Key Q4 Results Updates: With the likes of Maruti Suzuki, Wipro, Bajaj Finserv Infosys, TCS, HCL Technologies, HDFC Bank, Reliance Industries, Tata Consumer Products, HUL, Tech Mahindra, M&M, Vodafone Idea, Biocon, Godrej Industries, ONGC, BHEL, Paytm, Nykaa, having already released their earnings for the quarter ended March 31, 2024, the Q4 earnings season is now full swing. Market Participants are today keen on the performance of players like ITC, UNO Minda, Page Industries, Fortis Healthcare, Honasa Consumer, Bikaji Foods International, JK Lakshmi Cement, Saregama India, ICRA, Johnson Controls -Hitachi Air Conditioning India, Taj GVK Hotels & Resorts, Barbeque Nation Hospitality, 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.
The week will witness announcements from the likes of NTPC, Hindalco Industries, Ashok Leyland, Affle India, Aurobindo Pharma, among others.
JK Lakshmi Cement recorded a profit growth of 41.1 per cent for the quarter ended March 31, 2024 at Rs 162.06 crore in comparison to Rs 114.83 crore reported during the corresponding quarter of previous fiscal year. It posted revenue from operations at Rs 1780.85 crore, down 4.4 per cent on-year as against Rs 1862.07 crore during the fourth quarter of FY23. The company EBITDA stood at Rs 336.6 crore, up 44.7 per cent.
The company recommended a final dividend of Rs 4.50 per equity share of Rs 5 (90 per cent) for the financial year ended 31st March 2024, in addition to interim dividend of Rs 2 per equity share of Rs 5 each (40 per cent) which has already been paid. This takes the total dividend to Rs 6.50 per equity share (130 per cent) for the said financial year. “The said final dividend, if declared by the members at the ensuing Annual General Meeting, will be credited/ dispatched within three to four weeks of the said Meeting,” it said.
Honasa Consumer, the parent of consumer brands Mamaearth, Aqualogica, Bblunt among others, on Thursday reported Q4FY24 profit at Rs 30.48 crore in comparison to a loss of Rs 159.97 crore during the corresponding quarter of previous fiscal year. It posted revenue from operations at Rs 471.09 crore, up 21.5 per cent as against Rs 387.86 crore recorded during the same period last year.
InterGlobe Aviation Limited on Thursday reported a profit of Rs 1894.82 crore for the quarter ended March 31, 2024, posting a growth of 106.1 per cent in comparison to Rs 919.20 crore during the fourth quarter of FY23. It recorded revenue from operations at Rs 17,825.27 crore, up 25.9 per cent as against Rs 14,160.60 crore during the corresponding quarter of previous fiscal year. The company EBITDA stood at Rs 4412.3 crore, up 48.7 per cent on-year
Page Industries Limited on Thursday posted its fiscal fourth quarter earnings with profit at Rs 108.20 crore, up 38.1 per cent in comparison to Rs 78.35 crore during the corresponding quarter of FY23. It recorded revenue from operations at Rs 995.35 crore, up 3.2 per cent as against Rs 964.59 crore during the same period last year.
The company board declared a fourth interim dividend 2023-24 of Rs 120 per equity share. “As informed earlier, the record date fixed for the payment of interim dividend is 31 May 2024. The date fixed for payment of dividend is on or before 22 June 2024,” it said.
SML Isuzu Limited on Thursday posted a profit growth of 95.3 per cent during the fourth quarter of FY24 at Rs 52.32 crore in comparison to Rs 26.79 crore during the corresponding quarter of the previous financial year. It recorded revenue from operations for the quarter ended March 31, 2024, at Rs 679.60 crore, up 16.5 per cent as against Rs 583.22 crore during the fourth quarter of FY23.
The company board recommended a final dividend of 160 per cent (Rs 16 per equity share of Rs 10 each fully paid up) for the financial year ended on 31st March 2024.
Nirmal K Minda, CMD, Uno Minda Group, said, “Auto Industry continues to register robust growth with preference to better features for safety, comfort and cleaner mobility. Along with passenger vehicles, two-wheeler segment also joined the growth trajectory in the current quarter. Uno Minda with its diversified product portfolio across the vehicle segment along with strong focus on ·emerging automotive technology leads the industry with strong operating and financial performance.”
Uno Minda recorded a profit of Rs 301.72 crore during the fourth quarter of FY24, up 55.5 per cent on-year in comparison to Rs 194.06 crore during the corresponding quarter of FY23. It posted revenue from operations at Rs 3794.02 crore, up 31.3 per cent as against Rs 2,888.97 crore during the same period last year.
The company board has also approved a final dividend of Rs 1.35 per share i.e. 67.5 per cent of face value reflecting commitment from the company to returning value to shareholders on a consistent basis.
