Key Q4 Results Updates: With the likes of Wipro, Infosys, TCS, HDFC Bank, Jio Financial, Reliance Industries, Tata Consumer Products, HUL, Axis Bank, already having released their earnings for the quarter ended March 31, 2024, the Q4 earnings season is now picking up pace. Market Participants are today keen on the performance of players like Bajaj Finance, Nestle India, IndusInd Bank, Vedanta, and Tech Mahindra 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 HCL Technologies, Bajaj Finserv, Maruti Suzuki India, Shriram Finance, among many others.
The net profit of Bajaj Finance rose 20% to Rs 3,402 crore in the fourth quarter of FY24 from Rs 2,837.36 crore it reported in Q4 of FY23. In the Q4 of FY24, the bank’s revenue from operations came in at Rs 12,760.49 crore against Rs 9,717.25 crore it reported in the same quarter previous year.
The companies net profit remained flat at Rs 341.4 crore in Q4 FY24, it reported same profit in the same period a year. L&T Technologies’ revenue stood at Rs 2,537.5 crore, an increase of 7% for fourth quarter of FY24, against Rs 2,370.6 crore in the same quarter a year ago.
The net profit of the IT- major declined by 41% to Rs 664.2 crore in the last quarter of the financial year 2023-24. Its revenue also saw a decline of 6% reporting at Rs 12,871.3 crore, against Rs 13,718.2 crore it posted in Q4 FY23.
Tech Mahindra has declared a dividend of Rs 5 per equity share. It is an addition to the interim dividend of Rs 12 paid by the company earlier. “Recommended Final Dividend of Rs. 28/- per equity share of the face value of Rs. 5/- each (560%) for the financial year ended 31st March, 2024, subject to the Members’ approval at the forthcoming Annual General Meeting (“AGM”) of the Company,” said the company in a statement.
IndusInd Bank Q4FY24 net profit at Rs 2349 crore, up 14.97% YoY from Rs 2043 crore in Q4FY23
IndusInd Bank Q4FY24 NII at Rs 5376 crore, net NPA% at 0.57%
The net profit of IndusInd Bank stands at Rs 2,349.15 crore, an increase of 15% in Q4 FY24, compared to Rs 2,043.44 crore it posted in Q4 FY23. The bank’s net interest income rose 23% to Rs 10,208 crore in the aforementioned period from Rs 8,304.14 crore it announced in Q4 FY23.
Board recommends dividend of Rs16.50/equity share
Dr. Yasir Rawjee Managing Director & Chief Executive Officer, Glenmark Life Sciences
“FY24 was a milestone year for Glenmark Life Sciences, marked by the successful acquisition by Nirma. With Nirma’s commitment and strategic vision, we are poised for accelerated growth and market positioning. We concluded the financial year on a positive note with revenue growth of 5.6% on full year basis, driven by regulated markets in external business. Our commitment to high-quality, innovative solutions and scalability will fuel sustainable long-term growth. These, coupled with a strong order book and demand visibility will ensure steady growth in FY25 and beyond.”
Glenmark Life Sciences Q4FY24 Revenue from Operations at Rs 536.6 crore, down 13.6% YoY from Rs 621.3 crore in Q4FY23.
Glenmark Life Sciences Q4FY24 PAT at Rs 97.9 crore, down 33.1% YoY from Rs 146.4 crore in Q4FY23.
Q4FY24 EBITDA Margin down to 26.9% from 33.7% in Q4FY23
Vedanta recorded a net profit of Rs 2,275, a fall of 27.3% in Q4 of FY24, compared to Rs 3,132 crore it reported a year ago in the same period. The company’s revenue stands at Rs 34,937 crore a decrease of 6.14% in Q4 FY24 from Rs 37,225 crore it posted in Q54 FY23.
The board of Nestle India has also approved the execution of the definitive agreement to form a joint venture with Dr Reddy’s Laboratories Limited to bring together the well-known global range of nutritional health solutions as well as vitamins, minerals and health supplements of Nestlé Health Science with the nutraceuticals portfolios, strong and established commercial strengths of Dr. Reddy’s in India and other geographies as may be agreed by the Parties. The joint venture is expected to become operational in the second quarter of the financial year 2024-25, subject to customary closing conditions.
Nestle India “delivered double-digit growth, despite challenges posed by rising food inflation and volatile commodity prices. We have witnessed a strong growth momentum across our product portfolio led by a combination of pricing and mix. Our domestic sales crossed Rs 5,000 crore this quarter, a notable milestone for us. I would like to extend my heartfelt gratitude to my colleagues, distributors, retailers and partners for their unwavering dedication, determination, and diligence.”
