Stocks To Watch Today: Tech Mahindra, Axis Bank, Lodha, Hero MotoCorp & More

On 26th October, Thursday hot stocks like Axis Bank, Macrotech Developers, Gulf Oil Lubricants, Tech Mahindra, Indus Tower are likely to be in focus.

Macrotech Developers

On Thursday, the company announced a share purchase agreement to sell its entire stake in Palava Induslogic 3 Private Limited (PI3PL) for Rs 1536.53 million, a wholly owned subsidiary of the company on October 25, 2023 to NewCold India Holding B.V. ("NewCold"), Netherlands.

Axis Bank

In comparison to Rs 5,329.77 crore during the same period last year, Axis Bank recorded a 10.01% rise in net profit to Rs 5,863.56 crore in the quarter that ended in September 2023 (Q2FY24). At Rs 8,632 crore, the bank's operating profit for the quarter climbed 12% YoY. Core operating profit for Q2FY24 improved to Rs 8,733 crore, up 5% QoQ and 12% YoY. Its net interest income (NII)was Rs 12,315 crore in Q2FY24, representing a 19% YoY and 3% QoQ growth. In the quarter under review, net interest margins (NIM) increased by 1 bps QoQ and 15 bps YoY to 4.11%.

Tech Mahindra

The company's consolidated net profit in Q2FY24 was Rs 493.9 crore, down 28.7% on a quarter-on-quarter and 61.57% YoY basis. The quarter's consolidated revenue from operations fell by 2% YoY and 2.2% QoQ to Rs 12,864 crore. Even so, EBITDA dropped by 19.9% QoQ and 46% YoY to Rs 1,072 crore in Q2FY24. The earnings per share of the corporation were Rs 5.6. Revenue fell 2.8% sequentially and 5.1% YoY to $1,555 million in dollar terms. PAT fell to $59 million, a 29.3% QoQ and 62.5% YoY decline. EBITDA was down 20.5% QoQ and 47.3% YoY to $129 million, while margins were down 180 basis points QoQ to 8.3%. Tech Mahindra's revenue fell 2.4% sequentially in constant currency.

Indus Tower

The quarter's consolidated revenue was Rs. 7,133 crores, down ten per cent YoY. The company's consolidated EBITDA gained 23% YoY and stood at Rs. 3,456 Crores, The net profit was Rs. 1,295 crore, a 49% YoY increase in Q2FY24. "The revenue for Q2 FY23 included a benefit of Rs. 1,076 Crores from deferred recognition of revenues arising from the settlement of old dues with the customers. The same quarter also had an impact of Rs. 1,771 Crores due to provision for doubtful debt," said Indus Tower in a statement.

Hero MotoCorp

The company has made an investment of Rs. 15 crore by way of Rights issue in its subsidiary company, HMC MM Auto Limited. 1,50,00,000 nos. of equity shares at face value of INR 10/- each aggregating to Rs. 15 crore is fixed as the subscription value by Hero MotoCorp Ltd., in the Rights issue of HMC MM Auto Limited, subsidiary company.

Gulf Oil Lubricants

For the first time, Gulf Oil surpasses the milestone of Rs. 100 crores EBITDA in a single quarter, expanding 25.22% YoY. Profit After Tax (PAT) for Q2 soared to Rs. 73.63 crores, up 41.22% YoY.
During the quarter ended September 30, 2023, the company has achieved a net revenue of Rs. 802.30 crores as against Rs. 719.50 crores in Q2FY23, growth of 11.51% and PAT of Rs. 73.63 crores as against Rs. 52.14 crores, growth of 41.22% compared to the Quarter ended September 30, 2022.

Rallis India

The company recorded revenue of Rs 832 Cr for the quarter ending September 30, 2023, vs Rs 951 Cr over the same quarter of the previous year. Profit before tax (before exceptional items) was at Rs 109 Cr in Q2FY24 vs Q2FY23 of Rs 95 Cr and the Profit after tax (after exceptional items) was at Rs 82 Cr during the quarter under review vs Rs 72 Cr in the same quarter of FY23.

Jubilant FoodWorks

With Rs. 13,448 million in revenue from operations, the company's sales rose 4.5% YoY driven by Domino's Delivery channel sales which climbed by 7.9%. The average daily sales of mature stores, came in at Rs. 81,658, up by 1.4% sequentially. The gross profit climbed by 4.7% to Rs. 10,275 million. The gross margin was 76.4%. With an EBITDA margin of 20.9%, the total EBITDA was Rs. 2,807 million. The profit after tax was Rs. 721 million, with a 5.4% profit-after-tax margin during Q2FY24.