Key Q4 Results Updates: With the likes of Maruti Suzuki, Wipro, Bajaj Finserv Infosys, TCS, HCL Technologies, HDFC Bank, Jio Financial, Reliance Industries, Tata Consumer Products, HUL, Axis Bank, Tech Mahindra, M&M, Vodafone Idea, Biocon, Godrej Industries, ONGC, BHEL, 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 Sun Pharma, Power Grid Corporation of India, Grasim Industries, Max Healthcare Institute, Torrent Power, FSN E-Commerce Ventures Nykaa, Jubilant Foodworks, Metro Brands, Gland Pharma, One 97 Communications Paytm, Minda Corporation, Dhanlaxmi Bank, 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 ITC, Page Industries, NTPC, Fortis Healthcare, Hindalco Industries, Ashok Leyland, among others.
Petronet LNG recorded a profit growth of 24.2 per cent on-year to Rs 734.07 crore in comparison to Rs 591.24 crore during the corresponding quarter of previous fiscal year. It posted revenue from operations at Rs 13,793.16 crore, marginally lower than Rs 13,873.93 crore posted during the same period last year.
The Board of Directors of the Company also recommended a final dividend of Rs 3.00 per share (on the face value of Rs 10 each) on the equity shares of the company for the financial year 2023-24.
Torrent Power reported fourth quarter profit for the financial year 2023-24 at Rs 430.24 crore, down 4.2 per cent in comparison to Rs 449.07 crore during the fourth quarter of FY23. It posted revenue from operations at Rs 6,528.58 crore, up 8.1 per cent as against Rs 6,037.87 crore recorded during the fourth quarter of the previous fiscal year.
The company board recommended a final dividend of Rs 4 per equity shares of Rs 10 each. “The final dividend, if declared by the members at the ensuing Annual General Meeting will be paid to the members subject to deduction of tax at source on or before August 28, 2024. Earlier, an interim dividend of Rs 12 per equity share was paid during Q4 FY 2023-24,” the company said.
The Board of Directors of the Company has approved the following investment proposals: (i) To make further investment up to Rs 20 crore in FSN International Limited, a wholly owned subsidiary of the company, on rights basis; and (ii) To make further investment up to USD 1.9 million by FSN International in one of its overseas subsidiaries viz., Nessa International Holdings Limited.
Beauty and fashion firm FSN E-Commerce Ventures, which operates Nykaa, on Wednesday recorded fiscal fourth quarter profit at Rs 9.07 crore, posting a jump of 297.8 per cent in comparison to Rs 2.28 crore during the same period last year. It posted revenue from operations at Rs 1667.98 crore, up 28.1 per cent as against Rs 1301.72 crore during the corresponding quarter of previous fiscal year. The company EBITDA stood at Rs 93.2 crore, up 32 per cent on-year.
Sameer Khetarpal, CEO and MD, Jubilant FoodWorks Limited, said, “The March quarter performance was remarkable as Domino's India's like-for-like trajectory turned around in Q4. This was achieved through several pre-planned strategic interventions, including strengthened regional infrastructure, enhanced on-ground execution, a comprehensive revamp of the brand, and further refining the value proposition through targeted delivery fee waivers during a period of weak demand. Moreover, the year witnessed substantial progress across every strategic priority, with increased business reinvestments that weigh on near-term margins but will be a pivotal catalyst to drive our future growth across all brands and markets.”
Jubilant Foodworks, which operates Domino’s restaurants in India, on Wednesday recorded more than seven fold jump in profit (627.1 per cent) at Rs 207.52 crore during the fourth quarter of FY24 in comparison to Rs 28.54 crore posted for the quarter ended March 31, 2023, beating estimates. It recorded revenue from operations at Rs 1572.80 crore, up 23.9 per cent as against Rs 1269.85 crore during the corresponding quarter of previous fiscal year. The company EBITDA stood at Rs 310.5 crore.
The company board recommended a final dividend of Rs 5 per equity share of Re 1 each to the shareholders for their approval at the ensuing Annual General Meeting of the company.
