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HomeBusinessStocks to watch: LIC, Zomato, Grasim, Apollo Hospitals, RVNL, Ircon

Stocks to watch: LIC, Zomato, Grasim, Apollo Hospitals, RVNL, Ircon


Grasim Industries: Aditya Birla Group’s flagship company reported a 39.80% decline in its consolidated net profit for Q3FY24 in $1,514.44 crore, below $2,515.78 crore a year ago. “Previous period financials are not comparable due to acquisition of 9.99% stake by ADIA entities in Aditya Birla Health Insurance,” the company said in an exchange filing. Consolidated operating income increased 11.61% to $31,965.48 crore in Q3FY24, from $28,637.86 crore in Q3FY23, driven by the performance of key subsidiaries UltraTech Cement and Aditya Birla Capital. Individually, the textile manufacturer recorded a drop of 8.17% in its net profit of $257 crores a year earlier for $236 crores. Independent income from operations increased 3% to $6,400 crores $6,196 crore a year earlier.

Zomato: The online food delivery platform reported a consolidated net profit of $138 crore, compared to a net loss of $347 crore in the same period of the previous year. Zomato’s operating income for the quarter was $3,288 crore, 69% more than $1,948 crore in the same period of the previous year. Total expenses were higher in $3,383 crore, compared to $2,485 crore in the corresponding period a year ago, the company said. Revenue from its core food delivery business grew 48% during the quarter, while revenue from its express commerce division more than doubled. Zomato’s contribution margin, a key profit metric, expanded to 7.1 per cent in Q3FY24 from 6.6 per cent in Q2FY24 due to the introduction of a fee for customers to use the food delivery platform.

Bombay Dyeing and Manufacturing: The Indian real estate and textile company posted a consolidated profit of $30.54 billion ($368 million) in Q3FY24, compared to a loss of $1.01 billion rupees last year. Total expenses fell 39.4% to $4.6 billion, due largely to a nearly 99% drop in finished goods inventories, while its input costs also fell 4.3%. This helped the company reduce its loss before exceptional items by 27.2% to Rs 731.6 crore. The Mumbai-based company’s main revenue-generating segment, polyester, which accounted for around 95% of its revenue, fell 11%. This resulted in a 43.4% decline in its operating income to Rs 3.69 billion.

Apollo Hospitals: Beating market expectations, Apollo Hospitals Enterprises reported a whopping 60% rise in its consolidated net profit (attributable to shareholders) in $245 crore in the quarter ended December FY24, compared to a net profit of $153.5 crore in the same period of the previous year. Apollo Hospitals also declared an interim dividend $6 per share on Thursday. Its consolidated income from operations increased 13.8% year-on-year to $4850.6 crore in Q3FY24 against $4,263.6 crore in Q3FY23.

IRCON International: The company reported a 29% increase in its consolidated net profit in $244 crore in Q3FY24, compared to $190 crore in the same period last year. The state-owned engineering and construction company’s operating income for the quarter increased 23% in $2,884 crore, compared to $2,346 crore in the same period last year. He also declared an interim dividend of Rs 1.80 per share on the face value of $2 each (90 percent of the paid-up share capital) for the financial year 2023-24. The company’s EBITDA during the December quarter rose 63.2 per cent to Rs 378.1 crore, as compared to Rs 231.7 crore in the year-ago period, while EBITDA margin stood at 12.6 percent.

Kubota Escorts: The Indian tractor maker on Thursday reported lower-than-expected third-quarter profits as weaker demand offset falling costs. Escorts Kubota’s standalone net profit increased almost 49% to $2.77 billion (about $33 million) for Q3FY24, but fell short of analysts’ expectations of $2,820 million, according to LSEG data. Revenue increased 2.5% to $23.20 billion, the slowest growth since at least March 2022.

Vikas Nigam Railway: The public sector company recorded a 6.2% drop in its net profit in $358.6 crore in Q3FY24, compared to $382.4 crore in the last year period. RVNL’s operating income in the quarter fell 6.4% to $4,689.3 crore, compared to $5,012.1 crore in the same period last year. Sequentially, the company’s net profit fell 9.1 percent from $394.4 crore during the quarter ended September 2023. Revenue from operations also declined 4.6 percent quarter-on-quarter from $4,914.32 crore during the September quarter. On the operational front, RVNL’s EBITDA during the quarter declined by 9.6% to $249 crore, compared to $275 crore in the same period last year, while the EBIT margin was 5.3 per cent as compared to 5.5 per cent in the same period last year.

Biocon: Biocon Limited recorded a net profit of $660 crore in Q3FY24, compared to a net loss of $42 crore in the same quarter of the previous year. Apart from this, the company reported a 34% increase in revenue in $3,954 crore, compared to $2,941 crore in the same quarter of the previous year. EBITDA reached $926 crore, as against $644.3 crore in the same period of the previous year, while the EBITDA margin was 23.4% as against 21.9% in the same period of the previous year.

MMTC: The company reported a net loss of 42.89 percent in $55.71 crore in December quarter FY24, as against $97.55 crore during the previous quarter ended December 2022. Sales declined by 99.90 percent to $0.73 crore in the quarter ended December 2023, compared to $763.16 crore during the same quarter of the previous year, the company said in a regulatory filing. Total revenue also decreased to $63.33 crore in Q3FY24 as compared to $788.09 crore in the same period last year.

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Posted: Feb 9, 2024, 07:29 am IST



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