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M&M’s Net Profit Rises 22% YoY to Rs 1,549Cr in Q4 – Top Indian Market Updates

Here are some of the major updates that could move the markets on Monday:

M&M Q4 Results: Net profit jumps 22% YoY to Rs 1,549 crore

Mahindra & Mahindra Ltd reported a 22% YoY rise in standalone net profit to Rs 1,549 crore for the quarter ended March (Q4 FY23). Its revenue also rose 31% YoY to Rs 22,571 crore during Q4 FY23. EBITDA stood at Rs 2,797 crore, up 12.4% YoY. The company’s board has announced a dividend of Rs 16.25 per equity share.

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Adani Wilmar enters whole wheat market in India

Adani Wilmar has entered the whole wheat market with its Fortune brand, offering a range of wheat varieties. The company aims to cater to selective households that prefer specific wheat varieties, ensuring superior quality and variety assurance. Adani Wilmar intends to expand its presence in high-value metro markets like New Delhi, Mumbai, Pune, Surat, and Ahmedabad, aiming to increase its market share.

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Forex reserves fall $6.1 billion to $593.48 billion

According to the Reserve Bank India (RBI), India’s foreign exchange reserves fell  $6.052 billion to $593.477 billion as on May 19, 2023. Gold reserves fell by $1.227 billion to $45.127 billion while Special Drawing Rights (SDRs) fell by $137 million to $18.276 billion. The country’s total Foreign Currency Assets (FCA) also fell by $4.654 billion to $524.945 billion.

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Reliance enters into partnership with General Mills for western snacks

Reliance Retail’s FMCG subsidiary Reliance Consumer Products Ltd (RCPL) has entered into a partnership with General Mills to enter the western snacks category. As part of the agreement, Reliance will introduce the global corn chips brand Alan’s Bugles in India, owned by General Mills. This move will position Reliance Consumer as a competitor to brands like Lays, Bingo, Balaji Wafers, and other players in the western snacks market.

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Sun Pharma Q4 Results: Net profit at Rs 1,984 crore

Sun Pharma reported a consolidated net profit of Rs 1,984.5 crore in Q4 FY23. The company reported a net loss of Rs 2,277 crore in the same period last year. Its revenue rose 12% YoY to Rs 10,726 crore during the same quarter. EBITDA stood at Rs 2,802 crore, up 19.7% YoY. The company’s board has approved a dividend of Rs 4 per equity share.

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Adani Green commissions 130 MW wind power plant in Kutchh

Adani Green’s subsidiary Adani Wind Energy Kutchh Five Ltd has commissioned a 130 MW wind power plant at Kutchh in Gujarat. The plant has a 25-year power purchase agreement with Solar Energy Corporation of India (SECI) at a rate of Rs. 2.83 per kWh. The plant will be managed by Adani Green Energy Ltd’s (AGEL) Energy Network Operation Centre (ENOC) platform.

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Grasim Q4 Results: Net profit falls 89% YoY to Rs 94 crore

Grasim reported an 89% YoY fall in standalone net profit to Rs 93.5 crore in Q4 FY23. However, its operating revenue rose 4.2% YoY to Rs 6,645.8 crore during the same quarter. EBITDA stood at Rs 426 crore, down 43.4% YoY. The company’s board has announced a dividend of Rs 10 per equity share.

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NCLAT sets aside NCLT order on Zee-Sony merger

In a relief to Zee Entertainment Enterprises Ltd (ZEEL), the National Company Law Appellate Tribunal (NCLAT) set aside the National Company Law Tribuna (NCLT) order, which directed NSE and BSE to reconsider their approval for the ZEEL-Sony merger. A two-member NCLAT bench observed that the order passed by the Mumbai bench of NCLT was against the “principle of natural justice” as it did not grant any opportunity to ZEEL to respond over the issue of Shirpur Gold Refinery, an Essel Group firm.

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SAIL Q4 Results: Net profit falls 50% YoY to Rs 1,160 crore

Steel Authority of India Ltd (SAIL) reported a 50% YoY decline in consolidated net profit to Rs 1,159.2 crore for the quarter ended March (Q4 FY23). Its revenue also fell 5.6% YoY to Rs 29,416.39 crore during Q4 FY23. The company’s board has recommended a dividend of Rs 0.50 per equity share.

