Stocks to watch-
Tech Mahindra: According to StoxBox, Tech Mahindra may see sequential revenue decline marginally due to persistent softness in demand within the communication and enterprise segments in Q3FY24. However, EBIT margins are poised for substantial improvement, primarily attributed to the absence of one-time costs worth 260 bps witnessed in the previous quarter, although soft growth may partially offset this gain. On an adjusted basis, excluding non-recurring charges, a marginal sequential improvement in margins of -20 bps is anticipated. The subdued trend in deal wins is likely to persist, posing challenges to the near-term growth. Further, we would be looking out for comments on - 4QFY24E/ FY24E sales growth and margin outlook, demand outlook on 5G technology, deal pipeline and new business, and update on strategy and capital allocation under the new management.
Axis Bank: The private lender on January 23 reported a net profit of ₹6,071 crore in the December quarter of FY24, reflecting a 4 per cent increase compared to the corresponding period last year. However, the reported net profit of 6,071 crore fell slightly short of the market consensus estimate of ₹6,114 crore. Its net interest income (NII) in the third quarter stood at 12,532 crore, up by 9%, which is almost in line with the market estimate of ₹12,555 crore. Meanwhile, the net interest margin (NIM) stood at 4.01 percent for the quarter ended on December 31, 2023.
Tata Elxsi: Design and technology services provider Tata Elxsi reported a 6% year-on-year (YoY) increase in net profit at 206.4 crore during the quarter ending December 2023 from ₹194.6 crore during the year-ago period. Revenue from operations jumped 11% YoY to ₹914.2 crore from 817.7 crore during the same period last fiscal year. Sequentially, the net profit of the company rose 3% from ₹200.2 crore reported during the quarter ending September 2023, while revenue from operations witnessed a 3% jump quarter-on- quarter as that stood at ₹881.6 crore during Q2FY24. In terms of revenue from operations, the growth was 16% from ₹2,355 crore in December 2022 to 2,734.5 crore in the March-December 2023 period.
Bajaj Auto: Ahead of Bajaj Auto's Q3FY24 results, StoxBox expect a robust ~30% annual rise in sales owing to robust volume growth due to strong performance of two wheelers and higher ASPs. However, this positive momentum is likely to be partially counterbalanced by a decline in volumes of three-wheelers and a lower export contribution. As a result, the expected realization is set to decline sequentially, primarily attributed to subdued geographic and product mix. The implementation of festival discounts is expected to exert additional pressure on realizations, although mitigated to some extent by the benefits of rupee depreciation. In the light of these challenges, the EBITDA margin is projected to decrease slightly to -19%. However, this will be partially offset by the positive impact of operating leverage and soft commodity prices. Further, StoxBox says, investors would be looking for comments on exports recovery in key markets, 2W demand scenario in the medium term and new launches in the pipeline. JSW Energy: The company reported over 28% rise in its consolidated net profit to ₹231 crore in the December 2023 quarter. During the quarter, total revenue increased 13% year-on-year to ₹2,661 crore from ₹2,350 crore in Q3FY23, driven by incremental contribution from renewable portfolio and strong thermal performance. The consolidated net worth and net debt as of December 31, 2023, were 20,976 crore and ₹26,286 crore. respectively, resulting in a net debt-to-equity ratio of 1.3X. Liquidity continues to be strong, with cash balances at ₹2,867 crore as of December 31, 2023, it stated. The company has one of the strongest balance sheets in the sector, which gives it the headroom to pursue value-accretive growth opportunities, it noted.
Tech Mahindra: According to StoxBox, Tech Mahindra may see sequential revenue decline marginally due to persistent softness in demand within the communication and enterprise segments in Q3FY24. However, EBIT margins are poised for substantial improvement, primarily attributed to the absence of one-time costs worth 260 bps witnessed in the previous quarter, although soft growth may partially offset this gain. On an adjusted basis, excluding non-recurring charges, a marginal sequential improvement in margins of -20 bps is anticipated. The subdued trend in deal wins is likely to persist, posing challenges to the near-term growth. Further, we would be looking out for comments on - 4QFY24E/ FY24E sales growth and margin outlook, demand outlook on 5G technology, deal pipeline and new business, and update on strategy and capital allocation under the new management.
