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Research Periodic Report Britannia’s Q3 profits down 40.4%, Godrej Properties grows 6%, Ashok Leyland’s stellar margins, Nykaa’s Q3 net profit soars by 98%

Britannia’s Q3 profits down 40.4%, Godrej Properties grows 6%, Ashok Leyland’s stellar margins, Nykaa’s Q3 net profit soars by 98%

Written by - Fisdom Research

February 7, 2024 4 minutes

Opening Bell:

Gift Nifty is up by 5.5 points in the early morning trade, indicating a positive opening for Indian stock market.

On Wednesday, Asian markets generally experienced upward movements, following the positive performance on Wall Street the previous night. Japan’s Nikkei 225 index saw a 0.07% increase, and the broader Topix index recorded a gain of 0.62%. South Korea’s Kospi showed a rise of 0.8%, accompanied by a 1% rally in the Kosdaq. Additionally, futures for Hong Kong’s Hang Seng index suggested a positive opening.

On Tuesday, the S&P 500 concluded the day with a slight uptick, as investors closely examined a diverse set of earnings reports from major U.S. companies. Concurrently, they absorbed statements from Federal Reserve policymakers, seeking insights into the anticipated initial interest-rate cut. The Dow Jones Industrial Average saw an increase of 0.37%, The S&P 500 registered a gain of 0.23%, while the Nasdaq Composite recorded a modest rise of 0.07%.

Stocks News:

👉 Britannia Industries: The biscuit maker has recorded consolidated profit of Rs 555.66 crore for the quarter ended December FY24, falling sharply by 40.4 percent compared to the year-ago period due to its high base. In Q3 FY23, the net profit included exceptional gains of Rs 375.6 crore. Revenue from operations grew by 1.4 percent YoY to Rs 4,256.3 crore for the quarter.

👉 Godrej Properties: The real estate major reported a consolidated net profit of ₹62.47 crore for the quarter ended December 2023, registering a 6% growth from ₹58.49 crore in the same quarter last year. Revenue in Q3FY24 rose 68% to ₹330.44 crore from ₹196.23 crore, year-on-year (YoY). Sales Bookings grew by 76% YoY to ₹5,720 crore in Q3FY24 and 59% YoY to ₹13,008 crore in 9MFY24. Q3FY24 was the company’s highest ever quarterly sales for the second quarter in a row with 4.34 million sq. ft. of area sold. Collections and Net Operating Cash flow grew by 43% to ₹2,411 crore and 45% to ₹798 crore, respectively in Q3FY24, Godrej Properties said in a release.

👉 Ashok Leyland: For the commercial vehicle manufacturer, FY24 is mainly about stellar margin performance. For the second consecutive quarter, Ashok Leyland has clocked a sequential improvement in Ebitda margin. For perspective, in the December quarter (Q3FY24), Ashok Leyland’s Ebitda margin improved to 12%, up from 11.2% in Q2, and 10% in Q1. The upshot is that year-on-year Q3 Ebitda growth came in at almost 40% to ₹1,114 crore with margin expanding by 320 basis points (bps). This is at a time when revenue growth stood at a mere 2.7% — a function of lower volumes to a good extent.

👉 Nykaa’s Q3 FY24 results show a significant surge in net profit, up by 98% to ₹16.2 crore (attributable to equity shareholders) and a total net profit increase of 106% to ₹17.5 crore. The boost is attributed to robust demand during festive and wedding seasons. Revenue from operations in Q3FY24 grew by 22% to ₹1,789 crore, compared to ₹1,462 crore in the previous year. Earnings before interest, taxes, depreciation, and amortization (EBITDA) for the December quarter rose by 26.4% to ₹99 crore.

👉 Foreign institutional investors (FIIs) net bought shares worth Rs 92.52 crore, while domestic institutional investors (DIIs) purchased Rs 1,096.26 crore worth of stocks on February 6, provisional data from the NSE showed.

Domestic and International Events

  • India’s state-run banks are expected to generate nearly $2 billion in dividends for the government in the next fiscal year, marking a significant increase from this year. Prime Minister Narendra Modi’s efforts to strengthen state banks, including mergers and a bankruptcy law, have contributed to their improved financial performance. State banks are projected to have net profits exceeding $12 billion in the current fiscal year, driven by strong credit demand.
  • Cleveland Fed President Loretta Mester said on Tuesday that if the US economy performs as she expects, it could open the door to rate cuts. But Mester said she was not ready to provide timing for easier policy amid ongoing inflation uncertainty, Reuters reported.
  • Gold firmed on Tuesday after a pullback in the US dollar and Treasury yields, while traders positioned for remarks from several Federal Reserve officials this week to gauge the likely pace of interest rate cuts this year. Spot gold rose 0.6 percent to $2,035.89 per ounce, after hitting its lowest since Jan. 25 in the previous session. US gold futures settled 0.4 percent higher at $2051.4.
  • Brent and US crude futures initially climbed over $1 a barrel on Tuesday after the US Energy Department said crude oil production would grow less than forecast but then gave up some of the gains on talk of a possible lengthy cease-fire in the Gaza War. Brent crude futures settled at $78.59 a barrel, up 60 cents, or 0.77 percent, while US West Texas Intermediate crude futures rose 53 cents, or 0.73 percent, to settle at $73.51.

Key Equity Indices

Hang Seng16,1374.0 %
Shanghai Composite2,7893.2 %
Dow Jones38,5210.4 %
DAX17,0330.8 %
FTSE 1007,6810.9 %
Nikkei36,161(0.5) %
Straits Times3,126(0.3) %

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