Key Q4 Results Updates: With the likes of Maruti Suzuki, Wipro, Bajaj Finserv Infosys, TCS, HCL Technologies, ITC Ltd, HDFC Bank, Reliance Industries, Tata Consumer Products, HUL, Tech Mahindra, M&M, Vodafone Idea, Biocon, Godrej Industries, ONGC, BHEL, Paytm, Nykaa, Ashok Leyland, IRCTC, Tata Steel, having already released their earnings for the quarter ended March 31, 2024, the Q4 earnings season is ending today. Market participants are today keen on the performance of players like Apollo Hospitals Enterprises, Muthoot Finance, Godfrey Phillips India, Welspun Corp, Suven Pharmaceuticals, Reliance Infrastructure, Lux Industries, PC Jeweller, Yatra Online, Balaji Telefilms, V2 Retail, Modi Naturals, Amrapali Industries, among others. Meanwhile, the street is also keeping a watch on how stocks are performing for the companies that have already released their earnings for the period.
GMR Airports Infrastructure Limited reported its fiscal fourth quarter earnings with a loss of Rs 120.97 crore, narrowed from a loss of Rs 441.47 crore recorded during the same period last year. It posted revenue from operations at Rs 2446.78 crore, up 29.5 per cent as against Rs 1889.72 crore during the corresponding quarter of previous financial year.
“We cut our FY25E/FY26E EPS estimates by 5%/3% as we re-align our growth assumptions for Kiddopia, Freemium and Real Money Gaming segments. Nazara’s topline was broadly in line with our estimate, while PAT was impacted by an impairment loss of Rs257mn. Nazara’s organic growth has come under scanner since last 2 quarters amid ongoing challenges in Ad-Tech (loss of a large client), Kiddopia (6.5% QoQ fall in subscriber base), Real Money Gaming (GST levy of 28% on full bet value) and Nodwin (de-consolidation of accessories business). Accordingly, we expect revenue CAGR of 16.1% over FY24-FY26E.”
- Jinesh Joshi, Research Analyst, Prabhudas Lilladher Pvt. Ltd.
Emami’s 4QFY24 sales were largely in line with our estimates. Consolidated sales grew 6.6% y-y with domestic volumes growing 6.4% y-y. Major brands like BoroPlus, the Pain Management range, the Healthcare range, 7 Oils in One, The Man Company and Brillare posted strong sales. However, extended winters led Navratna and Dermicool to post low single digit growth.
Emami is seeing rural demand recovery and expects the rural demand sentiments to improve on a healthy Rabi harvest and a normal monsoon outlook. For FY25, it expects c10% y-y sales growth with slightly better EBITDA margin.
- Kunal Vora, Head - India Equity Research, BNP Paribas
Godfrey Phillips India Limited on Thursday reported its fiscal fourth quarter earnings with profit at Rs 214.16 crore, up 45.6 per cent in comparison to Rs 147.10 crore during the corresponding quarter of FY23. It posted revenue from operations at Rs 1197.13 crore, up 22.9 per cent as against Rs 974.40 crore during the same period last year.
The company board announced a final dividend of 2800 per cent i.e. Rs 56 per equity share of Rs 2 each for the financial year ended 31st March 2024. The dividend declared in the AGM will be paid within 30 days from the date of declaration. The date of payment of dividend shall be intimated in due course of time, Godfrey Phillips said.
“Prestige Estates Projects is guiding a presales growth of 25% YoY in FY25, led by planned launches of INR 600bn. This is supported by its dominant position in the home market of Bengaluru, consistently commanding ~10% volume market share (>2x the market share drawn by the next best player). Also, expansion in new regions at scale offers upside risks to guidance, in our view. Notably, PEPL has closed a sizeable deal (flagship Prestige City format) in Pune. The existing unsold inventory of >100msf (including land reserves) offers ~five years of launch visibility at the current run-rate. We view PEPL’s proven ability to access land via JDAs and industry-leading execution pace (annual completions averaging ~15msf in the past five years; FY24 at 25msf) as key catalysts for accelerating new business development in the residential business.”
