The sixth phase of the Lok Sabha elections 2024 commenced today, featuring key election rallies by political leaders and the announcement of Q4 results by several companies. The Met department issued a heatwave alert for Delhi and other states, while various events and initiatives took place across the country.
In its latest quarterly report, One97 Communications, the parent company of Paytm, reported a widening net loss of ₹550 crore for the quarter ending March 2024. This represents a significant increase from the ₹167.5 crore loss reported during the same period in the previous year. The company’s revenue from operations also declined by 2.8% year-over-year, dropping from ₹2,464.6 crore in Q4 2023 to ₹2,267.1 crore in Q4 2024. Despite these setbacks, Paytm’s annual revenue for FY24 saw a healthy increase of 25%, growing from ₹7,990.3 crore to ₹9,978 crore.
Patel Engineering’s strong financial performance in the fourth quarter has led to a significant 12% increase in its stock price today. The company’s profit soared by 83%, driven by a rise in revenue and higher margins. Patel Engineering’s long-term growth potential is further highlighted by its impressive track record of gains over the past three years.
Thermax Ltd.’s shares surged by 14% to a new all-time high of ₹5,347 in early BSE trading after the release of the company’s exceptional March quarter (Q4) results. The surge represents a 144% increase from its 52-week low of ₹2,192.70 hit in May 2023.
TVS Motor Company’s shares witnessed a significant rise of over 6% after the company reported a 15% jump in its consolidated net profit for the fourth quarter ended March 2024. The stock’s value surged by 5.73% to ₹ 2,121.30 on the BSE and 6.32% to ₹ 2,123 on the NSE. The company attributed this growth to a 22% increase in overall two-wheeler and three-wheeler sales, including exports, which reached 10.63 lakh units compared to 8.68 lakh units in the same period of the previous fiscal. For the full year ended March 31, 2024, TVS Motor’s consolidated net profit climbed by 26.9% to ₹ 1,686 crore, while its revenue from operations grew by 22.4% to ₹ 39,145 crore.
Prime Minister Narendra Modi will address an election rally in Andhra Pradesh on May 8th. Tata Power, L&T, and other companies will announce their Q4 results on the same day. The Supreme Court of India will hear petitions related to the Uttarakhand forest fire incidents. The University of Delhi will organize a “Run for Viksit Bharat” event to promote awareness for a developed India by 2047. IPL 2024 will feature a match between Sunrisers Hyderabad and Lucknow Super Giants at the Rajiv Gandhi International Cricket Stadium in Hyderabad.
Marico’s share price witnessed a significant surge of over 8% on May 7th, driven by positive brokerage sentiment following the company’s impressive Q4 performance. Marico reported a consolidated net profit of ₹ 320 crore in Q4FY24, reflecting a growth of 4.9% year-over-year. The company’s revenue from operations in Q4FY24 also registered an increase of 1.69% YoY to ₹ 2,278 crore, while EBITDA jumped by 12.5% to ₹ 442 crore. This led to an expansion of EBITDA margin by 190 basis points to 19.4%. Brokerage firms such as Nuvama Institutional Equities and Citi provided bullish assessments of Marico’s Q4 performance and revised their EPS estimates and target valuations upward. As a result, Marico’s share price saw a boost, with Nuvama Institutional Equities upgrading their rating to ‘Buy’ and Citi maintaining a ‘Buy’ call.
Rekha Jhunjhunwala, wife of late investor Rakesh Jhunjhunwala, witnessed a significant decline in the value of her investments in Titan Company. The company’s stock price plummeted by over 5% after reporting its Q4 results, leading to a notional loss of over ₹800 crore for Rekha Jhunjhunwala. Despite holding a 5.35% stake in Titan, her investment value has dropped to ₹15,986 crore, down from ₹16,792 crore previously.
Kotak Mahindra Bank witnessed a significant surge in its share price by 4.2% to ₹1,612.30 apiece on the BSE, following the announcement of better-than-expected Q4 results. The private lender reported a standalone profit of ₹4,133.30 crore for the quarter ended March 2024, marking an 18.22% growth year-on-year (YoY). Furthermore, its net interest income (NII) witnessed a 13% YoY increase to ₹6,909 crore, while the net interest margin (NIM) in Q4FY24 rose to 5.28% from 5.22% in Q3FY24, contributing to the positive investor sentiment.
Shares of Titan Company witnessed a significant decline of nearly 5% on the BSE today, following the release of weaker-than-expected March quarter financial results. The company’s consolidated net profit experienced a modest 5% year-on-year growth to ₹ 771 crore for the quarter ending March 31, while total income rose by 22% YoY to ₹ 11,472 crore. Despite this, the EBIT (Earnings Before Interest and Taxes) grew by a mere 10% YoY to ₹ 1,192 crore. The Jewellery segment accounted for a 19% YoY growth in quarterly income, reaching ₹ 8,998 crore, whereas the ‘Watches & Wearables’ segment generated a total income of ₹ 940 crore for the quarter.