Axis Bank: The private lender on January 23 reported a net profit of ₹6,071 crore in the December quarter of FY24, reflecting a 4 per cent increase compared to the corresponding period last year. However, the reported net profit of 6,071 crore fell slightly short of the market consensus estimate of ₹6,114 crore. Its net interest income (NII) in the third quarter stood at 12,532 crore, up by 9%, which is almost in line with the market estimate of ₹12,555 crore. Meanwhile, the net interest margin (NIM) stood at 4.01 percent for the quarter ended on December 31, 2023.
Tata Elxsi: Design and technology services provider Tata Elxsi reported a 6% year-on-year (YoY) increase in net profit at 206.4 crore during the quarter ending December 2023 from ₹194.6 crore during the year-ago period. Revenue from operations jumped 11% YoY to ₹914.2 crore from 817.7 crore during the same period last fiscal year. Sequentially, the net profit of the company rose 3% from ₹200.2 crore reported during the quarter ending September 2023, while revenue from operations witnessed a 3% jump quarter-on- quarter as that stood at ₹881.6 crore during Q2FY24. In terms of revenue from operations, the growth was 16% from ₹2,355 crore in December 2022 to 2,734.5 crore in the March-December 2023 period.
Bajaj Auto: Ahead of Bajaj Auto's Q3FY24 results, StoxBox expect a robust ~30% annual rise in sales owing to robust volume growth due to strong performance of two wheelers and higher ASPs. However, this positive momentum is likely to be partially counterbalanced by a decline in volumes of three-wheelers and a lower export contribution. As a result, the expected realization is set to decline sequentially, primarily attributed to subdued geographic and product mix. The implementation of festival discounts is expected to exert additional pressure on realizations, although mitigated to some extent by the benefits of rupee depreciation. In the light of these challenges, the EBITDA margin is projected to decrease slightly to -19%. However, this will be partially offset by the positive impact of operating leverage and soft commodity prices. Further, StoxBox says, investors would be looking for comments on exports recovery in key markets, 2W demand scenario in the medium term and new launches in the pipeline. JSW Energy: The company reported over 28% rise in its consolidated net profit to ₹231 crore in the December 2023 quarter. During the quarter, total revenue increased 13% year-on-year to ₹2,661 crore from ₹2,350 crore in Q3FY23, driven by incremental contribution from renewable portfolio and strong thermal performance. The consolidated net worth and net debt as of December 31, 2023, were 20,976 crore and ₹26,286 crore. respectively, resulting in a net debt-to-equity ratio of 1.3X. Liquidity continues to be strong, with cash balances at ₹2,867 crore as of December 31, 2023, it stated. The company has one of the strongest balance sheets in the sector, which gives it the headroom to pursue value-accretive growth opportunities, it noted.
Cyient DLM: The electronic manufacturing services company reported a 21.6% year-on-year (YoY) rise in net profit at ₹6.2 crore for Q3FY23. In the corresponding quarter last year, it had posted a net profit of ₹5.1 crore, the company said in a regulatory filing. The company's revenue from operations increased 10% to 321 crore against 291.8 crore in the corresponding quarter, driven by the aerospace and defence segment. At the operating level, EBITDA jumped 30.4% to ₹23.6 crore in the third quarter of this fiscal, over 18.1 crore in the second quarter of this fiscal. The EBITDA margin stood at 7.4% in the third quarter against 6.2% in the second quarter of this fiscal.
