Key Q4 Results Updates: With the likes of Maruti Suzuki, Wipro, Bajaj Finserv Infosys, TCS, HCL Technologies, HDFC Bank, Shriram Finance, Jio Financial, Reliance Industries, Tata Consumer Products, HUL, Axis Bank, ‘Vedanta, Tech Mahindra, Bajaj Finance having already released their earnings for the quarter ended March 31, 2024, the Q4 earnings season is now full swing. Market Participants were today keen on the performance of players like Adani Green Energy, Britannia Industries, Godrej Properties, JSW Infrastructure, MRF, Raymond, Titan, Tata Tech, Mangalore Refinery & Petrochemical, Inox Wind, Aarti Drugs, and Coforge among others. Meanwhile, the street was also keeping a watch on how stocks were performing for the companies that have already released their earnings for the period.
The week will witness announcements from the likes of Kotak Mahindra Bank, Avenue Supermarts, IDBI Bank, M&M Financial Services, CDSL among many others.
Q4 result today: Adani Green Energy, Titan, MRF, and more will announce earnings
The company’s revenue from operations came in at Rs 1,426.1 crore in the quarter ending March, down 13.3 % on year, against Rs 1,646.27 crore in Q4 FY23.
The company has recorded a net profit of Rs 478 crore in Q4 FY24, against Rs 453.87 crore it reported in the same period a year ago, up 5.3% on year.
Godrej properties didn’t give any dividends in Q4 of FY24. “The board of directors has not recommended any dividend on equity shares of the Company for the financial year ended March 31, 2024,” said the company.
Adani Green Energy reported a consolidated net profit of Rs 256 crore in Q3FY24, up 148.54% on year compared to a net profit of Rs 103 crore reported in the same period last year. Sequentially, the consolidated net profit dropped by 31% from Q2 FY2.
“We believe that the repricing of the VF book and changing mix towards high-yield new business products (SME and SBPL) will aid in yields to expand, while the marginal increase in the cost of funds due to diversification into new sources of funding will lead to a gradual NIMs expansion in the near term. Mgmt guided for opex to decline as new businesses (SME, SBPL and CSEL) mature while credit costs are likely to remain largely steady considering the shift towards risky segments,” said JM Financial on Cholamandalam Investment & Finance.
“We believe, i) a strong growth outlook, ii) margins expansion led by fresh disbursals, iii) improving productivity in newer business lines, iv) steady credit costs and v) a consistent track record of management execution capabilities, would aid in sustainable RoAs and RoEs of 2.5%+ and 20%+ respectively over FY25-26E. We maintain “Buy” with a revised target price of Rs 1,500 (valuing CIFC at 22x FY26e EPS).”
“As a result of margin improvements driven by enhanced efficiencies, we have revised our EPS upwards. Considering the early positive indicators in B2C consumer demand due to the real estate revival and sustained industrial and infrastructure-led demand, we maintain our “Buy” recommendation with a revised price target of Rs 1,870,” said LKP Securities on Havells India post Q4.
“We believe harsh summer will provide a tailwind to juices/ drinks/ Glucon-D while normal monsoons will boost rural demand and tame inflation. We believe sustained innovation, premiumisation and launches in core segments like healthcare, oral care & HPC will help sustain double-digit growth. We increase our FY25/FY 26 EPS estimates by 1.4%/1.8% and estimate 12.8% EPS CAGR over FY24-26. Dabur is trading at 39.7x Mar26 EPS. We arrive at a DCF based target price of Rs 563 (Rs 535 earlier) which implies a PE of 42.5, in line with LTA. Retain “Accumulate” for moderate returns,” said Prabhudas Lilladher on Dabur India after announcing Q4 results.
“We estimate that at current price, the acquisition will be EPS accretive (Exhibit 1). Synergies are difficult on realise, especially in large acquisitions. But we are willing to give benefit of doubt to Coforge’s clinical execution track-record. We have not merged the financials yet pending merger process. But we cut Coforge’s FY25/26E EPS by 24/25% on lower growth/margin assumptions. c.20% correction YTD seems to price this in already. Maintain “Buy” with a revised target price of Rs 5,570 (from Rs 6,940)” said JM Financial on Coforge after it announced its earnings for Q4 FY24.
Coforge‘s stock hit a 10% lower circuit of Rs 4,487.15 on the National Stock Exchange as the IT solutions company announced its intention to purchase a stake of up to 54% in Cigniti Technologies at a price of Rs 1,415 per share. Additionally, it disclosed a substantial 94.86% year-on-year surge in net profit, reaching Rs 229.2 crore for the fourth quarter ending on March 31, 2024. Furthermore, the company’s board approved an interim dividend of Rs 19 per equity share.