Stock to Watch Today - Rupeedesk Reports - 07.08.2023
Stock to Watch Today - Rupeedesk ReportStock to Watch Today - Rupeedesk Reports
Buzzing Stocks: Britannia, Delhivery, Shipping Corp, BoB, BHEL, Biocon, others in news.
Results on August 7: PB Fintech, Barbeque-Nation Hospitality, Bayer Cropscience, Emami, Eris Lifesciences, Gland Pharma, Godrej Consumer Products, India Cements, Indigo Paints., ITD Cementation India, Krishna Institute of Medical Sciences, Medplus Health Services, Olectra Greentech, Paras Defence and Space Technologies, Ramco Cements, Ramco Systems, RateGain Travel Technologies, Sobha, Sun Pharma Advanced Research Company, Tata Chemicals, Torrent Pharmaceuticals, Ujjivan Financial Services, and Whirlpool of India will be in focus ahead of declaring their quarterly earnings today.
Britannia Industries: Bakery foods company has reported consolidated profit at Rs 455.45 crore for the quarter ended June FY24, rising 35.65% over a year-ago period backed by healthy operating numbers. Revenue from operations grew by 8.4% year-on-year to Rs 4,010.7 crore for the quarter, while EBITDA surged 37.6% to Rs 688.9 crore with margin expansion of 370 bps at 17.2% compared to year-ago period.
Bank of Baroda: The public sector lender has registered a massive 87.7% year-on-year growth in profit at Rs 4,070.1 crore for quarter ended June FY24 despite higher provisions, supported by healthy operating income growth of 42.9% YoY. Net interest income during the quarter increased by 24% to Rs 10,997 crore compared to year-ago period, with 25 bps YoY increase in net interest margin at 3.27% for Q1FY24, while global advances grew by 18% and deposits increased by 16.2%.
ICICI Bank: The country's second largest private sector lender has received approval from the Reserve Bank of India to increase the shareholding in ICICI Lombard General Insurance Company, in multiple tranches up to 4%. The bank had already received board approval in May 2023 for increase the shareholding in ICICI Lombard, in multiple tranches up to 4.0% additional shareholding.
Infosys: Richard Lobo has resigned as executive vice president and senior management personnel, of the IT services company. His last date with the company would be August 31.
Punjab & Sind Bank: The public sector lender has reported profit at Rs 153 crore in the first quarter of financial year FY24, falling 25.4% compared to year-ago period impacted by higher provisions (up 121% YoY), and tepid growth in operating income. Net interest income grew by 4% year-on-year to Rs 738 crore, with gross advances rising 10.4% and deposit increasing 12.5% during the same period, while operating profit rose by 2% to Rs 257 crore in Q1FY24. On the asset quality front, gross non-performing assets fell 17 bps QoQ to 6.80%, but net NPA increased 11 bps to 1.95% during the quarter.
Gujarat Fluorochemicals: The chemicals company has registered a 34.3% year-on-year decline in consolidated profit at Rs 201.2 crore for the quarter ended June FY24, impacted by lower topline and operating numbers. Revenue from operations for the quarter stood at Rs 1,209.3 crore, declining 9.3% compared to corresponding period last fiscal.
Delhivery: The logistics company has narrowed its net loss significantly to Rs 89.5 crore for the quarter ended June FY24, against loss of Rs 399.3 crore in year-ago period as operating loss also reduced sharply. Consolidated revenue from operations jumped 10.5% year-on-year to Rs 1,930 crore during the quarter.
Biocon: Subsidiary Biocon Biologics has announced key leadership appointments. Rhonda Duffy is appointed as Chief Operating Officer, while Sandeep Athalye has been elevated to the position of Chief Development Officer to head CMC, Clinical Development and Medical and Regulatory Affairs. Athalye was working with Biocon Biologics as its Chief Medical Officer. Further, Stephanie Wasco is appointed as Head of Communications – Advanced Markets, and David Gibson as Global Head – Business Development.
Bharat Heavy Electricals: The state-owned power equipment maker has reported net loss at Rs 343.9 crore for the quarter ended June FY24, widening from loss of Rs 188 crore in same period last year. Revenue from operations grew by 7.09% to Rs 5,003.4 crore compared to corresponding period last year.
Adani Enterprises: Subsidiary Adani Digital Labs has further acquired 70.19% stake in Stark Enterprises, for Rs 6.8 crore. In July, Adani Digital Labs had acquired 29.81% stake in Stark Enterprises for Rs 3.56 crore. The acquisition is of strategic nature and will help Adani Group to enhance it’s travel line of business.
Shipping Corporation of India: The shipping company has recorded consolidated profit at Rs 171.6 crore for quarter ended June FY24, growing 57.1% over a year-ago period on healthy operating numbers. EBITDA grew by 21.4% YoY to Rs 363 crore with margin expansion of 980 bps at 30.2% in Q1FY24, with lower cost of services rendered, but revenue fell 18% to Rs 1,200.1 crore compared to year-ago period.