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Stocks to watch-
Adani Power: The Adani Group company saw its consolidated net profit increase more than more than 300-fold to ₹2,738 crore in the December quarter from ₹8.8 crore a year ago. Consolidated revenue from operations rose 67.3% year-on-year to 12,991.4 crore.
SBI Cards and Payment Services: The company clocked 7.8% year-on-year growth in profit to ₹549 crore in the December quarter. Revenue from operations rose 31.8% to ₹4,622 crore.
Tata Technologies: The firm registered 14.7% year- on-year growth in consolidated profit at ₹170.22 crore in the December quarter. Revenue from operations grew 14.7% to ₹1,289.5 crore.
Vedanta: The mining company reported a 18.3% drop in profit at ₹2,013 crore for the December quarter despite healthy operating numbers, thanks partly to increased finance costs. Revenue from operations rose 4.2% to ₹35,541 crore.
HDFC Bank: LIC has received the RBI's approval to increase its stake in HDFC Bank to 9.99%. LIC currently holds a 5.19% stake, valued at nearly ₹50.000 crore.
Sanghi Industries: Net loss widened to ₹201 crore in the December quarter from 118 crore a year ago thanks to higher expenses. Net sales were up 42.4% to 189.1 crore but expenses rose 31.8% to 332.6 crore. Ebitda loss also widened to ₹22.8 crore from 18.8 crore last year because of higher finance costs.
Laurus Labs: The company has entered into a joint- venture agreement with KRKA, Slovenia, for the production of finished products for new markets, including India.
Capri Global: The board has approved the issue of bonus shares in the ratio of 1:1. It has also approved a split of equity shares in the ratio of 1:2, meaning one share with a face value of 2 will be split into two shares with face value of ₹1 each.
Piramal Enterprises: The company has agreed to sell its 20% direct equity investment in Shriram Investment Holdings Pvt Ltd to Shriram Ownership Trust for 1,440 crore. The transaction is expected to be completed by March 31. Last June, Piramal Enterprises sold its entire 8.3% stake in Shriram Finance for ₹4,824 crore through several block deals.
Shriram Finance: The company reported 2.3% year-on-year growth in net profit at ₹1,818.3 crore for December quarter. Net interest income increased 17.1% to 4,911 crore from ₹4,192.1 crore a year ago.
Adani Power: The Adani Group company saw its consolidated net profit increase more than more than 300-fold to ₹2,738 crore in the December quarter from ₹8.8 crore a year ago. Consolidated revenue from operations rose 67.3% year-on-year to 12,991.4 crore.
SBI Cards and Payment Services: The company clocked 7.8% year-on-year growth in profit to ₹549 crore in the December quarter. Revenue from operations rose 31.8% to ₹4,622 crore.
Tata Technologies: The firm registered 14.7% year- on-year growth in consolidated profit at ₹170.22 crore in the December quarter. Revenue from operations grew 14.7% to ₹1,289.5 crore.
Vedanta: The mining company reported a 18.3% drop in profit at ₹2,013 crore for the December quarter despite healthy operating numbers, thanks partly to increased finance costs. Revenue from operations rose 4.2% to ₹35,541 crore.
HDFC Bank: LIC has received the RBI's approval to increase its stake in HDFC Bank to 9.99%. LIC currently holds a 5.19% stake, valued at nearly ₹50.000 crore.
Sanghi Industries: Net loss widened to ₹201 crore in the December quarter from 118 crore a year ago thanks to higher expenses. Net sales were up 42.4% to 189.1 crore but expenses rose 31.8% to 332.6 crore. Ebitda loss also widened to ₹22.8 crore from 18.8 crore last year because of higher finance costs.
Laurus Labs: The company has entered into a joint- venture agreement with KRKA, Slovenia, for the production of finished products for new markets, including India.
Capri Global: The board has approved the issue of bonus shares in the ratio of 1:1. It has also approved a split of equity shares in the ratio of 1:2, meaning one share with a face value of 2 will be split into two shares with face value of ₹1 each.
