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| As on May 07, 2024 12:00 AM |
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| Dayashankar Patel is a qualified Chartered Accountant with experience of more than 35 years in handling Internal Audit, Statutory Audit, Tax Audit and key Accounts and Finance functions. He has successfully led and managed leading IPOs. In the past, he has worked with Companies like Pramara Promotions, Polycab India at various positions. Bajaj Healthcare a leading manufacturer of APIs, intermediates and formulations. It has a strong presence globally in countries like Europe, USA, Australia, Africa, Middle East and South America. The company had reported a consolidated net loss of Rs 2.20 crore in the quarter ended December 2023 as against net profit of Rs 11.05 crore during the previous quarter ended December 2022. Sales declined 18.10% to Rs 108.57 crore in Q3 FY24 over Q3 FY23. The scrip declined 1.60% to end at Rs 316.95 on Monday, 6 May 2024.
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| Revenue from operations increased 2% YoY to Rs 2,278 crore in Q4 FY24, with underlying volume growth of 3% in the domestic business and constant currency growth of 10% in the international business. Profit before tax fell marginally to Rs 399 crore in Q4 FY24 as compared with Rs 401 crore posted in Q4 FY23, EBITDA stood at Rs 442 crore in Q4 FY24, up 12% as compared with Rs 393 crore in Q4 FY23. EBITDa margin expanded by 186 bps to 19.4% in Q4 FY24 as against 17.5% in Q4 FY23. Advertising & promotion (A&P) spends was up 8% YoY, as the Company sustained focus on strategic brand building of core and new businesses. Domestic revenue was flattish at Rs 1,680 crore, as pricing corrections in key portfolios anniversarized to a larger extent on a sequential basis. Offtakes remained healthy across key portfolios with 75% of the business either gaining or sustaining market share and 100% of the business either gaining or sustaining penetration, both on MAT basis. The international business delivered strong broad-based growth led by Bangladesh recovering quickly after facing transient headwinds in the preceding quarter and sustained momentum in most of the other markets. The company said that it believes that the General Trade channel will continue to be source of scale and competitive advantage over the long term, especially in our core categories. Therefore, the company initiated a number of steps over the last few months, including implementing primary stock reduction and extended credit terms on selective basis to improve the profitability of partners and structurally revive growth in the channel. In Q1 FY25, we have also rolled out Project SETU, laying a phased 3-year roadmap to improve our direct reach from approximately 1 million outlets currently to 1.5 million outlets in FY27. The expected outlay by FY27 is Rs 80-100 crore. and will be funded through re-allocation of resources viz. by optimizing promotional spends and indirect distribution costs in wholesale channel, reduction in organized trade promotional spends and savings from improving process efficiencies and reducing wastages. Therefore, Project SETU will be cost neutral. On outlook front, the company expects a gradual uptick in the growth of our core categories through the ongoing initiatives to enhance the profitability of our General Trade (GT) channel partners and transformative expansion in our direct reach footprint with the roll out of Project SETU. We continue to draw confidence from healthy offtakes and market share gains in our key portfolios. It will continue its focus on driving differential growth in our urban-centric and premium portfolios through the organised retail and E-Commerce channels. Therefore, it expects to deliver consistent and competitive growth over the medium term through a much sharper and targeted portfolio and SKU strategy in each channel. It will also continue to aggressively diversify the portfolio through the scale up of food and premium personal care portfolios, while improving profitability parameters in line with our medium-term strategic priorities. It expects the domestic revenue share of the Foods and Premium Personal Care portfolios to expand from approximately 20% currently to around 25% by FY27. It will aim to replicate the Beardo playbook as it scales the digital-first franchises and achieves a double-digit EBITDA margin in the portfolio in FY27. In the medium term, we aim to deliver double-digit revenue growth through consistent outperformance vis-?-vis the category and market share gains in the domestic core portfolios, accelerated growth in the Foods and Premium Personal Care and double-digit constant currency growth in the International business. We expect operating margin to inch up over the next few years with leverage benefits as well as premiumisation of the portfolios across both the India and International businesses. Saugata Gupta, MD & CEO, commented, ?In the domestic business, we expect a gradually improving growth trajectory in the core categories through ongoing initiatives to enhance GT channel partner profitability and transformative expansion in direct reach via Project SETU, while we aggressively drive the profitable scale up of Foods and Digital-first brands As the Bangladesh business regained its momentum, the ramp up in the MENA and South Africa businesses has visibly strengthened the growth construct of the International business. We will aim to deliver healthy revenue-led earnings growth in the near and medium term, aided by the positively evolving operating environment.? Marico is one of India's leading consumer products companies in the global beauty and wellness space. Its portfolio includes brands such as Parachute, Saffola, Saffola FITTIFY Gourmet, Saffola ImmuniVeda, Saffola Mealmaker, Hair & Care, Parachute Advansed, Nihar Naturals, Mediker, Coco Soul, Revive, Set Wet, Livon and Beardo.
