Stock to Watch Today - Rupeedesk Reports - 02.05.2023
Buzzing Stocks: UltraTech Cement, Ahluwalia Contracts, Meghmani Organics, Bank stocks, others in focus.
Results on May 2: Tata Steel, Ambuja Cements, Varun Beverages, Birla Cable, Cigniti Technologies, DCM Shriram, Fino Payments Bank, Home First Finance Company India, KEI Industries, Astec Lifesciences, Mold-Tek Technologies, Newgen Software Technologies, Punjab & Sind Bank, Sasken Technologies, Spandana Sphoorty Financial, and UCO Bank will be in focus ahead of quarterly earnings on May 2.
RBL Bank: The private sector lender has clocked a 37% year-on-year growth in profit at Rs 271 crore for quarter ended March FY23, driven by lower provisions and higher other income, with improved asset quality performance. Net interest income for the quarter at Rs 1,211 crore increased by 7% over a year-ago period, with credit growth of 17% and deposits growing 7% YoY. Net interest margin expanded by 27 bps YoY to 5.01%, but there was 3 bps decline sequentially.
UltraTech Cement: The cement major has recorded a 36.1 percent year-on-year decline in consolidated profit at Rs 1,670.1 crore for quarter ended March FY23, partly hit by weak operating margin performance. Revenue from operations grew by 18.4% YoY to Rs 18,662.4 crore, with sales volume rising 14% YoY to 31.7 million tonnes in Q4FY23. On the operating front, EBITDA increased by 8.1% to Rs 3,322.5 crore but margin dropped 170 bps to 17.8% compared to year-ago period. The board has recommended final dividend of Rs 38 per equity share.
Kotak Mahindra Bank: The private sector lender has recorded a 26.3% on-year growth in standalone profit at Rs 3,495.6 crore for quarter ended March FY23, and net interest income during the same period grew by 35% to Rs 6,102.55 crore, beating estimates. Profitability was boosted by net interest income, non-interest income and pre-provision operating profit, while advances grew by 18% and deposits growth was 16.5% YoY. The bank reported provisions & contingencies at Rs 147.6 crore for Q4FY23 against reversal of provisions worth Rs 306.2 crore in Q4FY22, while asset quality improved with gross NPAs falling 12 bps QoQ to 1.78% and net NPAs down by 6 bps to 0.37% for the quarter.
IDBI Bank: The bank has recorded a massive 64.1% year-on-year growth in standalone profit at Rs 1,133.4 crore for March FY23 quarter despite higher provisions, supported by higher net interest income and strong improvement in asset quality. Healthy pre-provision operating profit and non-interest income also boosted profitability. Net interest income grew by 35.5% YoY to Rs 3,280 crore for the quarter with credit growth of 18.7% and deposits rising 9.6%. Gross non-performing assets (NPA) fell by 744 bps sequentially to 6.38% and net NPA dropped by 16 bps QoQ to 0.92% in Q4FY23.
Central Bank of India: The public sector lender has reported a 84% year-on-year growth in standalone profit to Rs 571 crore for January-March period of FY23 with improved asset quality performance, though provisions remained elevated. Higher net interest income, non-interest income and pre-provision operating profit remaind strong on year-on-year basis. Net interest income surged by 45.4% YoY to Rs 3,513 crore during the quarter, with advances growing 20.7% YoY and deposits growth at 5%. The bank has received board approval for raising of capital up to Rs 2,500 crore during FY24.
IDFC First Bank: The bank has clocked a 134% year-on-year growth in profit at Rs 803 crore for quarter ended March FY23 despite higher provisions, supported by strong non-interest income, pre-provision operating profit and net interest income. NII grew by 35% YoY to Rs 3,597 crore in Q4FY23, with loans & advances rising 24% and deposits rising 47% YoY. Asset quality improvement continued with the gross NPA falling 45 bps QoQ to 2.51% and net NPA declining 17 bps to 0.86% for the quarter.
State Bank of India: The Central Board of the bank will be meeting on May 18 to consider the financial results for the quarter and year ended March 2023.
Axis Bank: The private sector lender said the Board of Directors has approved the appointment of Subrat Mohanty as a Whole-time Director, designated as 'Executive Director' of the bank, with effect from May 1. Mohanty will be Executive Director for three years and is subject to approval of the shareholders of the bank and RBI.
Biocon: Subsidiary Biocon Biologics' integrated, multi-product, monoclonal antibodies (mAbs) Drug Substance manufacturing facility (B3) at Biocon Park in Bengaluru, has received a Certificate of GMP Compliance for an additional product, biosimilar Bevacizumab, from the representative European inspection authority, Health Products Regulatory Authority (HPRA), Ireland. Last year B3 facility had received the EU GMP Certification for manufacturing biosimilar.
Coromandel International: Subsidiary Dare Ventures has acquired additional 7.40% stake in Dhaksha Unmanned Systems for Rs 15.99 crore. With this, its shareholding in Dhaksha increased to 16.82%. Dhaksha manufactures unmanned aerial systems (drone) and related equipment.
Mahindra & Mahindra Financial Services: The non-banking finance company has reported a 13.86% year-on-year increase in profit at Rs 684.12 crore for quarter ended March FY23. Net interest income for the quarter grew by 10.2% to Rs 1,660.2 crore compared to year-ago period. Disbursement for the quarter at Rs 13,778 crore increased by 50% YoY, and loan book rose by 27% to Rs 82,770 crore. The board has recommended dividend of Rs 6 per share for FY23.
