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Indian companies across multiple sectors have reported disappointing results in the second quarter of fiscal year 2025, notes a new JM Financials report. Consequently, their poor performance has triggered stock price corrections for affected companies. The brunt of this weaker than expected earnings was largely borne by consumer centric sectors like FMCG (fast moving consumer goods), retail, and auto, which slacked largely due to dampened urban demand. For instance, India's largest automaker, Maruti Suzuki, reported a 5% YoY decline in its total domestic passenger vehicle wholesales, largely on the back of pent-up inventory. Similarly, Honda reported a staggering 23% YoY dip in its total sales during October 2024. A recent report by Bernstein noted that around 48% of the companies listed on the NSE100 index missed their earnings estimate for Q2FY25, the highest since March 2020. Most companies have mentioned deteriorated domestic demand, urban slowing, macroeconomic risk, and margin pressures as the main reasons behind the dip. "The quarter's earnings have made investors nervous," noted the JM Financials report. The challenging environment stems from multiple factors: softening consumer demand, rising input costs, and companies' limited ability to increase prices. Moreover, this is not limited to just one quarter. Companies have been reporting weak, single-digit earnings growth for the last six consecutive quarters. Data from India Data Hub also suggests that corporate profits of listed companies plunged by as much as 3.4% during the quarter ended September 30, 2024. This is in stark contrast to the year-ago period, where they had shot up by over 40% The oil and gas sector had a difficult quarter, with refiners hit by weak margins and city gas distributors struggling with higher input costs. Financial institutions showed mixed results. While government-owned banks reported strong numbers, microfinance institutions and some private lenders faced massive difficulties with their unsecured loans. Most notable amongst this was the case of IndusInd Bank, which saw its net profits dip by 40% amidst burgeoning provisions, which climbed 87% to Rs 1,820 crore in Q2, as against Rs 974 crore reported in the year-ago period. <h2>Markets head southwards</h2>The selling trend by FPIs has dragged down the major Indian indices, the Nifty 50 and Sensex, both of which have dropped by around 8% since the beginning of this selling spree in October. According to National Securities Depository Ltd. (NSDL) data, FPIs offloaded equities worth a significant Rs 19,994 crore in just the first five trading sessions of November last week. The impact is clearly visible on Indian stock markets. Data suggests that while every sector in October closed the month in red, auto, oil and gas, and consumer durables were the most badly hit, each declining by as much as 10% during the month. Another indicator underlining the inherent weakness of the market was that the month saw only 242 stocks hit their 52-week high, significantly below the usual monthly average of 310.

India Inc. stares at an earnings dearth in Q2, FMCG, auto, and consumer durables falter

India's largest airline with a market share of 62.5% and Asia's biggest carrier by market valuation, <keyword id="19899182" type="General" weightage="100" keywordseo="IndiGo" source="keywords" meta.keywordsubtype="org" meta.entityname="IndiGo" meta.hostid="261" meta.entityid="IndiGo">Indigo</keyword>, posted a net loss of Rs 986.7 crore for the last quarter ended September 30, 2024. Indigo's profits during this quarter in 2023 were Rs 188.9 crore. The main reason behind the carrier running into reds during the second quarter of FY25 was high <keyword id="21353061" type="General" weightage="20" keywordseo="fuel-costs" source="keywords">fuel costs</keyword>. Per the airline, its fuel costs jumped by 12.8% to Rs 6,605.2 crore, compared to Rs 5,856 crore in the year-ago period. Another expense area that witnessed an exponential surge was aircraft and engine rentals, which rose to Rs 763.6 crore in the second quarter. This stood at Rs 195.6 crore in the year-ago period. All in all, the company's total expenses burgeoned 22% to Rs 18,666.1 crore during the previous quarter. Indigo's <keyword id="20066400" type="General" weightage="20" keywordseo="revenue-from-operations" source="keywords">revenue from operations</keyword>, while down by 13.3% on a QoQ basis, from Rs 19,571 crore in June 2024 to Rs 16,970 crore as of September 2023, jumped 13.6% on a YoY basis. The company's revenue from operations during the September quarter in 2023 stood at Rs 14,944 crore. Indigo’s consolidated top line also jumped 14% YoY to Rs 16,970 crore, which included Rs 14,359 crore of <keyword id="23687772" type="General" weightage="20" keywordseo="ticketing-revenue" source="keywords">ticketing revenue</keyword> and Rs 1,875 crore earned from ancillary services. At the end of September 2024, Indigo had a fleet of 410 planes. For the last quarter, Indigo was plagued by mass groundings of its aircraft due to faulty engines manufactured by <keyword id="21405019" type="General" weightage="20" keywordseo="Pratt-and-Whitney" source="keywords">Pratt and Whitney</keyword> Group. This had forced the airline to ground around 75 planes, or about 1/5th of its fleet. However, in the earnings call today, the management noted that the worst was behind them. Indigo expects the number of non-operational planes to drop below 60 by the end of this year and further dip to 40 by March 2025. Already, the number of grounded aircraft had come down to the high 60s. IndiGo’s cost per available seat kilometer (<keyword id="23687771" type="General" weightage="20" keywordseo="CASK" source="keywords">CASK</keyword>)—a useful metric to assess an airline's operational efficiency—also inched up 12% YoY to stand at Rs 4.69. The company expects this figure to inch up to double digits by the next quarter. Indigo's stock was down by 3.23% during the day, closing the week at Rs 4,373.70.

