PNB, NTPC, JSW Steel, Zomato, Bandhan Bank, Delhivery shares in focus; here are Q4 results previews

Punjab National Bank (PNB), NTPC, JSW Steel, Bandhan Bank, Zomato, Power Grid and Delhivery are among dozens of companies that would announce their March quarter results today. While PNB is expected to report a multi-fold jump in Q4 profit, Bandhan Bank's bottom line may halve YoY. JSW Steel may report 50 per cent drop in profit while analysts see 10 per cent growth in profit for NTPC. Here are results previews for Zomato, Delhivery, Power Grid and the companies mentioned above:

PNB Q4 results preview

Emkay Global expects PNB's profit at Rs 1,254 crore, up 522 per cent YoY. It sees NII growing 25.3 per cent YoY to Rs 9,149 crore. Prabhudas Lilladher expects PNB to report a three-fold jump in profit at Rs 621 crore compared with Rs 202 crore in the same quarter last year. NII is expected to grow 25.4 per cent YoY to Rs 9,157 crore from Rs 7,304 crore in the year-ago quarter. NIM is seen to improve 47 basis points to 2.99 per cent from 2.53 per cent YoY. Gross NPA is seen at 9.34 per cent against 9.7 per cent in December and 11.77 per cent in the year-ago quarter.

"NII & Operating profit would be flattish sequentially; however, opex & provisions would remain elevated. Asset quality should come down due to recoveries/w.offs keeping GNPAs rise limited," Prabhudas Lilladher said.

Bandhan Bank Q4 results preview

Emkay Global expects Bandhan Bank to report 61.3 per cent YoY drop in net profit at Rs 736.80 crore compared wit Rs 1,902 crore in the same quarter last year. NII for the quarter is seen at Rs 2,185 crore, down 14 per cent YoY over Rs 2,540 crore in the year-ago quarter. NIM is seen at 6.5 per cent, flattish on a sequential basis, but down 223 basis points over year-ago's 8.7 per cent.

"Growth has recovered but remains lower than expected. NIM should improve on a QoQ basis and, thus, support profitability. Slippages are expected to remain elevated, but higher write-offs are likely to reduce NPA ratio," Emkay Global said.

Nuvama Institutional Equities sees profit at Rs 850 crore, down 55 per cent YoY. NII is seen falling 3.8 per cent YoY to Rs 2,440 crore. This brokerage sees NIM at 7.3 per cent.  

JSW Steel Q4 results preview

JSW Steel is likely to post double-digit volume growth, said Elara Securities. This brokerage expects profit for the steel maker to fall 53.90 per cent YoY to Rs 1,730 crore from Rs 3,753 crore in the year-ago quarter. It sees a flattish profit at Rs 46,616 crore against Rs 46,026 rcore YoY.

Phillip Capital sees profit for JSW Steel at Rs 1,672 crore, down 48.30 per cent YoY. Revenue for the quarter is seen falling 4.3 per cent YoY to Rs 44,875 crore. It sees better margins due to CoP rationalisation and absence of one offs  like last quarter (forex and inventoy losses).

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Zomato Q4 results preview

ICICI Securities estimates Zomato's gross order value (GOV) for food delivery segment to remain flat sequentially (up 14.2 per cent YoY) in the March quarter despite the activation of Zomato Gold membership, given a seasonally weaker quarter and online consumption fatigue trends as noted above.

It expects 1 per cent sequential decline in food ordering average order value (AOV) as delivery fees have been waived off for Gold members. The food ordering contribution margin is expected to remain stable sequentially as restaurant take rate improvements may offset delivery subsidy increases.

"We estimate Hyperpure business (B2B) to grow 26 per cent QoQ and Blinkit to grow 30 per cent QoQ led by an increase in geographical reach. Overall, we estimate adjusted revenue growth of 9.5 per cent QoQ and 68 per cent YoY and flattish consolidated Ebitda QoQ in Q4FY23E, indicating sustainable growth in new businesses," the brokerage said.

NTPC, Power Grid Q4 results previews

JM Financial said NTPC may report net sales of Rs 47,100 crore in 4QFY23, up

27 per cent YoY,  on the back of strong  demand leading to higher generation & commissioning of renewable projects. Ebitda is estimated at Rs 15,300 crore, up 33 per cent annually. NTPC registered a 62 per cent growth in coal production from its captive mines.

JM Financial sees profit to grow 10 per cent YoY and 19 per cent sequentially to Rs 5,700 crore supported primarily, by higher generation during the quarter and moderation in expenses.

The same brokerage said Power Grid may grow 12 per cent YoY with net sales at Rs 11,900 crore, thanks to higher capitalisation. It expects Power Grid to maintain Ebitda margin of 88 per cent. It sees profit at Rs 4,132 crore. Profit would not comparable with preceding periods due to lower effective tax rate in previous quarters, it said.

Delhivery Q4 results preview

ICICI Securities expects express parcel shipment volumes to decline 4 per cent YoY (flattish QoQ) for Delhivery in the March quarter, given a high contribution of Shopee in the base quarter. It believes that Delhivery has likely gained market share in 3PL category in the March quarter.

"We estimate sustained improvement (17.4 per cent YoY) in PTL volumes as Delhivery continues to improve SLAs. However, PTL volumes may still remain c30 per cent below pre-acquisition levels in Q4FY23E. Overall, we estimate Delhivery’s revenue to grow 5.8 per cent QoQ (6.8 per cent YoY de-growth) in Q4FY23E," it said.

The brokerage estimated Delhivery to deliver positive adjusted Ebidta in Q4FY23 for the first time since listing. This could be a positive trigger for the stock, it said.

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