A total of 29 Nifty 50 companies have reported their Q2FY24 earnings, showcasing a robust 35% increase in consolidated net profit and over 9% rise in gross sales year-over-year (YoY). The data, compiled by ICICI Securities, indicates no significant negative surprises this earnings season, with cyclicals driving profit growth.
Reliance Industries (NSE:RIL) posted a 27.37% rise in consolidated net profit and a 1.2% YoY increase in gross sales. Systematix Institutional Equities upgraded RIL to 'Buy' following the Q2 results, citing an 11% correction since Q1FY24 result and potential upside triggers such as tariff hike post-election and revival in petrochemical margins.
Infosys (NSE:NS:INFY), Tata Consultancy Services (NSE:NS:TCS), and HCL Technologies (NSE:HCLTECH) reported YoY growth in net profit for the quarter ended September 30. Kotak Institutional Equities predicts a margin expansion of 60-110 basis points over FY2024-26E for these IT companies.
Maruti Suzuki (NSE:MARUTI), UltraTech Cement (NSE:ULTRACEMCO), and Asian Paints (NSE:ASIANPAINT) reported over 50% YoY growth in their respective bottom lines during the reviewed quarter. SMIFS Ltd set a target price of ₹12,432 for Maruti Suzuki after Q2 results, emphasizing Maruti's commitment to launching new models including six EVs by FY31 and its strategy to gain market share.
HDFC Bank (NSE:HDFCBANK) posted a net profit of ₹16,811 crore in Q2 against ₹11,125 crore (INR100 crore = approx. USD12 million) last year following its merger with HDFC on July 1, 2023. Despite the merger, BP (NYSE:BP) Wealth stated the numbers were not comparable on an apple-to-apple basis.
Nestle India (NSE:NESTLEIND) and ITC (NSE:ITC) reported net profit growth of 37.3% and 6%, respectively, YoY. IIFL Securities lauded Nestle India's well-executed distribution strategy and higher pricing growth that is expected to rise in the coming quarters. The company set a target price of ₹25,000 for Nestle India. KRChoksey Shares and Securities praised ITC's strong performance in key segments and gross revenue distribution, setting a target price of ₹533 for the company.
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