Key Highlights
The Indian market is gearing up for a busy week with several companies scheduled to release their results for the fourth quarter of Financial Year 2023-24 (Q4 FY24). Among the notable names are ICICI Prudential Life, MCX, Tata Consumer Products, and Tata Elxsi.
Mahindra & Mahindra Financial Services has postponed its Q4 and annual results meeting due to a fraud detected at one of its branches in the North East. The company estimates the financial impact of the fraud to be around Rs. 150 crore. Investigations are ongoing, and corrective actions are being implemented.
Analysts anticipate moderate earnings growth for India Inc. in the March quarter, driven by domestic cyclical sectors like auto and BFSI. Global cyclical sectors like oil & gas and metal may lag.
Tata Consumer Products: Analysts are optimistic about Tata Consumer Products' performance, citing strong growth in new ventures, increased salt sales, and the strategic acquisition of Capital Foods.
Motilal Oswal Securities expects healthy growth in new business premium for ICICI Prudential Life, indicating a positive trajectory for the company's core business. They also highlight the expense ratio and Value of New Business (VNB) as key factors to watch.
Overall, the Q4 FY24 earnings season is expected to provide insights into the performance of various sectors and companies in the Indian market.