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Shares of <keyword id="20021345" type="General" weightage="20" keywordseo="TVS-Motor-Company" source="keywords" meta.keywordsubtype="org" meta.entityname="TVS Motor Company" meta.hostid="261" meta.entityid="TVS Motor Company">TVS Motor Company</keyword> on Thursday climbed over 6 per cent after the company's consolidated <keyword id="19942166" type="General" weightage="20" keywordseo="net-profit" source="keywords">net profit</keyword> increased 15 per cent for the fourth quarter ended March 2024. The stock went up 5.73 per cent to Rs 2,121.30 on the BSE. On the NSE, it climbed 6.32 per cent to Rs 2,123. TVS Motor Company on Wednesday said its net profit increased 15 per cent to Rs 387 crore for the fourth quarter ended March 2024, riding on robust sales. The company had reported a net profit of Rs 336 crore in the January-March period of the previous fiscal. Revenue from operations rose to Rs 10,042 crore in the period under review compared with Rs 8,031 crore in the fourth quarter of FY23. In the fourth quarter, the company said its overall <keyword id="19948209" type="General" weightage="20" keywordseo="two-wheeler" source="keywords">two-wheeler</keyword> and three-wheeler sales, including exports, grew by 22 per cent to 10.63 lakh units compared to 8.68 lakh units in the same period of the 2022-23 fiscal. For the year ended on March 31, 2024, the company posted a consolidated net profit of Rs 1,686 crore as against Rs 1,329 crore a year ago. Revenue from operations rose to Rs 39,145 crore in FY24 over Rs 31,974 crore in the 2022-23 fiscal. SEE ALSO:<a href="https://www.businessinsider.in/stock-market/news/indegene-ipo-allotment-how-to-check-allotment-gmp-listing-date-and-more/articleshow/109952516.cms" target="_blank"></a> <a href="https://www.businessinsider.in/stock-market/news/indegene-ipo-allotment-how-to-check-allotment-gmp-listing-date-and-more/articleshow/109952516.cms" target="_blank">Indegene IPO allotment – How to check allotment, GMP, listing date and more</a><a href="https://www.businessinsider.in/tech/apps/news/google-wallet-launched-in-india-store-your-loyalty-cards-boarding-passes-and-more/articleshow/109941139.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/apps/news/google-wallet-launched-in-india-store-your-loyalty-cards-boarding-passes-and-more/articleshow/109941139.cms" target="_blank">Google Wallet launched in India – store your loyalty cards, boarding passes and more</a><a href="https://www.businessinsider.in/business/auto/webstories/top-selling-cars-in-india-in-april-2024-tata-punch-continues-to-dominate/slidelist/109909744.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/auto/webstories/top-selling-cars-in-india-in-april-2024-tata-punch-continues-to-dominate/slidelist/109909744.cms" target="_blank">Top-selling cars in India in April 2024 – Tata Punch continues to dominate</a>

TVS Motor shares climb over 6% after March quarter earnings

Private sector lender <keyword id="19952948" type="General" weightage="20" keywordseo="Axis-Bank" source="keywords" meta.keywordsubtype="org" meta.entityname="Axis Bank" meta.hostid="261" meta.entityid="Axis Bank">Axis Bank</keyword> on Wednesday reported a net profit of Rs 7,129 crore for the fourth quarter ended March 31, 2024. The bank had reported a net loss of Rs 5,728 crore in the March quarter of 2022-23 fiscal. Total income rose to Rs 35,990 crore in the March quarter of 2023-24 fiscal, from Rs 28,758 crore in the year-ago period. The bank's Net Interest Income (NII) grew 11 per cent Year-on-Year (YoY) to Rs 13,089 crore. For 2023-24 fiscal, the net profit jumped 160 per cent to Rs 24,861 crore. The numbers for the March quarter of 2022-23 fiscal and the full fiscal include the impact of exceptional items relating to the <keyword id="19941660" type="General" weightage="20" keywordseo="citibank" source="keywords">Citibank</keyword> business acquisition, Axis Bank said. Its balance sheet grew 12 per cent YoY to Rs 14,77,209 crore as on March 31, 2024. The bank issued 1.24 million new credit cards in the March quarter of FY24 and has been one of the highest credit card issuers in the country over the last nine quarters, Axis Bank said in a regulatory filing. The bank's board has recommended a dividend of Re 1 per equity share of the face value of Rs 2 per equity share for FY24. Shares of Axis Bank settled at Rs 1,063.70 apiece, up 0.69 per cent over the previous close on the BSE. SEE ALSO:<a href="https://www.businessinsider.in/tech/mobile/news/realme-narzo-70-narzo-70x-5g-smartphones-launched-in-india-starting-at-11999/articleshow/109557895.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/news/realme-narzo-70-narzo-70x-5g-smartphones-launched-in-india-starting-at-11999/articleshow/109557895.cms" target="_blank">Realme Narzo 70, Narzo 70X 5G smartphones launched in India starting at ₹11,999</a><a href="https://www.businessinsider.in/tech/news/gigabyte-aorus-co49dq-49-inch-qd-oled-144hz-curved-gaming-monitor-launched-in-india/articleshow/109563798.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/news/gigabyte-aorus-co49dq-49-inch-qd-oled-144hz-curved-gaming-monitor-launched-in-india/articleshow/109563798.cms" target="_blank">GIGABYTE AORUS CO49DQ 49-inch QD-OLED 144Hz curved gaming monitor launched in India</a><a href="https://www.businessinsider.in/tech/news/apple-let-loose-event-scheduled-for-may-7-ipads-expected-to-be-launched/articleshow/109553148.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/news/apple-let-loose-event-scheduled-for-may-7-ipads-expected-to-be-launched/articleshow/109553148.cms" target="_blank">Apple Let Loose event scheduled for May 7 – New iPad models expected to be launched</a>