- Analysts at Elara Securities
Bata India Ltd recorded a profit of Rs 63.65 crore for the quarter ended March 31, 2024, down 3 per cent in comparison to Rs 65.62 crore during the fourth quarter of FY23. It posted revenue from operations at Rs 797.87 crore, up 2.5 per cent as against Rs 778.59 crore during the same period of previous fiscal year.
The company board also recommended a dividend of Rs 12 (240 per cent) per equity share of Rs 5 each, fully paid-up of the Company, for the financial year ended March 31, 2024.
“In Q4, SJVN bagged five solar projects with a capacity of 2,252MW via an open competitive bidding process. It currently has four hydro projects (1,558MW), a thermal project (1,320MW) and 12 solar projects (2,048MW) under construction. It has a total of 7.2GW renewable energy (RE) projects in the pipeline. SJVN may add 2,048MW RE projects in FY25 and 4,777MW in FY26. Due to local agitation, the commissioning of Buxar capacity (1,320MW) has been delayed. Now, expect unit one to be commissioned in Q3FY25, with unit two by Q4FY25. The commissioning of Arun-3 project also slipped to Q3FY26.”
- Analysts at Elara Securities
The company recommended a final dividend of Rs 0.60 per equity share (face value Re 1 per share) for the financial year 2023-24. “The dividend, if approved by the Members at the forthcoming Annual General Meeting will be credited/ dispatched within 30 days from the date of AGM,” Marksans Pharma said.
Marksans Pharma recorded its fiscal fourth quarter earnings with profit at Rs 78.29 crore, down 4.4 per cent in comparison to Rs 81.93 crore reported during the fourth quarter of FY23. It posted revenue from operations at Rs 560.01 crore, up 15.2 per cent as against Rs 485.98 crore during the same period of previous financial year. The company EBITDA stood at Rs 109.6 crore.
Vehant Technologies, a smart security and surveillance solutions provider, has reported a threefold increase in net profit to Rs 22 crore in FY24, driven by growth in the aviation and smart cities market. The company recorded a profit of Rs 7 crore in the previous fiscal. Revenue of the company rose to Rs 166 crore in FY24 from Rs 74 crore in FY23.
"Shalby Q4FY24 revenue came in line with our estimates but lower margin caused EBITDA to miss our estimates by 14%. The margin miss was primarily due to higher cost, including staff incentives in Q4; this does not affect our forward profitability estimates significantly. In the hospitals segment (90% of revenue), occupancy was up 80bp YoY despite addition of lower occupancy Sanar Hospital at Gurugram, which was recently acquired. Overall revenue was up 22.7% and EBITDA 51.5% YoY.
Management expects a growth momentum pickup in the implants business; it has set a target for USD 16mn revenue in FY25, up ~50% on a low base. While we have yet to build in a major ramp-up in the business, it can add to growth and profitability."
- Analysts at Elara Securities
The board of directors at Cummins India recommended a final dividend of Rs 20 (100 per cent) per equity shares on 277,200,000 fully paid-up equity shares (face value Rs 2 each) for the financial year 2023-24 in addition to the interim dividend of Rs 18 per share declared on February 07, 2024. The final dividend, as may be approved by the members at the ensuing Annual General Meeting, will be paid on or around August 30, 2024, it said
Cummins India posted its fiscal fourth quarter earnings with profit at Rs 538.86 crore, up 54.4 per cent in comparison to Rs 348.91 crore during the fourth quarter of FY23. It posted revenue from operations at Rs 2319.02 crore, up 19.9 per cent as against Rs 1933.85 crore recorded during the same period of previous fiscal year.
Healthcare Global Enterprises Ltd recorded its fiscal fourth quarter profit at Rs 23.46 crore, posting a growth of 315.2 per cent in comparison to Rs 5.65 crore during the corresponding quarter of previous financial year. It posted revenue from operations at Rs 493.25 crore, up 11.9 per cent as against Rs 440.98 crore during the quarter ended March 31, 2023. Overall ARPOB stood at Rs 41,802 vs. Rs 38,042 in Q4FY23, a growth of 10 per cent; and overall AOR stood at 64.2 per cent vs. 65.4 per cent in Q4FY23.