Rain Industries: The calcined petroleum coke, and coal tar pitch producer has recorded profit at Rs 165.7 crore for quarter ended June 2023 (Q2CY23), falling 75.2% compared to year-ago period, with revenue declining 16.5% YoY to Rs 4,627.1 crore and EBITDA dropping 46.3% YoY to Rs 650 crore. The margin plunged significantly by 775 bps to 14.05% during the same period. The operating performance was impacted largely by lower realisations and decreased volumes in carbon segment, while the advanced materials segment EBITDA impacted by decrease in volumes on account of temporary shutdown of facilities.
Delta Corp: The casino gaming company said Hardik Dhebar has resigned as Chief Financial Officer with effect from August 4, to take on new professional challenges. The board of directors and the management team will be identifying a suitable replacement for the vacant position.
Repco Home Finance: The housing finance company has reported profit at Rs 89 crore for the quarter ended June FY24, rising 43.5% over a year-ago period. Net interest income during the quarter jumped 18.2% to Rs 162 crore compared to corresponding period last fiscal, with net interest margin expanding to 5.1% from 4.6% in the same period. Operating revenue grew by 21% YoY to Rs 364.5 crore, while loan sanctions at Rs 726 crore increased by 5 percent and loan disbursements at Rs 684 crore rose by 7% YoY.
Oil India: The Government of India elevated Oil India to Maharatna category. It is now the 13th Maharatna CPSE in the country, joining the league of BHEL, BPCL, Coal India, GAIL, HPCL, IOC, NTPC, ONGC, PFC, Power Grid Corporation, REC and SAIL. OIL earned the status of Navaratna in 2010.
PG Electroplast: The electronic manufacturing services and plastic molding solutions provider has registered a 106% year-on-year growth in profit at Rs 33.8 crore for quarter ended June FY24, with revenue rising 26.3% to Rs 676 crore during the same period. Quarterly EBITDA at Rs 67.1 crore grew by 78.3% in Q1FY24. The company expects 30% growth in sales in FY24 to Rs 2,800 crore and 28% increase in operating profit to Rs 210 crore compared to FY23.
CE Info Systems: The advanced digital maps and deep-tech company has reported profit at Rs 32 crore for June FY24 quarter, rising 32.2% over corresponding period last fiscal, but with PAT margin falling 120 bps YoY to 32.7%. Revenue from operations surged 37.5% YoY to Rs 89.4 crore in Q1FY24, while EBITDA jumped 25.2% to Rs 37.4 crore, but margin dropped 410 bps to 41.9% during the same period. The board approved the re-appointment of Rohan Verma as a whole time director of the company for 5 years.
Radiant Cash Management Services: Europe-based financial services group Societe Generale has sold 19.61 lakh equity shares in Radiant via open market transactions at an average price of Rs 105.27 per share. Societe Generale held 2.28% stake or 24.32 lakh shares in the company as of June 2023.
APL Apollo Tubes: The structural steel tubes manufacturer has reported healthy growth in earnings with profit rising 60.4% YoY to Rs 193.6 crore and revenue increasing 32.2% to Rs 4,545 crore. Sales volume during the quarter surged 56.5% to 6.62 lakh units and EBITDA per tonne increased by 1.26% to Rs 4,645 in the same period. On the operating front, EBITDA in Q1FY24 grew by 58.4% to Rs 307.2 crore with margin expansion of 120 bps to 6.8% compared to corresponding period last fiscal.
Meghmani Finechem: The chemical manufacturer's profit in the quarter ended June FY24 fell sharply by 71% YoY to Rs 32 crore on drop in realisations. However, it achieved volume growth of 11% YoY backed by derivatives & specialty chemical segment. Revenue during the quarter declined 15% to Rs 455 crore compared to year-ago period, while EBITDA dropped 49% year-on-year to Rs 95 crore with margin falling 1,420 bps to 20.9% in Q1FY24.
Affle (India): The technology company's profit came in at Rs 66.2 crore for quarter ended June FY24, rising 21.4% over corresponding period last fiscal. Revenue from operations increased by 17% YoY to Rs 406.6 crore led by growth in both CPCU business and non-CPCU business, across India & International markets. On the operating front, EBITDA grew by 13.7% year-on-year to Rs 78.1 crore, but margin fell 60 bps YoY to 19.2% in Q1FY24.
Balrampur Chini Mills: The sugar manufacturer has recorded standalone profit at Rs 69.33 crore for the quarter ended June FY24, rising 6-fold over Rs 11.6 crore profit in year-ago period, backed by healthy operating numbers. Revenue grew by 28.7% YoY to Rs 1,389.6 crore in Q1FY24, while EBITDA during the quarter jumped 267.4% to Rs 163.2 crore with margin expansion of 759 bps at 11.7% YoY.
Balkrishna Industries: The tyre maker has reported consolidated profit at Rs 331.9 crore for the quarter ended June FY24, rising 8.1% over year-ago period, on strong operating numbers with sharp fall in input cost and freight & forwarding expenses. EBITDA jumped 10.4% YoY to Rs 605.6 crore with margin expansion of 710 bps at 28.05% for the quarter, but revenue during the quarter fell 17.6% YoY to Rs 2,159 crore during the same period. The company announced interim dividend of Rs 4 per share.
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