Sun Pharmaceutical Industries on Wednesday reported a profit growth of 33.8 per cent on-year to Rs 2654.58 crore in comparison to Rs 1984.47 crore during the corresponding quarter of FY23, surpassing estimates. It posted revenue from operations at Rs 11,982.90 crore, up 9.6 per cent as against Rs 10,930.67 crore during the fourth quarter of previous fiscal year. The company EBITDA stood at Rs 3034 crore. According to a CNBC TV18 poll, Sun Pharma was expected to report Q4 profit at Rs 2377.2 crore and revenue was estimated at Rs 12,316.8 crore.
Anuj Talwar, Jt. Managing Director, Talbros Automotive Components Limited, said, “For FY24, TACL has demonstrated robust growth throughout the year in terms of business performance and profitability on back of strong order execution and operational efficiencies. For FY24, total revenue grew by 21% YoY at Rs 791 crores with EBITDA margins at 16.1%. Over the last two years, the company has been consistently securing new orders throughout product segments. Even in FY25, the Company has secured, through our JV, an order of Rs 1,000 crore from a leading European OEM.”
Talbros Automotive Components Limited recorded a profit of Rs 49.79 crore for the fourth quarter of FY24, 195.0 per cent in comparison to Rs 16.88 crore during the corresponding quarter of FY23. It posted revenue from operations at Rs 202.68 crore, up 15.9 per cent on-year as against Rs 174.95 crore during the corresponding quarter of previous fiscal year.
The company recommended a final dividend at 25 per cent i.e. Rs 0.50 per equity shares of face value of Rs 2 each for the financial year 2023-24.
Unichem Laboratories widened its for the fiscal fourth quarter at Rs 129.31 crore as against a loss of Rs 44.27 crore. It posted revenue from operations at Rs 431.70 crore, up 7.4 per cent in comparison to Rs 402.10 crore during the corresponding quarter of previous fiscal year.
NIIT Learning Systems reported fiscal fourth quarter profit at Rs 54.44 crore, marginally higher than Rs 53.94 crore during the corresponding quarter of FY23. It posted revenue from operations at Rs 397.91 crore, up 3.2 per cent on-year as against Rs 385.68 crore during the same quarter of previous fiscal year.
The company recommended a final dividend of Rs 2.75 per equity share of the face value of Rs 2 per equity share of the company for the financial year 2023-24.
Arun Kumar, Founder, Executive Chairperson & Managing Director, said, “FY24 was an exceptional year for Strides, marked by the successful completion of our Reset strategy initiated in FY22. The company achieved all its key objectives laid down in our Reset strategy and has bounced back to become a strong and resilient company. As a result of our focus on consistent growth and cost containment, FY24 concluded as the best year in the Company’s history in terms of both revenue and absolute EBITDA.”
Strides Pharma on Wednesday recorded fiscal fourth profit at Rs 18.18 crore in comparison to a loss of Rs 9.54 crore reported during the corresponding quarter of FY23. It posted revenue from operations at Rs 1084.04 crore, up 9.9 per cent as against Rs 986.37 crore during the fourth quarter of previous fiscal year.
The company board also recommended a final dividend of Rs 2.50 per equity share of Rs 10 each (at the rate of 25 per cent) for the financial year ended March 31, 2024. Dividend will be paid within 30 days from the date of shareholders’ approval at the ensuing Annual General Meeting (AGM) of the Company, it said.
DB Corp recorded fiscal fourth quarter profit at Rs 122.53 crore, posting a jump of 198.6 per cent YoY in comparison to Rs 41.03 crore during the corresponding quarter of FY24. It posted revenue from operations at Rs 617.14 crore, up 16.2 per cent as against Rs 530.96 crore during the same period last year.
The company also recommended payment of a third interim dividend of Rs 8 per equity share of face value of Rs 10 each (i.e. 80 per cent of FV) for the financial year 2023‐24.
