Searching for turnaround companies on D-Street? These firms reported first profit in 5 years

At least 55 firms have emerged from a prolonged financial drought in FY24, marking their first profits since FY20. Among the major names, aviation major InterGlobe Aviation (IndiGo) topped the list in terms of net profit. The company posted a profit of Rs 8,172.47 crore in FY24, registering its first profit in five years. 

On the other hand, total income of the company increased by 27% YoY to Rs 71,231 crore in FY24.

At present, IndiGo operates at 88 domestic destinations with 10 destinations added in FY24. During FY24, seven new international destinations were launched across Asia and Africa.

The company also aims to achieve a fleet size of over 600 aircraft by the end of the decade. Brokerage Prabhudas Lilladher is positive on InterGlobe Aviation with a target price of Rs 4,667.

“The tax burden is likely to be negligible in FY25 given past accumulated losses,” brokerage Prabhudas Lilladher said in a report. Emkay Global Financial Services also has a ‘Buy’ rating on the airline major with a target price of Rs 5,000.

Likewise, other players such as Abhishek Corporation, Consolidated Construction Consortium, Atlantaa and 63 Moons Technologies also reported their first profit in five years. Abhishek Corporation posted a profit of Rs 905.20 crore in FY24 against a loss of Rs 16.99 crore in FY23 and Rs 18.09 crore in FY22. Consolidated Construction Consortium, Atlantaa and 63 Moons Technologies posted a profit of Rs 672.57 crore, Rs 538.74 crore and Rs 222.52 crore in FY24.

Data further highlighted that other companies such as IFCI, Kisan Mouldings, Fortis Malar Hospitals, Sea TV Network, Jhandewalas Foods, RS Software (India), Satchmo Holdings, Rajshree Sugars & Chemicals, Rane Engine Valve, Starlite Components, Punjab Communications and Moneyboxx Finance also reported their first consolidated profit in FY24 for the first time in five years.