Stocks to Watch: Zee Entertainment, LIC, and others
Here are stocks to watch out for:
LIC: The life insurance company announced 27 percent year-on-year growth in net premium at Rs 1.32 lakh crore for the quarter ended September FY23. The net profit for the quarter at Rs 15,952 crore jumped 11-fold over Rs 1,434 crore last year, partly driven by incomes. The company's other income stood at Rs 6,795 crore as against Rs 46 crore a year back for the quarter, including refund of income tax.
Glenmark Pharmaceuticals: The pharma company reported a 1.1 percent year-on-year growth in profit at Rs 260.4 crore for the quarter ended September FY23, with revenue rising 7.2% YoY to Rs 3,375.2 crore for the quarter impacted by North America business that fell 0.1% YoY but India business grew by 12.7% and Europe 11.9% YoY. EBITDA increased by 5.3% to Rs 621.6 crore in Q2FY23 and margin declined by 40 bps to 18.4% compared to year-ago period. Numbers were ahead of analysts' estimates.
ABB India: The company announced a massive 68.6% year-on-year growth in profit at Rs 202.5 crore for the quarter ended September FY23 with revenue rising 19.2% YoY to Rs 2,119.7 crore. The strong performance for the quarter can be attributed to its expanding customer base and industry-leading product portfolio. On the operating front, EBITDA increased by 16.4% YoY to Rs 211 crore and margin expanded by 50 bps YoY to 10% for the quarter.
Zee Entertainment Enterprises: The media and entertainment company reported a 58% year-on-year decline in profit at Rs 112.8 crore for the September FY23 quarter, dented by weak operating performance and muted topline growth. Revenue for the quarter at Rs 2,028.4 crore grew by 2.5% as domestic advertising revenues were lower by 7.7% due to FTA withdrawal (Zee Anmol) and challenging macroeconomic environment. EBITDA fell 26.3% YoY to Rs 297.3 crore for the quarter.
Sun TV Network: The television broadcaster clocked a 3% year-on-year growth in consolidated profit at Rs 407.4 crore on better margin performance but impacted by tepid top line growth. Consolidated revenue from operations for the quarter fell 2.7% YoY to Rs 825.7 crore and EBITDA increased by 1.7% to Rs 537.5 crore. EBITDA margin expanded to 65.1% from 62.3% on year-on-year basis.
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