IndiGo's bottom-line turns red for Q2, high fuel costs, and forced groundings main reason

<ul><li>The Indian wearable market has declined for the second consecutive quarter.</li><li>The smartwatch segment has recorded a huge decline in shipments in Q3 2024.</li><li>The earwear segment has also declined, while the smart ring segment remains strong.</li></ul>The <keyword id="22725790" type="General" weightage="20" keywordseo="Indian-wearables-market" source="keywords">Indian wearables market</keyword> has declined for the second consecutive quarter, recording a 20.7% year-on-year decline in shipments in Q3 2024. There was a 10% decline in shipments in Q2 2024. According to a report by the International Data Corporation, 38 million devices were shipped in the country’s wearables market in Q3 2024. The decline is being attributed to a reduction in new product launches and a cautious inventory strategy. <h2>Smartwatch shipments decline</h2>The smartwatch category recorded a decline of 44.8% as shipments declined from 16.92 million devices in Q3 2023 to 9.34 million in Q3 2024. Not just the basic smartwatches, the shipments of premium smartwatches also declined by 39.9% year-on-year. The Smartwatch average selling price (ASP) however increased by 1.4% from $25.8 to $26.2. The wristband category, which remained strong in Q2 has also declined in Q3, recording a 48.4% year-on-year decline in shipments. The earwear category also struggled, with a 7.5% decline in shipments from 30.29 million in Q3 2023 to 28.52 in Q3 2024. <h2>The smart ring category continues to shine</h2>The smart ring market has remained strong, with 92 thousand smart rings shipped in Q3 2024. The quarter also recorded a decline in the average selling price of 16.2% to $162.1. Ultrahuman continues to lead the smart ring category in India with a 36.8% market share, boAt comes in second with a 20.5% share and Pi Ring is third with a 16.3% market share. <h2>Smartwatch market share in India</h2><table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#000000;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Company </td><td style="border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#000000;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Q3 2024 </td><td style="border-right:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#000000;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Q3 2023 </td></tr><tr><td style="border-left:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Noise </td><td style="border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">27.40% </td><td style="border-right:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">20.70% </td></tr><tr><td style="border-left:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">boAt </td><td style="border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">16.80% </td><td style="border-right:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">14.20% </td></tr><tr><td style="border-left:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Titan </td><td style="border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">12.60% </td><td style="border-right:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">5.10% </td></tr><tr><td style="border-left:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Fire-Boltt </td><td style="border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">6.80% </td><td style="border-right:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">23.60% </td></tr><tr><td style="border-left:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Boult </td><td style="border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">6.30% </td><td style="border-right:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">3.10% </td></tr></tbody></table> Source: IDC Noise continues to dominate the Indian smartwatch market with a 27.4% market share in Q3 2024, up from a 20.7% market share in Q3 2023. boAt comes in second with a 16.7% market share, up from a 14.2% market share in Q3 2023. “Amid market trends like consolidation, premiumization, and evolving consumer expectations, we have not only weathered these changes but thrived, with a 10-15% year-on-year increase in average selling prices across marketplaces,” said Amit Khatri, Co-Founder, Noise in a statement to Business Insider India. “The smartwatch category remains stressed as we head into 2025 due to undifferentiated products and a limited number of brands in play. Its market is expected to remain flat or decline marginally in 2025,” said Vikas Sharma, senior market analyst, Smart Wearable Devices, IDC India. “However, we are seeing early signs of a gradual consumer shift from basic to advanced smartwatches, as the need for better health tracking with efficient sensors and advanced functionality is gradually coming to the fore,” Sharma added. <h2>TWS market share in India</h2><table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#000000;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Company </td><td style="border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#000000;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Q3 2024 </td><td style="border-right:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#000000;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Q3 2023 </td></tr><tr><td style="border-left:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">boAt </td><td style="border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">36.80% </td><td style="border-right:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">38.10% </td></tr><tr><td style="border-left:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Boult </td><td style="border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">13.50% </td><td style="border-right:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">8.70% </td></tr><tr><td style="border-left:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Noise </td><td style="border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">7.10% </td><td style="border-right:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">7.70% </td></tr><tr><td style="border-left:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Realme </td><td style="border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">6.90% </td><td style="border-right:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">3.50% </td></tr><tr><td style="border-left:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Oppo + OnePlus </td><td style="border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">5.00% </td><td style="border-right:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">8.10% </td></tr></tbody></table> Source: IDC boAt continues to be the market leader in the TWS segment in Q3 2024 despite a decline in its market share. The company leads the market with a 36.8% market share, with Boult a distant second with a 13.5% market share. SEE ALSO: <a href="https://www.businessinsider.in/tech/mobile/news/tata-to-buy-a-majority-stake-in-pegatrons-iphone-plant-in-india/articleshow/115414852.cms">Tata to buy a majority stake in Pegatron's iPhone plant in India</a> <a href="https://www.businessinsider.in/stock-market/webstories/ntpc-green-energy-ipo-gmp-risk-factors-and-all-you-need-to-know/slidelist/115403791.cms">NTPC Green Energy IPO – GMP, risk factors and all you need to know</a> <a href="https://www.businessinsider.in/tech/mobile/news/indian-smartphone-shipments-grow-5-6-in-q3-2024-vivo-leads-the-market/articleshow/115329847.cms">Indian smartphone shipments grow 5.6% in Q3 2024, Vivo leads the market</a>

