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 Hero MotoCorp, Canara Bank, TVS Motors, L&T, Balaji Amines, Bharat Forge, Capri Global, Tata Power, Piramal Enterprise, Sterlite Technologies, and SKF India 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 SBI, Asian Paints, BPCL, HPCL, Abbott India among many others.
Q4 results today: Hero MotoCorp, TVS Motors, and 37 other companies released earnings.
The company's revenue from operations stood at Rs 67,078.68 crore compared to Rs 58,335.15 crore in Q4 of FY23.
The company reported a net profit of Rs 5003.54 crore in Q4 of FY24, against Rs 4446.74 crore in Q4 of FY23.
Headwinds from geopolitical tensions, volatility in international financial markets, geoeconomic fragmentation, continuing sea route trade disruptions, and extreme weather events, pose risks to the outlook. Nevertheless, India due to its structural reforms, strengthening physical and digital infrastructure as well as upbeat business and consumer confidence is in a relatively superior position to withstand these multiple challenges.
In this backdrop, the Company will continue to focus on profitable execution of its strong order book as well as positioning itself for tapping into emerging opportunities. A record high Order Book, a strong Balance Sheet, a well-diversified business portfolio and proven execution capabilities enables the company to steer through the current volatile business environment. The company as always, remains committed to maximizing sustainable value to all its stakeholders.
“The year has concluded on a very strong note for us. We have secured Order Inflows of more than ₹ 3 lakh crore and Order Book is around ₹ 4.75 lakh crore, reflecting the continued trust reposed on us by all our esteemed clients. During the year, we successfully completed the maiden Buyback of Equity Shares, in line with our aim to improve shareholder value. Furthermore, in addition to the special divided of Rs 6 per share paid to our equity shareholders during the year, we are recommending a final dividend of Rs 28 per share for the financial year 2023-24. In line with our Lakshya 2026 plan to divest from non-core businesses, we concluded the sale of our stake in L&T IDPL. We are confident that our new-age businesses such as Green Energy, Semiconductor Chip Design, Digital Platforms and Data Centers will harness the power of technology and complement the growth of our traditional core businesses in accelerating our strides towards our perspective plan targets. Recently, some of our marquee projects were inaugurated/completed such as Atal Setu and Coastal Road project in Mumbai. The Company also played its part in the construction of the iconic Ram Mandir at Ayodhya which was consecrated on January 22, 2024. This faith posed by our customers in our capabilities to complete iconic and complex engineering projects in a time-bound manner with the highest standards of quality and safety continues. Despite the ongoing geo-political turmoil globally, the growth story of India continues to power forward and we as a Company are proud to be an integral part of this change. The tailwinds of India’s economic growth will continue due to the impact of structural reforms, strengthening physical and digital infrastructure, improving institutional strength and strong governance,” said S.N. Subrahmanyan, Chairman and Managing Director.
The board of directors has recommended a final dividend of Rs 28/- per share of the face value Rs 2/- each (in addition to the special dividend of Rs. 6 per share paid in August 2023) for the financial year ended March 31, 2024 (previous year final dividend Rs. 24/- per share). The company will arrange to pay the proposed final dividend after approval of the shareholders in the ensuing annual general meeting.
During the financial year 2023-24, TVS Motor's revenue from operations grew by 20% at Rs 31,776 crore as against Rs. 26,378 crore recorded in 2022-23.
TVS Motor's consolidated revenue from operations grew to Rs 10,042.47 crore in Q4 of FY24, compared to Rs 8,031.40 crore in Q4 of FY23.
The company reported a consolidated net profit of Rs 411.53 crore in Q4 of FY24 against Rs 335.67 crore it recorded in the same period a year ago.
Tata Power's revenue from operations grew to Rs 15,846.50 crore in the quarter ending March of FY24 from Rs 12,453.76 crore it posted in the same period a year ago.
The company recorded a net profit of Rs 1,045.59 crore in Q4 of FY24, against Rs 938.81 crore in Q4 FY23.
The board has recommended a final dividend of Rs 2.00 per equity share of Rs 1 each (@ 200%) to the members for the financial year ending March 31, 2024. The dividend recommended by the board is subject to the approval of the members at the forthcoming 105th annual general meeting ('AGM') of the company scheduled to be held on Tuesday, July 16, 2024.
The company reports a net profit of Rs 137.09 crore in the last quarter of FY24 against a net loss of Rs 195.87 crore in Q4 FY23.
Piramal Enterprises announces a dividend of Rs 10 per equity share. "The board has recommended a final dividend of Rs 10 per equity share of face value of Rs. 2 each (i.e. @ 500%) for the financial year ended 31st March, 2024, which shall be paid/dispatched after the 77th annual general meeting, subject to approval of the shareholders of the company," said Piramal Enterprises.
