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 REC, Castrol India, Exide Industries, Indian Oil Corporation, and Indus Tower among others. Meanwhile, the street was 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 Adani Power, Ambuja Cements, Adani Wilmar, Coal India among many others.
Q4 result 2024: Market participants awaited results of Havells India, REC, Castrol, Exide, etc. today
According to Prabhudas Lilladher's Swarnendu Bhushan, Co-Head of Research - Institutional Equities, IOCL's refining margins come in lower than anticipated. IOCL reported lower than expected results with EBITDA/PAT of Rs 104.4 billion, down 33%QoQ (Prabhudas Lilladher's estimates: Rs 145 billion, Consolidated estimates: Rs 156 billion) and Rs 48.4 billion, down 40% QoQ (Prabhudas Lilladher: Rs 66.9 billion, Consolidated estimate: Rs 73.5 billion). The company's refining throughput was at 18.3mmt, down 1%QoQ. Its GRMs as per Prabhudas' calculations came in at $8.4/bbl below estimates of $12.3/bbl. Core GRM stood at $10.6/bbl. IOCL's marketing GM as per calculations came in at Rs4.4/ltr against estimates of Rs3.4/ltr.
Vivek Vikram Singh, MD & Group CEO
“We closed FY24 with a strong order book, which gives us the confidence to sustain growth momentum in FY25 and beyond. We continue to build on our EV order book, and in Q4, we added one new EV program to supply differential assemblies to an existing customer in North America. Overall, we added 12 new EV programs and four new EV customers during the year, further growing and diversifying our EV order book.”
Sona Comstar
Reports 31% increase in Net Profit in FY24
Q4 Highlights
PAT at Rs. 149 crores with a net profit margin of 16.7% and 24% YoY growth
Revenue at Rs. 885 crores with 19% YoY growth
Revenue share from Battery Electric Vehicles (BEV) at 32%
EVs contribute 79% to the net order book
Net orderbook at Rs. 22,600 crores as of March 31, 2024
The company's revenue from operations stood at Rs 1,325.24 crore for the quarter ending March of FY24, an increase of 4.8% on quarter, compared to Rs 1,264.04 crore it reported a quarter ago.
The company recorded a net profit of Rs 216.24 in Q1 of FY24, a decline of 10.6% sequentially, against Rs 241.94 crore it posted in the previous quarter.
The company's revenue from operations rose 11% on year to Rs 5,434.34 crore in Q4 of FY24, against Rs 4,849.59 crore in the same period of the previous year.
Havells India's net profit grew 24.1% year-over-year to Rs 448.86 crore in Q4 of FY24, compared to Rs 361.71 crore in the same period a year ago.
The Board of Directors decided to recommend a Final Dividend @ Rs. 6/- per equity share of Re. 1/- each i.e. 600 % for the financial year 2023-24. This is in addition to the Interim Dividend declared during the FY 2023-24 for an amount of Rs. 3/- per share.
"Recommendation of final dividend of Re.0.70/‐ per equity share (35% per equity share of face value of Rs.2/‐ each) for the year ended 31st March, 2024, out of the profits of the Company. The dividend will be paid within 30 days from the date of annual general meeting (i.e., on or before 24th August, 2024), upon approval by the shareholders at the 46th AGM," said Cholamandalam Investment and Finance while declaring its Q4 results of FY24.
The company recorded a fall of 3% year-over-year in the revenue from operation standing at Rs 2.20 lakh crore in Q4 of FY24, against Rs 2.26 lakh crore it reported in the same period a year ago.
Indian Oil Corporation declares a final dividend of Rs 7 per equity share. "It is further informed that the board has recommended a final dividend of 70% for the year 2023-24 i.e. Rs. 7.00 per equity share of face value of Rs.10/- each on the paid-up share capital, subject to the approval of the shareholders at the ensuing Annual General Meeting (AGM) of the company. The final dividend would be paid within 30 days from the date of declaration at the AGM. The record date for payment of the final dividend will be fixed and intimated in due course," said the company in an exchange filing.
Indian Oil Corporation recorded a net profit of Rs 4,837.69 crore, a fall of 51% on year in Q4 of FY24, against Rs 10,058.69 crore it reported in the same period a year ago.
In the quarter ending March REC reported a standalone net profit of Rs 4,016.30 crore Vs Rs 3000.91 crore in the same period a year ago. The company's revenue stood at Rs 12,613.14 crore in Q4 of FY24 against Rs 10,113.27 crore in the same period a year ago.
REC's board has recommended a final dividend of Rs 5 per share while announcing its results for the last quarter of FY24. "Recommendation of final dividend of Rs 5/- (Rupees Five only) per equity share of~lO/ each for the financial year 2023-24, subject to the approval of shareholders in the ensuing Annual General Meeting (AGM). This is in addition to the Interim Dividend(s) of <1 1/- per equity share, already declared during the financial year 2023-24 in three tranches, thereby making total dividend for the Financial Year 2023 21 to n6l per equity share on face value of <10 each," said the company in a statement.