Indian wearables market declines 20.7% in Q3 2024, smartwatch and earwear categories struggle

<ul class="summary-list"><li>Tesla's third-quarter vehicle deliveries are expected to exceed Wall Street estimates.</li><li>Analysts cite strong demand in China and stable pricing as key factors for the positive outlook.</li></ul><a target="_blank" class="" href="https://markets.businessinsider.com/stocks/TSLA-stock">Tesla's</a> upcoming third-quarter vehicle deliveries report should impress investors, according to Wall Street experts.Analysts from <a target="_blank" class="" href="https://markets.businessinsider.com/stocks/gs-stock">Goldman Sachs</a>, Barclays, and Wedbush all expect Tesla to deliver a beat when it reports deliveries later this week, which is expected to be announced Wednesday morning.Tesla stock has been on a wild ride this year. At its lowest point in the first four months of 2024, it declined 43%, but it has since surged 82% and is up 4% year-to-date.Investors will be laser-focused on Tesla's two upcoming catalysts: its third-quarter delivery report later this week and its robotaxi event on October 10.<h2 id="e82709f2-ac69-4843-8298-e0fd1521315d">Barclays: 'Concerns on fundamentals have dissipated'</h2>Barclays analyst Dan Levy is expecting Tesla to report solid vehicle deliveries later this week, according to a recent note.Levy said that thanks to expected strength in Tesla's China business, the company will announce third-quarter vehicle deliveries of 470,000, ahead of Wall Street estimates."Given the positive data points reported thus far in the quarter, particularly in China, we believe Tesla's sales trajectory is well understood and investors are expecting a stronger result," Levy said.All-in, the delivery report should be a positive catalyst for Tesla stock, according to Levy, as he expects the stock to rise <a target="_blank" class="" href="https://www.businessinsider.com/tesla-robotaxi-release-date-elon-musk-stock-price-2024-9">heading into its robotaxi day on October 10.</a>"We believe that a beat could drive further strength of the stock into Robotaxi Day, serving as a reminder that at least for now concerns on fundamentals have dissipated," Levy said.Levy rates Tesla at "Equal Weight" with a $220 price target.<h2 id="3a909b85-01b4-4690-926a-e132d1c98778">Goldman Sachs: Third-party data shows mixed trends</h2>Goldman Sachs analyst Mark Delaney lowered his third-quarter delivery target to 460,000 vehicles in a recent note.Delaney observed that his estimate is slightly ahead of Visible Alpha Consensus Data of 457,000 vehicles.Delaney had previously expected Tesla to deliver 475,000 vehicles in the quarter, but lowered that due to mixed trends from various regions, citing registration, insurance, and third party data."Regionally we believe that sales have been strong in China, flattish in the US, and weak in Europe on a you basis," Delaney said.Delaney rates Tesla at "Neutral" with a $230 price target.<h2 id="e2c07f55-769c-4c53-a7b7-21af77677b86">Wedbush: 'A major step in the right direction'</h2>Wedbush analyst Dan Ives said in a recent note that the "mojo is back at Tesla" as the company shows signs of rebounding from a slowdown in vehicle sales earlier this yearIves saw positive signs in demand from China and a lack of price cuts in recent weeks."We believe 3Q will provide a solid rebound looking to 2H for the company as China continues to heat up and price/demand stabilization has continuously been seen throughout the quarter. We believe this quarter is a major step in the right direction for the Tesla story," Ives said.Ives expects Tesla will beat consensus estimates of 462,000 vehicles delivered in the quarter and noted that "whisper numbers" are between 465,000 and 470,00 vehicles.For the full-year, Ives expressed confidence that Tesla could hit 1.8 million deliveries, matching last year's numbers.Ives rates Tesla at "Outperform" with a $300 price target.

