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A day before the official release of India's Gross Domestic Product (<keyword id="35050" type="General" weightage="20" keywordseo="GDP" source="Orion">GDP</keyword>) figures for <keyword id="21593310" type="General" weightage="20" keywordseo="Q1-FY25" source="keywords">Q1 FY25</keyword>, a report by <keyword id="20548750" type="General" weightage="20" keywordseo="Anand-Rathi" source="keywords" meta.keywordsubtype="org" meta.entityname="Anand Rathi" meta.hostid="261" meta.entityid="Anand Rathi">Anand Rathi</keyword> research estimates the GDP to grow by 7 per cent, primarily driven by the robust performance of the services sector. The financial advisory firm also maintains its full-year <keyword id="19972825" type="General" weightage="20" keywordseo="GDP-growth" source="keywords">GDP growth</keyword> projection at 7 per cent, though it warns of potential downside risks. Utilities GVA is expected to rise by 11.5 per cent, while the construction sector has slowed due to election-related disruptions and the impact of heat. The mining sector remains strong, supported by increased coal production. The services sector is expected to be the primary driver of GDP growth in Q1 FY25. Despite reduced <keyword id="20155204" type="General" weightage="20" keywordseo="government-spending" source="keywords">government spending</keyword> ahead of the elections, which is likely to dampen growth in some service sectors, financial, real estate, and professional services are expected to have performed well. This performance is attributed to strong market activity and credit growth. However, the trade and transport sectors present a mixed picture, with some indicators showing improvement while others remain moderate. Overall, Services Gross Value Added (GVA) is expected to grow by 8.2 per cent in Q1 FY25. As per the report, Investment was a key growth driver in FY24, fuelled by government infrastructure projects and a real estate upswing. However, the momentum appears to have slowed in Q1 FY25 due to pre-election restrictions. Despite this, the report predicts a significant rise in government capital expenditure in the coming months, supported by greater budget allocations. The report highlights the changing dynamics of private consumption in India. FY24 saw weak consumption, especially in rural areas, with final consumption expenditure growing by just 3.8 per cent. However, as FY25 begins, there are signs of a rural revival. Indicators such as increased two-wheeler sales and improving Fast-Moving Consumer Goods (FMCG) volume growth signal a rebound in rural demand. In contrast, urban demand continues to show signs of sluggishness. The muted sales of passenger vehicles, weaker retail credit transfers, and flat Goods and Services Tax (GST) collections underscore this trend. While consumption is not expected to see a significant rise in Q1 FY25, the outlook for the remainder of the year appears positive. This optimism is bolstered by anticipated higher agricultural output and sharper government focus on rural areas. The agriculture sector is expected to post a subdued growth of 2.1 per cent in Q1 FY25, affected by scorching heat and uneven rainfall last year, which led to lower reservoir levels and hindered farming activities. However, the outlook is more promising for the remainder of the fiscal year, with better rains and improved sowing conditions expected to boost agricultural output Additionally, a rebound in stamp duty collections suggests buoyant real estate sales. Private capital expenditure, which was previously subdued, is expected to expand in FY25, driven by rising capacity utilisation and strong order books. The industrial sector, which grew by 9.5 per cent in FY24, is expected to see a shift in growth drivers in Q1 FY25. The focus is now moving towards utilities and mining, with manufacturing growth slowing. While government infrastructure projects and private capital expenditure will continue to support industrial growth, the global growth slowdown poses potential risks.

Anand Rathi anticipates Q1 FY25 GDP growth at 7%, a little lower than RBI's estimate of 7.1%