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Mphasis to partner with Kore.ai

Mphasis has announced a strategic partnership with Kore.ai. The collaboration aims to enhance customer experience management and employee engagement for enterprise clients. Through the use of virtual assistants and intelligent virtual assistants (IVA), businesses in various sectors such as retail, banking, travel, insurance, and healthcare can interact more efficiently with customers. Kore.ai’s platform offers a wide range of services in multiple languages and deployment options for different enterprise businesses.

Read more here.

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Editorial

An Analysis of India’s Booming AI Industry

Three-dimensional synthesis of works, on behalf of the future of science and technology, network communications, digital age

We live in a world where intelligent computers or machines recognise and interact with human speech and objects. It can even strategise and solve problems like humans. Smartphones, banking systems, and social media platforms are able to analyse our behaviour patterns and help enhance the quality of everyday life. Self-driving or autonomous cars are finally a reality.

In this article, we explore an industry that is considered vital for India’s growing economy— the artificial intelligence (AI) industry! We shall also find out who the top players in this field are.

What Exactly is AI?

In simple terms, Artificial Intelligence (AI) is a branch of computer science that builds smart machines capable of performing tasks that typically require human intelligence. We can create algorithms (a set of rules) to classify, analyse, and draw predictions from extensive data. Thus, smart machines can learn from new data, act on it, and efficiently solve problems in our personal and professional lives. AI is capable of making decisions and performing tasks at a much faster speed with accuracy. It is essentially creating a world where human intervention is not required.

Meanwhile, Machine Learning (ML) is a division of AI wherein systems can identify patterns and link them by analyzing data made available to them.​​ Many enterprises use ML to track and understand customer behavior and operational business patterns.

AI can now drive vehicles, detect cancer cells, help with facial recognition, and even make financial decisions! Law enforcement agencies and court systems use AI. Repetitive tasks such as clerical work, invoicing, and management reporting can be automated to save time and costs. Many factories use AI-powered robots to increase productivity and improve accuracy. You may not even realise it, but AI can be found everywhere: the Google Assistant and Siri on your devices, conversational bots, email spam filters, restaurant or OTT movie recommendations, etc.

Now, let’s look at the top five companies leading the AI revolution in India:

Tata Elxsi Ltd

Tata Elxsi Ltd is a company that often goes under the radar of most investors. It is one of the leading providers of design and technology services in the world. With the help of digital technologies such as Internet of Things (IoT), Cloud, Mobility, Virtual Reality, and AI, Tata Elxsi develops smart products and services for their customers. All these applications will be used on a massive scale in the future as the world shifts toward AI and data analytics.

The Bengaluru-based firm serves the automotive, home appliances, semiconductor, media, broadcast, communications, rail, and healthcare industries. It has received considerable recognition in the fields of self-driving cars, video analytics solutions, and healthcare monitoring. In the current influencer era, Tata Elxsi has delivered AI solutions for content curation, moderation, understanding trends, and recommendation of ad insertion.

The Artificial Intelligence Centre of Excellence (AI CoE) by Tata Elxsi deals with the growing need for intelligent systems.

L&T Technology Services Ltd

L&T Technology Services (LTTS) offers engineering, research, and development services across India, North America, and Europe. The company builds automation and process control systems for factories/plants across multiple industries. Moreover, it offers cloud, Internet of Things (IoT), artificial intelligence (AI), and data analytics services.

Last year, US-based Mavenir and NVIDIA selected LTTS to accelerate the adoption of the industry’s first converged AI-on-5G. NVIDIA’s AI-on-5G is a platform that will accelerate the digital transformation of enterprises across all industries. Meanwhile, LTTS also developed an AI-based smart parking solution with Intel Corporation. 

Happiest Minds Technologies Ltd

Happiest Minds Technologies is a leading IT solutions and services provider based in Bengaluru. They offer AI, cloud, Internet of Things (IoT), blockchain, and robotics services across industries. The company uses artificial intelligence for language processing, image analytics, object identification, and video analytics to provide technology solutions. Happiest Minds also works on emerging technologies like augmented reality (AR) and virtual reality (VR). The mid-cap IT company is currently planning to acquire firms with expertise in automation and AI.

