Third quarter results today: Avenue Supermarts, 5 other companies report earnings

The third day of earnings season, trailing 36 results including Nifty heavyweights Tata Consultancy Services (TCS), Infosys, HCL Technologies and Wipro, will be relatively subdued on Saturday with six companies reporting December quarter earnings. However, the Street will continue to track the results of Avenue Supermarts, the company that operates DMart retail stores.

Among other results, Gian Life Care and MRP Agro are scheduled to report quarterly earnings.

On Friday, HCL Technologies, Wipro and HDFC Life Insurance Company announced their third quarter results. HCL Tech, India’s third-largest IT company, reported consolidated net profit of ₹435 billion for the quarter ended December 2023, up 6% year-on-year. It was Rs 4,096 crore in the same period last year. An ET NOW poll of analysts had projected the revenue figure at Rs 4,096 crore. Operating revenue also increased 6% over the same period, reaching 28.446 billion rupees.

Wipro reported disappointing numbers for the quarter ended December, with consolidated net profit falling nearly 12% year-on-year to ₹2,694 crore. Consolidated revenue decreased 4.4% to 22.25 billion rupees.

HDFC Life posted a consolidated net profit of Rs 367 crore in the third quarter of FY24, up 16% from Rs 316 crore in the same period last year. Net premium income increased 6% year-on-year to Rs 15,273 crore.

Avenue Supermarts Third Quarter Results
Avenue Supermart, which owns and operates retail chain DMart, expects healthy growth in consolidated sales thanks to the addition of five stores.

Average estimates from four brokerage firms show a 17-18% increase in revenue for the quarter ended December. Meanwhile, net profit is expected to increase by about 23% compared to the previous year. The board declared an interim dividend of Rs 12 per share and fixed January 20 as the record date for the same.

Read More: DMart Q3 Results Preview: PAT May Increase 23% Year-on-Year Gross margin expansion

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