Tag: financial results

  • SBI and LIC Combined Net Profit Reaches Rs. 1.37 Lakh Crore in FY26

    SBI and LIC Combined Net Profit Reaches Rs. 1.37 Lakh Crore in FY26

    India’s two largest public-sector financial institutions, State Bank of India (SBI) and Life Insurance Corporation of India (LIC), delivered robust earnings for the fiscal year 2025–26. Their combined standalone net profit stood at approximately Rs. 1.37 lakh crore, driven by double-digit growth in both banking and insurance operations.

    SBI Posts Record Annual Profit

    SBI reported a standalone net profit of Rs. 80,032 crore in FY26, a 12.88% increase from Rs. 70,901 crore in the previous fiscal year. The bank’s net interest income rose 4.08% to Rs. 1,73,120 crore. SBI’s strong performance was supported by growth across lending segments: retail personal advances increased 15.22%, agricultural advances grew 19.68%, SME advances rose 20.99%, and corporate advances increased 14.83%. Total deposits at the end of March 2026 stood at Rs. 59.76 lakh crore, up 11.03% year-on-year.

    Asset quality also improved. SBI’s gross non-performing asset ratio declined to 1.49% from 1.82% a year earlier, while the net NPA ratio fell to 0.39%. The bank’s capital adequacy ratio strengthened to 15.40%, underscoring its financial resilience.

    LIC Delivers Double-Digit Profit Growth

    LIC recorded a profit after tax of Rs. 57,419 crore in FY26, marking a 19.25% increase from Rs. 48,151 crore in FY25. Total premium income rose 9.80% to Rs. 5,35,984 crore. The insurer’s value of new business jumped 41.63% to Rs. 14,179 crore, and assets under management grew 5.08% to Rs. 57.29 lakh crore.

    Combined Profit Highlights

    Adding SBI’s Rs. 80,032 crore and LIC’s Rs. 57,419 crore gives a combined standalone profit of Rs. 1,37,451 crore (approximately Rs. 1.37 lakh crore). This figure differs from the commonly cited Rs. 1.41 lakh crore aggregate, which may include other income components. The distinction is important when comparing standalone results.

    Strong Year for India’s Leading PSUs

    FY26 marked a standout year for both institutions. SBI achieved its highest-ever annual profit, while LIC sustained double-digit earnings growth. Together, they reflect the strength of India’s public-sector financial ecosystem, with gains in lending, premiums, asset quality, and other key metrics.

  • Cummins India Reports 18% Revenue Growth in Q1 FY2027 Amid Strong Domestic Demand

    Cummins India Reports 18% Revenue Growth in Q1 FY2027 Amid Strong Domestic Demand

    Cummins India Limited (NSE: CUMMINSIND, BSE: 500480) has announced its financial results for the quarter ended June 30, 2026. The Board of Directors reviewed and approved the standalone financial results during a meeting held on August 5, 2026.

    Key Financial Highlights

    • Total Sales: ₹3,375 crore, an increase of 18% year-over-year (YoY) and 14% quarter-over-quarter (QoQ).
    • Domestic Sales: ₹2,854 crore, up 22% YoY and 14% QoQ.
    • Export Sales: ₹521 crore, flat YoY but up 16% QoQ.
    • Profit Before Tax (PBT) before exceptional items: ₹721 crore, with a margin of 21.4%, marginally lower by 0.7% YoY and 12% lower sequentially.
    • Profit After Tax (PAT): ₹543 crore, resulting in a net profit margin of 16.1%.

    Management Commentary

    Shveta Arya, Managing Director of Cummins India Limited, commented: “The new fiscal year began on a steady note, supported by robust domestic demand across key end markets and our order execution contributing to revenue growth. Exports continue to be resilient in major regions that we supply despite the geopolitical developments. These headwinds led to higher commodity costs and inflationary trends impacting margins. We are closely tracking these developments and remain focused on operational efficiencies and cost discipline while continuing with our promise of dependability and reliability as we serve our customers.”

