IndusInd Bank, Polycab India, Jindal Stainless, Mastek, Metro Brands Q3 results previews

A host of corporates including IndusInd Bank Ltd, Jindal Stainless Ltd, Mastek Ltd, Metro Brands Ltd and Polycab India Ltd, will announce their December quarter results for the December quarter. These companies are expected to report 7-40 per cent surge in profits on 8-20 per cent rise in sales. Here's what brokerages said on the results-bound companies:  

Jindal Stainless Q3 results preview

Prabhudas Lilladher (PL) expects Jindal Stainless to report a profit of Rs 700 crore, up 40.7 per cent over about Rs 500 crore in te same quarter last year. It sees sales rising 8.7 per cent to Rs 9,850 crore for the quarter compared with Rs 9060 crore in the corresponding quarter last year. Ebitda is seen surging 32.7 per cent to 1,150 crore while Ebitda margin is seen expanding 211 basis points to 11.7 per cent in the December quarter from  9.6 per cent in the same quarter last year.

"We expect volumes to grow at 10 per cent YoY to 516 kt affected by planned maintenance shutdown; weak export volumes & contribution to keep realisation flattish; expect Ebidta per tonne in the range of Rs 19,500-20,000 for 3QFY24; and 6 per cent QoQ decline in consolidated Ebitda," PL said.

IndusInd Bank Q3 results preview

Dolat Capital expects IndusInd Bank to report 9.8 per cent YoY rise in net profit at Rs 2,156.50 crore on 16.2 per cent YoY rise in net interest income at Rs 5,225.80 crore. Pre-provision operating proit is seen rising 8 per cent YoY to Rs 3,982.70 crore. "Reported healthy growth at 4 per cent QoQ/ 20 per cent YoY. Sequential NIM to be stable at 4.3 per cent. With unlikely usage of contingent buffers in Q3, sequentially higher credit cost at 130 bps to limit PAT growth. Build in RoA of 1.8 per cent," it said.

PhillipCapital sees profit rising 14.9 per cent YoY and sales 15.5 per cent. "Reported healthy growth at 4 per cent QoQ/ 20 per cent YoY. Sequential NIM to be stable at 4.3 per cent.

Mastek Q3 results preview

Sharekhan expects Mastek to report 7.4 per cent YoY rise in net profit at Rs 69 crore for the December quarter compared with Rs 64 crore in the same quarter last year. Sales is seen rising 19.5 per cent YoY to Rs 787 crore compared with Rs 659 crore in the corresponding quarter last year. Margin is seen at 16.1 per cent, down 112 basis points over 17.3 per cent in the year-ago quarter. It sees dollar revenues at $95 million, up 18.1 per cent.

"Mastek is expected to report sequential revenue growth of 2.3 per cent in CC terms, aided by BizAnalytica’s acquisition. EBIT margin is expected to remain flattish QoQ," it said.

Metro Brands Q3 results preview

Motilal Oswal Securities expects Metro Brands to report 15 per cent YoY rise in net profit at R 130 crore for the December quarter on 20.4 per cent YoY rise in sales at Rs 720.70 crore. Ebitda is seen rising 16.8 per cent YoY to Rs 239.60 crore. Revenue growth will be led by footprint additions, the brokerage said. Motilal Oswal expect Ebitda margin for Metro Brnds to contract 100 bps YoY to 33.3 per cent due to Fila acquisition. It expects to add 28 stores in Q3FY24, taking the total count to 845.

Polycab India Q3 results preview

Nirmal Bang expects profit for Polycab India to climb 22.6 per cent YoY to Rs 438.50 crore. Sales, it said, should rise 20 per cent YoY to Rs 4,458 crore. Phillip Capital, on the other hand, sees profit rising 18.1 per cent and revenue 17.9 per cent YoY. It suggested strong growth in B2B, exports and south and east markets in W&C. "We expect growth of 17 per cent in Q3 in W&C (we expect last 10 days of quarter sales impacted mainly due to IT raids). FMEG impacted because of fans. Control on costs helped margins," it said.

BNP Paribas said it would like to know the impact of volatility in commodity prices on channel inventory. Besides,  commentary around  demand expectations going into the election season and profitability revival for the fast moving electrical goods (FMEG) business will be keenly watched it said.

 

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