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Total income increased by 21.25% year on year to Rs 3,706.10 crore in the quarter ended 31 March 2024. Profit before tax was at Rs 831.54 crore in the March quarter, up 11.89% from Rs 943.73 crore posted in Q4 FY23. Net interest income (NII) in Q4 FY24 stood at Rs 1,971 crore, up 14% YoY. Net interest margin (NIM) was at 7.1% in Q4 FY24 as compared to 7.4% for Q4 FY23. Disbursement during the quarter was at Rs 15,292 crore, registering a growth of 11% YoY. The collection efficiency for the quarter is recorded at 98%, showing improvement over the levels observed in Q1, Q2, and Q3 FY24. On full year basis, the company?s net profit slipped 11.32% to Rs 1759.62 crore despite of 22.67% jump in total income to Rs 13,562.42 in FY24 over FY23. Gross loan book was at Rs 1,02,597 crore as on 31 March 2024., up 24% on YoY basis During financial year ended 31 March 2024, assets under management (AUM) jumped 24% YoY to Rs 1,02,597 crore. With a focus on improving underwriting standards and addressing early bucket delinquency, the Company has seen continual improvement in asset quality. Stage-3 is at 3.4% (compared to 4% as of December 31, 2023, and 4.5% as of 31 March 2023), and Stage-2 is at 5% (compared to 6% both as of 31 December 2023, and 31 March 2023). Stage-2 and Stage-3 together is at 8.4% (compared to 10.4% as of 31 March 2023). Capital adequacy ratio stood healthy at 18.9% (tier I capital at 16.4%). Provision coverage on Stage 3 loans remained prudent at 63.2%. Total liquidity buffer is better at Rs 7,950 crore. Meanwhile, the company?s board has recommended a dividend of Rs 6.30 for the financial year ended 31st March 2024. Separately, Mahindra & Mahindra Financial Services has also announced its April 2024 business updates. The NBFC?s overall disbursement grew by 4% YoY to approximately Rs 3,930 crore in April 2024. Business assets stood at approximately Rs 1,04,000 crore, grew around 1.4% over March 2024. The collection efficiency (CE) was at 89% for April 2024 as against 92% for April 2023. Stage-3 and Stage-2 assets remained rangebound compared to March 2024. The company said that it continued to maintain comfortable liquidity chest of over Rs 7,330 crore. Mahindra & Mahindra Financial Services (Mahindra Finance), part of the Mahindra Group, is one of India's leading non-banking finance companies. Focused on the rural and semi-urban sector, the company has over 10 million customers and has an AUM of over $11 billion. The company is a leading vehicle and tractor financier, provides loans to SMEs and also offers fixed deposits.
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Profit before tax grew by 27.77% year on year to Rs 138.22 crore during the quarter. EBITDA in Q4 FY24 was at Rs 243 crore, up 27% from Rs 191 crore recorded in Q4 FY23. EBITDA for Q4 FY24 includes profit on account of sale of land (Foreste Project) of Rs 6 crore. Improvement of margin in Textile due to lower input costs, improvement in efficiencies in Garments division and operating leverage in AMD led to around 156 bps, improvement in overall EBITDA margin to reach 11.7% in Q4 FY24. During Q4 FY24, a strong performance was delivered by the company, as guided during earlier quarters, amidst sustained challenges in the global geopolitics and macroeconomic environment, with volumes across segments of textile and advanced material division (AMD) clocking a healthy growth. While denim registers a 13% growth, full garments registers 41% growth and, AMD combined product volume registers 17% growth. Textile division revenue stood at Rs 1,504 crore with an EBITDA of Rs 173 crore translating into the EBITDA margin of 11.5%. Textile margin improved by 200 bps on a YoY basis on account of softening of input costs, efficiency gains in garmenting and better product and customer mix. AMD delivered its highest ever revenue of Rs 387 crore in Q4 FY24 a growth of 21% compared to Q4 FY23. Volume and revenue growth resulted in highest ever EBITDA reported of Rs 61 crore for the AMD in a quarter, which is a growth of 31%. Operating leverage helped in achieving highest ever EBITDA margin of 15.8%. EBITDA margin improved by 131 bps on a YoY basis. On a full year basis, the company's consolidated net profit declined 15.38% to Rs 352.63 crore on 7.69% decrease in revenue to Rs 7,737.75 crore in FY24 over FY23. Long-term debt at the end of FY24 has come down further by Rs 34 crore from December 2023 levels to close at Rs 399 crore. Total net debt stood at Rs 1,250 crore