Axis Bank posts net profit of ₹7,129 cr in March quarter

<ul><li>Last April, BPCL and other state fuel retailers froze retail petrol and diesel prices to cushion domestic consumers from rising international oil prices. </li><li>That freeze led to the three retailers suffering heavy losses in not just April-June 2022 but also in the subsequent quarter. </li><li>The consolidated net profit of ₹ 10,644.30 crore in April-June compared to a net loss of ₹ 6,147.94 crore in the same period last year. </li></ul>State-controlled <keyword id="155363" type="General" weightage="20" keywordseo="bharat-petroleum-corporation-ltd" source="Orion">Bharat Petroleum Corporation Ltd</keyword> (BPCL) on Wednesday reported a net profit of ₹ 10,644 crore in the June quarter as a freeze on the retail selling price of petrol and diesel despite a fall in oil prices helped turn around fuel marketing margins. The consolidated net profit of ₹ 10,644.30 crore in April-June (first quarter of current 2023-24 fiscal year) compared to a net loss of ₹ 6,147.94 crore in the same period last year, according to a company's filing with the stock exchanges. The earning in the first quarter was 55 % higher than the net profit of ₹ 6,870.47 crore in the preceding January-March quarter. In early April last year, BPCL and other government-owned fuel retailers - Indian Oil Corporation (<keyword id="6354733" type="General" weightage="20" keywordseo="ioc" source="Orion">IOC</keyword>) and Hindustan Petroleum Corporation Ltd (<keyword id="6362419" type="General" weightage="20" keywordseo="hpcl" source="Orion">HPCL</keyword>) - froze retail petrol and diesel prices to cushion domestic consumers from rising international oil prices. That freeze led to the three retailers suffering heavy losses in not just April-June 2022 but also in the subsequent quarter. Margins on petrol and diesel turned positive following softening of international oil prices in the June quarter, but rates were not revised, and the companies recouped losses they incurred last year. The fall in oil prices meant that revenue from operations for BPCL dipped 7 % to ₹ 1.28 lakh crore. The company earned $12.64 on turning every barrel of crude oil into fuel during the quarter ended June 30 against a gross refining margin (GRM) of $27.51 per barrel in the same period last year, the filing said. BPCL also accounted for a ₹ 24.51 crore foreign exchange gain against a forex loss of ₹ 962.53 crore in April-June 2022. Its EBITDA rose 41.8 % quarter-on-quarter to ₹ 15,809.7 crore in April-June. The profit BPCL reported in April-June is multiple times higher than the total net profit of ₹ 2,892.34 crore in the full 2022-23. Freeze on petrol and diesel prices IOC, BPCL and HPCL temporarily abandoned the daily price revision last year and have not revised petrol and diesel prices in line with the cost. And the losses they incurred when the oil prices were higher than the retail selling prices are recouped with rates dropped. Officials said the three firms have been making positive margins on petrol since the fourth quarter of the 2022 calendar year but diesel, which accounts for the bulk of the fuel sales, had been in red. But in May, margins on diesel turned positive with a small 50 paise a litre profit, they said. International oil prices had spiked to $139 per barrel in March 2022 in the aftermath of the Russia-Ukraine war. They cooled to $75 during May-June. At peak, oil firms lost ₹ 17.4 per litre on petrol and ₹ 27.7 a litre on diesel. In the October-December quarter, oil firms earned ₹ 10 a litre margin on petrol but lost ₹ 6.5 on diesel. In the following quarter, the margins on petrol moderated to ₹ 6.8 a litre while diesel earned ₹ 0.5 per litre. Officials said oil prices have firmed up this month, and the basket of crude oil that India buys has averaged $79.37 per barrel so far, making a reduction in rates difficult. Holding prices when input cost was higher than retail selling prices led to the three firms posting net earnings loss. They posted a combined net loss of ₹ 21,201.18 crore during April-September despite accounting for ₹ 22,000 crore announced but not paid LPG subsidy. International oil prices have been turbulent in the last couple of years. It dipped into the negative zone at the start of the pandemic in 2020 and swung wildly in 2022 -- climbing to a 14-year high of nearly $140 per barrel in March 2022 after Russia invaded Ukraine before sliding on weaker demand from top importer China and worries of an economic contraction. But, for a nation that is 85 % dependent on imports, the spike meant adding to already firming inflation and derailing the economic recovery from the pandemic. So, the three fuel retailers, who control roughly 90 % of the market, froze petrol and diesel prices for the longest duration in at least two decades. They stopped daily price revision in early November 2021 when rates across the country hit an all-time high, prompting the government to roll back a part of the excise duty hike it had effected during the pandemic to take advantage of low oil prices. The freeze continued into 2022 but the war-led spike in international oil prices prompted a ₹ 10 a litre hike in petrol and diesel prices from mid-March before another round of excise duty cut rolled back all of the ₹ 13 a litre and ₹ 16 per litre increase in taxes on petrol and diesel effected during the pandemic. That followed the current price freeze that began on April 6, which still continues. (With inputs from PTI)

