ( Consolidated)	4,440	17	Driven by WFM (up 16%), OAM (up 19%), and GTS (up 20%).
EBITDA	152	-18
EBITDA Margin	3.42%	-146bps	Due to investments in Product Led Business.
PAT	30	-61

At Par Result.

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Container Corporation

	Q4FY23	% Change YoY	Comments
Revenue	2,184	6.2%
EBITDA	451	8.1%	EBITDA margin at 20.6%
PAT	279	7.1%

Subpar results on account of muted EXIM volumes.

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CreditAccess Grameen

	Q4FY23	% Change YoY	Comments
Advances	21,031	26.7%
Net Interest Income (NII)	690	34.2%	NIM at 12.2%
Gross Non-Performing Asset (GNPA)	1.21%	-170 bps
Profit after tax (PAT)	296	86%

A solid set of results with improving metrics on all parameters.

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