compared to Rs 1,327 crore in March 2023. Explaining its guidance for FY25, the company said, ?We expect FY25 to deliver a strong set result across key parameters of volume and revenue resulting in growth in EBITDA with healthy margins and returns. We expect to grow our traditional textile business at a more secular rate aligned to GDP, while the AMD business is expected to grow at 20% CAGR. A new path in our growth journey is being charted with a discrete and discretionary Capex program for next three years till FY27, of which Rs 400 ? Rs 450 crore is budgeted for FY25. The investments will go towards capacity increase in AMD, Garments and augment product differentiation capabilities & maintenance in Fabric business. The capex also includes investment in sustainability programs like renewable energy, which will help Arvind?s the share of renewable power to improve from current 47% to go close to 90%. The capex plan will be funded mostly from internal accruals. Our long term debt will remain at similar levels.? Meanwhile, the company?s board has recommended a final dividend of Rs 3.75 per share and one-time special dividend of Re 1 per share, totaling to a dividend of Rs 4.75 per equity share for FY24. The dividend will be paid/dispatched to the shareholders within 30 days of declaration. Arvind is one of India?s leading vertically integrated textile company with the presence of almost eight decades in this industry. It is among the largest denim manufacturers in the world. It also manufactures a range of cotton shirting, denim, knits and others. The scrip fell 0.87% to currently trade at Rs 331.05 on the BSE.
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Power Finance Corporation Ltd, Titan Company Ltd, REC Ltd and Punjab National Bank are among the other losers in the BSE's 'A' group today, 06 May 2024. Mangalore Refinery And Petrochemicals Ltd tumbled 8.37% to Rs 230.35 at 14:46 IST.The stock was the biggest loser in the BSE's 'A' group.On the BSE, 3.75 lakh shares were traded on the counter so far as against the average daily volumes of 4.1 lakh shares in the past one month. Power Finance Corporation Ltd lost 8.07% to Rs 441.7. The stock was the second biggest loser in 'A' group.On the BSE, 37.48 lakh shares were traded on the counter so far as against the average daily volumes of 6.98 lakh shares in the past one month. Titan Company Ltd crashed 7.43% to Rs 3272.85. The stock was the third biggest loser in 'A' group.On the BSE, 4.04 lakh shares were traded on the counter so far as against the average daily volumes of 58762 shares in the past one month. REC Ltd corrected 6.84% to Rs 519.5. The stock was the fourth biggest loser in 'A' group.On the BSE, 25.42 lakh shares were traded on the counter so far as against the average daily volumes of 12.56 lakh shares in the past one month. Punjab National Bank dropped 6.19% to Rs 127.4. The stock was the fifth biggest loser in 'A' group.On the BSE, 58.99 lakh shares were traded on the counter so far as against the average daily volumes of 27.1 lakh shares in the past one month.
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Aion-Tech Solutions Ltd, GCM Securities Ltd, Punjab Chemicals & Crop Protection Ltd and Arihant Superstructures Ltd are among the other losers in the BSE's 'B' group today, 06 May 2024. Moschip Technologies Ltd lost 10.00% to Rs 143.15 at 14:31 IST.The stock was the biggest loser in the BSE's 'B' group.On the BSE, 25.91 lakh shares were traded on the counter so far as against the average daily volumes of 38.98 lakh shares in the past one month. Aion-Tech Solutions Ltd crashed 9.12% to Rs 140. The stock was the second biggest loser in 'B' group.On the BSE, 3153 shares were traded on the counter so far as against the average daily volumes of 5205 shares in the past one month. GCM Securities Ltd tumbled 7.92% to Rs 0.93. The stock was the third biggest loser in 'B' group.On the BSE, 13.85 lakh shares were traded on the counter so far as against the average daily volumes of 5.67 lakh shares in the past one month. Punjab Chemicals & Crop Protection Ltd corrected 7.75% to Rs 1073.7. The stock was the fourth biggest loser in 'B' group.On the BSE, 2867 shares were traded on the counter so far as against the average daily volumes of 1158 shares in the past one month. Arihant Superstructures Ltd slipped 7.59% to Rs 340.25. The stock was the fifth biggest loser in 'B' group.On the BSE, 6190 shares were traded on the counter so far as against the average daily volumes of 4597 shares in the past one month.
