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Buzzing Stocks: Maruti Suzuki, SBI Card, Vodafone Idea, UltraTech Cement, HCL Tech, ICICI Bank, Apollo Hospitals and others.
Maruti Suzuki India: The country's largest car maker has recorded a standalone net profit of Rs 3,878 crore for the quarter ended March FY24, growing 47.8 percent over a year-ago period, partly driven by strong operating numbers and higher other income, but overall numbers are below analysts' expectations. Revenue from operations grew by 19.3 percent on-year to Rs 38,235 crore, with sales volume rising 13.4 percent to 5.84 lakh units during the same period. EBITDA increased by 40 percent year-on-year to Rs 38,235 crore with a margin expansion of 170 bps at 12.2 percent in the quarter. The company has recommended the highest-ever dividend of Rs 125 per share for FY24.
Vodafone Idea: ATC Telecom Infrastructure has exited the telecom operator by selling its entire shareholding of 144 crore equity shares (equivalent to 2.87 percent of paid-up equity) at an average price of Rs 12.78 per share via open market transactions, valued at Rs 1,840.3 crore. However, Citigroup Global Markets Mauritius has net bought 48,13,75,145 equity shares in Vodafone at an average price of Rs 12.7 per share.
HCL Technologies: The global IT services company has reported a net profit of Rs 3,986 crore for the March FY24 quarter, falling 8.4 percent over the previous quarter impacted by weak operating numbers, and overall numbers came in below analysts' estimates. Revenue from operations grew by 0.2 percent sequentially to Rs 28,499 crore for the quarter, while dollar revenue growth stood at 0.4 percent and revenue in constant currency terms grew by 0.3 percent QoQ. The board has declared an interim dividend of Rs 18 per share for FY24. HCL Tech sees revenue growth in constant currency terms in the range of 3-5 percent for FY25 and an EBIT margin of 18–19 percent.
SBI Life Insurance Company: The insurance company has recorded net profit at Rs 810.8 crore for the January–March FY24 quarter, growing 4.4 percent over the year-ago period. Net premium income for the quarter grew by 26.2 percent year-on-year to Rs 25,116.5 crore, and net commission at Rs 851.4 crore declined by 2.3 percent during the same period.
ICICI Bank: The private sector lender has recorded standalone net profit at Rs 10,707.5 crore for the quarter ended March FY24, growing 17.4 percent over a year-ago period on lower provisions for bad loans. Overall, earnings were ahead of analysts' estimates. Net interest income grew by 8.07 percent year over year to Rs 19,093 crore for the quarter. Asset quality improved with the gross NPA declining 14 bps sequentially to 2.16 percent and the net NPA falling 2 bps to 0.42 percent in Q4 FY24.
Results on April 29: UltraTech Cement, Birlasoft, Can Fin Homes, Fedbank Financial Services, Indostar Capital Finance, Jana Small Finance Bank, KFin Technologies, KPIT Technologies, PNB Housing Finance, Poonawalla Fincorp, Shipping Corporation of India Land and Assets, Shoppers Stop, Spandana Sphoorty Financial, Tata Chemicals, Trent, and UCO Bank will release March quarter earnings on April 29.
RBL Bank: The private sector lender has reported standalone net profit of Rs 353 crore for the March FY24 quarter, rising 30 percent over the same period in the in the previous fiscal year with lower provisions and a sharp increase in operating profit and other income. Net interest income grew by 18 percent year-on-year to Rs 1,600 crore for the quarter, with net interest margin declining 17 bps YoY (down 7 bps QoQ) to 5.45 percent. Asset quality improved as the gross NPA was down 47 bps QoQ at 2.65 percent and the net NPA declined 6 bps at 0.74 percent in Q4 FY24.
Apollo Hospitals Enterprise: Apollo HealthCo (Apollo 24/7, or AHL), a subsidiary of Apollo Hospitals Enterprise, has entered into a binding agreement to raise equity capital of Rs 2,475 crore from global private equity investor Advent International. In addition, Apollo 24/7 will merge Keimed, the wholesale pharma distributor, with itself in a phased manner over the next 24–30 months. Advent will invest in compulsory convertible instruments in two tranches to secure a 12.1 percent stake in the merged entity by valuing the combined entity at an enterprise value of Rs 22,481 crore.
IDFC First Bank: The lender has registered net profit at Rs 724 crore for the March FY24 quarter, falling 9.8 percent compared to the corresponding period of the of the previous fiscal year, impacted by higher provisions. Net interest income jumped 24 percent year-on-year to Rs 4,469 crore for the quarter. There was a nice improvement in the asset quality of the bank as the gross NPA dropped 16 bps QoQ to 1.88 percent and the net NPA fell 8 bps sequentially to 0.60 percent for the quarter.
Ircon International: The company, under its joint venture with Dineshchandra R. Agrawal Infracon (DRA), has received the letter of award for the construction of the Kottavalasa-Koraput doubling project of Waltair division, East Coast Railway, on EPC mode, at a price of Rs 1,198.09 crore.
Patanjali Foods: The FMCG company said the board discussed the initial proposal received from Patanjali Ayurved (PAL) for a sale of PAL’s non-food business undertaking to the company and gave in-principle approval for evaluating the most efficient mode of enhancing synergies with PAL’s non-food portfolio in any manner on an arm's length basis.