Rossari Biotech: The chemical manufacturing company has recorded a 20.3% year-on-year growth in consolidated profit at Rs 29 crore for March FY23 quarter, driven by operating profit margin. Revenue from operations for the quarter at Rs 406.5 crore fell by 7.4% compared to year-ago period. On the operating front, EBITDA rose 4.3% YoY to Rs 54.6 crore with margin expansion of 150 bps at 13.4% for the quarter.
SBI Cards and Payment Services: The credit card issuing company has recorded a 2.7% year-on-year increase in profit at Rs 596.5 crore for quarter ended March FY23, impacted by higher impairment on financial instruments. Revenue from operations for the quarter at Rs 3,762.2 crore grew by 32% YoY with interest income rising by 32% to Rs 1,672 crore, and fees & commission income up by 25% at Rs 1,786 crore during the quarter.
Bank of India: The Central Government has appointed Rajneesh Karnatak as Managing Director & Chief Executive Officer of Bank of India for three years. Earlier, Rajneesh was an Executive Director of Union Bank of India.
Bank of Baroda: The Central Government has appointed Debadatta Chand as Managing Director and Chief Executive Officer of the public sector lender for three years. Currently Debadatta Chand is Executive Director of the bank.
RPG Life Sciences: The pharmaceutical products maker has registered a 37.6% year-on-year growth in profit at Rs 10.35 crore for quarter ended March FY23, and revenue for the quarter increased by 14.1% YoY to Rs 118.5 crore. EBITDA increased by 17.8% YoY to Rs 15.91 crore with margin expansion of 41 bps at 13.42% for quarter ended March FY23. The company announced equity dividend of Rs 12 per share for FY23.
L&T Finance Holdings: The non-banking finance Company has registered a 46.4% year-on-year growth in profit at Rs 501.08 crore for March FY23 quarter. Revenue for the quarter at Rs 3,216 crore increased by 9.1% over corresponding period last fiscal. Retail book size crossed Rs 61,000 crore, coming in at Rs 61,053 crore in Q4FY23, up 35% YoY.
Jindal Drilling and Industries: The company has recorded a 47% year-on-year decline in consolidated profit at Rs 10.18 crore for quarter ended March FY23 as revenue from operations fell 1.2% YoY to Rs 103.3 crore for the quarter. The operating performance was also weak with the EBITDA falling 7.3% YoY to Rs 38.31 crore with margin down 240 bps at 37.1% in Q4FY23.
Kesoram Industries: The BK Birla Group company has narrowed its consolidated loss to Rs 26.1 crore for March FY23 quarter, from Rs 46.1 crore in same period last year. Revenue grew by 2.3% to Rs 1,055.43 crore compared to year-ago period. On the operating front, EBITDA increased by 10.7% YoY to Rs 108.3 crore with margin expansion of 80 bps at 10.3% for the quarter.
Mercury EV-Tech: Subsidiary company Power Metz Energy has received Letter of Award from Kabira Mobility for supply of 24S LFP battery pack with 6Ah cylindrical LFP cell having capacity of 54Ah.
Meghmani Organics: The chemicals company said the consolidated profit fell by 47% year-on-year to Rs 54.1 crore for quarter ended March FY23. Consolidated revenue from operations declined by 29.3% to Rs 574 crore compared to year-ago period.
GHCL: The soda ash manufacturer has recorded a 12.4% year-on-year growth in consolidated profit at Rs 250.8 crore for March FY23 quarter, driven by other income and topline, but impacted by lower operating margin. Revenue from operations grew by 6.3% YoY to Rs 1,119.2 crore for the quarter, while EBITDA increased by 5.5% to Rs 348.3 crore but margin fell by 23 bps to 31.12% in Q4FY23.
Ahluwalia Contracts (India): The company has secured an order worth Rs 2,450 crore for re-development of Chhatrapati Shivaji Maharaj Terminus (CSMT) at Mumbai, from Rail Land Development Authority. The order inflow during the current FY24 stands at Rs 3,006.58 crore till date.
Seshasayee Paper & Boards: The paper mill company's consolidated profit in March FY23 quarter surged by 161.3% YoY to Rs 111.1 crore driven by healthy operating performance. Revenue grew by 21.7% to Rs 573.2 crore compared to year-ago period, while EBITDA jumped 98.1% YoY to Rs 157 crore with margin expansion of 1,056 bps at 27.36% for the quarter.
Torrent Power: The company has incorporated a wholly owned subsidiary - Torrent Urja 8 Private Limited. The objective for incorporation is to carry on the business of generation, transmission, distribution, purchase, procurement, sale, trading, import, export or otherwise deal in all forms of electrical power and energy including non-conventional and renewable sources of energy.
IRCON International: Yogesh Kumar Misra has relinquished the charge of the post of Chairman & Managing Director of IRCON with effect from April 29. Hence he ceased to be CMD and CEO of the company.
NMDC: The state-owned iron ore producer has fixed price of lump ore at Rs 4,200 per tonne and fines at Rs 4,010 per tonne with effect from April 29. The above FOR prices are excluding royalty, DMF, NMET, cess, forest permit fee and other taxes.
Satin Creditcare Network: The microfinance company has recorded a massive 73.3% year-on-year growth in consolidated profit at Rs 98.6 crore for March FY23 quarter. Revenue from operations for the quarter at Rs 437.3 crore increased by 20.3% over corresponding period last fiscal.
Astra Microwave Products: The company has launched qualified institutional placement (QIP) issue on April 2. The floor price for the issue has been fixed at Rs 268 per share.
*Data Source : Govt, Nse ,Bse, Private News Channels and Websites Etc
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