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 M&M, Container Corporation of India, Crompton Greaves, Hitech Corp, Infibeams Avenues, Hindustan Aeronautics, Vodafone Idea, GAIL India, JK Paper, IIFL Securities, DCX Systems, Biocon, among others. Meanwhile, the street also kept an eye on how stocks were performing for the companies that had already released their earnings for the period.
The week will witness announcements from the likes of JSW Steel, Godrej Industries, Balrampur Chini Mills, Pfizer, RVNL, Bandhan Bank, Delhivery, among others.
Recommended a final dividend at the rate of 10% i.e. Re. 0.50/- per equity share of face value of Rs. 5/- each for the financial year ended March 31, 2024, subject to shareholders’ approval at the ensuing Annual General Meeting (‘AGM’). Pursuant to Regulation 42 of SEBI Listing Regulations, the Company has fixed Friday, July 5, 2024 as the record date for determining entitlement of Members to final dividend for the financial year ended March 31, 2024. The dividend will be paid on or before September 6, 2024.
The company's revenue from operations stood at Rs 1,961 crore in Q4 of FY24, against Rs 1,790.96 crore in Q4 of FY23.
The company's net profit came in at Rs 133.43 crore in Q4 of FY24 against Rs 131.55 crore in Q4 of FY23.
"Recommended a final dividend of Rs 3/- (Rupees Three only) per equity share of Rs 2/- (Rupees Two Only) each (fully paid-up) for the financial year ended March 31, 2024, which shall be payable subject to the approval of shareholders at the ensuing annual general meeting (“AGM”) of the company," said Crompton Greaves.
"The dividend, as recommended by the Board of Directors, if approved at the AGM will be paid on or after Tuesday, July 29, 2024, but within 30 days from the date of the AGM," it said.
The company's net profit declined to Rs 879.60 crore in Q4 of FY24 from Rs 1,194.45 crore posted in Q3 of FY24 or in the previous quarter of the current financial year.
The company reports a net profit of Rs 879.60 crore in Q4 of FY24, against a net loss of Rs 5,031.94 crore reported in Q4 of FY23.
The Board has approved date of the 29th Annual General Meeting as Wednesday, August 28, 2024.The Board has also recommended a Final Dividend of Rs. 12/- per share (on face value of Rs.10/- per share) for the financial year 2023-24 subject to declaration of the same by the members at the 29th Annual General Meeting of the Company.
The company's net profit fell 23.4% sequentially in Q4 of FY24 from Rs 2,842.62 crore in Q4 of FY23.
The company recorded a net profit of Rs 2,176.97 crore in Q4 of FY24, up 3.6 times on year, against Rs 603.52 crore reported in Q4 of FY23.
The company's revenue came in at Rs 14,768.75 crore in Q4 of FY24, against Rs 12,494.67 crore it posted in Q4 of FY23.
The company reported a net profit of Rs 4,308.71 crore in the quarter ending March of FY24 against Rs 2,831.18 crore reported in Q4 of FY23.
Mahindra & Mahindra's revenue from operations came in at Rs 35,373 crore, up 9.5% on year in Q4 of FY24, in comparison to Rs 32,365.60 crore reported in Q4 of FY23.
Recommendation of a Dividend of Rs. 21.10 (422%) per Ordinary (Equity) Share of the face value of Rs. 5 each.
"We expect profitability to improve in coming quarters, due to focus on VAP products, rampup of Raipur plant, favourable market conditions and stable infrastructure activities. Therefore, we maintain our "Buy" rating on the stock with target price of Rs 1800," said Anand Rathi in a research report on APL Apollo Tubes.
"Despite numerous product innovations and marketing efforts, Colgate Palmolive has not seen a notable recovery in volume. Price hikes have supported overall growth so far, but the volume trend will be a key factor to watch out for in FY25. "The personal care portfolio is under-indexed; we would like to see if the company can boost this portfolio. We believe it will be challenging for Colgate to sustain the current margin level," said Motilal Oswal. The brokerage house has maintained its "Neutral" rating on the stock of Colgate Palmolive, with an unchanged target price of Rs 2,500.
"We believe PVR-Inox is in reset mode where the focus is to rationalize cost, reduce capex outgo, and target debt reduction which should yield results once content flow stabilizes. Given near term challenges, we cut our footfalls assumptions by 4%/7% and expect pre-IND AS EBITDA margin of 15.6%/17.7% for FY25E/FY26E. Retain a "Accumulate" on the stock with a target price of Rs 1,431 (earlier Rs 1,663) as we cut our target EV/EBITDA multiple to 12x (earlier 13x)," said Prabhudas Lilladher on PVR Inox.
"Shree Cement's earnings beat Motilal Oswal's estimates in 4QFY24, aided by lower costs and higher power revenues. EBITDA grew 49% YoY to Rs 13.3 billion (estimate Rs 11.5 billion) and EBITDA/t stood at Rs 1,393 (estimate Rs 1,218). OPM surged 7.4pp YoY to 26% (estimatae 23%). PAT grew 69% YoY to Rs 6.6 billion (estimate Rs 5.7 billion). We largely maintain our earnings estimates for FY25/FY26. The stock is currently trading at 17x/16x FY25E/FY26E EV/EBITDA. We maintain a "Neutral" rating with a target price of Rs 28,000 (17x FY26E EV/EBITDA)," said Motilal Oswal on Shree Cement.
"We downward revise Bajaj Electrical's FY25/26E earnings by 14.5%/5.6% to factor weak consumer demand and soft margin profile. We estimate FY23-25E Revenue/EBITDA/ PAT CAGR of 7.0%/19.2%/28.6%. We value the stock at 37x FY26 EPS and arrive at a revised target price of Rs 941 (earlier Rs 997). Maintain a "Hold" rating," said Prabhudas Lilladher on Bajaj Electricals.
"Over the next 2-3 years, Bharti Airtel is well poised to gain from sector consolidation and tariff hikes and drive strong FCF generation. We raise our FY25 and FY26 estimates by building in tariff hikes each year. The awaited tariff hikes and moderation in capex could be the positive catalysts. Reiterate "Buy" with a SoTP-based target price of Rs 1,640," said Motilal Oswal on Bharti Airtel.