    Future Outlook

    Looking ahead, the company expects business momentum to remain steady across its key markets. Inflationary pressures and supply chain constraints are likely to continue influencing the industry environment. Cummins India will prioritize disciplined execution, cost management, and operational efficiencies. With a healthy balance sheet and strong liquidity, the company is adopting a measured approach to execution, capital deployment, and cost control. It remains committed to creating long-term value for customers and shareholders by leveraging proven technologies, experienced talent, established brand presence, market-relevant portfolio, manufacturing depth, and wide distribution and service reach.

    About Cummins India Limited

    Established in 1962 and headquartered in Pune, Cummins India Limited (NSE: CUMMINSIND | BSE: 500480) is a leading power solutions provider in India. As the oldest Cummins entity in the country, it operates in power generation, aftermarket, and export businesses. The company has four state-of-the-art manufacturing plants, assembly, and a distribution center, along with 480 customer touchpoints. With over 3,000 employees, Cummins India is dedicated to powering customer success and making people’s lives better by powering a more prosperous world.

  • Tesla Q2 2026 Revenue Tops Estimates as Earnings Slip and Cash Flow Turns Negative

    Tesla Q2 2026 Revenue Tops Estimates as Earnings Slip and Cash Flow Turns Negative

    Tesla Surpasses Revenue Expectations in Q2 2026

    Tesla reported stronger-than-expected revenue for the second quarter of 2026, driven by record vehicle deliveries and growth in its energy storage business. However, the company’s earnings fell short of analyst estimates, and free cash flow turned negative for the first time in over two years, reflecting heavy investments in artificial intelligence, robotics, and future production programs.

    The electric vehicle maker generated $28.24 billion in quarterly revenue, above market consensus. Adjusted earnings per share came in at $0.33, well below the expected $0.50. Tesla also posted negative free cash flow of $1.09 billion, as capital expenditures more than doubled from the previous quarter and the same period last year.

    Record Deliveries Boost Top Line

    Tesla delivered 480,126 vehicles during the quarter, up from 384,122 a year earlier. The Model 3 and Model Y accounted for 467,762 deliveries, while other models contributed 12,364 units. This 26% year-over-year increase in deliveries helped push trailing twelve-month revenue past $100 billion for the first time.

    Energy storage deployments also showed strong growth, reaching 13.5 gigawatt-hours, compared with 9.6 GWh in the same quarter of 2025.

    Margins and Profitability Under Pressure

    Despite higher revenue, Tesla’s profitability faced headwinds. Automotive gross margin fell to 16.3%, below analyst expectations, as the company relied on lower-priced models and incentives to sustain demand. Revenue from regulatory credits dropped to $146 million, about two-thirds below the prior-year level.

    Net income stood at approximately $1.11 billion, while operating income plunged 57% to $398 million. Rising research and development costs, along with increased spending on production and technology programs, weighed on quarterly earnings.

    Heavy Spending on AI and Future Programs

    Tesla’s capital expenditures reached $5.8 billion in Q2, more than double the amount spent in both the first quarter of 2026 and the second quarter of 2025. Chief Financial Officer Vaibhav Taneja indicated that annual capital spending would exceed $25 billion, directed toward AI systems, robotaxi services, manufacturing equipment, and robotics development.

    CEO Elon Musk described 2026 as “a massive capex year,” emphasizing that the investments will support new products and expanded production capacity. Tesla has already started Cybercab production and is installing manufacturing lines for its Optimus humanoid robot.

    Full Self-Driving Subscriptions Grow

    Tesla ended the quarter with approximately 1.48 million active Full Self-Driving (FSD) subscriptions, a 56% increase year-over-year. More than 55% of new North American deliveries included an FSD subscription. The company continues to seek regulatory approval for the driver-assistance system in Europe and China.