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Rainbow Childrens Medicare Ltd, Britannia Industries Ltd, Birla Corporation Ltd, V-Guard Industries Ltd are among the other stocks to see a surge in volumes on NSE today, 06 May 2024. Asahi India Glass Ltd witnessed volume of 23.04 lakh shares by 14:14 IST on NSE, a 17.15 times surge over two-week average daily volume of 1.34 lakh shares. The stock increased 6.00% to Rs.639.20. Volumes stood at 72701 shares in the last session. Rainbow Childrens Medicare Ltd notched up volume of 18.98 lakh shares by 14:14 IST on NSE, a 10.51 fold spurt over two-week average daily volume of 1.81 lakh shares. The stock rose 9.04% to Rs.1,596.30. Volumes stood at 5.12 lakh shares in the last session. Britannia Industries Ltd witnessed volume of 23.68 lakh shares by 14:14 IST on NSE, a 7.12 times surge over two-week average daily volume of 3.33 lakh shares. The stock increased 6.02% to Rs.5,030.00. Volumes stood at 2.62 lakh shares in the last session. Birla Corporation Ltd witnessed volume of 10.72 lakh shares by 14:14 IST on NSE, a 6.83 times surge over two-week average daily volume of 1.57 lakh shares. The stock increased 1.79% to Rs.1,587.90. Volumes stood at 5.5 lakh shares in the last session. V-Guard Industries Ltd registered volume of 16.74 lakh shares by 14:14 IST on NSE, a 6.25 fold spurt over two-week average daily volume of 2.68 lakh shares. The stock slipped 0.20% to Rs.346.40. Volumes stood at 2.39 lakh shares in the last session.
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Among the components of the S&P BSE Consumer Durables index, Titan Company Ltd (up 7.27%), Whirlpool of India Ltd (up 3.16%), Rajesh Exports Ltd (up 2.6%), Voltas Ltd (up 2.22%), Aditya Birla Fashion & Retail Ltd (up 0.96%), and Dixon Technologies (India) Ltd (up 0.46%), were the top losers. On the other hand, Havells India Ltd (up 1%), Crompton Greaves Consumer Electricals Ltd (up 0.72%), and Blue Star Ltd (up 0.62%) turned up. At 13:42 IST, the S&P BSE Sensex was up 53.66 or 0.07% at 73931.81. The Nifty 50 index was down 23.85 points or 0.11% at 22452. The S&P BSE Small-Cap index was down 439.11 points or 0.93% at 46752.3. The S&P BSE 150 Midcap Index index was down 124.94 points or 0.87% at 14188.91. On BSE,1211 shares were trading in green, 2659 were trading in red and 169 were unchanged.
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Coforge Ltd fell for a fifth straight session today. The stock is quoting at Rs 4429, down 1.19% on the day as on 13:19 IST on the NSE. The benchmark NIFTY is down around 0.14% on the day, quoting at 22444.7. The Sensex is at 73872.61, down 0.01%.Coforge Ltd has eased around 22.05% in last one month.Meanwhile, Nifty IT index of which Coforge Ltd is a constituent, has eased around 5.18% in last one month and is currently quoting at 32908.4, up 1.04% on the day. The volume in the stock stood at 9.66 lakh shares today, compared to the daily average of 6.31 lakh shares in last one month. The benchmark May futures contract for the stock is quoting at Rs 4433.35, down 1.57% on the day. Coforge Ltd jumped 7.6% in last one year as compared to a 22.89% rally in NIFTY and a 19.08% spurt in the Nifty IT index. The PE of the stock is 27.94 based on TTM earnings ending March 24.
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| Indian Renewable Energy Development Agency (IREDA) (down 4.06%), REC (down 7.29%), Power Finance Corporation (PFC) (down 8.20%). Punjab National Bank (down 5.85%), Canara Bank (down 4.82%), Union Bank of India (down 3.84%), Bank of Baroda (down 3.35%), Bank of Maharashtra (down 2.85%), Indian Overseas Bank (down 2.72%), State Bank of India (SBI) (down 2.65%) and Central Bank of India (down 2.53%). RBI guidelines on project finance includes that 5% general provisions should be made on all existing and fresh project loans which are in the construction phase, meaning before commercial operations commence. The standard provisions on project loans can be reduced to 2.5% once the projects are operational and can be further reduced to 1% of the funded outstanding once the project has positive net operating cash flow that is sufficient to cover the current payment obligations and the long-term debt of the project has declined by at least 20% with lenders. The standard provisions are well above from the current provision requirement of 0.4%. The framework proposed to tighten certain lending criteria, which should improve the project viability and increase standard asset provisioning to 1-5 per cent of loans from current 0.4 per cent in a phased manner. The draft guideline is applicable for all lenders but NBFCs follow IndAS accounting. As per existing rules, the difference in provision requirement between the RBI rules and IndAS need to be adjusted via impairment reserves. Domestic broker said that for banks, estimate additional provisions requirement of 0.5-3% of net worth and CET1 ratio hit 7-30 bps(higher for PSU Banks), for NBFCs , additional provisions will not be routed through P&L, but instead will be apportioned to the impairment reserve ( cannot be included in the capital ratio and NNPA calculations) therefore NBFCDs shall not have RoE impact, but Infra NBFCs such as REC, PFC, IREDA can see potential hit of 200-300 bps to their capital ratio. Valuation of these NBFCs can also be impacted as the adjusted net worth will be 8-13% lower.
