M&M, Indian Hotels, J&K Bank, Coforge: How result bound stocks are faring; check previews

Select companies including Mahindra & Mahindra (M&M), Indian Hotels Company (IHCL), Coforge, Jammu & Kashmir Bank, Ethos and Computer Age Management Services (CAMS) are set to announce their results for the March 2024 quarter later today. Majority of these companies were trading in green ahead of their quarterly earnings.

Mahindra & Mahindra jumped more than 1.75 per cent to Rs 2982 on Monday as the homegrown automajor commanded a total market capitalization of more than Rs 3.70 lakh crore. On the other hand, Indian Hotels Company gained more than 2.71 per cent during the day, with its total valuation at Rs 1.15 lakh crore. However, the stock turned flat as the session progressed.

Kotak Institutional Equities is expecting M&M to report a revenue of Rs 30,152.4 crore, up 19.7 per cent YoY but down 1.3 per cent QoQ. Ebitda is seen at Rs 4,306.1 crore, up 30.6 per cent YoY but down 3.6 per cent sequentially, with Ebitda margins contracting 35 basis points QoQ to 14.3 per cent. Net profit is seen at Rs 2,359.9 crore, up 18 per cent YoY but down 20.4 per cent QoQ.

"We estimate an increase in revenues led by an 18 per cent YoY growth in the tractor segment's revenues, mainly due to increase in volumes and a 20 per cent YoY increase in the automotive segment's revenues, driven by a 17 per cent YoY increase in volumes, especially led by the SUV and export segments," said Kotak. It has a 'buy' rating on M&M with a target price of Rs 3,500.

Elara Capital is expecting Indian Hotels to report a revenue of Rs 2,566.2 crore in the March 2025 quarter, up 34.7 per cent YoY and 1.3 per cent QoQ. Ebitda is seen at Rs 1,014 crore, up 53.7 per cent YoY and 5.4 per cent QoQ. Net profit is likely to come in at Rs 603.2 crore. up 44.4 per cent YoY and 3.6 per cent QoQ.

Among the midcap names, Coforge added 1.62 per cent to Rs 7,507.60 on Monday, with its total valuations near Rs 50,000 crore mark. Jammu & Kashmir Bank (J&K Bank) and Ethos gained 2.63 per cent and 1.98 per cent to Rs 96.62 and Rs 2,591.95, respectively. CAMS was the only name trading in red among these six stocks as it fell more than 1.6 per cent to Rs 3,780.95.

Nuvama Institutional Equities is penciling Coforge's Q4 revenue to come in at Rs 3,504.3 crore, up 49 per cent YoY and 6 per cent QoQ. Ebitda is seen at Rs 557.5 crore, up 31 per cent YoY and 7 per cent QoQ. Core profit is pegged at Rs 299.7 crore, up 34 per cent YoY and 39 per cent QoQ.

"We expect revenue growth of 2.9 per cent QoQ in CC and 2 per cent QoQ in USD - broad based growth, coming on the back of a strong Q3. We reckon margin shall expand by 60 bps QoQ due to lower ESOP expense and operating leverage. Deal-wins are likely to be strong, driven by the recent $1.56 billion deal from Sabre," Nuvama said.

Anand Rathi Shares & Stock Brokers expect J&K Bank to report a net interest income of Rs 1,542.9 crore, up 18.1 per cent YoY and 2.3 per cent QoQ. Pre-provisioning operating profit is seen at Rs 762.5 crore, up 14.9 per cent QoQ and 1.9 per cent QoQ. Net profit may come in at Rs 520.3 crore, down 18.5 per cent YoY and 2.1 per cent QoQ. It has a 'buy' rating on the stock.

YES Securities is penciling Ethos to clock a revenue of Rs 313.1 crore, up 24 per cent YoY but down 15.4 per cent QoQ. Ebitda is seen at Rs 47 crore, up 75 per cent YoY but down 41 per cent QoQ, with an Ebitda margin of 15 per cent for the quarter. Net profit is penciled at Rs 24 crore, up 14.1 per cent YoY but down 18.7 per cent QoQ. "Ethos should continue to deliver healthy volume growth," it said.

Equirus Securities is modeling CAMS' revenue from operations in Q4FY25 at Rs 359.3 crore, up 15.7 per cent YoY but down 2.8 per cent QoQ. Ebitda is seen at Rs 161.7 crore, up 12.8 per cent YoY, but down 6.4 per cent QoQ. Net profit is seen at Rs 113.2 crore, up 10 per cent YoY but down 8.8 per cent sequentially. "We expect MF AAUM growth to decline 1.5 per cent QoQ. MF revenue yields to decline qoq due to change in AUM mix," it said.