Cyient Ltd

Hyderabad-based Cyient offers geospatial, IT, and data analytics solutions in Asia, North America, and Europe. It is one of the Top 30 outsourcing companies in the world. They primarily develop and use AI for remote sensing, navigational data mapping, and other location-based services. 

Mphasis Ltd

Mphasis is an information technology solutions provider that specializes in cloud-based AI services worldwide. It offers blockchain, business process, enterprise automation, design, infrastructure, and cloud services. In July 2021, the United States Patent and Trademark Office (USPTO) awarded Mphasis a patent for its AI-driven application and infrastructure management solution. It predicts errors and failures of any application and enables preventive maintenance measures. The company also aims to expand its portfolio of AI/ML innovation in the coming years.

Conclusion

After realising its true potential, Indian enterprises have been investing heavily in artificial intelligence solutions to reduce costs and improve customer retention. Other important companies in the AI/robotics industry include Zensar Technologies Ltd, Persistent Systems Ltd, Tata Consultancy Services (TCS), and Affle India Ltd. A research report by International Data Corporation (IDC) forecasts the Indian market for AI software and hardware services to grow at a CAGR of 20.2% to a whopping $7.8 billion! Indian organisations plan to use AI extensively for customer support, IT automation, security, supply chain management, and much more. 

If developed ethically and morally, AI could contribute significantly to the betterment of society.

What are your views on the evolving AI industry in India? Let us know your views in the comments section of the marketfeed app!

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Market News Top 10 News

L&T Reports 3% YoY Rise in Net Profit in Q4 – Top Indian Market News

L&T

L&T Q4 Results: Net profit rises 3% YoY to Rs 3,293 crore

Larsen & Toubro (L&T) reported a 3% YoY increase in consolidated net profit to Rs 3,293 crore for the quarter ended March (Q4). Net profit has risen by 33% when compared to the October-December quarter (Q3 FY21). Its revenue from operations rose 9% YoY to Rs 48,088 crore in Q4 FY21. L&T’s order inflow fell 12% YoY to Rs 50,651 crore during the same period. For the financial year ended March 31, 2021 (FY21), net profit stood at Rs 11,583 crore, registering a growth of 21% YoY. The company’s board has recommended a final dividend of Rs 18 per share.

The construction arm of L&T has secured an order worth Rs 2,500-5,000 crore from Chennai Metro Rail Corporation Ltd (CMRL). The order consists of the construction of nearly 12 km Twin Bored tunnels from Kellys metro station to Taramani Road Junction station.

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Dr Reddy’s Labs Q4 Results: Net profit declines 28% YoY to Rs 554 crore

Dr Reddy’s Laboratories reported a 28% year-on-year (YoY) decline in consolidated net profit to Rs 554 crore for the quarter ended March (Q4). Its revenue rose 7% YoY to Rs 4,728 crore during the same period. The company’s sales from the North American market fell 3% YoY to Rs 1,749.1 crore. Total sales in India rose 23% YoY to Rs 844.5 crore in Q4. Its operating profit grew 13% YoY to Rs 1,133 crore during the quarter. The drugmaker’s board has approved a final dividend of Rs 25 per share.

In other news, Dr Reddy’s Labs has launched the Russian Covid-19 vaccine, Sputnik V, in India at Rs 948 per dose.

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Mphasis Q4 Results: Net profit declines 10.2% YoY to Rs 316.9 crore

Mphasis Limited reported a 10.2% YoY decline in consolidated net profit to Rs 316.9 crore for the quarter ended March (Q4). Its revenue from operations rose 7.5% YoY to Rs 2,524.2 crore during the same period. The IT firm’s total contract value (TCV) stood at $245 million (~Rs 1,795 crore) in Q4, of which 69% was in new generation services. For the financial year ended March 31, 2021 (FY21), net profit rose 2.7% YoY to Rs 1,216.8 crore. The company’s board has recommended a dividend of Rs 65 per share.