Piramal Enterprises: The company has agreed to sell its 20% direct equity investment in Shriram Investment Holdings Pvt Ltd to Shriram Ownership Trust for 1,440 crore. The transaction is expected to be completed by March 31. Last June, Piramal Enterprises sold its entire 8.3% stake in Shriram Finance for ₹4,824 crore through several block deals.
Shriram Finance: The company reported 2.3% year-on-year growth in net profit at ₹1,818.3 crore for December quarter. Net interest income increased 17.1% to 4,911 crore from ₹4,192.1 crore a year ago.
Stocks to watch-
ITC: The company recorded 10.75% growth in standalone net profit at ₹5,572 crore for the December quarter despite weak operating numbers, thanks to more other income and a lower tax cost. Standalone revenue from operations increased by 1.6% to 16,483.3 crore, driven by the cigarette and FMCG segments.
Bajaj Finance: The company registered 22% growth in consolidated net profit at ₹3,639 crore in the December quarter despite higher loan losses and provisions. Net interest income during the quarter increased by 29% from a year ago to ₹7,655 crore.
Vodafone Idea: The telecom operator posted a net loss of ₹6,986 crore for the December quarter, against a loss of ₹8,738 crore in the previous quarter. Revenue fell 0.4% sequentially to 10,673.1 crore.
Mahindra Logistics: The company reported a net loss of 16.4 crore from ₹15.5 crore last year. Revenue was up 5.1% at ₹1,397.2 crore, Ebitda was down 17.1% to ₹52.2 crore, and margin dropped to 3.7% from 4.7% last year.
Petronet LNG: The company recorded consolidated net profit of ₹1,213 crore for the December quarter, up 41.7% from the previous quarter, backed by healthy operating numbers. Revenue from operations grew by 17.7% sequentially to 14,747.2 crore during the quarter.
Havells India: The executive committee has approved an investment of up to $20 million in Havels International Inc., a wholly owned subsidiary incorporated in Delaware. The funds will be used to leverage new growth opportunities in the US.
Marico: The FMCG company reported consolidated net profit at ₹386 crore for the December quarter, up nearly 16% from a year ago despite a lower topline. Consolidated revenue from operations fell nearly 2% to 2,422 crore.
Piramal Enterprises: The company posted a consolidated net loss of ₹2,377.6 crore for the December quarter, against a profit of ₹3,545.4 crore a year ago, thanks to an exceptional loss of 3,539.8 crore from its investments in alternative investment funds. Revenue from operations fell by nearly 12% yoy to ₹2,476 crore.
ITC: The company recorded 10.75% growth in standalone net profit at ₹5,572 crore for the December quarter despite weak operating numbers, thanks to more other income and a lower tax cost. Standalone revenue from operations increased by 1.6% to 16,483.3 crore, driven by the cigarette and FMCG segments.
Bajaj Finance: The company registered 22% growth in consolidated net profit at ₹3,639 crore in the December quarter despite higher loan losses and provisions. Net interest income during the quarter increased by 29% from a year ago to ₹7,655 crore.
Vodafone Idea: The telecom operator posted a net loss of ₹6,986 crore for the December quarter, against a loss of ₹8,738 crore in the previous quarter. Revenue fell 0.4% sequentially to 10,673.1 crore.
Mahindra Logistics: The company reported a net loss of 16.4 crore from ₹15.5 crore last year. Revenue was up 5.1% at ₹1,397.2 crore, Ebitda was down 17.1% to ₹52.2 crore, and margin dropped to 3.7% from 4.7% last year.
Petronet LNG: The company recorded consolidated net profit of ₹1,213 crore for the December quarter, up 41.7% from the previous quarter, backed by healthy operating numbers. Revenue from operations grew by 17.7% sequentially to 14,747.2 crore during the quarter.