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EBIDTA for the fourth quarter was at Rs 179 crore, a growth of 18% over the same quarter of the previous year. Profit before tax stood at Rs 143 crore, up by 17% from Rs 122 crore recorded in Q4 FY23. For FY24, Kansai Nerolac has reported net profit and net revenue of Rs 1,183 crore (up 143% YoY) and Rs 7,393 crore (up 4% YoY). Anuj Jain, managing director, Kansai Nerolac Paints, said: ?The demand for Industrial coatings though good, moderated from previous quarter. Decorative once again recorded double digit volume growth. Raw material prices were stable. Gross margins improved over the corresponding quarter last year due to the benign raw material cost. The initiatives in the areas such as feet-on-street, digital, influencer outreach, new product launches, approvals, and projects are yielding results for the company. Going forward, the forecast of a good monsoon should augur well for paint industry.? Kansai Nerolac is one of the leading paint companies in India and is the leader in Industrial paints. The company has eight strategically located manufacturing units all over India and a strong dealer network across the country. The company manufactures a diversified range of products ranging from decorative paints coatings for homes, offices, hospitals, and hotels to sophisticated industrial coatings for most of the industries. The scrip shed 0.45% to currently trade at Rs 287 on the BSE.
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| According to the regulatory filing, the company's board has acknowledged the resignation tendered by Bhavesh Gupta, President and COO of the company (senior management personnel). His resignation has been accepted by the company, and he will be relieved from his services with effect from 31 May 2024. Gupta will continue to support the company as an advisor in the chief executive officer (CEO) office after 31 May 2024. Meanwhile, Paytm stated that Varun Sridhar transitioned to CEO of Paytm Services, focusing on the distribution of mutual funds and wealth management products. Further, the company announced that Rakesh Singh has been appointed as the CEO of Paytm Money (PML). With over two decades of experience, Singh was previously the CEO of the stock broking business at Fisdom and has held key management positions with ICICI Securities and Standard Chartered Bank. Lastly, One97 Communications (OCL) said that it has expanded its portfolio with Paytm Services (PSPL), a subsidiary dedicated to distributing mutual funds, and other wealth management products. Varun Sridhar, former head of Paytm Money, now leads as CEO at PSPL. Vijay Shekhar Sharma, Founder & CEO - Paytm said, ?Our focus on payments and lending is stronger than ever, and I will work with the seasoned leaders that we have in each of our businesses to execute our plans. I am also excited about the direction that we have taken under the leadership of Varun to expand Paytm?s role in deepening penetration of mutual fund and wealth management products in our country.? Rakesh Singh, CEO - Paytm Money said, Stepping into the role of CEO at Paytm Money is both an honor and a responsibility. As we aim to scale and position ourselves among the top brokers in India, our focus will be on ramping up acquisition and delivering stable, innovative products at a low cost transparent price. Focusing on growing an already profitable operation with full compliance to SEBI regulations will be a top priority.? The company has reported movement to the TPAP model for UPI payments and is now working with Yes Bank, Axis Bank, State of India and HDFC Bank. For loan and credit card distribution, it continues to work with NBFC and bank partners. Paytm is India's leading mobile payments and financial services distribution company. Pioneer of the mobile QR payments revolution in India, Paytm builds technologies that help small businesses with payments and commerce. Paytm?s mission is to serve half a billion Indians and bring them to the mainstream economy with the help of technology. The company had reported a consolidated net loss of Rs 221.70 crore in Q3 FY24 as against a net loss of Rs 392.10 crore posted in Q3 FY23. Revenue from operations jumped 38.23% to Rs 2,850.5 crore in the quarter ended 31 December 2023 from Rs 2,062.2 crore recorded in the same period last year.