Tesla Q3 deliveries preview: Wall Street expects a beat as Musk & Co. get their 'mojo' back

<keyword id="19948209" type="General" weightage="20" keywordseo="two-wheeler" source="keywords">Two-wheeler</keyword> maker <keyword id="19983534" type="General" weightage="20" keywordseo="Hero-MotoCorp" source="keywords">Hero MotoCorp</keyword> Ltd on Wednesday reported a 16.3 per cent rise in consolidated <keyword id="19933742" type="General" weightage="20" keywordseo="profit" source="keywords">profit</keyword> after tax to Rs 943.46 crore in the fourth quarter ended on March 31, 2024, riding on higher sales. The company had posted a consolidated profit after tax of Rs 810.8 crore in the same period a year ago, Hero MotoCorp said in a regulatory filing. Consolidated revenue from operations during the quarter under review stood at Rs 9,616.68 crore as against Rs 8,434.28 crore in the corresponding period a year ago, it added. Hero MotoCorp said it sold 13.92 lakh units of motorcycles and scooters in <keyword id="20028449" type="General" weightage="20" keywordseo="Q4" source="keywords">Q4</keyword> FY24 as against 12.70 lakh units in Q4 FY23. Total expenses were higher at Rs 8,427.36 crore in the fourth quarter as compared to Rs 7,508.94 crore in the same period a year ago. For the fiscal ended March 31, 2024, consolidated profit after tax was at Rs 3,742.16 crore as compared to Rs 2,799.9 crore in the previous fiscal. Consolidated revenue from operations for FY24 stood at Rs 37,788.62 crore as compared to Rs 34,158.38 crore in FY23, it added. Hero MotoCorp said it sold 56.21 lakh units of motorcycles and scooters in FY24 as compared to 53.29 lakh units in FY23. "During the year, our focus on product launches, network upgrades and customer satisfaction drove us to new heights. From the highest number of product launches to the expansion of new format retail outlets and upgrade at super speed, to a digital-first approach in premium, we set the building blocks in place for accelerated growth in future," Hero MotoCorp Chief Executive Officer Niranjan Gupta said. On the outlook, he said, "Moving forward, we expect the macroeconomic factors to aid the industry's growth. With commodity prices remaining stable, expectations of normal monsoons, and government spending expected to increase, we see multiple tailwinds for the sector over the upcoming quarters." Gupta further said the company will be driving market share gains on the back of launches in the premium and 125 cc segment done in FY 24. The company's board has recommended a final dividend of Rs 40 per share on the face value of Rs 2 per equity share subject to approval of the shareholders at the ensuing annual general meeting, the filing added. "This dividend together with an interim and special dividend, marking the centennial year of Chairman Emeritus Dr Brijmohan Lall Munjal of Rs.100 per equity share, takes the aggregate total dividend for the year 2023-24 to Rs 140 per equity share," the company said. 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>

