Stocks on Focus: Dr Reddy's, PB Fintech, L&T, Jaiprakash Associates, JSW Energy, IRB Infra


Stocks on Focus: Dr Reddy's, PB Fintech, L&T, Jaiprakash Associates, JSW Energy, IRB Infra
Indian equities are expected to open with modest gains on Wednesday, reflecting a mixed trend in global markets. At 7:31 AM, the GIFT Nifty futures indicated a slight uptick of 18 points, reaching 22,400 levels compared to Nifty 50 futures, suggesting a subdued start to the day. These are the stocks to watch on May 8, 2024.
Dr Reddy’s Laboratories: The pharmaceutical company has reported a net profit of Rs 1,307 crore for the fourth quarter of FY24, which is a 36 percent increase year-on-year. The company's revenue has also increased to Rs 7,083 crore during the quarter, a 12 percent growth year-on-year. For the full year FY24, DRL has reported a net profit of Rs 5,568.4 crore, which is a 36 percent increase, and total revenues of Rs 27,920 crore, up 14 percent on year. The company expects to see double-digit growth with a 25 percent EBITDA in FY25. The company's global generics segment has seen a 13 percent revenue increase to Rs 6,120 crore, mainly due to higher base business volumes and new product launches.
PB Fintech: The parent company of Policybazaar has reported a net profit of Rs 60.19 crore for Q4FY24, which is a significant improvement from a loss of Rs 9.34 crore in the same period last year. The company's consolidated revenue for the quarter was Rs 1,089.57 crore, showing a 25.36 percent increase from the previous year. The total insurance premium for the quarter was Rs 5,127 crore, contributing to an Annual Recurring Revenue (ARR) of Rs 20,000 crore in insurance premiums. This growth was mainly due to the company's expansion in the new health and life insurance segments. The company's cash position improved by Rs 259 crore year-on-year, reaching Rs 5,263 crore thanks to a 39 percent year-on-year growth in core online revenue, which amounted to Rs 2,375 crore. Adjusted EBITDA rose to Rs 324 crore from Rs 107 crore, improving the margin from 6 percent to 14 percent.
Larsen & Toubro: L&T is expected to report strong Q4FY24 results, mainly due to increased construction activity, high demand and a strong order book. The company's net profit for the fiscal fourth quarter is projected to rise by 9.8 percent YoY to Rs 4,380 crore. Revenue is expected to surge by 18.6 percent YoY to Rs 65,402 crore, while EBITDA is likely to increase by 31 percent YoY to Rs 7,553.9 crore. The results will be announced on May 8th.
JSW Energy: The company's consolidated net profit rose by 29 percent to Rs 351 crore in the March quarter, primarily due to increased revenues. The company's total revenue for the quarter increased by 3 percent year-on-year to Rs 2,879 crore. The board has recommended a dividend of Rs 2 per equity share of Rs 10 (20 percent) and approved the raising of funds not exceeding Rs 10,000 crore in one or more tranches.
Jaiprakash Associates: JAL, a company that took a loan of Rs 29,805 crore, has failed to repay its loan of Rs 4,616 crore on April 30. The company is currently restructuring its financial commitments and plans to transfer Rs 18,955 crore to a Special Purpose Vehicle (SPV) as a part of its debt resolution plan.
Voltas: The company's net profit for Q4FY24 dropped 22.8 percent YoY to Rs 110.6 crore, while revenue from operations rose by 42.1 percent to Rs 4,202.9 crore. The EBITDA declined 12.6 percent to Rs 190.6 crore in the fourth quarter of this fiscal year.
Pidilite Industries: The company has announced its financial results for the fourth quarter ended March 31, 2024. The net profit increased by 6.4 percent YoY to reach Rs 304.3 crore. The revenue from operations also saw a rise of 7.9 percent and reached Rs 2,901.9 crore. Additionally, EBITDA increased by 25.6 percent to Rs 576.9 crore in the same quarter. The board of directors has recommended a dividend of Rs 16 per equity share of Rs 1 each for the financial year ended March 31, 2024.
Navin Fluorine International: The company has reported a significant decline in net profit for Q4FY24. The YoY drop stands at 48.4 percent, with the net profit being Rs 70.4 crore. Additionally, the company's revenue from operations decreased by 13.6 percent, amounting to Rs 602 crore. The board of directors has recommended a final dividend of Rs 7 per equity share for FY24. However, this is subject to the approval of the members of the company at its forthcoming 26th AGM.
