Bharti Airtel’s Q4 Profit Beats Expectations
One of India’s largest telecommunications companies, Bharti Airtel, has reported strong financial results for Q4 of the 2023 fiscal year. The company’s net profit rose to ₹4,257 crore ($573.7 million), beating analysts’ estimates by a significant margin. The company attributes its earnings growth to its strong customer base, which has risen by 14.38% over the year. Airtel has also reported robust revenue growth, with an increase of 10% YoY to ₹26,854 crore. The company’s mobile data usage increased by 29.1% YoY, which it says is evidence of its strong network performance.
Jindal Steel Reports Decline in Bottom Line
Jindal Steel and Power, one of India’s largest steel producers, has reported a significant drop in its net profit for Q4 of the 2023 fiscal year. The company’s bottom line fell to ₹1,096 crore ($147.8 million), down from ₹3,269 crore in the previous quarter. The decline in profits is attributed to the company’s lower revenues and higher finance costs. Jindal Steel’s total revenue for the quarter was ₹26,430 crore, a decrease of 5.5% YoY. The company’s finance costs increased by 23% YoY to ₹2,729 crore.
Strong Revenue Growth for Titan Company
Titan Company, a major Indian jewellery and watch retailer, has announced a strong financial performance for Q4 of the 2023 fiscal year. The company’s revenue increased by 66% YoY to ₹10,143 crore, thanks to a boost in demand for its products. The company’s net profit for the quarter was ₹888 crore, up from ₹424 crore in the same period last year. Titan’s strong performance is attributed to the launch of new products and expansion of its retail network.
Asian Paints Reports Record Revenue
Asian Paints, one of India’s leading paint manufacturers, has reported record revenue growth for Q4 of the 2023 fiscal year. The company’s net profit rose to ₹880 crore, up from ₹556 crore in the previous year. The company’s revenue increased by 45% YoY to ₹6,557 crore, thanks to strong demand for its products and an increase in prices. Asian Paints’ international business also performed well, with revenue increasing by 64% YoY.
Sun Pharma Reports Decline in Profit
Sun Pharmaceutical Industries, India’s largest pharmaceutical company, has reported a decline in net profit for Q4 of the 2023 fiscal year. The company’s bottom line fell to ₹1,319 crore ($177.8 million), down from ₹1,518 crore in the same period in the previous year. Sun Pharma’s lower profits are attributed to a decline in revenue and higher research and development costs. The company’s revenue for the quarter was ₹7,940 crore, a decrease of 5.6% YoY.
Summary
Bharti Airtel has reported strong Q4 financial results, with net profit of ₹4,257 crore beating analysts’ estimates. Jindal Steel’s bottom line declined to ₹1,096 crore for the quarter, while Titan Company’s revenue increased by 66%. Asian Paints also reported strong revenue growth, with net profit of ₹880 crore, a record for the company. In contrast, Sun Pharma’s net profit declined to ₹1,319 crore due to lower revenue and higher research and development costs.
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