“Emami Q4 net sales rose 6.6% YoY to INR 8.9bn, 1.6% ahead of our estimates, as the domestic business grew 8% in value and 6% in volume, dragged by muted sales growth in Navratna and Dermicool due to the extended Winter. Brands, such as the BoroPlus range, up 33%, the pain management range, up 9%, the healthcare range, up 10% and 7 Oils in One, up 20%, performed well in Q4. In FY24, domestic sales grew 4% in value and 2% in volume, led by pain management, up 6% and healthcare, up 5%. In the general trade channel, rural grew in the mid-single digits and urban in the low single digits in Q4. The alternate channel (26% of domestic business) of e-commerce and modern trade grew 37% and 17%, respectively, in Q4. The newly acquired businesses of The Man Company and Brillare crossed INR 2bn in sales in FY24 and were up 86% in Q4 and 59% in FY24. The overseas business grew 9% in constant currency in Q4, led by the MENA region.”
- Analysts at Elara Securities
Indegene Ltd recorded a profit of Rs 94.80 crore for the quarter ended March 31, 2024, posting a growth of 94.3 per cent in comparison to Rs 48.80 crore during the fourth quarter of FY23. It posted revenue from operations at Rs 673.00 crore, up 6.5 per cent as against Rs 632.20 crore during the same period last year.
Manish Gupta, Chairman and Chief Executive Officer, said, “We are pleased with our continued performance this quarter and the full year. We have 63 active clients and work with all the top 20 global pharmaceutical companies. Our revenues very closely mirror the global life sciences industry spends on operations. 69% of our revenues come from the top 20 Pharma companies.”
“Aster DM Healthcare Q4 consolidated EBITDA grew strong by 29% YoY to Rs1.6bn. GCC stake sale concluded in Mar’24 and the company distributed 80% of proceeds as a one-time dividend. Aster DM India’s EBITDA increased sharply over the last 3 years (29% CAGR over FY22-24). We estimate 30% EBITDA CAGR over FY24-26E aided by scale-up in margins, healthy ARPOB and bed additions. Our FY25E/26E estimates for India business EBITDA remain unchanged. At current market price, the stock is trading at 20x EV/EBITDA on FY26E, respectively adjusted for minority stake and rental.”
- Param Desai, Senior Research Analyst, Prabhudas Lilladher Pvt Ltd
Emami Ltd recorded its fiscal fourth quarter earnings with profit at Rs 148.90 crore, up 3.1 per cent in comparison to Rs 144.43 crore during the fourth quarter of FY23. It posted revenue from operations at Rs 891.24 crore, up 6.6 per cent as against Rs 835.95 crore during the same period last year. While the total income recorded during the quarter in review stood at Rs 901.94 crore, total expenses incurred by the company was at Rs 680.26 crore.
“NMDC’s Q4FY24 performance missed our and street’s estimates owing to higher-than-expected royalty cost. Key points: 1) Sales volume at 12.5mt (up 0.8% YoY) was the highest-ever; 2) royalty was higher compared to our estimates owing to variance in royalty DMF and NMET; 3) capex of INR 18.5bn was the highest-ever (excluding steel plant); 4) net cash stood at INR 90bn as on end-Mar’24. In the near term, management is optimistic on both demand and price scenario for NMDC’s grade of iron ore. Furthermore, management reiterated its long-term target of 100mtpa and capex of INR 500bn by FY30-31. We have raised our iron ore price estimates by 1%/4% for FY25/26E though royalty is likely to be higher. Our revised TP works out to INR 280 (earlier: INR 277) at an unchanged 7x FY26E EBITDA.”
- Analysts at ICICI Securities
“Tata Steel sales volume grew 11% QoQ at 5.42mt (+5% YoY) in seasonally strong quarter while average realization declined 5% QoQ at Rs67,592/t (-9% YoY; lower than PLe Rs69,151/t) resulting revenue growth of 6% QoQ to Rs366bn (lower than PLe Rs374bn). Auto segment sales volumes grew 6% YoY, Branded Products and retail segment grew 1% YoY while Industrial declined 5% YoY respectively. Export volumes grew 53% YoY to 0.49mt (9% of volumes).”
- Tushar Chaudhari, Research Analyst, Prabhudas Lilladher Pvt Ltd