Havells India: The executive committee has approved an investment of up to $20 million in Havels International Inc., a wholly owned subsidiary incorporated in Delaware. The funds will be used to leverage new growth opportunities in the US.
Marico: The FMCG company reported consolidated net profit at ₹386 crore for the December quarter, up nearly 16% from a year ago despite a lower topline. Consolidated revenue from operations fell nearly 2% to 2,422 crore.
Piramal Enterprises: The company posted a consolidated net loss of ₹2,377.6 crore for the December quarter, against a profit of ₹3,545.4 crore a year ago, thanks to an exceptional loss of 3,539.8 crore from its investments in alternative investment funds. Revenue from operations fell by nearly 12% yoy to ₹2,476 crore.
Stocks to watch-
L&T: Recorded 15% yoy growth in consolidated net profit at 2,947 crore for the December quarter. Consolidated revenue from operations grew 19% yoy to ₹55,128 crore.
Dr Reddy's Laboratories: Registered 10.6% yoy growth in consolidated net profit at ₹1,378.9 crore for the December quarter, despite higher tax cost. Revenue from operations rose 6.6% to ₹7,215 crore from a year ago.
SRF: Quarterly numbers were weaker than estimated, owing to the chemicals business. Ebitda margin was 18.5% from 24% last year. Ebitda was down 32.1% and net profit down 50%.
Voltas: Posted a net loss of ₹27.6 crore for the December quarter, narrowing from a loss of ₹110.5 crore a year ago despite a healthy topline, thanks to increased input costs. Consolidated revenue from operations increased 31% yoy to ₹2,625.7 crore.
TCS: Announced a 15-year expansion of its partnership with Aviva, the British insurance, wealth and retirement provider, to transform its business and enhance customer experience.
PB Fintech: The parent firm of Policybazaar posted a net profit of ₹37 crore for the December quarter, against a net loss of ₹87 crore a year ago. Revenue from operations jumped 43% you to ₹871 crore.
Astral: Revenue came in at ₹1,371 crore, below estimates of ₹1,436 crore, while Ebitda was up 12.8% to 204.6 crore, also below estimates. Revenue from the plumbing segment rose 7.1% from last year, revenue from paints and adhesives increased by 10.7%. Both the PVC and CPVC divisions posted inventory losses in the quarter, while pipe sales volume rose 15% to 52.7 kt.
L&T: Recorded 15% yoy growth in consolidated net profit at 2,947 crore for the December quarter. Consolidated revenue from operations grew 19% yoy to ₹55,128 crore.
Dr Reddy's Laboratories: Registered 10.6% yoy growth in consolidated net profit at ₹1,378.9 crore for the December quarter, despite higher tax cost. Revenue from operations rose 6.6% to ₹7,215 crore from a year ago.
SRF: Quarterly numbers were weaker than estimated, owing to the chemicals business. Ebitda margin was 18.5% from 24% last year. Ebitda was down 32.1% and net profit down 50%.
Voltas: Posted a net loss of ₹27.6 crore for the December quarter, narrowing from a loss of ₹110.5 crore a year ago despite a healthy topline, thanks to increased input costs. Consolidated revenue from operations increased 31% yoy to ₹2,625.7 crore.
TCS: Announced a 15-year expansion of its partnership with Aviva, the British insurance, wealth and retirement provider, to transform its business and enhance customer experience.
PB Fintech: The parent firm of Policybazaar posted a net profit of ₹37 crore for the December quarter, against a net loss of ₹87 crore a year ago. Revenue from operations jumped 43% you to ₹871 crore.
Astral: Revenue came in at ₹1,371 crore, below estimates of ₹1,436 crore, while Ebitda was up 12.8% to 204.6 crore, also below estimates. Revenue from the plumbing segment rose 7.1% from last year, revenue from paints and adhesives increased by 10.7%. Both the PVC and CPVC divisions posted inventory losses in the quarter, while pipe sales volume rose 15% to 52.7 kt.
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