Britannia, Marico, Lupin, Coal India, bank stocks and others in focus

Results on May 8: UPL, Canara Bank, Indian Bank, Aarti Industries, Apollo Pipes, Birlasoft, CG Power and Industrial Solutions, Craftsman Automation, Exide Industries, Happiest Minds Technologies, HFCL, Kalpataru Power Transmission, Kansai Nerolac Paints, Mahanagar Gas, Pidilite Industries, and VIP Industries will be in focus ahead of quarterly earnings on May 8

Britannia Industries: The bakery and dairy products maker has recorded 47.5% year-on-year growth in consolidated profit at Rs 557.6 crore for quarter ended March FY23, driven by healthy operating performance and topline. Consolidated revenue from operations at Rs 4,023.2 crore grew by 13.3% on significant distribution gains. On operating front, EBITDA in Q4FY23 grew by 19.9% to Rs 800.9 crore with margin expansion of 440 bps to 19.9% compared to year-ago period. The board has declared interim dividend of Rs 72 per share for FY23.

Marico: The consumer goods company has recorded a 18.7% year-on-year growth in consolidated profit at Rs 305 crore for March FY23 quarter as operating performance remained strong on lower input cost. Consolidated revenue increased by 3.7% YoY to Rs 2,240 crore with India business growing 1.8% and international business reporting 10% growth. International business grew 16% in constant currency, while EBITDA increased by 14% with margin expansion of 150 bps for the quarter YoY. Domestic volume growth stood at 5% for the quarter.

Lupin: The pharma major has entered into a definitive agreement to acquire the entire share capital of the French pharmaceutical company, Medisol, subject to approval from the French Ministry of Economy and Finance. With this acquisition, Lupin will gain access to Medisol’s portfolio of seven injectable products across four therapeutic areas, including pain management, anti-inflammatory, cardiovascular diseases, and obstetrics. The acquisition cost is 18 million euro.

DCB Bank: The private sector lender has reported a 25% on-year growth in profit at Rs 142 crore for quarter ended March FY23, following decline in provisions. Net interest income grew by 28% YoY to Rs 486 crore with over 18% growth each in deposits and advances. Asset quality also improved further with gross NPAs falling 43 bps QoQ to 3.19% and net NPA down 33 bps QoQ to 1.04% in Q4FY23. Satish Gundewar has resigned as Chief Financial Officer of the Bank to pursue career outside the bank

Shyam Metalics and Energy: The company appointed Deepak Kumar Agarwal with an additional responsibility as the Chief Financial Officer (CFO) of the company effective from May 5. Deepak Kumar Agarwal is the Whole-time Director of the company.

Alembic Pharmaceuticals: The pharma company has recorded nearly seven-fold rise in consolidated profit at Rs 152.6 crore for quarter ended March FY23, supported by strong operating performance and lower other expenses. Revenue dropped 0.65% to Rs 1,406.5 crore compared to year-ago period, impacted by US business that fell 36% to Rs 354 crore. Ex-US business grew by 33% YoY to Rs 249 crore, and India business increased by 9% to Rs 490 crore in Q4FY23. The board recommended final dividend of Rs 8 per share

Ajanta Pharma: The specialty pharmaceutical formulation company has posted profit at Rs 122 crore for quarter ended March FY23, falling 19% compared to year-ago period, impacted by weak operating performance with muted topline growth. Revenue grew by 1% YoY to Rs 882 crore with India and US businesses showing 17% YoY growth each, but Asia and Africa generic businesses reporting weak growth.

Tatva Chintan Pharma Chem: The specialty chemical company has recorded a 3.4% year-on-year decline in profit at Rs 16.9 crore for March FY23 quarter with sharp fall in profit margin and operating margin. Revenue increased by 26.4% YoY to Rs 124.5 crore in Q4FY23, while EBITDA dropped 26% to Rs 16.2 crore for the quarter.

Piramal Enterprises: The diversified NBFC has posted loss of Rs 196 crore for quarter ended March FY23 led by MTM loss of Rs 375 crore on Shriram investments, against profit of Rs 151 crore in same period last year. Revenue from operations fell 9% YoY to Rs 2,132 crore for March FY23 quarter. The company has announced a dividend of Rs 31 per share.

Union Bank of India: The public sector lender has recorded a 93.3% year-on-year growth in standalone profit at Rs 2,782 crore for quarter ended March FY23, backed by lower provisions, with improvement in asset quality. Higher other income and net interest income also boosted profitability. Net interest income grew by 22% YoY to Rs 8,251 crore, with margin expansion of 23 bps at 2.98% for the quarter, while global advances growth at 13% and deposits increased by 8.3% over a year-ago period.

Bank of India: The public sector lender has clocked a standalone profit at Rs 1,350.4 crore for March FY23 quarter, growing 123% over a year-ago period despite higher provisions. Net interest income grew by 38.6% YoY to Rs 5,523.84 crore in Q4FY23, with global advances rising 13% and deposits climbing 6.6%. Operating profit surged 70% YoY and non-interest income jumped 95.3% in quarter ended March FY23.

