BackStocks to watch: Sun Pharma, Adani Ports, IREDA, Hitachi Energy, BHEL, PI Industries
Here are a few stocks likely to be in focus on Wednesday, May 22:
PremiumSun Pharmaceutical: The company is expected to post a 22% increase in earnings in Q4 when it reports its March 2024 quarter results on May 22, driven by strong sales of its specialty drugs, contribution from blockbuster generic cancer drug Revlimid and resilient growth in the domestic market. The company’s Q4 net profit is likely to climb to ₹2,412.60 crore from ₹1,984.50 crore in the year ago period. Revenue is likely to grow almost 12% to ₹12,241.25 crore from ₹10,930.60 crore a year earlier. Sun Pharma’s high-margin, low-competition speciality segment will continue to drive growth in Q4.
Adani Ports & SEZ: Adani Group is preparing a $3 billion fund to increase its global ports capacity and establish a significant presence in the corridor connecting India to Europe via Central and West Asia. The group plans to increase its port capacity from 600 million metric tonnes per annum (MMT) to 800 MMT in the next two years, mainly through international acquisitions. The group aims to increase the contribution of international ports to the company’s revenues from 10% to 20-25% in the next three years.
Grasim Industries: The company is expected to report stellar net profit growth on a year-on-year basis for the quarter ended March 2024, when it reports its results on Wednesday, May 22. Revenue is expected to decline YoY on account of muted volume growth and lower realisations in viscose staple fibre (VSF) and chemical divisions. The company’s standalone net profit is seen rising 77% on year to ₹159.30 crore in Q4FY24. Its revenue is seen declining 5.8% YoY to ₹6,356.30 crore as against ₹6,750 crore in Q4FY23.
Gujarat State Fertilisers and Chemicals: GSFCL reported an 89% drop in consolidated net profit to ₹24.43 crore for Q4 of 2023-24 due to poor sales. The company’s total income fell 16.34% to ₹2,017.46 crore in the same quarter.
Indian Renewable Energy Development Agency: IREDA plans to launch a follow-on public offering (FPO) to raise funds and expand its loan book. The company plans to disburse over ₹30,000 crore in loans in FY25.
IRCON International: The company reported a 3.8% decline in its consolidated net profit to ₹246.8 crore for Q4FY24. However, the company reported a 19% increase in net profit to ₹929 crore for FY24.
Bharat Heavy Electricals: BHEL’s Q4FY24 net profit rose by 25.6% to ₹489.6 crore, and revenue from operations increased marginally by 0.4% to ₹8,260 crore. The company’s EBITDA rose by 30.6% to ₹728 crore. However, the company’s consolidated net profit for FY24 declined to ₹282.22 crore. The board recommended a final dividend of 12.50% or ₹0.25 per share.
Hitachi Energy India: The company reported a 123.82% YoY jump in net profit at ₹113.7 crore for Q4FY24. The company’s revenue from operations increased 27.1% to ₹1,695.3 crore against ₹1,334 crore in the corresponding period of the preceding fiscal. At the operating level, EBITDA jumped 91.4% to ₹182 crore in the fourth quarter of this fiscal over ₹95.1 crore in the corresponding period of FY23.
PI Industries: The company reported a 31.7% YoY jump in net profit at ₹369.5 crore for the fourth quarter that ended March 31, 2024. The company’s revenue from operations increased 11.2% to ₹1,741 crore as against ₹1,565.6 crore in the corresponding period of the preceding fiscal. At the operating level, EBITDA rose 29% to ₹441.8 crore in the fourth quarter of this fiscal over ₹342.8 crore in the corresponding period in the previous fiscal.
Gulf Oil Lubricants India: The company reported a 38.74% YoY jump in net profit at ₹86.2 crore for the fourth quarter that ended March 31, 2024. The company’s revenue from operations increased 9.8% to ₹869.6 crore as against ₹792 crore in the corresponding period of the preceding fiscal. At the operating level, EBITDA rose 34% to ₹117.3 crore in the fourth quarter of this fiscal over ₹87.5 crore in the corresponding period in the previous fiscal.