New Delhi: As the earnings season for the second quarter of FY25 unfolds, <keyword id="19959986" type="General" weightage="20" keywordseo="public-sector-banks" source="keywords">public sector banks</keyword> (PSBs) are expected to see a slight dip in profits compared to the previous quarter, according to a report by <keyword id="19896146" type="General" weightage="100" keywordseo="Motilal-Oswal" source="keywords" meta.keywordsubtype="org" meta.entityname="Motilal Oswal" meta.hostid="153" meta.entityid="Motilal Oswal">Motilal Oswal</keyword>. The report estimates that PSBs' Profit After Tax (PAT) will decline by 0.6 per cent quarter-on-quarter (QoQ), while showing a stronger year-on-year (YoY) growth of 17.2 per cent. "We estimate PSBs to report moderate <keyword id="19899597" type="General" weightage="20" keywordseo="earnings-growth" source="keywords">earnings growth</keyword> of 17.2 pc YoY/ a decline of 0.6 pc QoQ in 2QFY25," the report stated. The slower pace of growth can be attributed to flat net interest margins (NIMs) and a slight increase in loan loss provisions (LLP). The <keyword id="20171160" type="General" weightage="20" keywordseo="Net-Interest-Income" source="keywords">Net Interest Income</keyword> (NII) for PSBs is expected to grow by around 6 per cent YoY, although interest margins are likely to remain under pressure. Despite these near-term challenges, the report suggests that public sector banks are on track to post a compound annual growth rate (CAGR) of 15 per cent between FY24 and FY26, pointing to sustained long-term growth. In the private sector banking space, the report forecasts mixed results for the same quarter. For private banks under the coverage, Pre-Provision Operating Profit (PPoP) is expected to grow by 12 per cent YoY and 1 per cent QoQ. However, PAT growth is predicted to be more modest, increasing by 5 per cent YoY and 0.6 per cent QoQ. "For our private bank coverage universe, we estimate a PPoP growth of 12 pc YoY/1 pc QoQ and a PAT growth of 5 pc YoY/0.6 pc QoQ in 2QFY25," the report added. Looking ahead, private sector banks are expected to experience steady profitability growth, with earnings projected to grow at a CAGR of 12.4 per cent over FY24-FY26. Overall, while both public and private sector banks may face moderate growth in the second quarter due to margin pressures and higher provisions, their long-term earnings prospects remain positive. (ANI)

Profit of public sector banks expected to decline by 0.6 percent QoQ : Motilala Oswal

<keyword id="22373997" type="General" weightage="20" keywordseo="IT-behemoth" source="keywords">IT behemoth</keyword> <keyword id="19950203" type="General" weightage="20" keywordseo="TCS" source="keywords" meta.keywordsubtype="org" meta.entityname="TCS" meta.hostid="261" meta.entityid="TCS">TCS</keyword> reported its <keyword id="22373996" type="General" weightage="20" keywordseo="Q1FY25" source="keywords">Q1FY25</keyword> results. The stock closed at Rs 3,902, down by 0.18%. The stock has offered a YTD (yield to date) of 2.39% while inching up almost 19% over the last year. The company announced an interim dividend of Rs 10/share for FY2024-25. The company reported an above-expectations growth for the quarter, while its margins remained largely in line with what the D-street had been anticipating. <h2>Strong net profits, margins</h2>On expected lines, the <keyword id="6354185" type="General" weightage="20" keywordseo="IT" source="Orion">IT</keyword> giant's net <keyword id="19933742" type="General" weightage="20" keywordseo="profit" source="keywords">profit</keyword> is down by 3.2% on a quarter-on-quarter (QoQ) basis and up by 8.7% on a YoY basis, standing at Rs 12,040 crore for this quarter. Last quarter, this figure stood at Rs 12,434 crore. The company's consolidated EBIT (earnings before interest and tax) margins stood at 24.7%, witnessing an expansion of 1.5% on a year-on-year (YoY) basis. The company's revenue jumped up by 2.2% on a quarter-on-quarter basis and a 5.4% on a YoY basis, reaching Rs 62,613 crore for April-June 2024, as opposed to Rs 61,237 crore in the quarter before. The company's PAT (<keyword id="19933742" type="General" weightage="20" keywordseo="profit" source="keywords">profit</keyword> after tax) saw a marginal dip on a QoQ basis of 3.2%, reaching Rs 120.4 billion. However, on a YoY basis, PAT saw a robust 8.7% growth. The company TCV (total contract value) or order book for the quarter dipped significantly by 37.1% to $8.3 billion, also registering a fall of 18.6% on a YoY basis. <h2>Dip in attrition, rise in employee count</h2>However, the company managed to add 5,452 employees to its workforce, as opposed to losing 1,759 employees during the previous quarter. This takes the company's total workforce to 6,06,998. Its attrition rate, at 12.1% this quarter, also came down from 12.5% from the previous quarter. Per the company, AI Cloud, Cyber Security and Enterprise Solutions led their growth this quarter. The company also saw a YoY growth (in constant currency terms) of 61.8% in its India markets, jumping from 4.9% in Q1FY24 to 7.5% in <keyword id="22373996" type="General" weightage="20" keywordseo="Q1FY25" source="keywords">Q1FY25</keyword>. The company's client base of ones worth over $100 million and $50 million increased by 3 each during the year. On the other hand, clients worth over $10 million rose by 18, and ones over $1 million inched up by 42 on a YoY basis.

TCS Q1 results 2024: Contract values, net profits take a hit as PAT, employee count sees hike

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Anand Rathi anticipates Q1 FY25 GDP growth at 7%, a little lower than RBI's estimate of 7.1%

ANI

Profit of public sector banks expected to decline by 0.6 percent QoQ : Motilala Oswal

ANI

TCS Q1 results 2024: Contract values, net profits take a hit as PAT, employee count sees hike

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