Key Q4 Results Updates: With the likes of Maruti Suzuki, Wipro, Bajaj Finserv Infosys, TCS, HCL Technologies, HDFC Bank, Shriram Finance, Jio Financial, Reliance Industries, Tata Consumer Products, HUL, Axis Bank, ‘Vedanta, Tech Mahindra, Bajaj Finance having already released their earnings for the quarter ended March 31, 2024, the Q4 earnings season is now full swing. Market Participants were today keen on the performance of players like SBI, Asian Paints, Abbott India, Alembic Pharma, BPCL, HPCL, Indian Overseas Bank, Mahanagar Gas, and Orient Electric among others. Meanwhile, the street was also keeping a watch on how stocks were performing for the companies that have already released their earnings for the period.
The week will witness announcements from the likes of ABB India, Bank of Baroda, Cipla, Kalyan Jewellers, Aarti Industries among many others.
Q4 results live updates: SBI, BPCL, HPCL, and other released earnings today
“Pursuant to Regulation 30 of the SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015, we wish to inform that the Board has recommended issue of Bonus Shares in the ratio of 1:1 i.e. one new bonus equity share of Rs. 10/- each for every one existing equity shares of Rs. 10/- each fully paid up subject to the approval of shareholders through Postal Ballot. The Board has fixed Saturday, 22nd June 2024 as Record date to determine the eligibility of shareholders to receive bonus shares. The Bonus Shares shall rank pari passu in all respects and carry the same rights as the existing equity shares of the Company. The other details are enclosed as Annexure,” said BPCL.
Bharat Petroleum Corporation Ltd recorded a standalone net profit of Rs 26,673.50 crore in the financial year 2023-24, a jump of 14.2 times on year from Rs 1,870.10 crore it posted in the corresponding period a year ago.
The company reported a standalone net profit of Rs 4,224.18 crore in Q4 of FY24, a decline of 36.4% on year from Rs 6,477.74 crore it posted in the same period a year ago.
The company recommends a final dividend of Rs 21 per equity share. “The final dividend would be paid within 30 days from the date of its declaration at the AGM. The Record Date for the final dividend will be intimated separately,” said the company.
HPCL – Ethanol Blending
-Achieved Ethanol blending of 12.13% during FY24 as compared to ethanol blending of 10.59% in FY23
-With commissioning of E20 facilities at 1,328 Retail Outlets during Q3FY24, HPCL now has 4,355 Retail Outlets with E20 facilities by end of Q4FY24.
HPCL -CNG facilities
-Were commissioned at 120 retail outlets during Q4, taking the total number of retail outlets with CNG facilities to 1,690 at the end of FY24
HPCL –EV Charging
-HPCL has signed an MoU with Tata Electric Mobility.
-The initiative is expected to leverage Tata’s EV insights and HPCL’s extensive Fuel Station Network.
-Electric Vehicle (EV) charging facilities were commissioned at 1,201 retail outlets during Q4FY24 taking the Retail outlets with EV Charging facility to 3,603 as of end of FY24.
HPCL -Solar panels
-Solar panels were installed at 5,688 Retail Outlets during Q4 taking the total number of retail Outlets with solar power to 17,618 as of FY24-end. Now, 80% of HPCL retail outlet network is powered by renewable energy
HPCL
-Recorded the highest-ever pipeline thru-put of 25.83 MMT with a growth of 11% over 23.25 MMT pipeline thru-put achieved during previous year.
HPCL
-Q4FY24 PAT at Rs 2,843 crore Vs Rs 3,223 crore in Q4FY23
–Q4FY24 PAT at Rs 2,843 crore Vs Rs 529 crore in Q3FY24
HPCL FY24
Consolidated Profit after Tax (PAT) of Rs 16,015 crore during FY24 Vs Consolidated Net Loss of Rs 6,980 crore in FY23
HPCL: Q4 GRMs lower
-Average GRMs (Gross of export duty) for the FY24 were $ 9.08 per barrel ($12.09 per barrel during the previous financial year).