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United Spirits Ltd is up for a third straight session today. The stock is quoting at Rs 1235.3, up 2.23% on the day as on 12:49 IST on the NSE. The benchmark NIFTY is down around 0.02% on the day, quoting at 22470.9. The Sensex is at 73930.7, up 0.07%. United Spirits Ltd has gained around 8.29% in last one month. Meanwhile, Nifty FMCG index of which United Spirits Ltd is a constituent, has gained around 1.09% in last one month and is currently quoting at 54273.9, up 0.52% on the day. The volume in the stock stood at 8.88 lakh shares today, compared to the daily average of 12.68 lakh shares in last one month. The benchmark May futures contract for the stock is quoting at Rs 1241.5, up 2.14% on the day. United Spirits Ltd is up 55.6% in last one year as compared to a 23.03% jump in NIFTY and a 12.4% jump in the Nifty FMCG index. The PE of the stock is 77.75 based on TTM earnings ending December 23.
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Mahindra & Mahindra Ltd rose for a fifth straight session today. The stock is quoting at Rs 2220.3, up 1.24% on the day as on 12:44 IST on the NSE. The benchmark NIFTY is up around 0.04% on the day, quoting at 22483.8. The Sensex is at 73993.89, up 0.16%. Mahindra & Mahindra Ltd has added around 6.84% in last one month. Meanwhile, Nifty Auto index of which Mahindra & Mahindra Ltd is a constituent, has added around 1.99% in last one month and is currently quoting at 22541.35, down 0.15% on the day. The volume in the stock stood at 14.06 lakh shares today, compared to the daily average of 30.41 lakh shares in last one month. The benchmark May futures contract for the stock is quoting at Rs 2229.95, up 1.09% on the day. Mahindra & Mahindra Ltd is up 80.25% in last one year as compared to a 23.1% gain in NIFTY and a 65.69% gain in the Nifty Auto index. The PE of the stock is 25.38 based on TTM earnings ending December 23.
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The firm?s power and fuel costs per ton of cement production fell 27% in the March quarter. Revenue from operations grew by 7.87% YoY to Rs 2656.43 crore in the quarter ended 31 March 2024. The company said that the realization from cement in the March quarter came under intense pressure and fell 1.6% YoY to Rs 5,178 per ton. Profit before exceptional items and tax was at Rs 266.03 crore in the March quarter, steeply higher than Rs 94.63 crore recorded in Q4 FY23. EBITDA dropped 54.2% to Rs 498 crore in Q4 FY24 as compared to Rs 323 crore posted in Q4 FY23. EBITDA per ton in the fourth quarter was Rs 964, up by 56.7% from Rs 615 in the corresponding quarter previous fiscal. The company achieved record high cement sales by volume for the March quarter at 4.85 million tons, up 9.4% from 4.4 million tons posted in the same period a year ago. This resulted in capacity utilization of 97% for Q4 FY24 as compared to 89% registered in Q4 FY23. In its outlook, the firm said , ?The cement demand in the first quarter of fiscal 2024-25 is expected to be impaired due to the general elections and extreme summer conditions across the country. The second quarter of the year is historically a weakdemand period due to monsoons. However, volume push by major players is unlikely to ease due to favourable cost factors. As a combination of these factors, no improvement in price is expected. The company will continue to further ramp up Mukutban operations with special focus on the Maharashtra market to avail tax incentives. We will maintain our thrust on increasing share of premium products in Maharashtra, Gujarat and Rajasthan where we have headroom for growth. Investment into brand-building and channel development will be stepped up to further improve price-positioning of premium products. Simultaneously, cost reduction measures under Project Shikhar and Project Unnati and other initiatives will be accorded highest priority. Through these various measures, the Company will attempt to mitigate any impact of the downturn in the market.? Birla Corporation?s Jute division reported a cash profit of Rs 8.61 crore in Q4 FY24, compared with Rs 8.19 crore in the same period last year, up 5%, as sales of shopping bags were scaled up to 2.68 million from 0.91 million. For FY24, the company reported a consolidated net profit of Rs 420.56 crore, steeply higher than Rs 40.50 crore posted in FY23. Revenue from operations rose 11.29% YoY to Rs 11.29 crore in FY24. A sharp decline in power and fuel costs, which typically account for 25-30% of the total production cost, has helped the cement industry turn the corner in fiscal 2023-24, with operating profit margin expanding on average by 300- 350 basis points, according to CRISIL. Meanwhile, the company?s board has recommended a dividend of Rs 10 per share for the financial year 2023-24, which will be paid within 30 days from the date of approval by the shareholders. Separately, the board, based on the recommendation of the Nomination and Remuneration Committee, has designated Aditya Saraogi, chief financial officer of the company as the Group chief financial officer with effect from 4 May 2024. Birla Corporation is flagship company of the MP Birla Group. The company has interest in cement and jute goods.