    Musk noted that customers are increasingly considering FSD when purchasing a vehicle, though the system remains supervised and requires driver attention. Tesla is also expanding its robotaxi operations while navigating local regulations and safety requirements.

    Market Reaction

    Tesla shares declined following the earnings release, as investors reacted to the earnings miss, weaker automotive margins, and negative cash flow. The results highlight the balancing act Tesla faces between sustaining revenue growth and funding its ambitious autonomy, energy, and robotics initiatives.

  • Fractal Analytics Q1 FY27 Profit Soars 92% on Surging Enterprise AI Demand

    Fractal Analytics Q1 FY27 Profit Soars 92% on Surging Enterprise AI Demand

    Fractal Analytics reported a sharp rise in earnings for the first quarter of FY27, as growing demand for enterprise AI solutions boosted revenue and profitability. The company posted a consolidated net profit of Rs. 74.2 crore for the April-June quarter, up 92% year-on-year.

    Revenue from operations rose 20% to Rs. 912.5 crore, compared with Rs. 760.5 crore in the same quarter last year. Including Rs. 19.6 crore in other income, total income for the quarter stood at Rs. 932.1 crore.

    Margins Expand

    Fractal’s operating performance also improved during the quarter. EBITDA increased to Rs. 143 crore from Rs. 100 crore a year ago, while the EBITDA margin expanded to 15.66% from 13.50%.

    Total expenses rose to Rs. 755.6 crore, compared with Rs. 699.6 crore in the year-ago period, as the company continued to invest in growth. Revenue, however, grew faster than costs, resulting in higher margins and stronger earnings.

    Cash flow from operations increased 20% year-on-year to Rs. 103 crore. The company remained debt-free, with zero long-term debt on its books.

    Healthcare, BFSI Drive Growth

    Healthcare and financial services were the biggest contributors to growth during the quarter. The Healthcare and Life Sciences (HLS) business recorded 69% year-on-year revenue growth, making it Fractal’s second-largest industry vertical.

    The Banking, Financial Services and Insurance (BFSI) segment grew 36%, while the Consumer Packaged Goods and Retail (CPGR) business, the company’s largest vertical, reported 19% growth. The Technology, Media and Telecommunications (TMT) segment remained the only weak spot, with revenue declining 22% from a year earlier.

    Fractal highlighted that excluding the TMT business, the rest of its operations grew 35% year-on-year, reflecting broad-based demand across its enterprise AI portfolio. The quarterly performance comes as companies continue to increase spending on AI-led automation, analytics and data-driven decision-making.

  • Infosys Q1 Earnings: AI Revenue Reaches 8.2% as Net Profit Hits $820 Million

    Infosys Q1 Earnings: AI Revenue Reaches 8.2% as Net Profit Hits $820 Million

    Infosys (NSE, BSE, NYSE: INFY), a global leader in AI-first business consulting and technology services, reported its Q1 results for the period ending June 30, 2026. The company posted revenues of $5,082 million, representing year-over-year growth of 2.4% and sequential growth of 1.0% in constant currency. Operating margin stood at 21.1%, a sequential increase of 0.2%, while earnings per share grew 14.9% year-on-year in rupee terms. Net profit climbed to $820 million, and free cash flow reached $955 million, with a conversion rate of 116.5% of net profit.

    AI revenues accounted for 8.2% of total revenue in Q1, highlighting the rapid conversion of AI momentum into tangible financial results. The company secured large deal wins totaling $3.6 billion in total contract value, with 61% coming from net new business.

    “AI momentum is now rapidly converting into revenue, which demonstrates how Infosys’ differentiated enterprise AI value proposition is translating into consistent market share gains. Strong large deal wins, powered by Infosys Topaz, reinforce client confidence in our ability to be the strategic partner of choice for AI transformation driving tangible business value,” said Salil Parekh, CEO and MD.

    Infosys revised its FY27 revenue growth guidance to 1.5%-3.0% in constant currency and retained its operating margin guidance at 20%-22%.