The company board recommended a final dividend of Rs 7.50 per ordinary share of Re 1 each for the financial year ended 31st March, 2024. The final dividend will be paid between Monday, 29th July, 2024 and Wednesday, 31st July, 2024 to those members entitled thereto. Together with the interim dividend of Rs 6.25 per ordinary share declared by the board on 29th January, 2024, the total dividend for the financial year ended 31st March, 2024 would be Rs 13.75 per ordinary share of Re 1 each, the company said.
ITC Ltd on Thursday recorded fiscal fourth quarter profit at Rs 5120.55 crore, down 4 per cent in comparison to Rs 5335.23 crore during the corresponding quarter of FY23, surpassing estimates. It posted revenue from operations at Rs 19,446.49 crore, marginally lower than Rs 19,484.50 crore during the same period last year.
TajGVK Hotels & Resorts Limited reported fiscal fourth quarter profit at Rs 25.85 crore, posting a growth of 79 per cent in comparison to Rs 14.44 crore during the same period last year. It recorded revenue from operations at Rs 115.84 crore, up 11.8 per cent as against Rs 103.62 crore during the fourth quarter of FY23.
Avarna Jain, Vice Chairperson, Saregama India, said, “FY24 has been a significant year of transition with Saregama adopting a customer first approach, which is demonstrated by the diverse nature of content released across target segments, genres and languages. Our acquisition of digital entertainment company Pocket Aces, bold moves to launch artist management and event management segments is a testament to our strategy of being future ready.”
Saregama India on Thursday reported its fiscal fourth quarter profit at Rs 53.80 crore, up 23.1 per cent on-year in comparison to Rs 43.72 crore during the corresponding quarter of FY23. It posted revenue from operations for the quarter ended March 31, 2024 at Rs 263.05 crore, up 29.2 per cent as against Rs 203.66 crore during the same period last year. "The company’s strong performance is led by growth in music licensing on account of strong advertisement revenues driven by its investment in new music and the revenues generated through the artist management vertical," it said.
The company board also approved the re-appointment of Vikram Mehra as the managing director of the company for a period of 5 years.
Gland Pharma posted lower than expected 4QFY24 earnings. Weak Cenexi performance dragged down overall profitability for the quarter. Having said this, Gland Pharma continued to exhibit strong traction in the base business (ex-Cenexi) aided by relaunches that went off-market due to issues at its partner’s end.
“While Gland Pharma is implementing efforts to turnaround the Cenexi business, it has not only stabilized its base business but also built levers in terms of product pipeline/newer contracts to further scale-up the base business. It is also focusing on obtaining regulatory approvals for its biologics facility for subsequent scale-up of the business.”
- Analysts at Motilal Oswal Financial Services
Gland Pharma posted a profit of Rs 192.42 crore during the fourth quarter of FY24, up 144.6 per cent in comparison to Rs 78.68 crore during the corresponding quarter of previous fiscal year. It recorded revenue from operations at Rs 1537.45 crore, reporting a growth of 95.9 per cent as against Rs 785.01 crore during the fourth quarter of FY23.
The company board recommended a final dividend of Rs 20 (2000 per cent) per equity share of Re 1 each for the financial year 2023-24.
Hitachi Energy has a high market share in HVDC projects, and with limited players in the HVDC space such as Hitachi Energy, Siemens and GE T&D, we expect the company to be a potential beneficiary of at least 1-2 key HVDC projects, which are in the final stages of awarding. The company has achieved localization of products required for HVDC and STATCOM in its Chennai facility and its portfolio is nearly 80% localized. From its facilities in India, the company also supplies key products for the parent’s requirements in the international market. We, thus, believe that it will continue to benefit from both domestic and export opportunities on the HVDC side.
- Analysts at Motilal Oswal Financial Services
Max Healthcare board noted the status of ongoing project for establishing 525 bedded Max Super Speciality Hospital on 5.26 acre parcel of land, allotted by Haryana Shehri Vikas Pradhikaran in Sector 56, Gurugram earlier in October 2022. Further, the board approved an overall spend of upto Rs 1038 crore towards the construction & equipment cost etc. for the Hospital.
Max Healthcare reported its fiscal fourth quarter profit at Rs 251.54 crore, marginally higher than Rs 250.92 crore recorded during the corresponding quarter of previous financial year. It posted revenue from operations at Rs 1422.90 crore, up 17.2 per cent as against Rs 1214.51 crore posted during the fourth quarter of FY23.
Paytm’s revenue decline was majorly due to a) reduction in revenue from Payment services to consumers after RBI’s embargo on PPBL impacting wallets, FASTag and other PPIs; b) sharp reduction in financial services revenue as the value of loans disbursed declined to Rs 58bn as Paytm completely stopped its Postpaid business in Feb-Mar’24 citing asset quality deterioration in low ticket segment. Net payment margin ex-UPI incentives declined to 12 bps due to impact on high margin products and temporary disruption in operating metrics. Marketing services revenue declined sequentially. Cloud business declined sharply YoY while commerce business (ticketing, travel, gift vouchers) grew despite disruption YoY.