Hero MotoCorp Q4 PAT up 16.7% at ₹943.46 crore

<ul><li><keyword id="19906086" type="General" weightage="100" keywordseo="General-Motors" source="keywords" meta.keywordsubtype="org" meta.entityname="General Motors" meta.hostid="261" meta.entityid="General Motors">General Motors</keyword> laid off over 1,000 employees</li><li>An employee who lost his job reacted to <keyword id="19916567" type="General" weightage="20" keywordseo="layoffs" source="keywords">layoffs</keyword></li><li>He says the company lacks empathy</li></ul> The mass layoff spree at <keyword id="19959118" type="General" weightage="20" keywordseo="Twitter" source="keywords" meta.keywordsubtype="org" meta.entityname="Twitter" meta.hostid="261" meta.entityid="Twitter">Twitter</keyword> (now called X) back in November 2022 got the world's attention and soon, people on LinkedIn were empathizing with the ones who were affected by the <keyword id="19942952" type="General" weightage="20" keywordseo="job-cuts" source="keywords">job cuts</keyword>. After that, many companies began laying off employees and that resulted in the entire job market being in a state of flux. We're almost at the end of 2024 and this year too, <a href="https://www.businessinsider.in/tech/news/cutthroat-colleagues-meaningless-work-ex-google-employee-shares-how-he-saw-the-company-change/articleshow/112421520.cms" data-type="tilCustomLink" target="_blank">several companies laid off employees</a> left, right and center. The latest one to carry out layoffs is General Motors. <h2>General Motors cuts 1,000 jobs</h2>The popular car company reportedly laid off more than 1,000 employees recently. The company reduced its workforce by approximately 600 positions at its tech campus near Detroit, as part of an effort to streamline operations. The company, in a statement to CNBC, said, "As we build <keyword id="6372405" type="General" weightage="20" keywordseo="GM" source="Orion">GM</keyword>'s future, we must simplify for speed and excellence, make bold choices, and prioritise the investments that will have the greatest impact." <a href="https://www.businessinsider.in/careers/news/work-life-balance-is-a-myth-photo-of-man-working-in-front-of-momo-stall-goes-viral-internet-reacts/articleshow/112516510.cms" data-type="tilCustomLink" target="_blank">Some of the employees</a> who were affected by the job cuts have started reacting to the same on LinkedIn. <h2>'General Motors lacks empathy, we are nothing but numbers,' says employee</h2>One of the employees shared his experience on LinkedIn, expressing shock and disappointment over the way the situation was handled. He arrived at work only to find that his badge had been deactivated, his access to company systems revoked, and instructions from GM Security to leave the premises. He mentioned that he couldn't even say goodbye to his colleagues or express gratitude for the memories they shared. "I was unable to tell my coworkers goodbye, thank them for the many memories we had. I couldn't do anything but stand there in shock," his post read. The employee revealed that the only prior notice came in the form of a 5 AM email, which he hadn't seen. The email talked about the importance of the Software and Services division to GM's future and the need for bold decisions to enable faster progress and effective investment. The ex-GM employee also criticised the company for lacking empathy and compassion, arguing that these qualities distinguish being bold from being ruthless. He felt that employees are treated as mere numbers, expendable in the pursuit of profit, despite GM's recent financial success. "We are nothing but numbers to them, fat to be trimmed off in the pursuit of the almighty dollar. Even though they recently celebrated a $4.6B profit in Q2 2024, that was not enough for them. We were not even given the common decency to say goodbye, just thrown onto the curb like useless trash," he wrote in his post. <div type="Article" hostid="261" msid="112421520" title="‘Cutthroat colleagues, meaningless work': Ex-Google employee shares how he saw the company change" mstype="2" mssubtype="0"></div>

