Stocks to Watch: IndusInd Bank, Asian Paints, Nazara Tech, LTIMindtree, NHPC
LTIMindtree: India’s sixth largest IT services company reported robust earnings for the December quarter, with 17% year-n-year rise in consolidated net profit to ₹1,169 crore. Revenue from operations rose around 5% to ₹9,016 crore. However, operating margin dropped below its full-year guidance of 17-18% in Q3FY24, as higher than expected furloughs and less working days dented profitability.
It reported operating margin of 15.4%, down 60 basis points from September quarter. ICICI Prudential Life Insurance: Reported a flat net profit of ₹227 crore for the fiscal third quarter ended December 2023. The company had reported a profit of ₹221 crore in the same quarter a year ago.
Net premium income during Q3FY24 rose to ₹9,929 crore, as against ₹9,465 crore in the same period a year ago. Assets under management increased to ₹2.86 trillion, compared to ₹2.51 trillion. Asian Paints: India’s largest paints company Asian Paints Ltd reported a consolidated net profit of ₹1,447.98 crore for the December quarter, up 35% from ₹1,072.67 crore a year ago on the back of softening raw material prices and growth in luxury products.
Revenue during the quarter rose by 5.4% to ₹9,074.9 crore primarily due to double-digit growth in the industrial business along with the extended festive season. Bharat Electronics: The aerospace and defence PSU on Wednesday said it has received two orders amounting to ₹1034.31 crore. The company received an order worth ₹695 crore from Mazagon Dock Shipbuilders Ltd, for supply of spares related to missile systems.
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