Latest news with #JMFinancialInstitutionalSecurities
Reuters
3 days ago
- Business
- Reuters
Indian miner NMDC's quarterly profit falls on softer prices
May 26 (Reuters) - Indian state-owned miner NMDC ( opens new tab on Tuesday reported a fall in fourth-quarter profit, hurt by lower product prices. The iron ore miner's quarterly profit before exceptional items and tax came in at 23.51 billion rupees ($275.56 million), down 3.5% from a year ago. Its profit including tax rose 2% for the January-March quarter due to lower tax expenses. NMDC's iron ore prices averaged at 4,206 rupees, lower than the average of 4,299 rupees a year earlier, according to data from JM Financial Institutional Securities. The company had announced a price cut in January, according to commodities consultancy BigMint. JSW Steel ( opens new tab, which primarily procures iron ore from NMDC, said earlier this month that a further drop in iron ore prices is expected in the first quarter of the ongoing fiscal year. NMDC's fourth-quarter revenue from operations rose 7% to 69.53 billion rupees, mainly due to higher sales in its pellets unit, which logged a nearly 13-fold increase in revenue. Revenue from its iron ore vertical fell nearly 2% during the quarter. ($1 = 85.3180 Indian rupees)
&w=3840&q=100)
Business Standard
23-05-2025
- Business
- Business Standard
Gokaldas Exports slips 10% in 2 days post Q4 results; time to buy?
Gokaldas Exports share price today Shares of Gokaldas Exports were under pressure for a second straight trading day on Friday, down 3 per cent to ₹931.75 on the BSE in today's intraday trade in an otherwise strong market. In the past two trading days, Gokaldas Exports shares have declined 10 per cent after the garments & apparels company reported its March 2025 quarter (Q4FY25) results. At 10:59 AM, Gokaldas Exports stock was trading 2.8 per cent lower at ₹934.15, as compared to 1.1 per cent rise in the BSE Sensex. Thus far in calendar year 2025, the stock has slipped 18 per cent as against a 4 per cent rise in the benchmark index. The stock had hit an all-time high of ₹1,260 on December 18, 2024. Catch Latest Stock Market Updates Today LIVE Q4 results, management commentary Gokaldas Exports registered a total income growth of 27 per cent year-on-year, whereas profit before tax grew 84 per cent Y-o-Y in March 2025 quarter (Q4FY25), at ₹1,035 crore and ₹79 crore, respectively. Earnings before interest, taxes, depreciation and amortisation (Ebitda) margins improved by 272 bps to 13.7 per cent on a Y-o-Y basis during the quarter, supported by productivity gains and robust cost management efforts. Profit after tax grew 19 per cent Y-o-Y and 5 per cent sequentially at ₹53 crore. The management said there is a considerable amount of effort required to improve the margins further over the next few years as the company continues to consolidate and grow the business. "As we step into FY2026, the reciprocal tariff imposed by the US poses a formidable challenge by inducing business volatility and margin pressure. The recently concluded India-UK free trade agreement (FTA), however, presents an opportunity as and when it is implemented," the management said. JM Financial Institutional Securities re-iterates 'buy', share price target of ₹1,265 India remains a key player in sourcing strategies for all customers. Higher tariff on China and political uncertainties in Bangladesh contribute to the overall attractiveness of the country as a sourcing destination. The recently announced India-UK FTA offers a 12 per cent duty advantage over China and puts India on par with Bangladesh, creating a strong export potential. Gokaldas exports have established relationships in the UK via Matrix subsidiary and may scale up relatively faster than peers. ALSO READ | "In order to benefit from the India-UK FTA, the company plans to direct its capacities towards the UK with no loss in volumes for the US business. The longer term seems favourable with a continuing shift of global sourcing away from China given higher tariffs, supplier consolidation towards efficient and well capitalized players, and supply-side instabilities in several countries. Gokaldas exports remain our top pick in the textile space," they brokerage said with a 'BUY' rating and a 12-month target price of ₹1,265 per share. CRISIL Ratings Rationale Crisil Ratings, on May 12, 2025, upgraded its rating on the long-term bank facilities of Gokaldas Exports to 'Crisil A+/Stable' from 'Crisil A/Positive'. the short-term rating has been reaffirmed at 'Crisil A1'. Gokaldas Exports benefits from its established relationships with reputed global apparel retailers in North America and Europe, recurring orders and steady increase in wallet share with key customers. Despite uncertainty in the market due to US tariffs, the overall business risk profile is expected to remain stable for Gokaldas Exports. However, overall profitability impact due to introduction of new tariffs against Indian imports in the USA and its impact on Gokaldas Exports' profitability will remain a key monitorable. The company's over 90 per cent of revenue came from exports, with Northern America accounting for 84 per cent, followed by Asia at 11 per cent. The complementary product, customer and geographic profiles of the Atraco group and MCPL, diversity in geographical reach and clientele will support the overall business risk profile, Crisil Ratings said. ALSO READ | Why did Ramco Cements share price fall 3% in trade on Friday, May 23? India's textile exports to the UK set to double under new FTA: ICRA report The landmark FTA between India and the United Kingdom, finalized, is poised to significantly boost India's textile exports to the UK. The agreement eliminates tariffs on 99 per cent of Indian goods, including apparels and home textiles, removing the current 8-12 per cent duty and placing