BPCL swings to profit of ₹10,644 cr in Q1 aided by freeze on retail selling prices

<ul><li>It seems like a foregone conclusion that the demand for cars may take much longer to recover.</li><li>However, M&amp;M makes a fourth of its revenue from farm equipment like tractors and their sales continue to be strong, relatively.</li><li>The Jan-March quarter was marred by the transition to the new BSVI emission norms even before the pandemic took its toll.</li></ul>One of India’s largest automakers Mahindra &amp; Mahindra is all set to announce its fourth-quarter results today (June 11) for the quarter ending March 2020. Although the coronavirus lockdown period was just for one week in the relevant period, it is already known that the automaker saw a steep 52% decline in sales due to bad market sentiment. <a href="https://auto.economictimes.indiatimes.com/news/automotive/farm-equipment/mahindra-tractor-sales-up-2-at-24017-units-in-may/76130916">Reliance Securities</a>, a broking firm, expects the automaker to report 67% fall in its consolidated net profit. <div type="image" title="Copy of Mahindra" msid="76332742" hostid="261"></div> Double whammy for automakers After a year of subdued sales, auto <keyword id="22917" type="CITY" weightage="20" keywordseo="Companies">companies</keyword> in India were looking forward to recovering in 2020. Manufacturers were being forced to up the emission standards to BS-VI by regulators, and buyers were waiting for the new models to hit the street. But then came the coronavirus pandemic and as markets shut down across the world. <div type="image" title="Mahindra sales" msid="76332756" hostid="261"></div> Mahindra’s Chief Executive Officer of automotive division Veejay Ram Nakra earlier said, “Our performance in March has been muted on account of the impact of the current lockdown related to COVID-19 and the disruption in our BS-VI ramp-up plan. The latter was planned between February and March but was affected due to the challenges of parts supply from global and local suppliers. We have been able to clear our BS-IV inventory, but for fewer than 100 vehicles. However, there are many vehicles that are sold, but not yet registered because of the closure of RTOs.” Better than peers Although, in comparison to its peers, the company has seen a speedy recovery— all thanks to its advantage of being India’s largest tractor maker. According to the Q4 results of March 2019, the company’s farm equipment like tractors segment contributes more than 25% of the total revenue, which has held in good stead as the government allowed farming to resume sooner than other sectors. <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Stock </td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Growth since Dec 31 </td></tr><tr><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Bajaj Auto </td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-15% </td></tr><tr><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">TVS Motor </td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-30% </td></tr><tr><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Eicher Motor </td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-27% </td></tr><tr><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">M&amp;M </td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-10.92% </td></tr></tbody></table> The share price declined over 46% since the beginning of the fourth quarter, till March 31. However, since then, the share price has been on a positive trajectory and recovered almost 66%. All eyes on the road ahead The company said the timely relaxation of the lockdown for the agricultural sector helped the company to ensure the speedy recovery of tractor demand during May. Although, the total tractor sales for the company declined 1% and stood at 24,341 units, as against 24,704 units May last year, any company would settle for it in the current context. Investors hope that the management commentary will remain bullish at least for the tractors segment, as the outlook for cars seems to be a foregone conclusion as estimates, from ratings agency Crisil to the one <a href="https://www.businessinsider.in/business/auto/news/tata-motors-maruti-and-hyundai-offer-discounts-on-cars/articleshow/76324233.cms">from dealers association</a>, signal nearly a 25% drop in sales this year. The rural sales are expected to drive the company out of the coronavirus woes as <a href="https://www.livemint.com/market/mark-to-market/why-hero-motocorp-is-better-poised-than-peers-to-ride-out-of-the-lockdown-11590513678550.html">analysts</a> think the impact of the pandemic has been relatively less outside the big cities like Mumbai, Delhi, Chennai and Bengaluru. SEE ALSO: <a href="https://www.businessinsider.in/business/auto/news/tata-motors-maruti-and-hyundai-offer-discounts-on-cars/articleshow/76324233.cms" data-type="tilCustomLink">After Maruti and Hyundai, Tata Motors offers discounts as car makers get squeezed between slow sales and slower registrations</a> <a href="https://www.businessinsider.in/business/auto/news/hero-motocorp-profit-revenue-growth-for-q4-january-and-march-2020/articleshow/76287084.cms" data-type="tilCustomLink">Hero Motocorp share price plummets 2% after its lowest profit in at least the last six quarters</a> <a href="https://www.businessinsider.in/business/corporates/news/may-monthly-auto-sales-data-for-maruti-suzuki-hyundai-mahindra-tvs-and-royal-enfield/articleshow/76148078.cms" data-type="tilCustomLink">Maruti Suzuki, Hyundai and others see sales plunge by 80% in May with exports taking a massive hit during the lockdown</a>