-Average GRMs (Gross of export duty) for Q4FY24 were $6.95 per barrel ($14.01 per barrel during the corresponding period of previous year).
-The reduction in GRMs is in line with the trend of international product cracks.
HPCL Board of Directors recommended a final dividend of Rs 16.50 per equity share having face value of Rs10 (pre-bonus), which translates into final dividend of Rs 11 per equity share having face value of ₹10
“PNB reported mixed performance in Q4FY24. Lower provisions drove earnings however core operational performance was weak mainly led by weak NII growth and higher than expected opex (driven by one off relating to wage settlement provisions). Asset quality trends were better led by continued negative slippages for the 5th consecutive quarter. Business momentum was weak,” said Sharekhan by BNP Paribas.
Elara Securities on Hero MotoCorp
– Valuation: Maintain Accumulate with target price unchanged at Rs 5,312 per share
-Ramp-up in new launches, the key; Margins largely in-line
-The underlying EBITDA margin for the ICE business was 15.6% versus 16.0% in Q3FY24, excluding the impact of the EV business (ensuing impact of 130bps on margin).
SBI Q4FY24
-NII at Rs 41,655 crore, up 3.13% to Rs 40,393 crore in Q4FY23
-NIM down 37 bps YoY at 3.47% Vs 3.84%
-Net Profit up 23.98% at Rs 20,698 crore Vs Rs 16,695 crore in Q4FY23
Indian Overseas Bank‘s net profit in Q4 FY24 stood at Rs 808.10 crore, an increase of 24.3% on year from Rs 650.07 crore it posted in Q4 of FY23.
-Net Profit for Q4FY24 grew by 23.98% YoY to Rs 20,698 crores
-Net Interest Income (NII) for FY24 increased by 10.38% YoY.
-NIM for FY24 is marginally down by 9 bps YoY to 3.28%
Punjab National Bank reported a net interest income of Rs 10,363.11 crore in Q4 FY24, up 9.1% on year from Rs 9,498.75 crore came in Q4 of financial year 2023-24.
Punjab National Bank recorded a net profit of Rs 3,010.27 crore in Q4 of FY24, up 160% on year from Rs 1,158.61 crore it reported in the same period a year ago.
The bank declared a dividend of Rs 1.50 per equity share. “Recommended Dividend of Rs. 1.50 per equity share (75%) of face value of Rs.2/- each for FY 2023-24, subject to approval of the shareholders at the ensuing Annual General Meeting of the Bank,” said Punjab National Bank in an exchange filing.
State Bank of India‘s net profit grew to Rs 20,698.35 crore in Q4 of FY24 from Rs 16,694.51 crore it posted in Q4 FY23.
The bank has declared a dividend of Rs 13.70 per equity share. “Further, pursuant to Regulation 43 and Regulation 30 (6) of SEBI (LODR) Regulations,2OlS we inform that the Central Board of the Bank, at its Meeting held today, has declared a Dividend of t 13.70 per equity share (1370%) for the financial year ended 31.03.2024, The record date for determining the eligibility of members entitled to receive dividend on equity shares is Wednesday,22.05.2024 and Dividend payment date is fixed as 05.06.2024,” said SBI in an exchange filing.
Asian Paints‘ revenue from operations in Q4 of FY24 declined to Rs 7,443.89 crore from Rs 7,589.24 crore it reported in the corresponding period a year ago.
Asian Paint’s net profit in the January-March period of FY24 declined to Rs 1,209.39 crore from Rs 1,233.73 crore it reported in Q4 of FY23.
The company has announced a final dividend of Rs 28.15. “The total dividend for the financial year ended 31 st March 2024, aggregates to Rs. 33.30 (Rupees thirty-three and paise thirty only) per equity share of the face value of Re. 1 (Rupee one) each (dividend payout ratio of 60%), including the interim dividend of Rs. 5.15 (Rupees five and paise fifteen only) per equity share as approved by the Board of Directors at their meeting held on 26th October 2023, which was paid thereafter,” said Asian Paints in an exchange filing.