Exide Industries has declared a dividend of Rs 2 per share while reporting its financial results for the quarter ending March of financial year 2023-24.
The company's revenue from operations stood at Rs 4,172.90 crore in Q4 of FY24 Vs 3,676.76 crore in the corresponding period a year ago, up 13.5% year-over-year.
The company has reported a net profit of Rs 185.70 crore in Q4 of FY24 Vs Rs 181.07 crore in the same period a year ago, up 2.5% on year.
"We believe the continued focus on capacity addition bodes well for the company’s growth prospects. Further, management has guided for Rs 200-300/tonne reduction in cost in the next three years, aided by improvement in blended ratio, continued investment in green power, decline in lead distance, higher use of alternate fuels and operating leverage benefits. So, we remain positive on UltraTech Cement and reiterate "Accumulate". We raise FY25E/26E EBITDA 1%/6%. Further, we roll over to March 2026E from December 2025E, with a higher target price of Rs 11,397 from Rs 10,659, on 18x (unchanged) March 2026E EV/EBITDA," said Elara Securities.
P&G reported sales of Rs 998 crore, up 13% on year driven by a robust portfolio and premiumization to meet evolving consumer needs, and strong retail execution. Its profit after tax was down 6% year-over-year due to one-time tax impacts in the base as well as current quarters. However, the company's profit after tax (PAT) stood at Rs 154 crores, up 50% sequentially fueled by product-price mix and productivity interventions.
“We delivered strong top-line growth despite a challenging operating environment, driven by superior products that are delighting and serving consumers’ evolving needs. We remain committed to our integrated growth strategy of a focused product portfolio of daily use categories where performance drives brand choice, and superiority — across product performance, packaging, brand communication, retail execution and consumer and customer value — productivity, constructive disruption, and an agile and accountable organization. We are confident that these strategies will help us navigate the mid-term and deliver balanced growth and value creation.”
P&G has posted a decline of 6.5% on year in its net profit at Rs 154.37 crore for the quarter ending March of FY24, compared to Rs 165.02 crore it reported in the same period a year ago. The company's revenue from operations stood at Rs 1,002.17 crore for the January-March period, against Rs 1,133.43 crore P&G reported in the same period of the previous year, a fall of 11.58% year-on-year.
The stock of Trent, the Tata Group company, rallied over 8% to hit an all-time high of Rs 4,670 on the National Stock Exchange, following the company’s stellar performance during the January – March period. Trent’s share price surged after its Q4 result showed a multi-fold jump in consolidated profit while revenue jumped over 50% for the quarter.
"We largely maintain our estimates and reiterate our "Buy" rating on the stock, given its: leadership position in the industry, robust expansion plans without leveraging the balance sheet, and structural cost improvement measures. We value the company at 18 times FY26E EV/EBITDA to arrive at our target price of Rs 11,500," said the broking firm Motilal Oswal on UltraTech Cement.
"We assign 50 times enterprise value/operating profit to the standalone business (Westside and Zudio; premium over our retail coverage universe, given its superior growth), 2 times EV/sales to Star Bazaar, and 15 times EV/EBITDA to Zara on FY26, and arrive at our target price of Rs 4,870. Adjusting Star and Zara's value, the stock is trading at 75x FY26E EPS of the standalone business. We reiterate our "Buy" rating on the stock," said Motilal Oswal while rating Trent.
Motilal Oswal has broadly kept revenue and operating profit/EBITDA estimates unchanged. However, owing to the reassessment of lease liability, the brokerage house has raised standalone PAT estimates by 9%/7% for FY25/FY26. "Over FY24-26, we factor in a CAGR of 32%/30%/38% in standalone revenue/EBITDA/PAT, led by a strong 20% YoY footprint addition and healthy SSSG."
In the near term, NMDC’s volume growth will depend upon incremental approvals in environmental clearances applied at its various mines. At the current market price, the stock is trading at 7.5x/6.1x EV of FY25E/FY26E EBITDA which appears full. Prabhudas Lilladher has maintained an "Accumulate" rating with a target price of Rs 253.
Star Health and Allied Insurance has reported a net profit of Rs 142.32 crore, a jump of 39.8% on year in Q4 of FY24, against Rs 101.79 crore it reported in Q4 of FY23. The company's revenue
"We believe, the recent transition in management has strengthened PFL’s execution capabilities further and expect the company to deliver AUM CAGR of 41% over FY24-26E with RoA/ROE of 4.9%/18.4% in FY26E. We maintain our "Buy" rating on the company with an unchanged target price of Rs 620," JM Financial said on Poonawalla Fincorp.
"We believe that the IPO funding followed by the recent rating upgrade would aid in sustainable margins going ahead while the management guides for increased co-lending in the gold book would aid in yield expansion. We believe that the current quarterly performance indicates a robust growth trajectory from hereon while sticky margins in the near term, improved productivity and benign credit costs would aid in healthy RoAs of 2.5% over FY24-25E. We maintain "Buy" on the stock with a target price of Rs 160," said JM Financial on Federal Financial Services.