Mahindra & Mahindra investors hope tractors will save the day⁠— and the year

<ul><li>Tata Motors stock is the top gainer on the 50-stock Nifty50 index after its March-quarter update that showed recovery in the reeling <keyword id="45218" type="General" weightage="20" keywordseo="jlr" source="Orion">JLR</keyword> volumes.</li><li>Analysts have lauded the automaker’s improvement in sales, highlighting better chip supply and better-than-expected booking run rate for JLR.</li><li>Global sales for <keyword id="6354362" type="General" weightage="20" keywordseo="jaguar-land-rover" source="Orion">Jaguar Land Rover</keyword> (JLR) stood at 1.07 lakh vehicles for the March quarter, with Jaguars accounting for 15,499 units and Land Rovers for 91,887 units.</li></ul>Shares of Tata Motors rose on Monday after the automaker’s global wholesale vehicle sales recorded an 8% on-year growth for the March quarter despite high inflation and rising borrowing costs, topping analysts’ expectations. Global sales for Jaguar Land Rover (JLR) stood at 1.07 lakh vehicles for the March quarter, with Jaguars accounting for 15,499 units and Land Rovers for 91,887 units. Shares of Tata Motors were the top gainers on the 50-stock Nifty50 index after its March quarter update that showed recovery in the reeling JLR volumes. Analysts have lauded the automaker’s improvement in sales highlighting better chip supply and a better-than-expected booking run rate for JLR. “All three businesses of Tata Motors are in a recovery mode. While the India CV (commercial vehicles) business will see a cyclical recovery, the India PV (passenger vehicles) business is seeing a structural recovery. JLR is also witnessing a cyclical recovery, supported by a favourable product mix,” said analysts at Motilal Oswal. “However, supply-side issues will delay the recovery process. While there will be no near-term catalysts from the JLR business, the recovery in the India business (~50% of the sum of the parts (SoTP) will continue,” added the report. Adding to the investor cheer, in March, the automaker sold 46,847 cars, overtaking rival Hyundai in the domestic passenger vehicle sales segment. In comparison, Hyundai sold 45,703 cars during the same month. Tata Motors registered a 27% on-year increase in passenger vehicles sales for March, far ahead of Hyundai, which registered a growth of 4.4%. The former increased its market share to 13.39% in FY23 while the latter’s market share fell to 14.51%. “We expect the demand for personal vehicles to remain robust with the trend of electrification further strengthening,” said Shailesh Chandra, MD, Tata Motors Passenger Vehicles. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Brokerage house </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Rating </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Target price </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Nomura </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Buy </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹508 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">CLSA </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Buy </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹544 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">JP Morgan </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Neutral </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹438 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">BoFA </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Buy </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹475 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Goldman Sachs </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Buy </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹550 </td></tr></tbody></table> Goldman Sachs has upgraded its rating on Tata Motors to Buy while raising the target price to ₹550 from ₹480 to factor in an improving volume outlook at JLR. It has also raised its FY24-25 EBITDA estimates by 15%/16% while saying that the market was underestimating JLR’s EBIT margin potential. EBITDA stands for earnings before interest, taxes, depreciation and amortisation while EBIT is earnings before interest and taxes. Tata Motors stock flies high with 17% gains in 2023 so far Besides, the stock has been on an uptrend this year because of its growing auto sales – shares of Tata Motors have surged 17% in 2023 so far. The automaker has been in a recovery mode since the December quarter when it <a href="https://www.businessinsider.in/business/corporates/news/tata-motors-in-top-gear-reports-net-profit-of-2958-crore-in-q3-its-first-after-seven-quarters/articleshow/97319081.cms">reported a profit for the first time </a>after seven quarters of losses. Adding to it, the auto industry has recently hiked prices of vehicles from the start of the new fiscal year. Typically, automakers hike prices of vehicles effective from April 1. This time, the price hikes are led by high inflation and regulatory requirements. Along with Tata Motors other automakers including Maruti Suzuki, Honda and Hero MotoCorp have increased prices of their vehicles to comply with new regulatory norms required for a cleaner environment. The Indian auto industry has geared up to meet the stricter emission norms under phase two of the BSVI standards. From April 1, vehicles will need to have an onboard diagnostic (OBD2) device to monitor the real-time driving emission levels to meet the stricter emission norms. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/telecom/news/telecom-companies-q4-revenue-likely-to-moderate-due-to-lack-of-significant-tariff-hikes/articleshow/99368163.cms">Telecom companies’ Q4 revenue likely to moderate due to lack of significant tariff hikes</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/auto/news/tata-motors-overtakes-hyundai-as-indias-second-largest-car-maker-in-march/slidelist/99300135.cms">Tata Motors overtakes Hyundai as India's second largest car maker in March</a>

Tata Motors rallies nearly 8% on strong JLR sales in March quarter; Analysts bullish with an eye on margins

