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, having already released their earnings for the quarter ended March 31, 2024, the Q4 earnings season is nearing its end. Market participants are today keen on the performance of players like Cummins India, Tata Steel, GMR Airports Infrastructure, Bata India, Emami, Jubilant Pharmova, Lemon Tree Hotels, Redtape, Healthcare Global Enterprises, Royal Orchid Hotels, Donear Industries, Liberty Shoes, Reliance Communications, Indian Terrain Fashions, 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.
Jubilant Pharmova Limited reported a loss of Rs 61.80 crore, narrowed from Rs 100.50 core recorded during the corresponding quarter of previous fiscal year. It posted revenue from operations at Rs 1758.60 crore, up 4.8 per cent as against Rs 1678 crore during the same period last year.
The company board also recommended a final dividend of 500 per cent i.e. Rs 5 per equity share of Re 1 each for the financial year ended March 31, 2024.
SJVN Ltd reported a profit of Rs 61.08 crore during the quarter ended March 31, 2024, posting a growth of 254.9 per cent in comparison to Rs 17.21 crore during the corresponding quarter of FY23. It posted revenue from operations at Rs 482.91 crore, down 4.1 per cent as against Rs 503.77 crore during the same period last year. The company EBITDA stood at Rs 239.7 crore, down 22.4 per cent on-year.
The board of directors also recommended a final dividend of Rs 0.65 per equity share for the financial year 2023-24. The final dividend is in addition to the interim dividend of Rs 1.15 per equity share for the financial year 2023-24 declared in the month of February 2024.
Heritage Foods recorded fiscal fourth quarter profit at Rs 40.50 crore, up 125.9 per cent in comparison to Rs 17.93 crore during the corresponding quarter of previous financial year. It posted revenue from operations at Rs 950.57 crore, up 16.3 per cent as against Rs 817.60 crore during the fourth quarter of FY23. The company EBITDA stood at Rs 70.3 crore, up 67.8 per cent on-year.
The company board recommended a final dividend @ Rs 2.50 (50 per cent) per equity shares of face value of Rs 5 each for the financial year ended on March 31, 2024.
The board of members at Alkem Laboratories recommended a final dividend of Rs 5 per equity share of Rs 2 each for financial year ended 31 March, 2024, for the approval of shareholders of the company at the ensuing Annual General Meeting. The pharma company said that the AG of the company shall be held on 30 August, 2024. For the payment of final dividend, the company fixed 10 August, 2024 as the record date. The dividend, if declared by the shareholders, shall be paid on and from 4 September, 2024, it said.
Pharmaceutical company Alkem Laboratories recorded fiscal fourth quarter profit at Rs 293.56 crore, up 313.6 per cent in comparison to Rs 70.98 crore during the corresponding quarter of FY23. It posted revenue from operations at Rs 2935.82 crore, marginally higher as compared to Rs 2902.60 crore recorded during the same period last year. The company EBITDA stood at Rs 402 crore, up 13.8 per cent on-year.
Kudremukh Iron Ore Company Ltd (KIOCL) recorded a fiscal fourth quarter loss at Rs 42.91 crore in comparison to a profit of Rs 82.21 crore during the corresponding quarter of FY23. It reported revenue from operations for the quarter ended March 31, 2024 at Rs 372.18 crore, down 49.3 per cent as against Rs 734.75 crore during the same period last year. The company EBITDA loss stood at Rs 25.3 crore.
Ipca Laboratories reported fiscal fourth quarter profit at Rs 59.59 crore, down 22.1 per cent in comparison to Rs 76.52 crore during the corresponding quarter of FY23. It posted revenue from operations at Rs 2033.01 crore, up 34.5 per cent as against Rs 1511.63 crore during the same period last year. The company EBITDA stood at Rs 321.4 crore, up 78 per cent on-year.
The company board also recommended a final dividend of R 2 per share (200 per cent) for the financial year ended 31st March, 2024.
NBCC (India) Ltd recorded fiscal fourth quarter profit at Rs 141.50 crore, up 24.5 per cent from Rs 113.63 crore posted during the corresponding quarter of FY23. It reported revenue from operations for the quarter ended March 31, 2024 at Rs 4024.50 crore, up 43 per cent as against Rs 2813.36 crore during the same period last year. The company EBITDA stood at Rs 240.2 crore.
The company board recommended a final dividend @63 per cent i.e. Rs 0.63 per paid up equity share of Re 1 each (subject to deduction of TDS) for the FY 2023-24.
The board of directors at IRCTC recommended a final dividend of Rs 4 per share of face value of Rs 2 each for the financial year 2023-24 (@ 200 per cent of the paid-up share capital). This final dividend, it said, is in addition to the interim dividend of Rs 2.50 per share (i.e. @ 125 per cent of the paid-up share capital) declared by the Board of Directors in the month of November 2023 and already paid to the shareholders,” it said.
Indian Railway Catering and Tourism Corporation (IRCTC) recorded a profit of Rs 284.18 crore for the quarter ended March 31, 2024, up 1.9 per cent in comparison to Rs 278.80 crore during the corresponding quarter of FY23. It posted revenue from operations at Rs 1154.77 crore, up 19.7 per cent as against Rs 965.02 crore during the same period last year. The company EBITDA stood at Rs 362.4 crore, up 11.6 per cent on-year.
