28/01/2023
Stocks in the news
Tata Motors: The Tata Group company has had a healthy show for December FY23 quarter, beating analysts' expectations on all fronts with returning to profits. Consolidated profit for the quarter stood at Rs 2,958 crore against loss of Rs 1,516 crore in same period last year on better topline as well as operating performance. Revenue from operations at Rs 88,489 crore for the quarter grew by 22.5 percent over corresponding period last fiscal, with better realisation at JLR as well as standalone businesses. At the operating level, EBITDA at Rs 9,853 crore surged 33 percent YoY on strong show of JLR and standalone business, with margin expansion of 90 bps YoY at 11.1 percent for the quarter aided by standalone business. The company remains cautiously optimistic on the demand situation despite global uncertainties.
Dr Reddy's Laboratories: The pharma company clocked a massive 77 percent year-on-year growth in consolidated profit at Rs 1,247 crore for quarter ended December FY23, driven by strong US business. Consolidated revenue from operations at Rs 6,770 crore for the quarter grew by 27.3 percent over the corresponding period in the last fiscal with US business rising 64 percent, India showing 10 percent and emerging markets 14 percent growth YoY. On the operating front, EBITDA surged 55 percent YoY to Rs 1,966 crore with 5 percentage points expansion in margin at 29 percent for the quarter.
Adani Enterprises: The Adani Group company will launch its follow-on public offer of Rs 20,000 crore on January 27. The closing date will be January 31, with a price band of Rs 3,112-3,276 per share. The company has raised close to Rs 6,000 crore from anchor investors. It has received Rs 2,992.4 crore from anchor investors ahead of the FPO, which is half of the amount of the total anchor book launched. The remaining amount will be payable by anchor investors later in one or more subsequent calls.
LTIMindtree: The IT services provider has partnered with Duck Creek Technologies, and Microsoft to build a cloud migration solution for insurers. The solution will enable insurers to migrate their on-premises core systems to the cloud in a quick and efficient manner.
DLF: The real estate developer has registered a 37 percent year-on-year growth in consolidated profit at Rs 519 crore for quarter ended December FY23 on a low base and lower finance cost. It had an exceptional loss of Rs 224.4 crore in Q3FY22. Revenue from operations at Rs 1,495 crore for the quarter fell by 3.5 percent compared to same period last fiscal, but new sales bookings at Rs 2,507 crore increased by 24 percent YoY. At the operating level, EBITDA fell by 8.5 percent YoY to Rs 477.2 crore and margin declined by 170 bps YoY to 31.9 percent for the quarter.
Ceat: The tyre maker has reported consolidated profit of Rs 35.4 crore for quarter ended December FY23, against loss of Rs 20 crore in same period last year, supported by strong operating performance. Consolidated revenue at Rs 2,727 crore grew by 13 percent over a year-ago period, led by domestic demand as the company remains cautious about international markets that are getting impacted by recessionary trends. At the operating level, EBITDA surged 77 percent YoY to Rs 237.6 crore for the quarter and margin rose by more than 3 percentage points to 8.7 percent compared to year-ago period.
Amara Raja Batteries: The industrial and automotive battery maker registered a 53 percent year-on-year growth in consolidated profit at Rs 221.9 crore for quarter ended December FY23, backed by health topline and operating performance. Revenue grew by 11.5 percent to Rs 2,638 crore compared to year-ago period, driven by healthy volume growth in the automotive sector in both OEM and Aftermarket segments.
SJVN: The company has sold its entire stake in the Bhutanese joint venture company Kholongchhu Hydro Energy (KHEL) as per the directions received from the Government of India. The transaction cost is Rs 354.71 crore.
