Stocks to Watch: Tech Mahindra, Bajaj Auto, Tata Steel, TVS Motor, DLF
- JSW Steel, Punjab National Bank, ACC, Adani Power, SBI Cards, SBI Life, Tata Technologies, Vedanta, Hindustan Petroleum, AU Small Finance Bank, Cholamandalam Investment, Cyient, Equitas Small Finance Bank and Syngene International are some of the companies reporting their Q3 earnings on January 25.
Here are a few stocks likely to be in focus on Thursday, January 25:
Tech Mahindra: The IT major reported a 61% year-on-year decline in its net profits, which plunged to ₹510.4 crore in the December 2023 quarter, from ₹1,296.6 crore in the year-ago period. Revenue from operations came down 4% year-on-year from ₹13,734.6 crore in Q3FY23 to ₹13,101.3 crore during the period under review. The Q3 earnings for Tech Mahindra are in line with expectations. Sequentially, Tech Mahindra reported a 3% rise in net profits at ₹494 crore during the quarter ending September 2023. In terms of revenue, 2% quarter-on-quarter growth was reported from ₹12,864 crore in Q2FY24.
Bajaj Auto: The company reported a rise of 37% in standalone net profit at ₹2,042 crore, beating estimates of a 33% YoY rise to ₹1,987 crore by leading brokerage firms. At ₹2,042 crore, Bajaj Auto's net profit rose 37 per cent YoY compared to ₹1,491 crore in the year-ago period. The company's revenue from operations jumped 30.1 per cent to ₹12,114 crore, compared to ₹9,315 crore in the corresponding period last year.
Tata Steel: The company reported a consolidated net profit of ₹522 crore in Q3FY24, compared to a net loss of ₹2,501.95 crore in the corresponding quarter of the previous year. The company had also registered a net loss of ₹6,511.16 crore in Q2FY24, primarily attributed to impairment charges. Tata Steel's year-on-year (YoY) comparison reveals a 3% decrease in revenue from operations, amounting to ₹55,312 crore. This marks a slight dip from the ₹57,084 crore recorded in the corresponding quarter of the previous year.
Indian Oil Corporation (IOC): The company reported a massive jump in its third quarter net profit compared to the year-ago period. Standalone net profit of ₹8,063.39 crore in the December 2023-24 quarter was higher than ₹448.01 crore profit in the same period a year ago but lower than ₹12,967.32 crore in the preceding three months ended September 30, 2023, according to a stock exchange filing by the company. IOC's revenue from operations was marginally lower at ₹2.23 lakh crore in October-December from ₹2.28 lakh crore a year ago on lower oil prices.
TVS Motor: The two-wheeler maker reported a 68% YoY rise in standalone net profit at ₹593.35 crore in Q3FY24, compared to a net profit of ₹352.75 crore during the year-ago period. TVS reported a 26% YoY rise in its net standalone revenue to ₹8,245 crore during the quarter under review compared to the ₹6,551 crore it had earned in the year-ago period. The company's operating revenue increased by 26% YoY to ₹8,245 crores for the quarter ended December 2023, compared to ₹6,545 crores reported in Q3FY23.
Dalmia Bharat: The cement manufacturer reported a 22% year-on-year rise in its consolidated net profit for Q3FY24 at ₹266 crore. This growth was attributed to easing commodity prices along with subdued fuel cost. Net profit was in line with estimates of analysts polled by Bloomberg. Consolidated revenue of ₹3,600 crore was up 7.3% year-on-year, led by an 8.1% increase in sales volumes. Earnings before interest, tax, depreciation, and amortization (Ebitda) stood at ₹775 crore in December ended quarter, with Ebitda margin at 21.5%.
Canara Bank: The state-owned lender reported a net profit of ₹3,656 crore for Q3FY24, registering a growth of 26.87% from ₹2,881.5 crore in the corresponding period last year. The bank’s net interest income (NII) during the quarter rose 9.5% YoY to ₹9,417 crore, from ₹8,600 crore. Net interest margin (NIM) improved by 9 bps to 3.02%, but was flat sequentially. The bank’s loan growth in Q3FY24 stood at 12.6% YoY. Its gross non-performing assets (GNPA) fell 5.1% to ₹41,722 crore from ₹43.955.6 crore, while net-non performing assets (NNPA) dropped 3% QoQ to ₹12,176 crore from ₹12,554 crore.
DLF Ltd: The realty major reported a 27% increase in consolidated net profit at ₹655.71 crore in the December quarter on higher income and less expenses. Its net profit stood at ₹517.94 crore in the year-ago period. Total consolidated income rose to ₹1,643.51 crore in the October-December quarter of the 2023-24 fiscal from ₹1,559.66 crore in the corresponding period of the previous year. On a standalone basis, DLF's net profit rose 57% to ₹463.66 crore Q3FY24 from ₹294.86 crore in the year-ago period. Total standalone income rose to ₹1,117.40 crore in the latest December quarter from ₹973.89 crore in the year-ago period, according to a regulatory filing.
Indian Overseas Bank (IOB): The state-owned bank reported a 30% rise in net profit at ₹723 crore for Q3FY24, on the back of improvement in core income and reduction in bad loans. The lender had earned a net profit of ₹555 crore in the corresponding quarter a year ago. Operating profit of the bank improved to ₹1,780 crore compared to ₹1,540 crore in December 2022. Total income increased to ₹7,437 crore during the quarter under review from ₹6,006 crore in the same period last year, IOB said in a regulatory filing.
UCO Bank: The state-owned bank reported a 23% decline in net profit at ₹503 crore in Q3FY24. The lender had logged a net profit of ₹653 crore in the same quarter a year ago. Operating profit was almost flat at ₹1,119 crore as against ₹1,354 crore in December 2022 quarter. Total income increased to ₹6,413 crore from ₹5,451 crore in the same period last year, UCO Bank said in a regulatory filing. Interest income also rose to ₹5,552 crore over ₹4,627 crore.
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