<ul class="summary-list"><li>Is AI going to make tech firms big returns? Investors will soon find out.</li><li>This week, Amazon, Apple, Meta, and Microsoft all report earnings.</li></ul>For a while now, AI stocks have seemingly had the ability to defy gravity. We're about to find out if they can do that for much longer.This week, tech companies central to the generative AI boom, including Amazon, Apple, Microsoft, and Meta, report earnings at a time when the market rally they've helped drive teeters on the brink of a correction.In recent weeks, US markets have suffered, with the S&amp;P 500 enduring its worst day since 2022. The tech-heavy Nasdaq-100 was also down, off the back of quarterly results from Tesla and Google parent company Alphabet that suggested AI was far from delivering returns that match the hype.Tesla, which has delayed its reveal of AI-enabled robotaxis to October, reported a <a target="_blank" class="" href="https://www.businessinsider.com/tesla-stock-tsla-earnings-call-report-live-updates-2024-7">45% slump in net income to $1.47 billion</a> in its latest quarter, falling well short of analyst expectations.<a target="_blank" class="" href="https://www.businessinsider.com/ai-hype-train-profits-valuations-startups-google-openai-2024-7">Google</a>, on the other hand, reported a 13.5% year-on-year quarterly revenue jump to $84.7 billion, but its chief executive Sundar Pichai left investors guessing how much of its huge capital expenditure on AI chips, data centers, and more was translating into returns.If its Big Tech peers also struggle to tell investors that AI isn't just sucking up cash, we might see the AI rally lose some steam.<h2 id="da00f2f0-7b49-463b-82f1-131872f77c0f">AI hype faces a major test</h2>The rationale behind why AI stocks have been able to defy gravity is pretty simple.Companies across Silicon Valley directing the vast majority of their time, resources, and investment toward generative AI have talked up the technology as something that will shake up the lives of industries and consumers for the better.Nvidia CEO Jensen Huang, whose company's chips help power the large language models behind AI applications like ChatGPT, <a target="_blank" href="https://blogs.nvidia.com/blog/computex-2024-jensen-huang/">said last month</a> that "generative AI is reshaping industries and opening new opportunities for innovation and growth."Meanwhile, when Apple revealed its AI platform, Apple Intelligence, last month, its CEO Tim Cook described it as a <a target="_blank" href="https://affiliate.insider.com?h=804def9144f599c5965dbb0cf332c4fd34e1f082c05c222f714b273805d0e77c&amp;postID=66a789d86550c8ac4ef37be1&amp;postSlug=big-tech-meta-microsoft-google-ai-earnings-investor-2024-7&amp;site=bi&amp;u=https%3A%2F%2Fwww.apple.com%2Fuk%2Fnewsroom%2F2024%2F06%2Fintroducing-apple-intelligence-for-iphone-ipad-and-mac%2F">"new chapter in Apple innovation"</a> that will "transform what users can do with our products — and what our products can do for our users."For some time, investors have bought this kind of rhetoric. Since March, gains in the S&amp;P 500 have been driven by chip firms like Nvidia and the so-called "Fab Five" AI Big Tech stocks, including Alphabet, Amazon, Apple, Microsoft, and Meta.They have done so while acknowledging that AI is an expensive technology to develop. The costs of infrastructure and research are heavy, as Google attested to last week as it reported capital expenditure in its last quarter almost doubled year-on-year to $13 billion.But heavy expenditure without any signs of returns on the horizon won't cut it for much longer, as Google could also attest to.In Amazon's case, that will mean showing some positive noise and substance around its work on its own AI chips, called Trainium, as well as growth in its cloud business integral to customers who need computing power to train AI models.Apple will face less pressure as the impact of Apple Intelligence on sales of iPhones, iPads and Macs will only start to come to light once the AI platform begins its rollout towards the end of this year.Meta's Mark Zuckerberg will likely face questions again about the company's AI spend, as he did at its last earnings, after raising guidance for the year's capital expenditure from around $37 billion to $40 billion.Microsoft's Satya Nadella, which as invested billions of dollars into its partnership with OpenAI, will also face questions about how its AI tools like Copilot are fairing. There are strong expectations among some that tech firms will generate returns in the long run. In a research note last week, Wedbush analyst Dan Ives wrote that while the sell-off last week was "brutal," this was "not the end of this tech bull run."That may be so, but there's no denying that tech firms are spending a lot of money in the name of AI. Those betting big on them will want to see that investment pay off sooner rather than later.

Big Tech is preparing to report its earnings. The results could make or break the AI rally.

<keyword id="19947542" type="General" weightage="20" keywordseo="One-97-Communications" source="keywords" meta.keywordsubtype="org" meta.entityname="One 97 Communications" meta.hostid="261" meta.entityid="One 97 Communications">One 97 Communications</keyword>, that operates popular fintech brand <keyword id="19898109" type="General" weightage="20" keywordseo="Paytm" source="keywords" meta.keywordsubtype="org" meta.entityname="Paytm" meta.hostid="261" meta.entityid="Paytm">Paytm</keyword>, reported a 25 per cent rise in revenue at Rs 9,978 crore in the just concluded financial year 2023-24. The company attributed the growth to GMV growth, device additions, and growth in the financial services distribution business. Since its IPO, when the company went public, it for the first full year EBITDA before ESOP profitability of Rs 559 crore, its earnings results released Wednesday showed. In the January-March quarter, however, Paytm reported a revenue of Rs 2,267 crore, a modest decline of 3 per cent year-on-year. "In Q4 FY 2024, we had lower marketing spends, as we paused most of the user growth spending in the month of February and March. We expect to reinvest in these areas in the coming financial year," Paytm informed stock exchanges. "While we experienced a financial impact in Q4 due to the above disruptions, the full financial impact will be seen in Q1 FY 2025." Paytm says it is confident of seeing meaningful improvement starting from Q2 2024-25, based on restarting certain paused products and achieving steady growth in operating metrics. In Q1 of the current fiscal, its focus will be on acquiring new merchants, reactivation of inactive merchants, and redeployment of devices from inactive merchants to new merchants. "While there will be a smaller net addition of device merchants in Q1 FY 2025, we expect net additions to improve from thereon and recover to past trendlines by Q3 FY 2025." Its revenue from payment services were up 26 per cent to Rs 6,235 crore; net payment margin was up 50 per cent to Rs 2,955 crore; gross merchandise value (GMV) up 39 per cent to Rs 18.3 lakh crore. Merchant paying subscriptions for devices have reached 1.07 crore as of March 2024, an increase of 39 lakh. Revenue from financial services and others up 30 per cent to Rs 2,004 crore; value of loans distributed was up 48 per cent to Rs 52,390 crore. Further, Paytm said that the active rate and per device subscription revenue has been impacted. Merchant subscription revenue in Q4 was Rs 90 per device per month and it expects it to bottom out at Rs 80 in Q1, post which it should increase towards Rs 100 by Q4 of the current fiscal. "We continue to address our merchants' needs through innovative product launches and are backed by a large distribution and service network. We recently launched two more "Made in India" soundboxes which are customized to the needs of our merchants, with louder speakers and longer battery life." SEE ALSO:<a href="https://www.businessinsider.in/stock-market/webstories/awfis-space-solutions-ipo-price-band-to-risk-factors-all-you-need-to-know/slidelist/110305597.cms" target="_blank"></a> <a href="https://www.businessinsider.in/stock-market/webstories/awfis-space-solutions-ipo-price-band-to-risk-factors-all-you-need-to-know/slidelist/110305597.cms" target="_blank">Awfis Space Solutions IPO – Price band to risk factors, all you need to know</a><a href="https://www.businessinsider.in/sports/webstories/rajasthan-royals-vs-royal-challengers-bengaluru-head-to-head-record-key-players-and-more/slidelist/110298325.cms" target="_blank"></a> <a href="https://www.businessinsider.in/sports/webstories/rajasthan-royals-vs-royal-challengers-bengaluru-head-to-head-record-key-players-and-more/slidelist/110298325.cms" target="_blank">Rajasthan Royals vs Royal Challengers Bengaluru: head-to-head record, key players and more</a><a href="https://www.businessinsider.in/tech/news/indias-pc-market-grows-by-2-6-in-q1-2024-recording-third-consecutive-quarter-with-growth/articleshow/110292150.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/news/indias-pc-market-grows-by-2-6-in-q1-2024-recording-third-consecutive-quarter-with-growth/articleshow/110292150.cms" target="_blank">India's PC market grows by 2.6% in Q1 2024, recording third consecutive quarter with growth</a>