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Ganges Securities Ltd, Dolat Algotech Ltd, Gokul Agro Resources Ltd and The Anup Engineering Ltd are among the other gainers in the BSE's 'B' group today, 06 May 2024. Raw Edge Industrial Solutions Ltd spiked 19.98% to Rs 42.93 at 06-May-2024 EOD IST. The stock was the biggest gainer in the BSE's 'B' group. On the BSE, 58239 shares were traded on the counter so far as against the average daily volumes of 6550 shares in the past one month. Ganges Securities Ltd soared 17.56% to Rs 173.05. The stock was the second biggest gainer in 'B' group. On the BSE, 52318 shares were traded on the counter so far as against the average daily volumes of 9120 shares in the past one month. Dolat Algotech Ltd surged 13.67% to Rs 131.8. The stock was the third biggest gainer in 'B' group. On the BSE, 2.92 lakh shares were traded on the counter so far as against the average daily volumes of 3.59 lakh shares in the past one month. Gokul Agro Resources Ltd jumped 13.44% to Rs 151.05. The stock was the fourth biggest gainer in 'B' group. On the BSE, 2.8 lakh shares were traded on the counter so far as against the average daily volumes of 28807 shares in the past one month. The Anup Engineering Ltd spurt 10.97% to Rs 2040.2. The stock was the fifth biggest gainer in 'B' group. On the BSE, 22999 shares were traded on the counter so far as against the average daily volumes of 2957 shares in the past one month.
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Rainbow Childrens Medicare Ltd, Britannia Industries Ltd, BASF India Ltd and TVS Holdings Ltd are among the other gainers in the BSE's 'A' group today, 06 May 2024. Godrej Properties Ltd spiked 9.38% to Rs 2810 at 11:46 IST. The stock was the biggest gainer in the BSE's 'A' group. On the BSE, 1.1 lakh shares were traded on the counter so far as against the average daily volumes of 40248 shares in the past one month. Rainbow Childrens Medicare Ltd surged 9.32% to Rs 1597.7. The stock was the second biggest gainer in 'A' group. On the BSE, 31701 shares were traded on the counter so far as against the average daily volumes of 6127 shares in the past one month. Britannia Industries Ltd soared 8.29% to Rs 5138.3. The stock was the third biggest gainer in 'A' group. On the BSE, 72621 shares were traded on the counter so far as against the average daily volumes of 7315 shares in the past one month. BASF India Ltd advanced 6.19% to Rs 4316.75. The stock was the fourth biggest gainer in 'A' group. On the BSE, 9716 shares were traded on the counter so far as against the average daily volumes of 2646 shares in the past one month. TVS Holdings Ltd exploded 6.05% to Rs 9581.05. The stock was the fifth biggest gainer in 'A' group. On the BSE, 3379 shares were traded on the counter so far as against the average daily volumes of 710 shares in the past one month.
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| Revenue from operations increased 5.45% to Rs 4,104.07 crore in the quarter ended 31 March 2024 as compared with Rs 3892.02 crore posted in the quarter ended 31 March 2023. Profit before tax (PBT) fell 3.48% YoY to Rs 734.62 crore in Q4 FY24. The company?s operating profit stood at Rs 708 crore while operating margin was at 17.6% during the quarter. On full year basis, the company?s consolidated net profit declined 7.86% YoY to Rs 2,134.22 crore. Revenue from operations jumped 3.51% in Q4 FY24 as compared with Rs 15,984.90 crore posted in corresponding quarter last year. Meanwhile, the company?s board has declared a dividend of Rs 73.5 per share for FY24. Varun Berry, vice chairman & managing director, said, ?In a tepid consumption scenario, our performance this year signifies resilience and competitiveness. Over the past 24 months, we have achieved a strong 19% growth in revenue, accompanied by a notable 43% increase in operating profit. Our market share rebounded as the year progressed as a result of strategic pricing actions to maintain competitiveness and intensified investments in brands, supported by distribution expansion. We significantly expanded our distribution network, reaching approximately 27.9 lakh outlets directly and added around 2000 rural distributors over the past year. Our focus states surpassed other regions in terms of growth, despite a generally subdued rural demand. We bolstered our abilities to capitalize on rapidly growing channels like Modern Trade and Ecommerce, both of which experienced double-digit growth compared to the previous year. On Cost & Profitability front, we will stay vigilant of the commodity prices & evolving geopolitical landscape. Our Cost Efficiency Program continues to yield operational savings of approximately 2% of revenues, ensuring healthy operating margins. We will continue to invest behind our brands and stay price competitive with a clear objective of driving market share while sustaining profits.? Britannia Industries (BIL) is one of India's leading FMCG companies. The company's principal activity is the manufacture and sale of biscuits, bread, rusk, cakes and dairy products. The scrip rallied 8.23% to Rs 5,135.90 on the BSE.