The revenue from operations grew to Rs 9,616.68 crore, up 14% on year in Q4 FY24, against Rs 8,434.28 crore it reported in Q4 of FY23.
The company reported a net profit of Rs 943.46 crore in Q4 FY24, up 16.4% on year, in comparison to Rs 810.80 crore it reported in Q4 FY23.
Hero MotoCorp announced a final dividend of Rs 40 per equity share. "Recommendation of final dividend @ 2,000% i.e. Rs. 40/- per share (face value of Rs. 2 per equity share), subject to the approval of the members of the company at the ensuing 41st annual general meeting. The payment of dividend/dispatch of dividend warrants will be completed within 30 days of the declaration at the ensuing Annual General Meeting (AGM)," said Hero MotoCorp.
Canara Bank Asset Quality
-Gross Non-Performing Assets (GNPA) ratio reduced to 4.23% in Q4FY24 Vs 5.35% in Q4FY23
-Net Non-Performing Assets (NNPA) ratio reduced to 1.27% in Q4FY24 Vs 1.73% in Q4FY23
-Provision Coverage Ratio (PCR) stood at 89.10% in Q4FY24 Vs 87.31% in Q4FY23
NII in Q4FY24 at 9580 crore, up 11.18% YoY Vs Rs 8616 crore in Q4FY23
Read Full Story: Canara Bank Q4 result: Net profit up over 18%; announces dividend of Rs 16.10/share
Recommended a final dividend of Rs. 6.50 per equity share of the face value of Rs 2 each (at the rate of 325%) for the financial year ended March 31, 2024.
Net Profit for Q4FY24 at Rs 3757.23 cr, up 18.3% YoY Vs Rs 3174.74 in Q4FY23
Canara Bank board recommends dividend of Rs 16.10
The board of Canara Bank recommended annual dividend of Rs.16.10/- per equity share (i.e., 161%) of face value of Rs.10/- each to the shareholders for FY24.
The company's revenue from operations grew to Rs 41,64.2 crore in Q4 of FY24, against Rs 36,29.1 crore it reported in the same period a year ago.
Bharat Forge's net profit grew to Rs 2,27.12 crore in Q4 FY24 from Rs 1,27.74 crore in Q4 of FY23.
The company has announced a dividend of Rs 6.50 per equity share. "The final dividend for the financial year ended March 31, 2024, if approved by members will be paid on or after August 14, 2024," said Bharat Forge in an exchange filing.
Commenting on the financial results of Jubilant Foodworks Emkay Global said, "Our channel checks indicate considerable pick up in order growth for Domino’s in Apr-24 and continued traction should help it deliver a low-to-mid-teen topline growth in FY25E (vs. 5-6% in FY24E). Given the sustaining trends, there is a 30% upside to our target price, but we remain conservative for now. Faster expansion for Hong and better traction in DP Eurasia hold potential upside."
Navin Fluorine’s Q4 revenue was down 14% YoY at Rs 6 billion (+20% QoQ) owing to i) lower volumes in the HFO plant (YoY) and pricing pressure in the ref gas business; ii) deferral of sales for key molecules in the CDMO business to FY25 (vs. H2FY24). Management guided that inventory rationalization and Chinese dumping have impacted the specialty chemicals business in FY24, and expects gradual recovery from H2FY25. CDMO business has seen significant campaign deferrals in FY24, but directional guidance of $100 million in revenue remains intact," said Emkay Global in a research report.
"Dr Reddy’s reported weak set of numbers on all fronts. Sales was marginally higher by our estimates due to healthy US sales which was driven by ongoing shortages and new product launches. New product launches and RM cost rationalisation drove higher gross margins at 58.6% but was offset by higher SG&A spend on brands and digital technology followed by increased R&D cost. PAT was higher than our estimates by 8% due to lower ETR which includes one time one-time benefit accruing on account reversal of a tax provision and adoption of corporate tax rate under section 115BAA of the IT Act. Overall quarterly US sales run rate of US$ 390 mn is sustainable followed by double digit growth in the India region and focus to launch above 20 products in a year to drive margins north of 25%," said Foram Parekh, Analyst, Sharekhan by BNP Paribas.
JSW Energy's consolidated net profit jumped by 22.4% year-on-year to Rs 345.27 crore in the March quarter of FY24, on the back of strong performances from its thermal energy portfolio and a surge in the short-term market. The company's revenue from operations rose to Rs 2,755.87 crore in Q4 FY24 from Rs 2,669.97 crore a year earlier in the same period.