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Indian banks and IT firms set to announce Q4 2023 results

EditorAmbhini Aishwarya
Published 10/18/2023, 01:57 AM
© Reuters.

Several prominent Indian companies, including Wipro (NYSE:WIT), LTIMindtree (NS:LTIM), Persistent Systems, IndusInd Bank, and Bandhan Bank are poised to announce their quarterly results today. These reports are expected to provide a mixed picture of the country's IT and banking sectors.

Wipro's Q4 2023 projection indicates the weakest growth among top IT firms, with an anticipated revenue change ranging from a de-growth of 1% to a growth of 1%. Despite this, Kotak expects the company's net profit to rise by 11.8% YoY to ₹2,972 crore ($397 million), accompanied by a modest 1.3% YoY total sales increase to ₹22,930 crore ($3.06 billion). This is predicted to result in an EBIT margin expansion of 90 basis points QoQ or 167 bps YoY to 16%.

In contrast, LTIMindtree could witness a 7.3% YoY profit drop to ₹1,102 crore ($147 million), despite net sales growing by 7.9% YoY to ₹8,878 crore ($1.18 billion). Persistent Systems is projected to report an 11.7% YoY profit rise at ₹245.70 crore ($32.8 million) on a significant 17% sales increase at ₹2,396.80 crore ($320 million). However, it's worth noting that the company's EBIT margin is expected to contract by 153 basis points QoQ or 117 bps YoY to 13.4%, amid sluggish decision-making and elongated deal cycles.

Turning to the banking sector, Bandhan Bank's loan book has grown by 12% YoY, with Motilal Oswal predicting a profit rise of 25.9% YoY at ₹751.90 crore ($100 million). The bank's credit cost and asset quality are also improving. IndusInd Bank's Q2 profit is forecasted at ₹2,210 crore ($295 million), up by 23%, with NII rising by 17% YoY to ₹5,020 crore ($670 million) and pre-provision operating profit rising by 13.9% YoY to ₹4,008 crore ($534 million).

Additionally, Bajaj Auto's revenue is expected to grow by 6% YoY to ₹10,812 crore ($1.44 billion) due to a volume decline of 8% YoY and a better mix leading to higher average selling prices, aided by lower input costs.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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