Revenue rose 29.9% YoY to Rs 9.1bn driven by strong growth in export sales (up 42.3% YoY to Rs 2.8bn), along with growth in domestic sales (up 25.1% YoY to 6.3bn). EBITDA jumped to Rs 1.1bn vs Rs 279mn in Q4FY23. EBITDA margin increased by 818 bps YoY to 12.1% led by gross margin expansion.
Adj. PAT came in at Rs 663mn in Q4FY24 vs a loss of Rs 120mn in Q4FY23, driven by lower interest costs at Rs 32mn and strong operating performance.
Q4FY24 order inflow came in at Rs 13.3bn, driven by robust inflows in domestic orders at Rs 10.5bn while export orders were down by 19.8% YoY to Rs 2.8bn. Order book stands healthy at Rs 62.7bn with a mix of Private/State Utilities/Central Utilities at 63%/10%/27%.
- Amit Anwani, Research Analyst, Prabhudas Lilladher Pvt Ltd
“I am happy to share that we have successfully transitioned our core payment business from PPBL to other partner banks. This move de-risks our business model and also opens up new opportunities for long-term monetization, given our platform’s strength around customer and merchant engagement. It has been possible in such a short period of time with extensive support from the Regulator, NPCI, Bank partners and our committed team mates. We expect near-term financial impact to our revenue and profitability, due to disruptions faced in our business in Q4," said Vijay Shekhar Sharma, Managing director, Paytm.
In a letter to the shareholders, Vijay Shekhar Sharma, Managing director, Paytm, said, “FY 2024 has been a landmark year for the company as we achieved our first full year of EBITDA before ESOP profitability (since IPO) of Rs 559 crore. We demonstrated strong revenue momentum (up 25 per cent) and continued our disciplined focus on profitability (EBITDA before ESOP margin up by 8 per cent), in spite of regulatory action on our associate entity, Paytm Payment Bank Ltd (PPBL).”
One 97 Communications Ltd, the parent company of Paytm on Wednesday recorded a net loss of Rs 549.60 crore during the fourth quarter of FY24, posting a 3.2X jump from Q4FY23 when it had posted a loss of Rs 168.40 crore. The company posted revenue from operations at Rs 2267.10 crore, down 2.9 per cent on-year as against Rs 2334.50 crore during the corresponding quarter of previous fiscal year.
Oil and Natural Gas Corporation’s (ONGC) operating profit was in line with estimates at Rs 174.1 bn (flat QoQ, PLe: Rs175.5bn). PAT came in at Rs 98.7 bn (flat QoQ, PLe: Rs79.6bn) on a standalone basis. Other income came in higher than expected at Rs 36.8 bn. On a QoQ basis, oil production grew 3% while gas production remained flat. The company announced a final dividend of Rs 2.5/ share. Incremental production from KG Basin stands at 12,000 bopd of oil and 2.4 mmscmd of gas.
“We estimate a 6% CAGR and 11% CAGR in total oil and gas production, respectively over FY24-FY26E. The stock is currently trading at 6.2/6x FY25/26 EPS. We maintain ‘Hold’ rating with a TP of Rs 265, valuing the standalone business at 7x FY26 adj EPS of Rs 28.1 and adding the value of investments of Rs 68,” said Swarnendu Bhushan, Co. Head Institutional Equities, Prabhudas Lilladher Pvt Ltd.
BHEL reported an order inflow (OI) of Rs 780bn, 3x YoY. OI for the quarter was Rs 420bn. FY24 saw strong order inflows worth Rs 520bn in power owing to 9.6GW thermal order wins and Industry orders worth Rs 220bn. The year saw a revival in thermal orders in India, with the country laying out bids for a total of 10GW, and BHEL had a 100% strike rate in the bids.
“It is expected that India will seek bids for the ordering of 10GW again over the next few years, leading to a healthy OI outlook. However, BHEL’s execution and gross margins were subdued, as the company is still executing legacy orders. We expect the impact of the legacy orders to wear out and the new orders to start contributing meaningfully H2FY25 onwards,” said ICICI Securities.