Yes Bank: The bank has reported a massive 123 percent on-year growth in net profit at Rs 452 crore for the quarter ended March FY24, partly supported by higher other income and lower provisions. Net interest income grew by 2.3 percent to Rs 2,153 crore during the same period. The asset quality of the bank has seen significant improvement during the quarter, with the gross NPA falling 30 bps QoQ to 1.7 percent and the net NPA declining 30 bps sequentially to 0.60 percent.
NBCC: The construction company has received in-principle approval for the incorporation of a wholly owned subsidiary in Dubai (UAE). This is subject to the approval of its administrative ministry, i.e., the Ministry of Housing and Urban Affairs (MoHUA).
Indiabulls Real Estate: The real estate firm has posted a net loss of Rs 302 crore for the quarter ended March FY24, narrowing from a loss of Rs 376 crore in the corresponding period of the previous fiscal. Revenue from operations dropped 80.6 percent year over year to Rs 21 crore during the quarter.
SBI Cards and Payment Services: The non-banking finance company registered net profit of Rs 662 crore for the March FY24 quarter, growing 11 percent over the same period in the in the previous fiscal year, driven by strong operating numbers. Revenue from operations for the quarter at Rs 4,348 crore increased by 15.6 percent YoY.
Indian Renewable Energy Development Agency: The Department of Public Enterprises has granted Navratna status to the company.
Mastek: The digital engineering and cloud transformation partner has recorded net profit of Rs 94.4 crore for the quarter ended March FY24 despite a weak operating margin, growing 30.1 percent over the same period in the in the previous fiscal year, boosted by a tax write-back. Revenue from operations grew by 9.9 percent year-on-year to Rs 780 crore during the quarter, but EBITDA was down 0.3 percent year-on-year to Rs 125.1 crore, and margin fell 165 basis points to 16 percent for the quarter.
Utkarsh Small Finance Bank: The small finance bank has registered a 19.3 percent on-year growth in net profit at Rs 159.7 crore for the January-March FY24 quarter. Net interest income grew by 31.8 percent year over year to Rs 540 crore for the quarter. Asset quality improved significantly, with the gross NPA declining 53 bps sequentially to 2.51 percent and the net NPA falling 16 bps QoQ to 0.03 percent for the quarter.
Shakti Pumps: The solar stainless-steel submersible pump manufacturer has recorded a massive 41-fold on-year increase in net profit at Rs 89.7 crore for the quarter ended March FY24 on strong operating numbers. Revenue from operations grew by more than 3-fold to Rs 609.3 crore against Rs 182.7 crore during the same period, while EBITDA jumped nearly 12-fold to Rs 130.7 crore from Rs 11 crore with a margin expansion of 1,550 bps at 21.5 percent in the same period. The company recommended a final dividend of Rs. 4 per share.
Force Motors: The Pune-based automobile company has registered a 4.3 percent on-year decline in consolidated net profit at Rs 140.3 crore for the quarter ended March FY24 due to a high base. In Q4 FY23, profit included an exceptional gain of Rs 208.32 crore. Revenue from operations for the quarter at Rs 2,011.2 crore increased by 35 percent over a year-ago period. The board has recommended a dividend of Rs 20 per share for FY24.Force Motors: The Pune-based automobile company has registered a 4.3 percent on-year decline in consolidated net profit at Rs 140.3 crore for the quarter ended March FY24 due to a high base. In Q4 FY23, profit included an exceptional gain of Rs 208.32 crore. Revenue from operations for the quarter at Rs 2,011.2 crore increased by 35 percent over a year-ago period. The board has recommended a dividend of Rs 20 per share for FY24.
Aditya Birla Sun Life AMC: The asset management company has reported consolidated net profit at Rs 208.4 crore for the January-March quarter of FY24, growing 53.7 percent over the corresponding period of the previous fiscal, supported by revenue as well as operating numbers. Revenue from operations jumped 23 percent year over year to Rs 365.6 crore for the quarter.
SBFC Finance: The financial services institution has reported net profit of Rs 73.4 crore for the March FY24 quarter, growing 71.7 percent over the corresponding period of the previous fiscal. Revenue from operations grew by 34.3 percent year over year to Rs 278.8 crore for the quarter.
Lasa Supergenerics: Ravi Shankar Kabra has resigned as CFO of the company due to health reasons and other preoccupations. He will be relieved of his duties with effect from April 26.
VST Industries: The cigarette manufacturing company has registered net profit at Rs 88.2 crore for the January-March quarter of FY24, growing 28.4 percent over the year-ago period despite a weak operating margin. Revenue from operations (excluding excise duty) increased by 24.3 percent on-year to Rs 375 crore for the quarter. The board has recommended a final dividend of Rs. 150 per share.
Mahindra Holidays and Resorts India: The Mahindra group company recorded consolidated net profit of Rs 83.2 crore for the quarter ended March FY24, rising 47.8 percent over a year-ago period. Revenue from operations during the same period increased by 12.4 percent to Rs 800.2 crore.
Sanghi Industries: The cement company has posted a net loss of Rs 19 crore for the quarter ended March FY24, narrowing from a loss of nearly Rs 105 crore in the same period last fiscal year, partly supported by topline as well as healthy operating numbers and lower finance costs. Revenue from operations grew by 26.2 percent year over year to Rs 285 crore for the quarter.
