Stocks to Watch: Airtel, Adani Ent, Cipla, Sun Pharma, Eicher Motors
Bharti Airtel: Bharti Airtel Ltd reported a mixed set of first-quarter numbers on Thursday, with revenue beating estimates even as profit came below expectations. The company reported a flat net profit of ₹1,612.5 crore in the first quarter of fiscal 2024 from ₹1,607 crore a year ago. However, the company’s revenue from operations grew 14% to ₹37,440 crore compared to ₹32,804.6 crore in Q1 FY23.
Bharti Airtel’s net profit missed Bloomberg analysts' estimate of ₹2,861 crore, but revenue beat the estimate of ₹36,869 crore. Cipla: Blackstone is expected to submit a non-binding bid next week for acquiring over 33% promoter stake in India's third-largest generics company by revenues ‘Cipla’, according to a report published by Economic Times. With this, the eventual exit process of the Hamied family from the company started in 1935, will be formally started.
Moneycontrol earlier reported that Cipla's top shareholders are in talks to sell around 33.47% of their stake in the company to private equity players including Blackstone and Baring Asia. Adani Enterprises: Adani Group's flagship company Adani Enterprises today announced its Q1 results with net profit growth of 44% year-on-year at ₹674 crore for the quarter ending June 2023. The company's revenue fell 38% YoY.
The company's consolidated total income stood at ₹25,810 crore on account of the correction in coal prices. Consolidated EBIDTA (Earnings before interest, taxes, depreciation, and amortization) increased by 47% to Rs. 2,896 crore on account of strong operational growth.
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