'We are nothing but numbers to them, fat to be trimmed off': General Motors employee reacts to layoffs

<ul><li><keyword id="10862" type="General" weightage="80" keywordseo="wipro" source="Orion">Wipro</keyword>’s board approved the merger of five of its subsidiaries into the company.</li><li>Wipro said that it has 22 accounts above the $100 million range as of September end.</li><li>Its voluntary attrition came in at a nine-quarter low of 13.4% in the second quarter.</li></ul> Wipro, the country’s fourth largest IT services company, reported a 2% sequential fall in constant currency revenues for the July-September quarter on Wednesday. This is the third consecutive quarter where it has reported sequential fall in revenues. Gross revenues declined 0.01% to ₹17,365 crore year-on-year. The IT major has also guided for yet another weak quarter ahead. It expects revenues to fall anywhere between 1.5-3.5% in the third quarter of FY24. The fall was steeper in its quarterly net profit, which declined by 8% in rupee terms to ₹2,667 crore against ₹2,887 crore it reported in the previous quarter. The Street was expecting Wipro to report a 1% sequential fall in constant currency revenues. In dollar terms, its IT segment revenues fell 2.3% to $2,713.3 million, the company said on Wednesday. Commenting on the quarterly numbers, <keyword id="3808309" type="General" weightage="50" keywordseo="thierry-delaporte" source="Orion">Thierry Delaporte</keyword>, Wipro’s CEO and MD, said: “Due to our higher exposure to the consulting and BFSI sector in the Americas, we have seen a higher than usual impact of macroeconomic conditions. As the markets start to turnaround, on the back of our transformation and efficiency plays, we expect to see improvement in the coming quarters. Wipro said that its total bookings for the quarter stood at $3.8 billion for the quarter which is 6% higher than what it was in the same quarter last year. Its large deal booking is at $1.3 billion – which is the highest it has seen in the last nine quarters. It said it has 22 accounts above the $100M range – twice as much they had in FY21. Wipro’s operating margin for the quarter was at 16.1%, up 10 bps QoQ. The company said it expects the margins to remain range-bound as seen in the last few quarters. Employees to get 80% variable pay Wipro’s voluntary attrition has continued to moderate sequentially, coming in at a nine-quarter low of 13.4% in the second quarter. The company also said it will give 80% of the variable pay to its employees based on performance. It did not disclose its plans of hiring at campuses this year. “Hiring is a function of demand and benching. We are focussed on honouring our commitments made to people before going to campuses, and there are still some offers left to honour,” said Saurabh Govil, chief human resources officer at Wipro. The company’s board also approved a scheme of amalgamation to merge five of its wholly-owned subsidiaries with itself. The subsidiaries are Wipro HR Services, Wipro Overseas IT Services, Wipro Technology Product Services, Wipro Trademarks Holding and Wipro VLSI Design Services. “The scheme is subject to necessary statutory and regulatory approvals under applicable laws, including approval of the National Company Law Tribunal,” the company said. IT companies are facing demand headwinds in their key markets. Wipro, like other peers, had also indicated that its revenues could contract during the second quarter. In July, the company had said while announcing its first quarter earnings that it expected revenue from IT services to be in the range of $2,722 million to $2,805 million. This would translate to sequential guidance of -2 per cent to +1 per cent in constant currency terms.