    Key Financial Highlights (Q1 FY27)

    • Revenues in constant currency: +2.4% YoY, +1.0% QoQ
    • Reported revenues: $5,082 million (+2.8% YoY, +0.8% QoQ)
    • Operating margin: 21.1% (+0.3% YoY, +0.2% QoQ)
    • Basic EPS: $0.20 (+3.7% YoY)
    • Free cash flow: $955 million (FCF conversion: 116.5%)

    “Our resilient margins of 21.1% and consistent strong cash generation reflect the strength of our business model, disciplined execution and continued focus on operational excellence in a challenging business environment,” said Jayesh Sanghrajka, CFO.

    Major Client Wins and Partnerships

    Infosys announced several strategic collaborations and renewals during the quarter:

    • Mercedes-Benz Group AG: Renewed a long-standing partnership to move one of the automotive sector’s largest hybrid cloud and data center operations to an AI-led operating model, leveraging Infosys Topaz and Infosys Cobalt.
    • Nokia: Collaboration to strengthen product engineering capabilities across core networks, accelerating innovation and execution efficiency.
    • Bendigo Bank: A seven-year collaboration to build a future-ready bank, enhancing digital experiences for 2.9 million customers.
    • DNB Bank ASA: Expanded collaboration to modernize financial crime operations using NICE Actimize’s X Sight Enterprise platform.
    • Sentara: Collaboration to scale enterprise AI adoption in healthcare services.
    • GlobalFoundries: Expanded collaboration to accelerate AI-driven IT operations transformation.
    • Spark New Zealand: Accelerating AI-led transformation across technology delivery and digital operations with Infosys Topaz.
    • Cox Communications: Modernization of technology operations to enhance digital customer experiences.
    • Ventura Foods: Enterprise transformation using Oracle Fusion Cloud and Infosys Topaz for an AI-first value chain strategy.
    • OpenAI: Collaboration to accelerate enterprise AI transformation, focusing on deploying Codex for large-scale software modernization and automation.
    • Harness: Partnership to unlock AI value for enterprise transformation, addressing the “AI Velocity Paradox.”
    • Finacle Deals: Sterling Bank of Asia (enhancing employee and customer experience), Bank of Sydney (successful go-live of Finacle Digital Banking Suite on AWS).

    Industry Recognitions and Awards

    Infosys received multiple accolades in Q1, including ranking #1 on LinkedIn Top Companies in India for 2026, being recognized as a Leader in Gartner Magic Quadrant for Cloud ERP Services, and winning the Bronze Stevie Award for Innovation in Investor Relations. Infosys Finacle was rated a Leader in The Forrester Wave for Digital Banking Engagement Platforms and ranked #1 in 22 categories by IBS Intelligence.

    For a full list of awards and recognitions, visit the official Infosys newsroom.

  • Eternal Q1 FY27: Profit Slips 47% Sequentially as Blinkit Drives Record Revenue Growth

    Eternal Q1 FY27: Profit Slips 47% Sequentially as Blinkit Drives Record Revenue Growth

    Eternal, the parent company of Zomato, Blinkit, Hyperpure, and District, reported its financial results for the quarter ended June 30, 2026. Despite a surge in revenue driven by its quick commerce arm Blinkit, the company’s consolidated net profit fell 47.1% sequentially to ₹92 crore, compared to ₹174 crore in the same quarter last year. The decline was attributed to continued investments in business expansion, particularly in Blinkit.

    Revenue Surge Fueled by Blinkit and Model Change

    Revenue from operations soared to ₹20,211 crore, up from ₹7,167 crore in the prior-year period. Eternal attributed this increase primarily to the shift to a first-party (1P) operating model, which recognizes the full value of goods sold as revenue. Consolidated adjusted revenue grew 173% year-on-year to ₹20,648 crore, while adjusted EBITDA more than doubled to ₹555 crore.

    The B2C segment’s net order value (NOV) rose 54% YoY to ₹31,120 crore, underpinned by strong demand in food delivery, quick commerce, and the going-out business.