“We continue to remain bullish on Hero MotoCorp’s growth trajectory which shall be driven by scale-up and traction in its premium segment motorcycles; market share expansion thru product offerings in premium, mid, and mass category; gradual ramp-up in its exports business. Factoring this, we estimate its volume/ASP to grow by 8.3%/3.7% while revenue/EBITDA/PAT to grow at a CAGR of 12.3%/17.5%/18% over FY24-FY26E. We upgrade our rating from “Accumulate” to “Buy” with a target price of Rs 5,628 (at 19x on Mar-26E EPS, Rs 104 for Fincorp and Rs 115 for Ather),” said Prabhudas Lilladher on Hero MotoCorp’s Q4 results.
“We build 13%/28% revenue/EPS CAGR over FY24-26E (upgrade EPS by 20%/12% in FY265E/26E backed by higher revenues and improvement in margins incl. at overseas subsidiaries). We upgrade to “Buy” from “Reduce” with a revised target price of Rs 1,650 (Rs1,100 earlier); we assign 21x FY26E EV/EBITDA on consolidated basis (25x EV/EBITDA to defense and 20x EV/EBITDA to other businesses),” said Emkay Global on Bharat Forge after it reported its March quarter earnings.
“Factoring in healthy growth in fees and the lower opex, we revise FY25-26E earnings by 6-7% and expect the bank to deliver a healthy 1-1.1% RoA/17-21% RoE over FY25-27E. Given our general positive stance for PSBs and in particular CBK’s sustained strong performance, we retain “Buy”, lifting our target price to Rs 650/sh (from Rs 550), rolling forward the standalone bank at 1.1x FY26E ABV and subs at Rs30/share,” said Emkay Global on Canara Bank after it announced its Q4 earnings.
“We remain positive on KEC for the long-term given its strong order book, healthy execution momentum, robust T&D outlook, especially in renewable energy, and growing civil business. The stock is currently trading at a P/E of 24.0x/14.7x FY25/26E. We roll forward to FY26E and maintain a “Hold” rating with a revised target price of Rs 750 (Rs 686 earlier), valuing it at a P/E of 15x FY26E (14x Dec-25E earlier) given strong T&D prospects and improving margin profile,” said Prabhudas Lilladher on KEC International.
“Although spot LNG prices continue to remain low at $10/mmBtu in Q1-FY25TD, propane prices would be a key monitorable due to its competitive intensity in Morbi. The stock is currently trading at 28.4x FY26 EPS. We build in 9% CAGR volume growth over FY25-26E and estimate an EBITDA of Rs 5.5/scm for FY25/26E. Maintain a “Hold” rating with a target price of Rs 558 based on 29x FY26E EPS,” said Prabhudas Lilladher on Gujarat Gas.
“We revise our FY25/26E EPS estimates by -3.6%/+5.2% factoring in lower expected core margins in FY25 but increased execution in FY26. Larsen & Toubro (LT) reported consolidated revenue growth of 15.0% YoY, while EBITDA margin contracted by 93bps YoY due to higher SG&A costs,” said Prabhudas Lilladher on Larsen & Toubro.
“The company declared a final dividend of Rs 5/share. Going ahead, we build in a conservative volume growth CAGR of 6% over FY24-26E with an EBITDA/scm of Rs7. The stock is currently trading at 19.3x FY26 EPS and 12x FY26 EV/EBITDA. We maintain a “Sell” rating with a target price of Rs 368 based on 14x FY26E standalone EPS and adding the value of investments,” said Prabhudas Lilladher on Indraprastha Gas.
Hero MotoCorp‘s shares soared 6.7% during intraday reaching a high of Rs 4,922 after it reported a robust growth in net profit of Q4 FY24. The auto major’s standalone profit stood at Rs 1,016.05 crore in Q4 of FY24, up 18% on year compared to Rs 858.93 crore in Q4 of FY23. The company’s net profit was mostly in line with the Street’s estimates of Rs 1,026 crore.