“In line with ARe, led by 7.3% SSSG, Electronics Mart’s Q4 revenue growth/ EBITDA margin came at ~15% y/y/7.1%. Better profitability and working capital pushed up the pre-INDAS OCF to Rs590m (-Rs820m in FY23). The company continued to expand its network, adding 33 MBOs in FY24, incl. six in the NCR. Management guided to 30+ new stores in FY25, incl. 14 in the NCR. It further guided to a 15% gross margin; the EBITDA margin would be a stable ~7% due to higher investments. Our FY25e/26e revenues are largely unchanged, while EBITDA is 3% lower on average each year. We are positive regarding the company, given its strong position in the core markets of AP and Telangana, continuous penetration in the NCR, higher cashflow generation and healthy return ratios.”
- Analysts at Anand Rathi
"Oil India has maintained its guidance of strong production CAGR of 12-22% in FY24-26E, as asserted in its analyst meet. This comprises 12% CAGR in crude oil to +4.0mn tonnes and 22% CAGR in natural gas to 5bcm. Production growth may be led by focus on drilling of exploratory/development wells. Oil India drilled the most number of wells in FY24 at 61 versus 45 in FY23 and aims to accelerate drilling to 78/81 wells in FY25/26 (implying an annualized drilling rate of ~20% of existing wells in production). The impact of aggressive drilling has started reflecting in current production. Q4FY24 production of crude oil rose 6% YoY to 0.9mn tonnes and gas production 2% YoY to 8.8mmscmd or 0.8bcm."
- Analysts at Elara Securities
Dr Azad Moopen, Founder and Chairman, Aster DM Healthcare, said, “In FY24, our India business showcased a remarkable 24% YoY revenue growth, surging to Rs. 3,699 crores, aided by an increase in bed capacity of 550+ beds and ARPOB growth of 10% in FY24. The Operating EBITDA grew by 30% YoY to Rs.620 crores, supported by the better performance of our mature hospitals delivering 22.4% Operating EBITDA margin in FY24.
As we progress on our journey, we are on track to add ~1700 beds to reach to 6,500+ beds by FY27 through a prudent mix of brownfield and greenfield projects which will result in our Aster Medcity and Aster CMI hospitals expanding to 950+ beds and 850+ beds respectively. This move demonstrates our unwavering dedication to reinforcing our prominent position among India's top healthcare providers.”
Aster DM Healthcare reported a loss of Rs 24.03 crore during the fourth quarter of FY24 as against a profit of Rs 170.77 crore recorded during the corresponding quarter of FY23. It posted revenue from operations at Rs 973.59 crore, up 20.7 per cent in comparison to Rs 806.94 crore during the same period last year.
The company board also recommended a final dividend Rs 2 per equity share of face value of Rs 10 each for the financial year 2023-24. “The said dividend, upon approval by the shareholders, will be paid / dispatched to shareholders within 30 days of the date of the Annual General Meeting,” it said in a regulatory filing.
3M India has declared/paid total dividend per share (incl. special dividend) of INR 1,635/share over FY22-24, indicating dividend payout ratio of 141%. We see the change in dividend policy as a structural re-rating event. Prior to FY22, the company used to hold large cash which used to impact return ratios. We believe the change in dividend policy is EVA accretive.
We believe strong growth momentum in the transportation and electronics, healthcare segment may anchor growth in FY25E. We believe the consumer segment is showing signs of revival. The trend may accelerate further in the rest of FY25E led by improving consumer demand. We remain positive on 3M India led by established competitive advantages.
- Analysts at ICICI Securities
LIC reported a strong operational performance in 4Q24 – total APE was reported at INR 211.8bn, +10.7% YoY – led by group APE of INR 38.9bn, +60.7% YoY, while individual APE contracted by 2.1% YoY – led by par book contraction of 20.2% YoY, while the non-par business grew by a staggering 206.0% to INR 37.4bn. While the muted individual APE growth was reported to the Life Insurance Council, growth in non-par segment was a positive surprise. Embedded Value grew by a strong 24.9% YoY, ahead of JMFe of 23.9%, to come in at INR 7,273bn. This was manifested by a higher unwind of 9.0% (+228bps YoY) of opening EV, economic variance of INR 954.6bn and a VNB of INR 95.8bn, +4.7% YoY. VNB margins grew 67bps YoY to 16.8%, led by strong growth in non-par business, +104.9% YoY, in FY24.
For FY25, the management has articulated that “topline growth trajectory will be back in focus” after a weak FY24. 25.1% of the 4Q24 individual APE was contributed by non-par business, up 17ppts YoY. With the articulated focus on growth, we see this share to inch up only gradually from these levels. Topline growth would be led by its strong agency channel and should be aided by repricing of employee liabilities in its group segment, where it had a dominant market share of 72.5% in FY24. We estimate LIC to grow its total APE by c.11% CAGR over FY24-FY26, led by growth in non-par segment.
- Analysts at JM Financial