Wipro’s revenues fall 2% in Q2, guides for a steeper fall in Q3

Crisis-hit <keyword id="19987725" type="General" weightage="20" keywordseo="spicejet" source="keywords">SpiceJet</keyword> plans to hand out pink slips to at least 1,000 employees in the coming days as the airline works to significantly reduce costs and streamline operations of its depleted aircraft fleet, officials said on Monday. Faced with financial woes, legal battles and other headwinds, the no-frills carrier might ask more staff to leave as there is excess manpower now compared to the number of planes in service. A final decision on the quantum of layoffs is expected this week, one of the officials in the know said. When contacted, a SpiceJet spokesperson said the airline has initiated several measures, including manpower rationalisation, for achieving profitable growth but did not provide any numbers. The airline has around 9,000 employees and is now looking at reducing the strength by 10-15 per cent, the official said, adding that layoffs are necessary to reduce the overall costs and annual savings could be up to Rs 100 crore. A reduction of 15 per cent would mean around 1,350 people will lose their jobs. The second official in the know said that layoffs are expected across departments and the final list is being prepared. People from the management and consultancy are working on chalking out the contours of letting staff leave, and all the departments have been asked to give their inputs, the official added. There was no official comment from SpiceJet on the proposed job cuts. The second official explained that the airline has stopped operations on certain RCS (Regional Connectivity Scheme) routes and at those stations, there is excess manpower, especially staff with lower salaries. Relocating such people will be a challenge, the official noted. Currently, SpiceJet has a fleet of little over 30 aircraft apart from 10 planes that are on wet lease. "As part of our turnaround and cost-cutting strategy, following the recent fund infusion, SpiceJet has initiated several measures, including manpower rationalisation, aimed at achieving profitable growth and positioning ourselves to capitalise on the opportunities in the Indian aviation industry. "Through this initiative alone, we anticipate an annual saving of up to Rs 100 crore," the airline spokesperson said in a statement. During a meeting with the airline's senior officials last month, SpiceJet Chairman and Managing Director <keyword id="19916067" type="General" weightage="20" keywordseo="ajay-singh" source="keywords">Ajay Singh</keyword> emphasised the importance of judicious spending and that he will personally oversee all major expenditures. The carrier will prioritise fleet upgrades, enhance on-time performance and cost-cutting measures will be implemented to streamline operations, according to an internal note last month. SpiceJet, which has undergone multiple ownership changes since inception and is currently helmed by Ajay Singh, is in the process of raising funds from various investors. On January 26, the carrier announced that it has received Rs 744 crore as the first tranche of the total Rs 2,250 crore proposed to be raised through the issuance of securities on a preferential basis. There were reports that there has been a delay in raising the requisite funds. The airline has also availed funds worth around Rs 1,000 crore under the government's Emergency <keyword id="20097541" type="General" weightage="20" keywordseo="credit-line-guarantee-scheme" source="keywords">Credit Line Guarantee Scheme</keyword> (ECLGS) and Singh has committed to infuse Rs 500 crore. In recent times, SpiceJet also witnessed lessors taking legal recourse to take back their leased aircraft due to non-payment of dues. <keyword id="19895063" type="General" weightage="20" keywordseo="india" source="keywords">India</keyword> is one of the world's fastest growing civil aviation markets and the domestic air traffic is on an upward trajectory. However, SpiceJet has been struggling for sometime now. In 2023, the carrier flew 83.90 lakh passengers and had a domestic market share of 5.5 per cent. SEE ALSO:<a href="https://www.businessinsider.in/tech/news/wd-black-sn850x-ssd-review/articleshow/107557627.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/news/wd-black-sn850x-ssd-review/articleshow/107557627.cms" target="_blank">WD Black SN850X SSD review – a reliable gaming SSD</a> <a href="https://www.businessinsider.in/tech/mobile/news/oneplus-open-review/articleshow/106961567.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/news/oneplus-open-review/articleshow/106961567.cms" target="_blank">OnePlus Open review – Feature-packed foldable in a premium design</a><a href="https://www.businessinsider.in/tech/mobile/news/vivo-x100-review-top-end-camera-centric-smartphone-with-sleek-design/articleshow/106539033.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/news/vivo-x100-review-top-end-camera-centric-smartphone-with-sleek-design/articleshow/106539033.cms" target="_blank">Vivo X100 review – Top-end camera centric smartphone with sleek design</a>

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