Stocks to Watch: L&T, Nestle, TechM, REL, Bikaji Foods, Syngene International
Larsen & Toubro (L&T): L&T reported a 12% year-on-year increase in its consolidated net profit, reaching Rs 2,786 crore for Q1 ending June 30, 2024. The company achieved steady growth across all financial metrics despite geopolitical challenges. Orders totaling Rs 70,936 crore were secured at the group level in Q1, marking an 8% YoY increase, driven by strong ordering activity in the Middle East.
Nestle India: Nestle India is expected to maintain its growth momentum in Q1 ending June 2024, with healthy growth in profit and revenue. The company will release its Q1FY25 results on Thursday, July 25. Revenue for April-June 2024 is likely to jump 9% YoY, driven by growth in domestic sales and exports.
Tech Mahindra: The company is set to unveil its Q1 FY25 earnings on July 25. Analysts predict a sequential uptick in both net profit and revenue, driven by portfolio shifts, volume growth, and cost management. Tech Mahindra’s net profit is projected to increase over 30% quarter-on-quarter, reaching Rs 861 crore in Q1 FY25.
Axis Bank: The bank reported a 4% YoY increase in net profit at Rs 6,035 crore for Q1FY25. Net interest income rose 12% YoY to Rs 13,448 crore, with a net interest margin of 4.05%. Gross non-performing assets and net NPA levels were 1.54% and 0.34% respectively. Advances grew 14% YoY and 2% QoQ to Rs 9,80,092 crore as of June 30, 2024.
SBI Life Insurance: The company reported a net profit of Rs 519 crore for the June quarter, up 36% from the previous year. The annualized premium equivalent stood at Rs 36,400 crore. The Value of New Business for the quarter was Rs 970 crore, a 12% growth, with a VNB margin of 26.8%.
Religare Enterprises: India's insurance regulator IRDAI has directed Care Health Insurance Limited to cancel the hefty stock options granted to Religare Enterprises chairperson Rashmi Saluja, posing a potential setback in the board's struggle against the Burman family for control of the financial services company.
Jindal Steel and Power (JSPL): JSPL posted a 4% increase in profit after tax to Rs 1,456.54 crore during the June 2024 quarter, helped by higher income. The company produced 2.05 million tonnes, up from 2.04 MT in the year-ago quarter, and reduced its net debt to Rs 10,462 crore from Rs 11,203 crore at the end of March 2024.
Oracle Financial Services Software: The company reported a 23.1% YoY increase in net profit at Rs 616.7 crore for Q1FY25. Revenue from operations increased 19.08% to Rs 1,741.4 crore. EBITDA surged 36.3% to Rs 847.1 crore, with an EBITDA margin of 48.6%.
Petronet LNG: The company reported a nearly 40% increase in its consolidated net profit for Q1FY25 at Rs 1,100.76 crore, with a total income of Rs 13,592.84 crore, a 15.2% YoY increase. The Dahej terminal processed a record 248 TBTU of LNG during the quarter.
Indian Energy Exchange (IEX): IEX posted a 27% rise in consolidated net profit to Rs 96.44 crore for the June quarter, mainly due to higher revenues. IEX recorded a total trading volume of 30.4 billion units, marking a 21.1% YoY growth.
JK Paper: The company reported a 54.8% YoY decline in net profit at Rs 139.7 crore for Q1FY25. Revenue from operations increased 8.2% to Rs 1,713.7 crore from Rs 1,584.4 crore in the previous year.
Adani Green Energy: The company operationalized a 250 MW wind power generation unit at the world's largest 30,000 MW renewable energy plant in Khavda, Gujarat. This milestone brings the total operational capacity at Khavda to 2,250 MW.
DCB Bank: The bank reported a 3.6% YoY dip in net profit at Rs 131.4 crore for Q1FY25. Net interest income increased 5.5% to Rs 496.6 crore. However, the gross NPA and net NPA levels slightly increased QoQ.
Piramal Capital and Housing Finance: The company raised $300 million through its first US dollar-denominated bond and aims to increase the share of overseas borrowing to 10-15% of its total liabilities.
Hindustan Zinc: The company is exploring options to double its annual output capacity to 2 million tonnes, with a final report expected next month. Hindustan Zinc also launched a new low-carbon line of zinc, targeting demand from steelmakers.
Hero MotoCorp: The Delhi High Court quashed summons issued to Hero MotoCorp chairman Pawan Kant Munjal in a case registered by the Directorate of Revenue Intelligence relating to foreign currency.
Indian Overseas Bank: The bank gained Rs 190 crore after transitioning to revised norms for the classification, valuation, and operation of investment portfolios. The bank expects Rs 100 crore in deferred tax assets in the next quarter.
CG Power and Industrial Solutions: The company has entered into agreements to acquire a 55% stake in GG Tronics for Rs 319.38 crore.
Linde India: Linde India and SEBI exchanged harsh words following SEBI’s examination of Linde’s related-party transactions.
Indraprastha Gas (IGL): IGL reported an 8% YoY decline in net profit at Rs 401 crore for Q1FY25, with revenue from operations increasing 3% YoY to Rs 3,520 crore.
Bikaji Foods International: The company reported a 40.6% growth in net profit at Rs 58.55 crore for Q1FY25, with revenue surging to Rs 555.12 crore from Rs 481.68 crore.
Sona BLW Precision Forgings: The company reported a 26.7% YoY increase in net profit at Rs 141.9 crore for Q1FY25, with revenue from operations rising 21.8% to Rs 891.2 crore.
Aditya Birla Sun Life AMC: The company reported a 27.7% YoY increase in net profit at Rs 235.7 crore for Q1FY25, with revenue from operations rising 24.2% to Rs 386.6 crore.
Syngene International: The company reported a 19% YoY decline in net profit at Rs 75.7 crore for Q1FY25, with revenue from operations dipping 2.3% to Rs 789.7 crore. EBITDA fell 44.6% to Rs 170 crore, with an EBITDA margin of 21.5%.
Rail Vikas Nigam: The company was awarded a Rs 191.53 crore project by SER HQ-Electrical/South Eastern Railway for a 132 KV traction substation and related infrastructure.
Karnataka Bank: The bank’s Q1 standalone YoY profit grew by 8% to Rs 400.3 crore, with net interest income increasing by 10.88% to Rs 903.4 crore. However, Gross NPA and Net NPA slightly increased QoQ.
Ramkrishna Forgings: The company reported a 3% increase in Q1 consolidated YoY profit to Rs 80.9 crore and a 12.6% rise in revenue to Rs 1,005 crore.
ITC Infotech India: The company has expanded its global footprint by incorporating a wholly owned subsidiary in Italy named ITC Infotech Italia s.r.l.
Dish TV: The company plans to raise up to Rs 1,000 crore through equity shares or bonds and has approved the incorporation of a subsidiary in India for digital product and service distribution.
Sun Pharmaceutical: The company received a warning letter from the US FDA for its Dadra facility.
Dr. Reddy’s Laboratories and Nestle India: Dr. Reddy’s has transferred 49% of its equity share capital in the joint venture Dr. Reddy’s and Nestle Health Science to Nestle India, leaving Dr. Reddy’s with a 51% majority stake and Nestle India with 49%.
