Stock to Watch Today - Rupeedesk Reports - 07.05.2024
Stock to Watch Today - Rupeedesk Report
Stock to Watch Today - Rupeedesk Reports
Buzzing Stocks: Godrej Consumer Products, Gujarat Gas, HPCL, Muthoot Microfin, LTIMindtree, Route Mobile, Tamilnad Mercantile Bank, Lupin and others in news.
Godrej Consumer Products: The FMCG company has posted a net loss of Rs 1,893.2 crore for the quarter ended March FY24 despite healthy operating numbers, impacted by an exceptional loss of Rs 2,375.65 crore for the quarter (against an exceptional loss of Rs 22.2 crore in the year-ago period). In Q4 FY23, it recorded a profit of Rs 452.1 crore. Revenue from operations grew by 5.8 percent year over year to Rs 3,385.6 crore for the quarter, with volume growth of 12 percent and India business volume growth of 15 percent. On the operating front, EBITDA jumped 17.9 percent year-on-year to Rs 755.7 crore, with a margin expansion of 230 bps at 22.3 percent in Q4 FY24. The company declared an interim dividend of Rs 10 per share.
Results on May 7: Dr Reddy's Laboratories, PB Fintech, JSW Energy, Voltas, Century Textiles & Industries, Delta Corp, Graphite India, Indraprastha Gas, IRB Infrastructure Developers, Jindal Saw, Jupiter Wagons, Kajaria Ceramics, KEC International, Max Financial Services, Navin Fluorine International, Pidilite Industries, Sonata Software, United Breweries, and Bigbloc Construction will release quarterly earnings on May 7.
LTIMindtree: The IT services company has received a tax demand order of Rs 155.7 crore from the Department of Goods and Service Tax, Office of the Deputy Commissioner of State Tax, Mumbai, for the year FY19.
Gujarat Fluorochemicals: The chemical company has reported consolidated net profit at Rs 101 crore for the March FY24 quarter, falling sharply by 70 percent compared to the year-ago period. Revenue from operations for the quarter stood at Rs 1,133 crore, declining 23 percent compared to the same period in the in the previous fiscal.
Lupin: The global pharma company has recorded consolidated net profit at Rs 359.4 crore for the fourth quarter of financial year 2024, growing 52.3 percent over the corresponding period of the previous fiscal, with EBITDA rising 72.5 percent to Rs 997 crore and margin expanding 700 bps to 20 percent during the same period. Revenue from operations increased by 12 percent year over year to Rs 4,960.8 crore for the quarter. Meanwhile, the company has received approval from the United States Food and Drug Administration (US FDA) for its abbreviated new drug application for Travoprost Ophthalmic Solution USP, 0.004 percent (Ionic Buffered Solution), to market in the US. Travoprost Ophthalmic Solution is a generic equivalent to the reference listed drug (RLD) Travatan Z Ophthalmic Solution of Sandoz Inc., which is used for the reduction of elevated intraocular pressure in patients with open-angle glaucoma or ocular hypertension.
Gujarat Gas: The city gas distribution company has registered 86 percent quarter-on-quarter growth in net profit at Rs 409.5 crore for the quarter ended March FY24, driven by a reduction in spot gas prices and an increase in volumes. Revenue from operations (excluding excise duty) grew by 5.2 percent sequentially to Rs 4,134.2 crore for the quarter. The board has recommended a dividend of Rs 5.66 per share and approved the appointment of Rajesh Sivadasan as the Chief Financial Officer and Head of the Investor Relations Department of the company, with effect from May 6.
Route Mobile: The cloud communication platform service provider has registered net profit at Rs 95.2 crore for the quarter ended March FY24, falling 8.5 percent over a year-ago period with lower operating numbers. Revenue from operations grew by 0.8 percent year-on-year to Rs 1,017 crore for the fourth quarter of the financial year 2024. In the full year FY24, profit increased by 16.7 percent to Rs 388.8 crore, and revenue jumped 10 percent to Rs 4,023.3 crore compared to the previous year.
Kamdhenu: The TMT bars manufacturer has recorded net profit at Rs 16.8 crore for the fourth quarter of the financial year 2024, increasing sharply by 55.7 percent over a year-ago period despite muted topline, driven by higher other income. Revenue from operations grew by 5.5 percent year over year to Rs 176 crore for the quarter, with volumes rising 11 percent YoY.
Tamilnad Mercantile Bank: The lender has increased lending rates by 10-15 bps across tenures, with effect from May 7.
Prudent Corporate Advisory Services: The company has reported consolidated net profit at Rs 44.6 crore for the January-March quarter of FY24, growing 8.1 percent over the year-ago period. Revenue from operations grew by 35.4 percent year over year to Rs 239.7 crore for the quarter. The board has recommended a final dividend of Rs. 2 per share.