IRB Infrastructure Developers: The company has reported a significant increase in their net profit for Q4FY24, with a YoY growth of 45.1 percent at Rs 188.9 crore. Additionally, the company's revenue from operations has risen by 27.2 percent to Rs 2,061.2 crore. The board has declared a third interim dividend of Rs 0.10 per equity share for FY24.
IIFL Finance: The company is currently experiencing a liquidity crunch as banks have become more cautious about lending to it. This is due to a clampdown on the non-bank lender's gold loan business. As a result, banks have stopped lending to IIFL Finance's gold and other businesses. This has impacted the overall business by approximately Rs 500 crore ($60 million).
CreditAccess Grameen: The company has announced its financial results for the fourth quarter ending March 31, 2024, reporting a 33.9 percent YoY increase in net profit, which stands at Rs 397 crore. Additionally, the net interest income (NII) for the quarter increased by 42.3 percent, reaching Rs 881 crore as compared to Rs 619.2 crore in the corresponding quarter of FY23.
Zee Entertainment Enterprises: Atul Das, who served as the chief revenue officer at Zee Entertainment Enterprises, has resigned from his position. He will be replaced by Anil Malhotra, who previously worked as the chief operating officer at SITI Networks. In addition, Mangesh Kulkarni, who previously served as the business head of Marathi Films at Zee Studios, has now been appointed as the new business head of Zee TV.
Sonata Software: The company's net profit for Q4FY24 has decreased by 3 percent YoY and stands at Rs 110.4 crore. However, the revenue from operations has increased by 14.53 percent to Rs 2,191.6 crore. The board has proposed a final dividend of Rs 4.40 per equity share for FY24, which is subject to the approval of the shareholders at the AGM.
United Breweries: The company has reported a consolidated net profit of Rs 81.55 crore for the March quarter of the financial year 2023-24, which is eight times higher than the same period last year. Additionally, the company's revenue has increased by 17.3 percent to Rs 4,788.68 crore. The board has proposed a dividend of Rs 10 per share, which is an increase from last year's dividend of Rs 7.5 per share.
One 97 Communications: Bipin Kaul and Ajay Vikram Singh, the chief business officers of Paytm, have recently resigned. This comes after the resignation of Bhavesh Gupta, the company's president and chief operating officer. Paytm has undergone several leadership changes in an effort to restructure the company.
Bharat Forge: Baba Kalyani, the chairman of Kalyani Group, which operates Bharat Forge, has denied sharing any assets of the Kalyani joint family with the children of his estranged sister, Sugandha Hiremath. According to Kalyani, the two families do not share a common male ancestor, and thus Sameer Hiremath and Pallavi Swadi cannot request any partition of the assets or wealth owned by any Kalyani joint family entity. This statement was made by Kalyani in an affidavit.
IDFC: The company's net profit saw a significant decline of 89.73 percent to Rs 347.85 crore in the quarter ending March 2024 as compared to Rs 3,387.39 crore in the preceding quarter ending March 2023. Additionally, sales also dropped by 81.43 percent to Rs 9.77 crore in the quarter ending March 2024 as compared to Rs 52.60 crore in the previous quarter ending March 2023.
Dixon Technologies: Dixon Electro Appliances, a subsidiary of Dixon Technologies, entered into an agreement with Nokia for the development and manufacturing of telecom products. The manufacturing will take place at the company's manufacturing facility located in Noida, Uttar Pradesh.
Indraprastha Gas: Indraprastha Gas (IGL) reported a 9 percent YoY growth in its consolidated net profit at Rs 433 crore in Q4FY24, aided by higher sales. IGL’s consolidated total income rose 2 percent YoY to Rs 4,044 crore in Q4FY24.
Adani Green Energy: Sri Lanka has agreed to purchase power at $0.0826, or 8.26 cents, per kWh from Adani Green Energy, which is executing a wind power project in Mannar and Pooneryn in the island nation’s Northern Province.
LatentView Analytics: The company's net profit for Q4FY24 increased by 32 percent to Rs 45 crore. The revenue also saw a rise of 20 percent to Rs 172 crore. In the case of FY24, the net profit increased by 2 percent to Rs 158 crore while the revenue saw a growth of 19 percent to Rs 640 crore.