Stocks to Watch: Maruti Suzuki, ICICI Bank, HCLTech, Apollo Hospitals, IDFC First Bank, SBI Cards
Maruti Suzuki India: The company reported a standalone net profit of ₹3,878 crore for the quarter ending March FY24. This represents a 47.8 percent increase from the same period last year, largely due to robust operational figures and increased other income. However, the overall results fell short of market predictions.
The company’s operational revenue saw a year-on-year growth of 19.3%, reaching ₹38,235 crore, with a 13.4% increase in sales volume to 5.84 lakh units. The EBITDA rose by 40 percent year-on-year to ₹38,235 crore, with a margin growth of 170 basis points to 12.2 percent for the quarter. For FY24, the company proposed a record dividend of ₹125 per share.
ICICI Bank: The private sector bank reported a standalone net profit of ₹10,707.5 crore for the quarter ending March FY24, representing a 17.4% increase from the same period last year, primarily due to reduced provisions for bad loans. The bank's earnings exceeded market expectations. The net interest income for the quarter rose by 8.07% YoY to ₹19,093 crore.
The bank also saw an improvement in asset quality, with the gross NPA dropping 14 bps sequentially to 2.16 percent and the net NPA decreasing 2 bps to 0.42 percent in Q4 FY24. HCL Technologies: The IT services firm announced a net profit of ₹3,986 crore for the quarter ending March FY24. This represents an 8.4 percent decrease from the previous quarter, primarily due to underwhelming operational figures, and the overall results were below market forecasts.
The company's operational revenue saw a marginal sequential growth of 0.2%, reaching ₹28,499 crore for the quarter. Dollar revenue growth was at 0.4%, and revenue in constant currency terms increased by 0.3% QoQ. The board has proposed an interim
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