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The financial numbers for 2023-24 (FY24) of the four pure-play listed asset management companies (AMCs) have enthused the Street.
All firms listed robust growth in net profit and revenue both during the January-March quarter (Q4) of FY24, as well as in full FY24.
The strong performance comes amid a positive growth environment for the sector, led by tailwinds such as sharp growth in assets under management (AUM) and robust performance in equity offerings.
A weaker-than-expected sales performance, concerns about higher competitive intensity in the current year, and earning cuts by some brokerages have weighed on the stock of the country s largest paint maker, Asian Paints.
While the Q3 volume show was slightly below expectations, the company s operational and bottom line beat estimates, benefiting from the falling raw material costs.
The stock ended the day with a decline of over 2 per cent at Rs 3,175 apiece.
The chemicals sector s recovery could be delayed until FY25 if the current trends of weak demand and flat pricing continue.
Following a subdued September quarter, the revenue and profit performance of listed chemicals companies are anticipated to fall short of initial expectations of an improvement.
Despite some price stability, the demand trajectory remains uncertain.
UPL, the country s largest agrochemical company, had a weak July-September quarter (Q2), reporting a sharp fall in revenues across geographies.
Overall, the revenues were down 19 per cent on the back of lower agrochemical prices and inventory destocking.
While the overall volumes were down 7 per cent, prices fell by 15 per cent.
Volume decline in the European market was on the back of high channel inventory and product bans while in India the fall by 27 per cent was on account of muted demand for segments such as cotton and pulses.