Indian exporters on par with competitors like Bangladesh, Vietnam, and Pakistan. China leads UK textile imports (25 per cent share), followed by Bangladesh (22 per cent), Turkey (8 per cent), and Pakistan (6.8 per cent). The FTA will enhance India's competitiveness in this market. India's apparel and home textiles trade with the UK is projected to double in the next 5-6 years, with export volumes expected to grow at a compounded annual rate of ~13 per cent. The UK's share in India's textile exports is anticipated to rise from 7-8 per cent to 11-13 per cent by CY2027. India is currently the 12th largest trading partner of the UK and ranks fifth in apparel and home textiles imports, with $1.4 billion worth of exports in CY2024, 6.6 per cent share of UK's textile imports. About Gokaldas Exports Gokaldas Exports manufactures and exports readymade garments for men, women, and children, and caters to several leading international fashion brands and retailers. In fiscal 2018, Clear Wealth Consultancy Services LLP, led by Mr Mathew Cyriac, acquired a 39.94 per cent stake in the company, from Blackstone FP Capital Partners (Mauritius) VB Subsidiary Ltd. The latter holds a 10.09 per cent stake in the company. The company has more than 30 manufacturing facilities in and around Bangalore.
&w=3840&q=100)
Business Standard
22-05-2025
- Business
- Business Standard
Fortis Healthcare rallies 9%, nears record high; brokerages see more upside
Fortis Healthcare share price today: Shares of Fortis Healthcare hit a four-month high of ₹731.35, as they rallied 9 per cent on the BSE in Thursday's intra-day trade amid heavy volumes on a healthy business outlook. The stock price of the hospital company is quoting at its highest level since January 8, 2025. It had hit a record high of ₹744 on December 30, 2024. At 11:13 AM, Fortis Healthcare stock was trading 8 per cent higher at ₹724.20 on the BSE. In comparison, the BSE Sensex was down 0.88 per cent at 80,880.47. The average trading volumes on the counter jumped over fourfold. A combined 5.72 million equity shares representing 0.76 per cent of the total equity of Fortis Healthcare have changed hands on the NSE and BSE. Fortis Healthcare Q4 & FY25 financial performance Delhi-headquartered hospital chain Fortis Healthcare on Tuesday, May 20, 2025, reported a 7.4 per cent year-on-year (Y-o-Y) fall in consolidated net profit for the March quarter of financial year 2024–25 (Q4FY25) at ₹188.02 crore, down from ₹203.14 crore in the same period last year. The decline in net profit was attributed to a 13.6 per cent Y-o-Y rise in total expenses, which stood at ₹1,741.52 crore, up from ₹1,531.76 crore. The company also cited impairments on investments in an associate firm and assets in a subsidiary, according to its regulatory filing. Revenue from operations rose to ₹2,007 crore in Q4FY25, marking a 12.4 per cent increase from ₹1,786 crore in Q4FY24. The increase in revenue was driven by strong performances in both the hospital and diagnostics businesses. Consolidated earnings before interest, tax, depreciation, and amortisation (Ebitda) rose 14.3 per cent Y-o-Y to ₹435 crore, with the Ebitda margin at 21.7 per cent, up from 21.3 per cent in the year-ago period. In FY25, the company's hospital business contributed 84 per cent to consolidated revenue compared to 82 per cent in FY24. Revenue from focus specialities comprising Oncology, Neurosciences, Cardiac Sciences, Gastroenterology, Orthopaedics and Renal Sciences grew 16 per cent Y-o-Y and contributed 62 per cent to overall hospital business revenues. The management said the company has witnessed a steady improvement in the diagnostics business Ebitda margins (excluding one-offs) at 22.0 per cent in FY25 compared to 19.6 per cent in FY24. The new brand is being well accepted and gaining prominence, placing the business in a better position to drive business expansion and enhance performance metrics, the management said. The company added 200 beds in FY25 and plans to add 993 beds in FY26, most of which are Brownfield projects. Brokerages' view on Fortis Healthcare JM Financial Institutional Securities - Due to ongoing efforts to improve the profitability of underperforming units, combined with significant Brownfield expansion, the company is poised to achieve over 15 per cent topline growth over the next three years, along with 200–300 bps margin expansion. With improved profitability, the company is also expected to generate ₹3,980 crore in free cash flow over the next three years. At the Wednesday market price of ₹672, the stock is trading at 26.2x on a 1Y forward EV/Ebitda basis, which the brokerage firm believes is likely to expand in the coming years due to improving fundamentals. 'We value the company on a SOTP basis to arrive at a target price (TP) of ₹810. Maintain BUY on the stock,' the brokerage firm said in the Q4 result update. Elara Capital - Strong growth continued in the hospitals segment. The management has guided for continued growth and a further 150- 200 bps margin expansion in FY26. Performance has started picking up in the diagnostics business as well – the management guided for double-digit growth in FY26, with margin recovering to ~23 per cent levels. 'We raise FY26E and FY27E core EPS estimates by 15-17 per cent, on strong guidance in both the business segments. So, we raise our TP to ₹749 from ₹686 – Retain Accumulate,' the brokerage firm said. About Fortis Healthcare Fortis Healthcare is a leading integrated healthcare delivery service provider in India. The healthcare verticals of the company primarily comprise hospitals, diagnostics and day care speciality facilities. Currently, the company operates 27 healthcare facilities (including JVs and O&M facilities). The Company's network comprises approximately 4,750 operational beds (including O&M beds) and 404 diagnostics labs.