Paytm registers 25% growth in revenue at ₹9,978 crore in 2023-24

Quick service restaurant operator <keyword id="20376663" type="General" weightage="20" keywordseo="Devyani-International" source="keywords">Devyani International</keyword> Ltd on Tuesday reported a consolidated net loss of Rs 48.95 crore in the fourth quarter ended March 31, 2024, impacted by forex translation loss due to the devaluation of Nigerian currency. The company had posted a consolidated net profit of Rs 59.88 crore in the fourth quarter of the previous fiscal, Devyani International said in a regulatory filing. Consolidated revenue from operations during the quarter under review stood at Rs 1,047.08 crore as against Rs 754.98 crore in the corresponding period a year ago, it added. Total expenses were higher at Rs 1,057.32 crore as compared to Rs 724.77 crore in the year-ago quarter, it added. During the quarter ended March 31, 2024, and the year ended March 31, 2024, due to significant devaluation of the Nigerian currency, the Nigerian subsidiary of the group has recognised Rs 42.37 crore and Rs 89.7 crore devaluation impact on account of translation loss of USD denominated liabilities in Nigerian subsidiary's financial information as at March 31, 2024, and year ended March 31, 2024, respectively, the filing said. "Considering the significance of the amount involved, the said exchange translation loss has been presented as an "exceptional item" in consolidated financial results of the group," it said. Devyani International Ltd (DIL) is the largest franchisee for <keyword id="20506161" type="General" weightage="20" keywordseo="Yum-Brands" source="keywords" meta.keywordsubtype="org" meta.entityname="Yum Brands" meta.hostid="261" meta.entityid="Yum Brands">Yum Brands</keyword> (KFC and Pizza Hut) in India. It is also the sole franchisee for Costa Coffee Brand and stores in India. Besides, it also has the South Indian vegetarian chain Vaango. For the fiscal ended March 31, 2024, the consolidated net loss was at Rs 9.65 crore. The company had posted a consolidated net profit of Rs 262.51 crore in the year ended March 31, 2023, according to the filing. In FY24, consolidated revenue from operations was at Rs 3,556.32 crore as against Rs 2,997.72 crore in FY23. "In 2024, we have diligently focused on our strategic expansion goals. Over the course of the year, we opened 256 new stores, including 47 in the fourth quarter. As of March 31, our total store count has reached 1,782, including the 283 KFC stores we acquired in Thailand on January 18, 2024," Devyani International Chairman Ravi Jaipuria said. He said alongside the global expansion, the company has also been working on a strategy to enhance its domestic footprint of the food courts business in response to India's emergence as a major destination for travel, tourism, and shopping. "The domestic travel market is picking up very well and we are seeing religious tourism as one of the important thrust areas. India is also gaining importance in the international markets for medico tourism and a value-for-money shopping destination," Jaipuria said. DIL said the investments in infrastructure and the revitalisation of the travel and tourism sector augur well for the quick service restaurant (QSR) industry. "The outlook for India in 2024 appears optimistic, and DIL is well poised to seize the opportunity presented by this favourable trend," it said. The company said its board has approved the appointment of Kamaljit Singh Bedi as CEO - Institutional Business and New Business Ventures with effect from May 14, 2024. SEE ALSO:<a href="https://www.businessinsider.in/tech/news/chatgpt-maker-openai-has-launched-gpt-4o-a-new-ai-voice-assistant/articleshow/110112039.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/news/chatgpt-maker-openai-has-launched-gpt-4o-a-new-ai-voice-assistant/articleshow/110112039.cms" target="_blank">ChatGPT maker OpenAI has launched GPT-4o, a new AI voice assistant</a><a href="https://www.businessinsider.in/tech/news/google-i/o-event-today-how-to-watch-and-what-to-expect/articleshow/110105611.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/news/google-i/o-event-today-how-to-watch-and-what-to-expect/articleshow/110105611.cms" target="_blank">Google I/O event today – how to watch and what to expect</a><a href="https://www.businessinsider.in/tech/mobile/news/oneplus-nord-ce-4-lite-to-launch-soon-in-india-expected-price-specs-and-everything-we-know-so-far/articleshow/110076267.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/news/oneplus-nord-ce-4-lite-to-launch-soon-in-india-expected-price-specs-and-everything-we-know-so-far/articleshow/110076267.cms" target="_blank">OnePlus Nord CE 4 Lite to launch soon in India – expected price, specs and everything we know so far</a>

