DLF, TVS Motors, Marico Q2 results preview: Here's what brokerages say

As the result season at Dalal Street continues to gain momentum, a host of companies including DLF Ltd, TVS Motors Company Ltd and Marico Ltd will announce their results for the period ended September 30. Here's what various brokerage firms have to say on these companies:DLF Ltd Kotak Institutional Equities expects DLF to report a net profit of Rs 501.8 crore, up 5 per cent YoY but down 5 per cent QoQ. Ebitda its seen declining 25 per cent YoY and 18 per cent QoQ to Rs 326 crore, with Ebitda margins falling about 11 per cent YoY to 22.6 per cent. Revenue is likely to increase 11 per cent YoY to 1,445.5 crore in Q2FY24. "Sequential improvement in pre-sales is likely on account of select launches during the quarter. We estimate revenue recognition of Rs 1,440 crore on account of modest project delivery during the monsoon quarter. DCCDL is likely to report 12 per cent YoY growth in rentals at Rs 1,100 crore on the back of recently added assets, as well as improvement in mall earning," it added. Sharekhan expects healthy pre-sales booking for DLF but a seasonally weak quarter is expected to lead to lower deliveries and lead to sequential dip in revenue bookings.  It expects increased delivery of completed projects to drive revenue. It sees rental income at DCCDL to improve with new asset addition and higher rentals and expects pre-sales booking to remain steady QoQ.TVS Motor Company Ltd Nuvama Institutional Equities expects TVS Motor to report an adjusted net profit of 207.8 crore in the Q2FY24, up 22 per cent on a year-on-year (YoY) basis and 20 per cent on a quarter-on-quarter (QoQ) basis. Ebitda is seen at Rs 377.50 crore, up 19 per cent YoY and 14 per cent QoQ. Revenue are seen at Rs 3,509.1 crore, an increase of 22 per cent YoY and 13 per cent QoQ. "Volume performance has been restricted due to timing of the festive season and TVS have outpaced the industry. Revenue growth to be supported by moderate volume growth and increase in realizations. Ebitda margin to expand on better net pricing. Key thing to watch out for is the demand outlook in overseas markets," it said. TVS is expected to outperform peers with a 15 per cent QoQ earnings growth, led by good volume growth and an improved mix. TVS's margin expansion will be capped by the rising mix of i-Qube, said HDFC Securities, which expects EBITDA margins to come in at 10.8 per cent, rising 60 basis points (bps) YoY. "We expect TVS to post 32 per cent YoY growth in earnings in Q2," it said.Marico Ltd JM Financial Marico's adjusted net profit to be around Rs 375 crore, up 16 per cent YoY, while EBITDA margins coming in around 20 per cent, up 225 bps YoY. It pegs Ebitda at 485.50 crore, rising 12 per cent YoY. "India volumes growth is low single-digit but consolidated value growth is still marginally down due to price-cuts and adverse currency translation, " it said. Phillip Capital expects Ebitda margin to see healthy expansion as well at 20.7 per cent, 335 bps QoQ supported by favorable sequential base, gradual rural recovery and steady volume growth in edible oil business shall aid growth. "Gross margin to expand substantially owing to benign copra price and correction in edible oil price," it said.