Zee Entertainment | $10 billion merger with Sony Pictures, in the works since 2021 stands terminated after Sony issued a termination notice to Zee. Sony said that merger did not close by the end date as closing conditions were not satisfied and it does not see any material impact on financials due to the termination. Sony has also demanded $90 million on alleged breach of terms. Zee says the board is evaluating all steps, including legal action. The stock is in the F&O ban.
ICICI Bank | Core operating profit growth of 10.3% year-on-year is the lowest in 17 quarters. NIMs at a five quarter low of 4.52%. Gross and Net NPA is the lowest in nine years or more. Deposit growth of 18.7% year-on-year is the second highest in 11 quarters but on a sequential basis, its the lowest in six quarters. RBI norms meant Risk-Weighted Assets to advances ratio is at a 14-quarter high.
Cipla | Top down beat on results with revenue, EBITDA and profit above estimates. The company has reported one of the highest ever profit margin. Adjusted profit would be ₹1,200 crore is adjusted for impairment of ₹195 crore. US business reports highest-ever sales of $230 million with 15th straight quarter of growth. US sales above $200 million for four quarters in a row. India business grew by 11.6% from last year, while North America grew by 19.8%.
Persistent Systems | Constant Currency revenue growth of 3.1%, higher than estimates of 2.6%. EBIT margin at 14.5% versus estimates of 14.1%. US Dollar revenue at $300.5 million, in-line with estimates of $298 million. Total Contract Value at $521.4 million, of which $277.4 million is net new. Board declared dividend of ₹32 per share and also approved a 2:1 stock split.
Coforge | Revenue growth of 1.8% is better than expectations of 1.5%. Adjusted EBITDA margin of 18% is in-line with estimates. Maintains constant currency revenue growth guidance of 13% to 16%. New orders up 13.1% sequentially at $354 million. Saw higher furloughs in BFSI segment in Q3. Travel has bottomed out as a segment, as per the management. Investing in scaling up verticals like healthcare, retail and CMT.
Colgate-Palmolive | Revenue of ₹1,396 crore, higher than estimate of ₹1,375 crore. EBITDA up 30% to ₹468.4 crore, higher than estimate of ₹434 crore. EBITDA margin of 33.6%, higher than estimate of 31.5%. Gross margins are up 630 basis points to 72.2%. Toothpaste segment achieved double-digit growth with positive volume expansion.
Zensar Technologies | Furloughs in Q3 deeper and wider than those seen last year. Revenue impacted by seasonal furloughs. US Dollar revenue down 3.8% to $144.5 million. Net profit down 7% to ₹1671.7 crore. Management sees a mixed bag in terms of furloughs in Q4. Margins at 17.2% compared to management guidance of mid-teens.
IDFC First Bank | Net Interest Income up 30.5% year-on-year, while Net Interest margin at all-time high. Loan growth of 27.3% year-on-year, while deposit growth is up 32% from last year. Slippages rise sequentially to ₹1,422 crore from ₹1,354 crore.
Tata Motors | To increase the price of its passenger vehicles by 0.7% average from February 1.