Devyani International posts net loss of ₹48.95 crore in Q4

<keyword id="20326515" type="General" weightage="20" keywordseo="Pidilite-Industries" source="keywords" meta.keywordsubtype="org" meta.entityname="Pidilite Industries" meta.hostid="261" meta.entityid="Pidilite Industries">Pidilite Industries</keyword>, which makes adhesives, sealants and construction chemicals, has reported a 6.44 per cent rise in consolidated profit after tax to Rs 304.28 crore in the fourth quarter ended March 2024. The company posted a consolidated Profit After Tax (PAT) of Rs 285.86 crore in the same quarter last year. For the full 2023-24 fiscal, its PAT stood at Rs 1,747 crore, which was 36 per cent higher compared to a year ago. Addressing an earnings call on Wednesday, the company's Managing Director Bharat Puri shared that the full-year revenue was underpinned by distribution expansion supply chain and digital initiatives. The company's total income for the quarter under review rose to Rs 2,950.73 crore as against Rs 2,712.07 crore a year ago, according to a regulatory filing. However, its total expenses also rose to Rs 2,450.87 crore in the January-March period from Rs 2,318,09 crore in the corresponding quarter of the previous fiscal. For the full financial year 2023-24, the company's total income stood at Rs 12,522.64 crore as against Rs 11,848.71 crore in the previous fiscal. Puri informed that the company incurred a loss of nearly Rs 72 crore shown as an exceptional item in the consolidated results released in a regulatory filing on Tuesday evening on account of divestment of its Brazilian subsidiary. SEE ALSO:<a href="https://www.businessinsider.in/tech/mobile/news/google-has-silently-launched-the-pixel-8a-in-india-starting-at-52999/articleshow/109937286.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/news/google-has-silently-launched-the-pixel-8a-in-india-starting-at-52999/articleshow/109937286.cms" target="_blank">Google has quietly launched the Pixel 8a in India starting at ₹52,999</a><a href="https://www.businessinsider.in/tech/apps/news/google-wallet-launched-in-india-store-your-loyalty-cards-boarding-passes-and-more/articleshow/109941139.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/apps/news/google-wallet-launched-in-india-store-your-loyalty-cards-boarding-passes-and-more/articleshow/109941139.cms" target="_blank">Google Wallet launched in India – store your loyalty cards, boarding passes and more</a><a href="https://www.businessinsider.in/stock-market/webstories/tbo-tek-ipo-company-details-to-risk-factors-all-you-need-to-know/slidelist/109946929.cms" target="_blank"></a> <a href="https://www.businessinsider.in/stock-market/webstories/tbo-tek-ipo-company-details-to-risk-factors-all-you-need-to-know/slidelist/109946929.cms" target="_blank">TBO Tek IPO – Company details to risk factors, all you need to know</a>

