As per the provisional closing data, S&P BSE Sensex lost 460.19 points or 0.8% at 57,060.02. The Nifty 50 index fell 142.5 points or 0.83% to 17,102.95.
In the broader market, the S&P BSE Mid-Cap index fell 0.81% while the S&P BSE Small-Cap index lost 0.58%.
Sellers outpaced buyers. On the BSE, 1,266 shares rose while 2,113 shares fell. A total of 129 shares were unchanged.
COVID-19 Update:
The active cases comprised 0.04% of the total infections, while the national COVID-19 recovery rate was recorded at 98.74%, according to the Union Health Ministry data.
India logged 3,377 new COVID-19 cases taking the country's total tally of cases to 4,30,72,176, while the active cases rose to 17,801, as per the data updated on Friday. The death toll climbed to 5,23,753 with 60 fresh fatalities.
Earnings Impact:
UltraTech Cement rose 0.23%. On a consolidated basis, the cement major's normalised net profit declined 18.52% to Rs 1,478 on 9.31% increase in net sales to Rs 15,557 crore in Q4 March 2022 over Q4 March 2021. Profit before interest, depreciation and tax fell 15.62% to Rs 3,165 crore in Q4 March 2022 as against Rs 3,751 crore in the corresponding period of the previous year.
Shriram Transport Finance Company jumped 4.9% to Rs 1,199.65 after the company's standalone net profit rose 43.87% to Rs 1,086.13 crore on 13.11% increase in total income to Rs 5,087.59 crore in Q4 March 2022 over Q4 March 2021. Net interest income for the fourth quarter ended 31 March 2022 increased by 22.16% to Rs 2,627.82 crore as against Rs 2,151.12 crore in the same period of the previous year. Total assets under management as on 31 March 2022 was Rs 127,040.86 crore compared with Rs 117,242.83 crore as on 31 March 2021.
Axis Bank declined 6.5% to Rs 729. The bank's net profit rose 54% to Rs 4,117.77 crore on 16% increase in total income to Rs 21,999.58 crore in Q4 March 2022 over Q4 March 2021. Net interest income (NII) increased by 17% to Rs 8,819 crore in Q4 FY22 from Rs 7,555 crore posted in Q4 FY21. Net interest margin (NIM) for Q4 FY22 stood at 3.49%. Credit cost for the quarter ended 31 March, 2022 stood at 0.32%, declining by 116 bps YoY and 12 bps QoQ. Operating profit rose by 13% YoY to Rs 6,466 crore during the quarter.
Fineotex Chemical fell 6.5%. The company reported 47.2% increase in consolidated net profit to Rs 16.52 crore on a 61.8% rise in net sales to Rs 121.39 crore in Q4 FY22 over Q4 FY21. Total expenses spiked by 60.7% to Rs 99.91 crore in Q4 FY22 over Q4 FY21. Operational EBIDTA was at Rs 21.52 crore for the quarter ended 31 March 2022 as against Rs 12.85 crore during the same period in the previous year, registering a growth of 67%. Profit before tax surged 36.5% to Rs 20.63 crore in Q4 March 2022 as against Rs 15.11 crore in Q4 March 2021.
Vedanta fell 0.64%. The mining company reported a 10% drop in consolidated net profit to Rs 5,799 crore on a 41% increase in revenue from operations to Rs 39,342 crore in Q4 FY22 over Q4 FY21. The improved revenue was due to higher sale volumes and improved commodity prices. EBITDA improved by 51% to Rs 13,768 crore in Q4 FY22 from Rs 9,107 crore in Q4 FY21, mainly due to higher sales volume, supportive commodity prices and operational efficiencies despite higher cost of production amidst input commodity inflation. EBITDA margin in Q4 FY22 was 39% as against 38% in Q4 FY21.
Mphasis rose 1.3% after the company's consolidated net profit jumped 9.61% to Rs 392.07 crore on a 4.92% increase in revenue from operations to Rs 3,277.67 crore in Q4 FY22 over Q3 FY22. Consolidated profit before tax grew 7.51% to Rs 515.62 crore in Q4 FY22 as against Rs 479.57 crore in Q3 FY22. Gross Revenue grew 4.3% quarter on quarter and 26.8% year on year on a constant currency basis to Rs 3,240 crore (i.e. $431 million) in Q4 FY22.
Biocon declined 1.77%. The drug maker reported a 6% fall in consolidated net profit to Rs 239 crore on a 31% rise in revenue from operations to Rs 2,409 crore in Q4 FY22 over Q4 FY21. On the segmental front, revenue from Generics was Rs 717 crore (up 26% YoY), Biosimilars revenue was Rs 982 crore (up 48% YoY), Novel Biologics revenue was Rs 12 crore and revenue from Research services was Rs 758 crore (up 15% YoY). Gross R&D spend increased by 70% YoY to Rs 232 crore. EBITDA rose by 3% to Rs 659 crore in Q4 FY22 from Rs 641 crore in Q4 FY21. EBITDA margins were at 27% in Q4 FY22 as against 31% in Q4 FY21.
IndiaMART InterMESH rose 1.31%. The company's consolidated net profit gained 3.1% to Rs 57.40 crore on a 12.1% rose in net sales to Rs 201.40 crore in Q4 FY22 over Q4 FY21. The net sales were primarily driven by 11% increase in number of paying subscription suppliers and marginal improvement in realization from existing customers. Consolidated profit before tax declined 14% to Rs 76.70 crore in Q4 March 2022 as against Rs 89.20 crore in Q4 March 2021. The total expenses increased by 49.44% to Rs 148.40 crore in Q4 March 2022 as compared to Rs 99.30 crore in Q4 March 2021. The firm's EBITDA dropped 33% to Rs 57 crore in Q4 March 2022 over Rs 85 crore in Q4 March 2021. EBITDA margin stood at 28% during Q4 March 2022 over 48% in Q4 March 2021. The margin declined primarily due to investments being made for growth in manpower as well as sales and distribution which has resulted into increased customer addition.
Global Markets:
The Dow Futures were down 124 points, indicating a negative start in the U.S. market today.
Shares in Europe and Asia advanced on Friday as global stocks received a boost from strong corporate earnings, but remain on course for a negative month. The French economy stagnated in the first quarter of the year as weak domestic demand continued despite an easing of COVID-19 restrictions. The euro zone's second-largest economy was unchanged following growth of 0.8% in the final quarter of 2021.
Meanwhile, global investors continue to monitor the war in Ukraine and its geopolitical implications, after Russian President Vladimir Putin warned the West of a lightning fast response to countries that intervene in the war. Russia shocked the European community by halting gas supplies to Poland and Bulgaria on Wednesday because they had refused to pay for the gas in Russian rubles, as Moscow demanded.
Wall Street ended sharply higher on Thursday after a strong quarterly report from Meta Platforms lifted beaten down technology and growth stocks and offset worries about the US economy's contraction in the first quarter. The Facebook parent surged 17.6% after the social network reported a larger-than-expected profit and rebounded from a drop in users.
US economic growth fell 1.4% annualised in the first quarter of 2022, government data said Thursday. The data was far worse than the mild increase analysts had expected, and came after the economy had grown 6.9% in the final quarter of 2021.
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