One 97 Communications: The Paytm operator has narrowed its losses to Rs 168.4 crore in March FY23 quarter, against loss of Rs 761.4 crore in same period last year. Consolidated revenue for the quarter grew by 51.5% to Rs 2,334.5 crore compared to corresponding period last fiscal. For the year FY23 too, the loss dropped to Rs 1,776 crore against loss of Rs 2,393 crore in FY22, and revenue jumped 60.6% to Rs 7,990.3 crore in same period

IndusInd Bank: Ramaswamy Meyyappan has resigned as Chief Risk Officer of the bank. Murlidhar Lakhara has been assigned the role of head of the newly formed Assurance Function reporting to the MD & CEO of the bank. Sachin Patange is appointed as Chief Compliance Officer

Aditya Birla Fashion and Retail: The fashion & apparel company has entered into definitive agreements to acquire stake in TCNS Clothing, the owner of leading ethnic brands W, Aurelia, Wishful, Folksong and Elleven. The value of the promoter stake and open offer consideration for TCNS is Rs 1,650 crore for 51% stake. TCNS will be amalgamated with Aditya Birla Fashion and Retail under the merger scheme

Thermax: The energy and environment solutions provider has bagged order of Rs 271.50 crore from India’s biggest oil refinery in the private sector for mechanical balance of plant (MBoP) works for the captive power plant (CPP) at their new oil-to-chemical (O2C) facility in western part of India

Adani Transmission and Adani Total Gas: Financial index provider MSCI will lower the free float of two of India’s Adani Group companies, Adani Total Gas and Adani Transmission in its May index review. MSCI now sees the Adani Total Gas’ free float at 14% and Adani Transmission at 10%, from 25%.

JSW Energy: Subsidiary JSW Renew Energy Three Limited (JSWRETL) has signed a power purchase agreement with Solar Energy Corporation of India (SECI) for 300 MW ISTS connected wind power projects awarded under SECI Tranche-XII.

Route Mobile: Masiv Chile SpA, a wholly-owned stepdown subsidiary of the company, has acquired 100% shares of Mobilelink Telecomunicaciones SpA for $40,000. Mobilelink has a license to operate VOiP communications and SMS termination in Chile.

Bharat Forge: Kishore Saletore has resigned as an Executive Director and Chief Financial Officer (CFO) of the company with effect from June 30, 2023. Kedar Dixit has been appointed as Chief Financial Officer of the company with effect from July 1, while the company re-designated Amit B Kalyani as Joint Managing Director with an immediate effect.

Blue Dart Express: The logistics company has reported a massive 49.3% year-on-year decline in consolidated profit at Rs 69.44 crore for March FY23 quarter impacted by weak operating performance. Revenue from operations for the quarter at Rs 1,216.5 crore grew by 4.3% over a year-ago period. For the year FY23, profit fell 3% to Rs 370.5 crore and revenue increased by 17.3% to Rs 5,172.22 crore compared to previous year.

Equitas Small Finance Bank: The small finance bank has recorded a 59% year-on-year growth in profit at Rs 190 crore. Net interest income grew by 28% to Rs 706.9 crore compared to year-ago period, with gross advances rising 35% YoY to Rs 27,861 crore and deposits increasing 34% YoY to Rs 25,381 crore. Asset quality improved with gross non-performing assets falling 87 bps QoQ to 2.76% and net NPA declining 61 bps QoQ to 1.21% for the March FY23 quarter.

Tata Investment Corporation: Manoj Kumar CV has resigned as CFO & Company Secretary of the company with effect from June 30, 2023. The board has appointed Manoj Gupta as the Chief Financial Officer, and Jamshed Patel as the Company Secretary & Compliance Officer of the company, with effective from July 1. The company announced a dividend of Rs 48 per share.

Windlas Biotech: The domestic pharmaceutical formulations contract development and manufacturing organization has recorded a 23% year-on-year decline in profit at Rs 11.4 crore for March FY23 quarter on high base as the company reported tax expenses of Rs 3.6 crore in Q4FY23 against tax writeback of Rs 1.13 crore in Q4FY22. The company declared final dividend of Rs 4 per share.

Sundaram-Clayton: The auto components manufacturer has registered a 6% year-on-year decline in consolidated profit at Rs 153.56 crore for March FY23 quarter impacted by weak operating margin with higher input cost. Higher finance cost and other expenses also dented profitability. Revenue for the quarter increased by 22.6% to Rs 8,460 crore compared to year-ago period.

Shakti Pumps India: The water pumps and motors manufacturer has recorded a 89.7% year-on-year fall in profit at Rs 2.2 crore for quarter ended March FY23, with revenue from operations declining 52.5% YoY to Rs 182.7 crore and EBITDA down 70% to Rs 10.9 crore. EBITDA margin dropped 347 bps to 6% compared to year-ago period.

Olectra Greentech: The composite polymer insulators and electrical buses manufacturer has clocked a 54.5% year-on-year growth in profit at Rs 27.5 crore for quarter ended March FY23, with healthy growth in operating performance and topline. Revenue grew by 38.6% to Rs 375.9 crore compared to year-ago period.

Computer Age Management Services: The registrar and transfer agent of mutual funds recorded a 1.1% year-on-year growth in consolidated profit at Rs 74.6 crore for March FY23 quarter impacted by weak operating numbers. Revenue for the quarter increased by 2.5% to Rs 249.2 crore compared to corresponding period of last fiscal.

Coal India: The PSU miner reported a consolidated net profit of Rs 5527.62 crore in the March quarter, down 17.7 percent from a year ago. Consolidated revenue for the quarter stood at Rs 35161.44 crore, up 17.3 percent year on year. The Bloomberg poll estimated a net profit of Rs 7752 crore while revenue was expected at Rs 35270 crore. The company recommended a final dividend of Rs. 4 per share. Earlier in two tranches a total dividend of Rs.20.25 per share was already paid out.

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