Coforge: The company launched a Qualified Institutional Placement (QIP) on Tuesday night to raise funds. The company intends to raise up to ₹2,240 crore through the QIP. According to the exchange filing, floor price for the QIP has been fixed at ₹4,531 per share, which is a 5.4% discount to Tuesday’s closing price for Coforge.
Interglobe Aviation: IndiGo will announce its Q4 and full-year earnings on May 23, marking the first result announcement since the airline placed a firm order for 30 A350-900s. Despite doubling its grounded planes in Q4, the airline managed to maintain capacity by recording more domestic departures in March compared to December 2023. The airline is expected to report a profit in the range of ₹7,000 crore to ₹7,400 crore. The airline saw a 15.5% growth in domestic departures and 29.8% in International departures.
Apollo Tyres: White Iris Investment, a subsidiary of Warburg Pincus, will sell 3.5% stake in Apollo Tyres on May 22 through block deal to raise ₹1,040 crore. The block deal will likely happen at 4% discount to current market price of Apollo Tyres’ shares.
JK Tyre and Industries: The company posted a 56% rise in consolidated net profit on sustained demand for Q4FY24 at ₹169.33 crore. The firm’s revenue from operations rose 1.8% to ₹3,698.45 crore.
Vodafone Idea: The company's board has approved raising up to ₹2,075 crore from Oriana Investments, an entity of promoter Aditya Birla Group, through a preferential share issue. The equity shares allotted are at a face value of ₹10 at an issue price of ₹14.87 per equity share.
Trent: Zudio opened a record 203 new stores in FY24, entering 46 new cities. The company reported consolidated revenues of ₹12,375.11 crore and a profit of ₹1,477.46 crore for FY24.
Ramco Systems: Ramco Systems reported a net loss of ₹23 crore for the fourth quarter that ended March 31, 2024. The company’s revenue from operations increased 4% to ₹131.2 crore as against ₹126.2 crore in the corresponding period of the preceding fiscal. For the year ended March 31, 2024, the global consolidated income of Ramco Systems was ₹529.9 crore.
Metropolis Healthcare: The company reported a 9.2% YoY rise in consolidated net profit at ₹36 crore for Q4FY24. Revenue came in at ₹313 crore, up 11% from the year-ago quarter’s ₹282 crore.
V2 Retail: The company plans to make a capital expenditure of ₹50-60 crore on opening 40-50 new stores this financial year. The company reported a 40% growth in Same-Store Sales (SSG) in Q4FY24.
Bhilwara Technical Textiles: The company reported a substantial growth of 214.49% YoY, reaching ₹3.1 crore in net profit. The company’s revenue surged by 32.58% compared to the preceding quarter.
SpiceJet: The Delhi High Court has directed SpiceJet to comply with a UK court order, which asked the airline to return two leased aircraft and three engines to TWC Aviation Capital (TWC). The court highlighted that the airline caused damage by separating the engines from the aircraft leased from TWC. In an earlier order in April 2024, TWC was permitted to take possession of two aircraft as a receiver while the engines were allowed to be used by SpiceJet. However, in the present order, the airline was ordered to hand over the aircraft and the engines to TWC without any conditions. The next hearing is scheduled for May 31.
Arvind Fashions: The company reported a 39.09% increase in consolidated net profit to ₹39.67 crore for the March quarter. AFL’s revenue from operations was up 3.66% to ₹1,093.85 crore during the quarter.
Muthoot FinCorp: The company recorded highest-ever loan disbursements in FY24 that rose 18.6% to ₹61,703.26 crore on a consolidated basis. The consolidated net profit rose 62% to ₹1,047.98 crore in FY24.
Welspun Enterprises: The company reported a 45.4% decline in consolidated profit to ₹77.67 crore for the quarter ended on March 31, 2024. The consolidated income dropped to ₹866.70 crore in the January-March quarter from ₹916.46 crore in the year-ago period.
RateGain Travel Technologies: The company reported a 112% increase in net profit for the full year, reaching ₹145.3 crore compared to ₹68.4 crore the previous year. For the fourth quarter ended on March 31, 2024, the company saw a 47% YoY increase in net profit at ₹50 crore. The company’s revenue from operations increased 40% to ₹256 crore as against ₹183 crore in the corresponding period of the preceding fiscal.
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