Drone Destination: The drone company has signed an agreement with cooperative major IFFCO for spraying agricultural products on up to 30 lakh acres of farm land. According to company officials, under the agreement, Drone Destination could get paid in the range of Rs 400 to Rs 800 per acre at prevailing market rates, implying that the deal will fetch a revenue of Rs 120 crore in the lower price band and up to Rs 240 crore in the upper price band.
Hindustan Petroleum Corporation: HPCL said the board will consider a proposal for the recommendation of bonus equity shares along with Q4 and FY24 results on May 9.
DCM Shriram: The company has reported consolidated net profit at Rs 117.8 crore for the quarter ended March FY24, declining 36.9 percent compared to the corresponding period of the previous fiscal, with lower topline and weak operating numbers. Revenue from operations (excluding excise duty) fell 11.8 percent year over year to Rs 2,399.3 crore for the quarter.
Apcotex Industries: The chemical company has reported net profit at Rs 15.3 crore for the March FY24 quarter, declining 34 percent compared to the year-ago period, partly impacted by higher input costs and finance costs. However, revenue from operations grew by 21.3 percent year over year to Rs 310.6 crore during the quarter. The board has recommended a final dividend of Rs. 3.50 per share.
Arvind Smartspaces: The real estate development company has reported consolidated net profit of Rs 19.5 crore for the March FY24 quarter, increasing 86.1 percent over the corresponding period of the previous fiscal. Revenue from operations grew by 26.6 percent on-year to Rs 117.4 crore for the quarter, with bookings increasing by 32 percent YoY to Rs 323 crore and collections up by 14 percent YoY to Rs 215 crore.
Bigbloc Construction: Ace investor Shankar Sharma has bought 3.65 lakh equity shares (equivalent to 0.5 percent of paid-up equity) in the autoclaved aerated concrete blocks maker at an average price of Rs 235 per share via open market transactions, which amounted to Rs 8.57 crore. The company will release its March FY24 quarter earnings on May 7.
Muthoot Microfin: The NBFC microfinance institution recorded net profit of Rs 119.8 crore for the March FY24 quarter, growing 26.7 percent over the same period in the in the previous fiscal. Net interest income increased by 47 percent year-on-year to Rs 400 crore for the quarter, with a net interest margin expansion of 65 bps YoY at 13.52 percent. Pre-provision operating profit (PPOP) jumped 62.66 percent YoY to Rs 244 crore during Q4 FY24.
Gillette India and Procter & Gamble Hygiene & Health Care: LV Vaidyanathan has resigned as Managing Director (MD) of both companies with effect from April 30 this year.
Novelis Inc.: The aluminum solutions provider and subsidiary of Hindalco Industries, recorded net income of $166 million for the March FY24 quarter, growing 6 percent over a year-ago period, and net income excluding special items grew by 2 percent YoY to $179 million. However, net sales declined 7 percent year-on-year to $4.1 billion for the fourth quarter of fiscal year 2024, driven by lower average aluminum prices, partially offset by higher total shipments. Adjusted EBITDA for the quarter increased 28 percent YoY to $514 million, primarily driven by favorable metal benefits from recycling and lower operating costs than the prior year period. Adjusted EBITDA per tonne shipped of $540 in Q4FY24, up 25 percent YoY.
Bajaj Healthcare: The company has received board approval for the appointment of Dayashankar Patel as the Chief Financial Officer and key managerial personnel, with effect from May 6.
Automotive Stampings and Assemblies: The company has recorded 126 percent on-year growth in net profit at Rs 7.6 crore for the quarter ended March FY24. Revenue from operations during the quarter increased by 10.6 percent to Rs 232.5 crore compared to the fourth quarter of the financial year 2023.
Mastek: The digital engineering and cloud transformation company said its iConniX portfolio will enable Gen AI-led innovation across industries. iConniX currently offers over 120 AI assets, 4 AI platforms, and solution blueprints tailored to meet industry-specific business use cases.
Allsec Technologies: The payroll services provider has reported net profit of Rs 20.7 crore for the quarter ended March FY24, rising 71 percent over the fourth quarter of the previous financial year 2023. Revenue from operations grew by 20.1 percent on-year to Rs 129.7 crore, with customer experience management businesses growing 29.3 percent YoY to Rs 89.1 crore and employee experience management segments growing 4 percent YoY to Rs 40.6 crore during the same period. EBITDA jumped 43.3 percent YoY to Rs 35.2 crore, with a margin expansion of 440 bps at 27.2 percent for the quarter. The board has recommended a final dividend of Rs 15 per equity share.
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