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Cipla Q4 Results: Net profit rises 68% YoY to Rs 413 crore

Cipla Limited reported a 68% YoY increase in consolidated net profit to Rs 413.4 crore for the quarter ended March (Q4). Net profit has declined by 44% when compared to the previous quarter (Q3 FY21). Its total revenue rose 5.2% YoY to Rs 4,606.45 crore during the same period. Cipla’s tax expenses jumped 50% YoY to Rs 128.2 crore in Q4. Sales from the North American market increased by 17% YoY to Rs 1,002 crore. The drugmaker’s board has approved a final dividend of Rs 5 per share.

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Alembic Pharma gets USFDA approval for bipolar depression drug

Alembic Pharmaceuticals Ltd has received final approval from the US Food & Drug Administration (USFDA) for Lurasidone Hydrochloride tablets. The drug is indicated for the treatment of major depressive episodes associated with bipolar depression. According to IQVIA data, Lurasidone Hydrochloride tablets had US sales of approximately $3.7 billion (~Rs 27,110 crore) for the twelve months ended December 2020.

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Escorts Q4 Results: Net profit jumps two-fold to Rs 285 crore 

Escorts Limited reported over a two-fold YoY jump in consolidated net profit to Rs 285.41 crore for the quarter ended March (Q4). Its revenue from operations rose 60% YoY to Rs 2,228.75 crore during the same period. Tractor sales increased by 62.1% YoY to 32,588 units in Q4. For the financial year ended March 31, 2021 (FY21), net profit rose 85% YoY to Rs 871.63 crore. The board of Escorts Ltd has approved a final dividend of Rs 5 per share and a special dividend of Rs 2.5 per share.

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Aditya Birla Capital Q4 Results: Net profit jumps 161% YoY to Rs 375 crore

Aditya Birla Capital reported a 161.1% YoY jump in consolidated net profit to Rs 375.15 crore for the quarter ended March (Q4). Its revenue from operations rose 16.2% YoY to Rs 5,586.83 crore during the same period. The overall lending book (including NBFC and housing finance) grew 2% YoY to Rs 60,557 crore during the quarter. The gross premium across Aditya Birla Capital’s life and health insurance segments rose 25% YoY to Rs 11,076 crore in Q4.

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GoAir seeks SEBI approval for Rs 3,600 crore IPO

Go Airlines India Ltd has filed a Draft Red Herring Prospectus (DHRP) with market regulator SEBI to launch an initial public offering (IPO) worth Rs 3,600 crore. Ahead of the IPO, the low-cost airline rebranded itself as ‘Go First’. The company will utilise the net proceeds from the public issue towards pre-payment or scheduled repayment of outstanding borrowings worth Rs 2,015.8 crore. It will also use the proceeds for the replacement of letter of credits, repayment of dues to Indian Oil Corp.

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Welspun India Q4 Results: Net profit rises 48% YoY to Rs 134 crore

Welspun India reported a 48.3% YoY increase in consolidated net profit to Rs 134.34 crore for the quarter ended March (Q4). Its total income for the quarter stood at Rs 2,173.46 crore. This is compared with a net income of Rs 1,664.46 crore in the corresponding quarter a year ago (Q4 FY20). The company’s board has approved the buyback of equity shares at Rs 120 per share for an aggregate amount of Rs 200 crore. Welspun India’s board has also recommended a dividend of Rs 0.15 per share.

In other news, Welspun India said it will work with Target Corporation again, almost five years after the US retail giant terminated its contract with the company over alleged lapses in labelling and marketing of Egyptian cotton products.

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Indigo Paints Q4 Results: Net profit falls 9% YoY to Rs 24 crore

Indigo Paints reported an 8.9% YoY decline in net profit to Rs 24.8 crore for the quarter ended March (Q4). Its revenue from operations rose 40.8% YoY to Rs 254.27 crore during the same period. Earnings before interest, tax, depreciation, and amortization (EBITDA) fell 7.9% YoY to Rs 42.9 crore in Q4. For the financial year ended March 31, 2021 (FY21), net profit rose 48.2% YoY to Rs 70.85 crore.

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