Stocks to Watch: Dr Reddy’s, PB Fintech, L&T, Jaiprakash Associates, JSW Energy, IRB Infra

Dr Reddy’s Laboratories: The pharmaceutical company reported a net profit of ₹1,307 crore for Q4FY24, a 36% year-on-year increase, primarily driven by strong performance in the US market. The company’s revenue increased to ₹7,083 crore during the quarter, a 12% year-on-year growth. For the full year FY24, DRL reported a net profit of ₹5,568.4 crore, a 36% increase, and total revenues of ₹27,920 crore, up 14% on year. The company expects FY25 to allow a double-digit growth with a 25% Ebitda. The company’s global generics segment saw a 13% revenue increase to ₹6,120 crore, mainly due to higher base business volumes and new product launches.

PB Fintech: The parent company of Policybazaar reported a net profit of ₹60.19 crore for Q4FY24, a significant improvement from a loss of ₹9.34 crore in the same period last year. The company’s consolidated revenue for the quarter was ₹1,089.57 crore, a 25.36% increase from the previous year. The total insurance premium for the quarter was ₹5,127 crore, contributing to an Annual Recurring Revenue (ARR) of ₹20,000 crore in insurance premiums. This growth was mainly due to the expansion in the new health and life insurance segments. The company’s cash position improved by ₹259 crore year-on-year, reaching ₹5,263 crore, thanks to a 39% year-on-year growth in core online revenue, which amounted to ₹2,375 crore. Adjusted EBITDA rose to ₹324 crore from ₹107 crore, improving the margin from 6% to 14%.

Larsen & Toubro: L&T is anticipated to deliver strong Q4FY24 results, driven by enhanced construction activity, robust demand, and a solid order book. The company’s net profit for the fiscal fourth quarter is projected to increase by 9.8% YoY to ₹4,380 crore. Revenue is expected to surge by 18.6% YoY to ₹65,402 crore, and EBITDA is likely to rise by 31% YoY to ₹7,553.9 crore. The results will be announced on May 8.

JSW Energy: The company reported a 29% increase in its consolidated net profit to ₹351 crore in the March quarter, primarily due to higher revenues. The company’s total revenue for the quarter increased by 3% year-on-year to ₹2,879 crore. The board recommended a dividend of ₹2 per equity share of ₹10 (20%) and approved the raising of funds not exceeding ₹10,000 crore in one or more tranches.

Jaiprakash Associates: JAL has failed to meet its loan repayment obligations on April 30, amounting to ₹4,616 crore. The company’s financial commitments are undergoing restructuring, and out of its total debt of ₹29,805 crore, JAL plans to transfer ₹18,955 crore to a Special Purpose Vehicle (SPV).

Voltas: The company reported a 22.8% YoY drop in net profit at ₹110.6 crore for Q4FY24. The company’s revenue from operations jumped 42.1% to ₹4,202.9 crore. EBITDA fell 12.6% to ₹190.6 crore in the fourth quarter of this fiscal.

Pidilite Industries: The company reported a 6.4% YoY increase in net profit at ₹304.3 crore for the fourth quarter that ended March 31, 2024. The company’s revenue from operations increased 7.9% to ₹2,901.9 crore. EBITDA jumped 25.6% to ₹576.9 crore in the fourth quarter of this fiscal. The board of directors have recommended a dividend of ₹16 per equity share of ₹1 each for the financial year ended March 31, 2024.

Navin Fluorine International: The company reported a 48.4% YoY drop in net profit at ₹70.4 crore for Q4FY24. The company’s revenue from operations decreased by 13.6% to ₹602 crore. The board of directors has recommended a final dividend of ₹7 per equity share for FY24, subject to the approval of the members of the company at its forthcoming 26th AGM.

IRB Infrastructure Developers: The company reported a 45.1% YoY increase in net profit at ₹188.9 crore for Q4FY24. The company’s revenue from operations rose by 27.2% to ₹2,061.2 crore. The board has declared a third interim dividend of ₹0.10 per equity share for FY24.

IIFL Finance: The company is facing a liquidity crunch as banks have become cautious about lending to it following a clampdown on the non-bank lender’s gold loan business. Banks have stopped lending to IIFL Finance’s gold and other businesses, impacting the overall business by around ₹500 crore ($60 million).

CreditAccess Grameen: The company reported a 33.9% YoY rise in net profit at ₹397 crore for the fourth quarter that ended March 31, 2024. Net interest income (NII) jumped 42.3%, coming at ₹881 crore against ₹619.2 crore in the corresponding quarter of FY23.

Zee Entertainment Enterprises: Atul Das, chief revenue officer of Zee Entertainment Enterprises, has resigned, and Anil Malhotra, former chief operating officer at SITI Networks, will replace him. Additionally, Mangesh Kulkarni, former business head of Marathi Films at Zee Studios, has been appointed as the new business head of Zee TV.

Sonata Software: The company reported a 3% YoY decrease in net profit at ₹110.4 crore for Q4FY24. The company’s revenue from operations rose by 14.53% to ₹2,191.6 crore. The board has recommended a final dividend of ₹4.40 per equity share for FY24, payable subject to shareholders’ approval at the AGM.

United Breweries: The company reported a consolidated net profit of ₹81.55 crore for the March quarter of the financial year 2023-24, an eight-fold increase from the year-ago period. The company’s revenue was ₹4,788.68 crore, a 17.3% increase. The board proposed a dividend of ₹10 per share, up from ₹7.5 per share last year.

One 97 Communications: Paytm’s chief business officers, Bipin Kaul and Ajay Vikram Singh, have resigned, following the recent departure of the company’s president and chief operating officer Bhavesh Gupta. The company has seen several leadership changes in recent times as part of a restructuring effort.

Bharat Forge: Baba Kalyani, chairman of the Kalyani Group, which operates Bharat Forge, has denied sharing any assets of the Kalyani joint family with the children of his estranged sister Sugandha Hiremath, as the two families do not have a common male ancestor. Kalyani stated in an affidavit that Sameer Hiremath and Pallavi Swadi cannot request any partition of the assets or wealth owned by any Kalyani joint family entity.

IDFC: The company reported a significant decline in net profit of 89.73% to ₹347.85 crore in the quarter ending March 2024, compared to ₹3,387.39 crore in the preceding quarter ending March 2023. Sales also dropped by 81.43% to ₹9.77 crore in the quarter ending March 2024, compared to ₹52.60 crore in the previous quarter ending March 2023.

DLF: Real estate major DLF sold out all 800 apartments launched under the project ‘Privana West’ in DLF 6 at Sector 76 in Gurugram in less than a week. The sales have garnered nearly over ₹5,000 crore.

Dixon Technologies: Dixon Electro Appliances, a subsidiary of Dixon Technologies, entered into an agreement with Nokia for the development and manufacturing of telecom products. The manufacturing will take place at the company’s manufacturing facility located in Noida, Uttar Pradesh.

Indraprastha Gas: State-run Indraprastha Gas (IGL) reported a 9% YoY growth in its consolidated net profit at ₹433 crore in Q4FY24, aided by higher sales. IGL’s consolidated total income rose 2% YoY to ₹4,044 crore in Q4FY24.

Adani Green Energy: Sri Lanka has agreed to purchase power at $0.0826, or 8.26 cents, per kWh from Adani Green Energy, which is executing a wind power project in Mannar and Pooneryn in the island nation’s Northern Province.

LatentView Analytics: The company reported a 32% increase in net profit to ₹45 crore for Q4FY24. Revenue was up 20% to ₹172 crore. For FY24, the company reported a 2% increase in net profit to ₹158 crore on 19% growth in revenue to ₹640 crore.