    Blinkit Continues to Lead Growth

    Blinkit remained Eternal’s fastest-growing business, with NOV climbing 86% YoY to ₹17,132 crore. The quick commerce platform posted an adjusted EBITDA profit of ₹102 crore, marking its fifth consecutive quarter of margin improvement. Blinkit expanded its store network by 200 net new stores, reaching 2,443 locations, and focused on assortment expansion, geographic coverage, and demand densification.

    Deepinder Goyal, Founder of Eternal, commented: “If we’re doing our job well, growth and margins should compound together – because growth in this business comes from making the platform more useful to more people, which drives frequency, which drives density, which drives efficiency. The flywheel doesn’t ask you to choose.”

    Food Delivery and Other Segments Hold Steady

    Eternal’s food delivery business also maintained momentum, with NOV crossing ₹10,769 crore, up over 20% YoY. The segment reported an adjusted EBITDA profit of ₹606 crore, with margins improving to 5.6%. The going-out platform, District, achieved 60% YoY revenue growth to ₹3,218 crore, while Hyperpure posted revenue of ₹1,034 crore, a 27% increase on a like-for-like basis.

    Additionally, Eternal entered into a Business Transfer Agreement with its wholly owned subsidiary Carthero Technologies Private Limited to transfer the business under the brand name ‘Nugget by Zomato’ as part of an internal restructuring to streamline operations.

  • Wipro Reports Q1 FY2027 Results: IT Services Revenue Grows 0.9% YoY, Large Deal Bookings Jump 12.9% QoQ

    Wipro Reports Q1 FY2027 Results: IT Services Revenue Grows 0.9% YoY, Large Deal Bookings Jump 12.9% QoQ

    Wipro Limited (NYSE: WIT, BSE: 507685, NSE: WIPRO), a leading AI-powered technology services and consulting company, announced its financial results for the first quarter ended June 30, 2026. The company reported a 0.9% year-over-year increase in IT services revenue on a constant currency basis, with large deal bookings surging 12.9% quarter-over-quarter to $1.6 billion.

    Key Financial Highlights

    • Gross revenue: ₹244.8 billion ($2,585.9 million), up 1.0% QoQ and 10.6% YoY.
    • IT services revenue: $2,614.5 million, down 1.4% QoQ but up 1.0% YoY; non-GAAP constant currency growth of 0.9% YoY.
    • Total bookings: $3,370 million, down 2.4% QoQ in constant currency.
    • Large deal bookings: $1,626 million, up 12.9% QoQ in constant currency, including 13 large deals.
    • IT services operating margin: 16.0%, down 1.3% QoQ and 1.2% YoY.
    • Net income: ₹33.6 billion ($354.6 million), down 4.7% QoQ but up 0.6% YoY.
    • Earnings per share: ₹3.20 ($0.031), down 4.2% QoQ but up 0.6% YoY.
    • Operating cash flow: ₹32.9 billion ($348 million), at 98% of net income, up 3.6% QoQ.
    • Voluntary attrition: 13.9% on a trailing 12-month basis.
    • Interim dividend: Declared ₹2 ($0.021) per equity share/ADS.

    Management Commentary

    Srini Pallia, CEO and Managing Director, said, “Clients are moving beyond technology modernization to AI-enabled operating models that improve quality, resilience, and productivity. Wipro’s consulting-led, AI-powered approach helps clients embed AI at the core of their business, and these engagements reflect both the breadth of our capabilities and the trust clients place in us as a transformation partner.”

    Aparna Iyer, Chief Financial Officer, added, “As we navigate an evolving technology landscape, we remain focused on investing in our people and strategic priority areas. While these investments may create some near-term margin volatility, it sets a strong foundation for future growth. Cash flow remained robust, with operating cash flow at 98% of net income for the quarter. We are also pleased to share that the Board has declared an interim dividend of ₹2 per share. Including this dividend and payouts made over the past year, we would have returned more than $3 billion in cash to our shareholders while continuing to invest steadily for growth.”