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Revenue from operations stood at Rs 527.73 crore in Q4 FY24, steeply higher than Rs 190.75 crore recorded in the corresponding quarter previous year. The company reported profit before exceptional items and tax at Rs 50.57 crore in Q4 FY24 as compared to a loss before exceptional items of Rs 115.08 crore recorded in Q4 FY23. Consolidated EBITDA (including discontinued operations) was at Rs 140 crore, reported a massive jump over EBITDA loss of Rs 25 crore in Q4 FY23 Inox Wind said that the order book stood at around 2.7 GW with a healthy mix of PSUs, IPPs, C&I and retail. For FY24, the company reported a consolidated net loss dropped of Rs 50.79 crore as against a net loss of Rs 696.84 crore posted in FY23. Revenue from operations zoomed 137.81% year on year to Rs 1743.24 crore in FY24. The firm stated that the macro outlook continues to be extremely favourable. Power demand growth is expected to remain strong in the coming years, requiring capacity addition at a rapid pace, particularly renewables. Over the next 8-10 years, India plans to add around 100 GW of wind power capacity, on the current base of around 46GW. In FY24, more than 50GW of renewables capacity was awarded through auctions, including over 15 GW of hybrid / RTC / FDRE projects and 2.3GW of plain vanilla wind, it added. Kailash Tarachandani, CEO of Inox Wind, said, ?Q4 has been a milestone quarter for the company as we successfully transitioned to 3 MW WTG supplies from 2 MW WTGs. Our EBITDA run rate in Q4 places us on a strong footing for FY25. Our debt levels have also come down drastically and we expect to be net debt free within H1 FY25. The macro tailwinds are reflected in the strong orderbook which stands at ~ 2.7 GW today. Our other initiatives including ramping up operations, strengthening our balance sheet, coupled with our large order book, will translate into higher order execution from FY25 onwards, resulting in strong growth in profitability.? Meanwhile, the board of Inox Wind has fixed Saturday, 18 May 2024 as the record date to determine the shareholders' eligibility for allotment of bonus shares in the ratio of 3:1 i.e. three new equity shares of face value of Rs 10 per share for every one existing equity share. The issuance of bonus shares is subject to the approval of the shareholders. Inox Wind is a wind energy solutions provider in India, catering to IPPs, Utilities, PSUs, and Corporate investors. It is part of the INOXGFL Group, with a focus on chemicals and renewable energy. IWL is fully integrated in the wind energy market, with four manufacturing plants and a capacity of over 2 GW per annum. The scrip fell 1.89% to currently trade at Rs 603.25 on the BSE.
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CRISIL stated that the upgrade factors in a revision in the credit rating of the parent company, HAL Offshore as well as expected improvement in the business risk profile of Seamec. The rating takes comfort from the healthy business risk profile of Seamec backed by its established market position in this industry, in terms of providing multi support vessels (MSVs) on charter-hire basis under long-term contracts to offshore exploration and production (E&P) players in India. Revenue has continued to grow at healthy compound annual growth rate (CAGR) of 9% over fiscals 2019-2023, supported by growth in revenue days (led by vessel additions) and higher deployment rates of vessels owned; as business prospects remain healthy amid continued focus on oil E&P activity in India. The company reported 58% on-year growth in revenue to Rs. 493 crore during the first nine months of fiscal 2024, with operating margin maintained at approximately 31%. To comply with regulatory requirements of replacing an aged fleet as well as to increase its fleet size, over the past three years, Seamec replaced one aged vessel with three new ones, with plans to replace two more aged vessels over the next 3-4 years. This transition towards having more younger aged fleets will further mitigate redeployment risks with E&P players and reduce maintenance costs. The financial risk profile remains strong, supported by healthy cash accrual, despite capital investments to be undertaken to replace the aged fleets. In the near term, the company plans to replace aging vessels with newer ones, requiring capital expenditure of approximately Rs 250-300 crore, to be funded through internal accruals. These strengths are partially offset by the moderate scale of operations and exposure to client concentration risk. Seamec operates in two distinct verticals of the shipping business - offshore support vessels & services and bulk carrier charter business. The company owns six vessels and one barge in the offshore support business wherein the vessels are deployed in the domestic and international market. The company had reported a consolidated net profit of Rs 56.16 crore in the quarter ended December 2023 as against net loss of Rs 1.77 crore during the previous quarter ended December 2022. Net sales surged to Rs 213.31 crore in Q3 FY24 from Rs 100.68 crore in Q3 FY23. The scrip fell 1.28% to currently trade at Rs 1074 on the BSE.
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