A host of companies including IT firms Wipro Ltd, LTIMindtree Ltd and Persistent Systems Ltd, banks such as IndusInd Bank Ltd and Bandhan Bank Ltd are scheduled to announce their quarterly results today. Wipro is seen reporting a muted set of numbers. Bajaj Auto, Persistent Systems, Bandhan Bank and IndusInd Bank are expected to post double-digit growth in profit. LTIMindtree may log a single-digit fall in bottom line, analyst projections suggest.
Wipro Q2 results
In the case of Wipro, the IT major is expected to report the weakest growth among tier I IT companies, with guidance for the December 2023E quarter fairly muted. Kotak Institutional Equities expects the IT firm to report 11.8 per cent YoY rise in net profit at Rs 2,972 crore on a 1.3 per cent YoY rise in total sales at Rs 22,930 crore. Ebit margin is seen expanding 90 basis points QoQ or 167 bps YoY to 16 per cent. The IT major is seen guiding for a revenue de-growth of 1 per cent to growth of 1 per cent for the December quarter.
LTIMindtree Q2 results
LITMindtree profit may drop 7.3 per cent YoY to Rs 1,102 crore, said HDFC Institutional Equities. This brokerage sees the IT firm's net sales rising 7.9 per cent YoY to Rs 8,878 crore. Ebit margin is seen at 15.5 per cent, down 118 basis points QoQ or 200 basis points YoY.
Persistent Systems Q2 results
Kotak expects Persistent Systems to report 11.7 per cent YoY rise in profit at Rs 245.70 crore on 17 per cent jump in sales at Rs 2,396.80 crore. Ebit margin is seen contracting 153 basis points QoQ or 117 bps YoY to 13.4 per cent.
"We expect flat TCV and ACV due to sluggishness in decision making and elongated deal cycles. Dependence on structured deals has increased due to slowdown in short cycle programs," it said.
Bandhan Bank Q2 results
In its business update for Q2, Bandhan Bank reported that its loan book grew 12 per cent YoY and that collection efficiency in the microfinance portfolio was stable sequentially at 98 per cent. The efficiency picked up for non-MFI book to 99 per cent. Motilal Oswal expects Bandhan Bank to log 25.9 per cent YoY rise in profit at Rs 751.90 crore. It expects net interest income (NII) for the bank rising 14.5 per cent YoY to Rs 2,512 crore. The brokerage expects NIM for the bank to remain in a narrow range and sees credit cost and asset quality improving.
IndusInd Bank Q2 results
Nomura India sees Q2 profit for IndusInd Bank at Rs 2,210 crore, up 23 per cent. NII is seen rising 17 per cent YoY to Rs 5,020 crore while NIM is seen at 4.3 per cent. ICICI Securities expects IndusInd Bank to report a 28 per cent surge in net profit at Rs 2,287.80 crore on 16.3 per cent YoY jump in NII at Rs 5,002.40 crore. Pre-provision operating profit is seen rising 13.9 per cent YoY to Rs 4,008 crore.
Bajaj Auto Q2 results
Prabhudas Lilladher expects revenue for Bajaj Auto to grow 6 per cent YoY to Rs 10,812 crore due to volume decline of 8 per cent YoY and an better mix leading to higher average selling price. Ebitda margin is seen increasing 220 basis points to 19.4 per cent YoY led by lower input costs, price hikes. It expects PAT to increase 13.4 per cent to Rs 1,734 crore.