Nestle India‘s board has recommended a final dividend of Rs 8.50 per equity share. “Recommended Final Dividend of Rs. 8.50/- (Eight Rupees and Fifty Paisa only) per equity shares of Re. 1/- each for the fifteen months financial year ended 31st March 2024 on the entire issued, subscribed and paid-up share capital of the Company of 964,157,160 equity shares of nominal value of Re. 1/- (Rupee one only) each,” said Nestle India in a filing.
Emkay Global in a research report said that the expectations are volumes will increase by 15% on year to 9.8mt, while realizations would decline 5% sequentially. The company’s total cost is expected to decline by 2% on quarter. ACC is expected to report EBITDA at Rs 820 crore, a fall of 19% on quarter.
“We retain Buy on Axis Bank, with a revised target price of Rs 1,400, earlier Rs1,350, rolling forward on 2x FY26E ABV; and subs value of Rs90/sh. That said, the MD&CEO’s term is due to expire in Dec-24 so extension by the Board/RBI will be keenly watched,” said Emkay Global on Axis Bank in a research report.
Emaky Global maintained “Reduce”, with a target price of Rs 5,000/share
“Despite a correction of 6%/16% in the last 1M/3M, valuations remain rich and we prefer to wait for better visibility on the discretionary spending improvement before turning constructive on the stock. We retain REDUCE; our TP is now Rs 5,000/share, at 25x Mar-25E EPS,” said Emkay Global in a research report.
Elara reiterates Reduce rating; target price cut to Rs 2,320/share
“We pare 25E/26E earnings 2.7%/2.9% to factor in lower-than-expected revenue growth and margin. We reiterate Reduce with target price trimmed to Rs 2,320 from Rs 2,600, as we assign 45x (from 50x on near-term challenges) on FY26E P/E. Key risk to our call is increase in input prices, which could aid in price-led growth and market share gains from regional players.”
Elara Securities has estimated that HUL’s earnings will grow by 2.7% in FY25 and 2.9% in FY26. This is to factor in lower-than-expected revenue growth and margin. Elara has maintained the rating “Reduce” with a slashed target price of Rs 2,320. It earlier had a price target of Rs 2,600. The key risk to the brokerage house’s call is an increase in input prices, which could aid in price-led growth and market share gains from regional players.
ACC, Vedanta, BEML, L&T Tech, IndusInd Bank, MphasiS, Nestle, Schaeffler, Olectra, Tech Mahindra, TTML, Welspun, Zensar
On Thursday, April 25, Axis Bank‘s share price gained over 5%, a day after the bank announced a net profit of Rs 7,130 crore for Q4FY24, a stark contrast to the loss of Rs 5,728.4 crore reported in the same quarter of FY23.
Hindustan Unilever reported its fourth-quarter net profit at Rs 2558 crore for FY24, down 1.6% year-on-year, compared to Rs 2600 crore it posted during the same period last year. It reported revenue from operations for the quarter at Rs 15,210 crore, an increase of 24.5% against Rs 12,215 crore it reported during the same quarter of FY23.
Also check: HUL, Axis Bank, LTIMindtree, Indian Hotels Company, DCB Bank, more announced earnings
On Wednesday, Axis Bank announced its earnings for the quarter ending March for FY24. The bank reported a net profit of Rs 7,130 crore, against a loss of Rs 5,728.4 crore in the same period last year. The company’s net interest income rose 11.5% year-on-year to Rs 13,089 crore, against Rs 11,742 crore it posted in the year-ago period.
IHCL reported a net profit of Rs 438 crore, an increase of 29.3% on year. Its revenue came in at Rs 1,905 crore, up 17.2% year-over-year. The company reported operating profit or EBITDA of Rs 659.2 crore, an increase of 23.2%. The company’s board has also recommended a dividend of Rs 1.75 per share.
ACC, Vedanta, BEML, L&T Tech, IndusInd Bank, MphasiS, Nestle, Schaeffler, Olectra, Tech Mahindra, TTML, Welspun, Zensar
On Wednesday, Tata Consumer Products posted its fiscal fourth-quarter earnings with profit at Rs 267.71 crore, down 22.5 per cent on-year in comparison to Rs 345.58 crore during the fourth quarter of FY23, missing estimates. It posted revenue from operations at Rs 3926.94 crore for the quarter ended March 31, 2024, up 8.5 per cent as against Rs 3618.73 crore during the same period last year.