&w=3840&q=100)
Business Standard
13-05-2025
- Business
- Business Standard
Why are Swiggy shares under pressure today? Stock hits all time low
Swiggy share price: Shares of Swiggy tumbled 7.3 per cent, hitting an all-time low of ₹297 per share on BSE. The selling pressure came a day after the mandatory six-month lock-in period for non-promoter, pre-IPO investors, expired. Pre-IPO shareholding lock-in refers to a period after a company goes public during which certain shareholders are restricted from selling their shares. "Swiggy stock is likely to remain under pressure in the near term due to weak Q4 results as well as the expiry of pre-IPO shareholder lock-in on May 12," said JM Financial Institutional Securities in its report. JM Financial suggested long-term investors can use these pressures to build a sizable position in Swiggy as, at the current market price, the market seems to accord value to only its food delivery business, whereas Instamart and other businesses are not getting any meaningful value. At 9:29 AM, Swiggy shares were trading 5.4 per cent higher at ₹303.2 per share on the BSE. In comparison, the BSE Sensex was down 0.60 per cent at 81,937.22. The market capitalisation of the company stood at ₹75,619.84 crore. The 52-week high of the stock was at ₹617 per share. Swiggy Q4 results 2025 Swiggy on Friday, May 9, 2025, reported its March quarter (Q4FY25) numbers. In Q4, albeit Swiggy reporting a jump in consolidated revenue from operations by 44.8 per cent to ₹4,410 crore from ₹3,045.5 crore in Q4FY24, the company's losses widened to ₹1,081.1 crore as compared to a loss of ₹554.7 crore a year ago. Swiggy's food delivery business reported revenue of ₹1,629.3 crore for Q4FY25 was up 18.4 per cent year-on-year (Y-o-Y). Sequentially, revenue was flat with a marginal growth of 0.45 per cent. Quick commerce revenue almost doubled to ₹689 crore for Q4FY25 from ₹320.7 crore in Q4FY24. About Swiggy Swiggy is a convenience platform serving millions of consumers across India. Swiggy partners with over 2.5 lakh restaurants in 700 cities. Its quick commerce arm, Swiggy Instamart, operates in over 120 cities, delivering groceries and essentials from more than 20 categories in just 10 minutes. Swiggy also offers services like Swiggy Dineout and Swiggy Scenes, all integrated into a single app. Powered by advanced technology and Swiggy One—the country's only membership program covering food delivery, grocery, dining, and logistics—Swiggy strives to deliver a seamless, all-in-one experience.
Reuters
06-02-2025
- Business
- Reuters
Indian miner NMDC posts higher quarterly profit on strong prices
Feb 6 (Reuters) - Indian state-owned miner NMDC ( opens new tab reported a higher third-quarter profit on Thursday, aided by price hikes during the period. The iron ore miner reported a 30% year-on-year rise in profit to 19.44 billion rupees ($222 million) for the October-December quarter. NMDC increased the prices of iron ore twice during the quarter, resulting in an average price of 4,377 rupees per tonne, up nearly 17% on-year, according to data from JM Financial Institutional Securities. Last month, JSW Steel ( opens new tab, which primarily procures iron ore from NMDC, said that escalating prices of iron ore have partially offset a decline in costs due to falling coking coal prices. NMDC's revenue from operations rose 21% to 65.31 billion rupees in the third quarter. ($1 = 87.5280 Indian rupees)