Paytm is in discussion with NPCI for confirmation of signing up new UPI consumers via its TPAP app (third party application provider). Management guided that Q1 will see full impact of RBI embargo with negative adj EBITDA of INR 5-6bn (only last 2 months of Q4 were impacted).
“We remain watchful of the closure of small ticket postpaid business and pivot towards high ticket lending thereof. Although Paytm has found alternatives for PPBL, we believe on boarding of new customers and revival of high margin products in payments business is contingent on regulatory approvals, seamless migration of accounts and smooth integration. Only regaining MTU will support declining revenue and profitability, which will take time.”
- Analysts at JM Financial
Metro Brands recorded a profit jump of 126.3 per cent on-year for the fourth quarter of FY24 at Rs 155.57 crore in comparison to Rs 68.74 crore during the corresponding quarter of the previous fiscal year. It posted revenue from operations at Rs 582.98 crore, up 7.1 per cent as against Rs 544.13 crore during the same period last year.
While the total income recorded by the company during Q4FY24 stood at Rs 607.33 crore, total expenses incurred by Metro Brands during the quarter ended March 31, 2024 came in at Rs 503.73 crore.
“FY2024 has been another remarkable year in the growth journey of PGEL. The Company has been able to strengthen its Balance sheet, successfully expanded its capacities in RAC business and formed new partnerships for Electronic and IT hardware business. All existing business lines have high visibility of strong growth rates, while several new promising opportunities are at the door step of the company. Focus on efficient capital allocation, driven by improving asset turns through product business growth has been the hallmark of our strategy and we aim to deliver Industry leading growth with best in class return ratios in coming years. We believe that our new initiatives along with focused product strategy will open a new growth horizon for the company in near future,” said Anurag Gupta, Chairman of the company.
PG Electroplast reported fiscal fourth quarter profit at Rs 69.55 crore, up 73.1 per cent in comparison to Rs 40.17 crore during the fourth quarter of previous fiscal year. It posted revenue from operations at Rs 1076.57 crore, up 30 per cent as against Rs 828.23 crore during the corresponding quarter of FY23.
The Board of Directors have approved the stock split in the ratio of 1:10, implying that each Rs 10 paid up share will be subdivided into 10 shares of Re 1 each. Also, the Board of Directors have approved the final dividend of Rs 0.20 (20 paise) on each split share of Re 1 face value.
Nykaa has been investing in driving more direct traffic to its platform and stores with the segment delivering 30%/24% YoY GMV/NSV growth. The segment reported best ever net customer addition and visits-orders conversion of 0.6mn and 3.9%, respectively. On a YoY basis, few brands are opting to increase discounts at the expense of advertising spends to liquidate inventory, which led to a dip of 288bps YoY in GMV-NSV conversion. Sequentially, ad income improved by 30bps to reach 5.5% of GMV. While advertising income is expected to recover gradually, the company is now accounting for new user discount coupons above NSV and hence the conversion could stagnate around 60%. Though there was sequential improvement, gross margin declined 124bps YoY, while contribution Margin (as a % of NSV) declined 265bps YoY, primarily due to increased marketing expense with the focus on new customer acquisition.
- Analysts at JM Financial
Sun Pharma reported a slight miss at the operational level for 4QFY24. This was due to lower-than-expected sales in the ROW market and higher-than-expected opex for the quarter. Sun Pharma has surpassed USD1b sales in the global specialty segment in FY24 vs. USD430m in FY20. This was backed by enhanced efforts towards product offerings/marketing activities in the regulated markets.
“We retain our FY25/FY26 estimates. We value Sun Pharma at 30x 12M forward earnings to arrive at our TP of INR1,810. We expect an 18% earnings CAGR over FY24-26, driven by 12-13% sales CAGR in the Domestic Formulation (DF)/EM/ROW markets, 9% sales CAGR in the US market, and 220bp margin expansion.”
- Analysts at Motilal Oswal Financial Services
“We revise our FY25/26E EPS estimates by -6.7%/+5.8% factoring in higher interest costs in FY25 but improved margin profile in FY26. BHEL reported flat revenue YoY at Rs 82.6bn with EBITDA margin contracting by 394bps YoY to 8.8% in Q4FY24. Thermal power outlook continues to remain strong with the government aiming to complete tendering of ~80GW thermal capacity additions by FY27-28. ~40GW is yet to be tendered out, translating to an order potential of 10-12GW per year. ~100GW of FGD projects is also set to be tendered out, with BHEL’s market share at ~30%. In the Industrial segment, the company’s key focus areas are on defence, transportation, and transmission.India’s 500GW RE target is creating opportunities for BHEL’s power transmission business across HVDC (four major upcoming projects), 400kV & 765kV substations, transformers, and GIS/AIS-based equipment.”
- Amit Anwani Research Analyst Prabhudas Lilladher Pvt Ltd