Stocks to Watch: TCS, Vedanta, Ambuja Cements, ACC, Yes Bank, DLF
Tata Consultancy Services: TCS kicked off the earnings season on a high, concluding FY24 with a March quarter that surpassed expectations. For Q4FY24, it posted a net revenue of $7.36 billion, marking a sequential increase of 1.1%, which aligns with analysts' growth predictions of up to 1.5%. The net profit for the same quarter stood at $1.5 billion, reflecting a sequential rise of 6.4%.
FY24 net revenue witnessed a growth of 4.1% to reach $29.08 billion. The net profit for the entire year was $5.62 billion, marking a 7.7% increase from FY23's $5.22 billion. TCS also reported a 150 basis point expansion in operating margin in the final quarter of FY24, standing at 26%.
Vedanta: The company is looking to secure a funding of ₹3,900-4,000 crore from Power Finance Corp. The company has arranged a rupee term loan facility from the government-owned lender amounting to at least ₹3,918 crore, which could extend up to ₹4,000 crore, ACCording to two individuals familiar with the matter. This funds from the 11-year loan will primarily be utilized to augment the capacity of its two power plants located in Chhattisgarh and Andhra Pradesh.
It aims to escalate the operational capacity of its power business in India to 4.8GW by FY27, from the current 2.58 GW. Ambuja Cements, ACC: The Adani group, which owns Ambuja Cements and ACC Ltd, aims to secure approximately one-fifth of the Indian cement market by FY28. Adani Cement plans to execute its expedited capex program using internal accruals, ensuring the business remains debt-free, as per an investor presentation by Ambuja Cements.
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