Pidilite Industries Q4 profit rises to ₹304 crore

Air conditioning and <keyword id="17833175" type="General" weightage="20" keywordseo="engineering-services" botkeyword="" source="Denny">engineering services</keyword> provider <keyword id="21567326" type="General" weightage="20" keywordseo="Voltas-Ltd" botkeyword="" source="Denny" meta.keywordsubtype="org" meta.entityname="Voltas Ltd" meta.hostid="153" meta.entityid="Voltas Ltd">Voltas Ltd</keyword> on Tuesday reported a 22.75 per cent decline in <keyword id="20203162" type="General" weightage="20" keywordseo="consolidated" botkeyword="" source="Denny">consolidated</keyword> <keyword id="17985868" type="General" weightage="20" keywordseo="net-profit" botkeyword="" source="Denny">net profit</keyword> to Rs 110.64 crore in the fourth quarter ended March 31, 2024, impacted by higher <keyword id="18067946" type="General" weightage="20" keywordseo="expenses" botkeyword="" source="Denny">expenses</keyword>. The company had posted a consolidated net profit of Rs 143.23 crore in the same period previous fiscal, <keyword id="6354999" type="DOMAIN" weightage="20" keywordseo="voltas" botkeyword="" source="ET" sourcekeytype="COMPANY" meta.keywordsubtype="EQ" meta.aliasname="voltas" meta.entityname="Voltas Ltd." meta.entityid="12815" meta.seoname="voltas-ltd">Voltas</keyword> said in a regulatory filing. Consolidated <keyword id="17915033" type="General" weightage="20" keywordseo="revenue" botkeyword="" source="Denny">revenue</keyword> from operations during the quarter under review stood at Rs 4,202.88 crore as against Rs 2,956.8 crore in the year-ago period, it added. Total expenses in the fourth quarter were higher at Rs 4,044.90 crore compared to Rs 2,761.45 crore in the corresponding period a year ago. In the fourth quarter the unitary cooling products business segment revenue grew by 44 per cent to Rs 2,955 crore as compared to Rs 2,049 crore in the corresponding quarter of the previous year on account of a better product mix enhancement approach, the company said. The engineering products and services division clocked revenue of Rs 156 crore as compared to Rs 142 crore in the year-ago period, it added. Similarly, electro-mechanical <keyword id="18084086" type="General" weightage="20" keywordseo="projects" botkeyword="" source="Denny">projects</keyword> and services segment comprising both domestic and international projects businesses grew by 38 per cent year-an-year due to a healthy carry forward order book position, it added. <keyword id="21544478" type="General" weightage="20" keywordseo="Voltas" botkeyword="" source="Denny">Voltas</keyword> said for the fiscal ended March 31, 2024, consolidated net profit was higher at Rs 248.11 crore as compared to Rs 136.22 crore in the previous year. Consolidated revenue from operations in FY24 was at Rs 12,481.21 crore as against Rs 9,498.77 crore in FY23. The company said it achieved the milestone of 20 lakh <keyword id="21211630" type="General" weightage="20" keywordseo="AC-sales" botkeyword="" source="Denny">AC sales</keyword> in 2023-24. Voltas said its board of directors has recommended a <keyword id="18713200" type="General" weightage="20" keywordseo="dividend" botkeyword="" source="Denny">dividend</keyword> of Rs 5 per share of the face value of Re 1 per share for the year 2023-24 subject to the approval of shareholders of the company. SEE ALSO:<a href="https://www.businessinsider.in/stock-market/webstories/aadhar-housing-finance-ipo-price-band-to-risk-factors-all-you-need-to-know/slidelist/109919298.cms" target="_blank"></a> <a href="https://www.businessinsider.in/stock-market/webstories/aadhar-housing-finance-ipo-price-band-to-risk-factors-all-you-need-to-know/slidelist/109919298.cms" target="_blank">Aadhar Housing Finance IPO – Price band to risk factors, all you need to know</a><a href="https://www.businessinsider.in/business/auto/webstories/top-selling-cars-in-india-in-april-2024-tata-punch-continues-to-dominate/slidelist/109909744.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/auto/webstories/top-selling-cars-in-india-in-april-2024-tata-punch-continues-to-dominate/slidelist/109909744.cms" target="_blank">Top-selling cars in India in April 2024 – Tata Punch continues to dominate</a><a href="https://www.businessinsider.in/tech/news/worldwide-tablet-shipments-grow-in-q1-2024-after-two-years-of-decline/articleshow/109876390.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/news/worldwide-tablet-shipments-grow-in-q1-2024-after-two-years-of-decline/articleshow/109876390.cms" target="_blank">Worldwide tablet shipments grow in Q1 2024 after two years of decline</a>

Voltas net profit declines 22% YoY to ₹110.64 crore in Q4 FY24

Google-owned <keyword id="10879" type="General" weightage="20" keywordseo="youtube" source="Orion">YouTube</keyword> saw its revenue from ads falling 2.6 per cent (year-on-year) in the March quarter -- third quarter in a row that its ad revenue has decreased. YouTube logged $6.69 billion in advertising revenue for the quarter that ended March 31, compared to $6.87 billion during the same period last year. The company, however, is seeing growth in Shorts as watch time and monetisation is "progressing nicely". "People are engaging and converting on ads across Shorts at increasing rates," according to Philipp Schindler, Google's chief business officer. According to Sundar Pichai, Alphabet and Google CEO, the number of channels that uploaded to Shorts daily grew over 80 per cent last year. "Those posting weekly on Shorts saw the majority of new channel subscribers coming from their Shorts posts," he informed during the analysts' call late on Tuesday. Overall, Alphabet reported $69.8 billion in revenue for the first quarter, a 3 per cent increase (on-year). "We are pleased with our business performance in the firstAquarter, with Search performing well and momentum in the Cloud. We introduced important product updates anchored in deep computer science and AI," said Pichai. Ruth Porat, CFO of Alphabet and Google, said that resilience in Search and momentum in Cloud resulted in Q1 consolidated revenues of $69.8 billion, up 3 per cent year over year. "We remain committed to delivering long-term growth and creating capacity to invest in our most compelling growth areas by re-engineering our cost base," said Porat. In January, Alphabet slashed 6 per cent of its workforce, impacting 12,000 employees. "As of March 31, 2023, the number of employees includes almost all of the employees affected by the reduction of our workforce. We expect most of those affected will no longer be reflected in our headcount by the end of the second quarter of 2023, subject to local law and consultation requirements," said Alphabet. SEE ALSO: <a href="https://www.businessinsider.in/personal-finance/news/what-type-of-documents-require-for-the-return-filing-in-fy-2022-23/articleshow/99764857.cms">Your comprehensive document checklist for income tax return filing</a> <a href="https://www.businessinsider.in/business/auto/news/bajaj-auto-q4-net-profit-falls-2-yoy-to-1433-crore/articleshow/99766398.cms">Bajaj Auto Q4 net profit falls 2% YoY to ₹1,433 crore</a> <a href="https://www.businessinsider.in/finance/banks/news/indusind-bank-likely-candidate-for-rerating-after-q4-profit-surge-of-46/articleshow/99756150.cms">IndusInd Bank likely candidate for rerating after Q4 profit surge of 46%</a>

You Searched For "mampm march quarter results" and got 11 results

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