    Strategic Deal Wins

    Wipro secured multiple large and strategic deals during the quarter across industries. Key wins include:

    • A global chemicals company selected Wipro for a multi-year IT modernization deal, leveraging AI and GenAI for automation and cost optimization.
    • A major US technology company renewed its engagement for geospatial data operations, using AI-powered global delivery.
    • A US health insurer extended its digital workplace support contract with AI-infused service delivery.
    • A leading Australian health and community services provider chose Wipro to modernize its technology landscape.
    • Capco, a Wipro company, secured engagements with a global energy company and a US housing finance institution for data modernization and program execution.

    Analyst Recognition

    Wipro was recognized as a Leader in several industry reports, including ISG Provider Lens for Semiconductor Services, Avasant RadarView for Banking and High-Tech Digital Services, and Everest Group’s Healthcare Payer Digital Services PEAK Matrix® Assessment.

    Outlook for Q2 FY2027

    For the quarter ending September 30, 2026, Wipro expects IT services revenue in the range of $2,574 million to $2,627 million, translating to sequential guidance of (-)1.5% to (+)0.5% in constant currency terms.

  • IBM Revenue Warning Sparks Widespread Decline in Software Stocks

    IBM Revenue Warning Sparks Widespread Decline in Software Stocks

    IBM shares plunged more than 22% in premarket trading Tuesday after the company issued a preliminary second-quarter earnings warning, citing weaker software and infrastructure results as customers redirected spending toward AI hardware. The warning triggered a broad sell-off across major software stocks, including Microsoft, ServiceNow, Salesforce, and Intuit, which fell between 3% and 5%.

    IBM expects second-quarter revenue of $17.2 billion, up 1% year-over-year but below the analyst consensus of $17.86 billion compiled by LSEG. Adjusted earnings are projected at $2.93 per share, compared to the forecast of $3.02 per share. The company attributed the shortfall to a significant shift in customer spending during the final weeks of June, as businesses accelerated capital expenditures on servers, storage, and memory chips for artificial intelligence systems ahead of anticipated price increases and supply constraints.

    CEO Arvind Krishna acknowledged that while IBM anticipated some supply-chain pressure, it “did not anticipate the magnitude” of the spending shift. He also noted that rapidly evolving cybersecurity concerns distracted clients and impacted purchasing decisions. Preliminary figures show software revenue rose 5% in the quarter, consulting revenue remained flat, and infrastructure revenue declined 7%, driven by weaker Z mainframe performance and related transaction-processing software.

    Despite the overall miss, several business areas posted gains. Red Hat revenue increased 11%, while recent acquisitions HashiCorp and Confluent delivered stronger results. Distributed infrastructure revenue rose 37%, supported by demand for Power systems and storage products. The z17 mainframe program reached nearly 130% of the comparable z16 stage, and the distributed infrastructure backlog stood at approximately $500 million at quarter-end.

    IBM reported a GAAP gross profit margin of 57.7%, down one percentage point year-over-year, and an adjusted gross margin of 59.4%, down 0.7 percentage points. GAAP earnings were $2.27 per share, while adjusted earnings rose 5% to $2.93. Operating cash flow through June totaled $7.8 billion, and free cash flow reached $4.8 billion.

    The earnings warning pressured the broader software sector before Tuesday’s market open. The iShares Expanded Tech-Software Sector ETF dropped more than 4%. Analysts noted that IBM’s update reflects a broader shift in corporate technology budgets toward data centers, chips, storage, and networking equipment, leaving less quarterly spending available for traditional software purchases.

    IBM plans to release its complete second-quarter financial results on July 22, with an earnings call scheduled for 5 p.m. Eastern Time. Management stated that current figures are preliminary and may differ slightly from the final numbers. The company will provide further detail and discuss full-year expectations during the call.