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  • Jindal Poly Films rises over 18% after strong Q1, amid rising in packaging stocks

Jindal Poly Films rises over 18% after strong Q1, amid rising in packaging stocks

  • calendar28 Aug, 02:48 AM (GMT+5:30)
  • time2 Min
  • share

Summary

Shares of Jindal Poly Films jumped over 18% after the company posted strong results. Volumes on the counter too rose sharply. Other packaging stocks such as Uflex and Polyplex Corp too rose in trade after declaring similarly strong results.
Jindal Poly Films rises over 18% after strong Q1, amid rising in packaging stocks
Shares of Jindal Poly Films closed over 18% higher in trade today as it swung to a quarterly profit from a loss in the previous quarter.
Volumes in the counter stood at 1.4 million on NSE, much more than the 30-day average of 110,000. In an exchange filing, the company said it posted a consolidated profit of ₹169 crore in the first quarter compared to a loss of ₹19 crore in the fourth quarter of the last year. Revenue grew from ₹1,138 crore to ₹1,378 crore. The growth was led by its key packaging films business, where revenue rose from ₹870 crore to ₹103 crore. Part of the BC Jindal Group, Jindal Poly Films sells polyester and polypropylene films, which are used in consumer goods packaging, lamination, medical packaging photographic films etc, besides having industrial applications. The company also makes cold-rolled steel strips and galvanised sheets. Today’s rally in Jindal Poly Films shares was accompanied by a rise in shares of other packaging companies as well, which also declared similarly strong results, with Uflex rising 20% and Polyplex Corp up 8.9%. Jindal Poly Films shares have gained 34% over the past one year and 238% over the past five years, amid flattish revenue growth over the past five years and a fall in profit. As of FY24, the company had a debt-to-equity ratio of 1.04. However, its recent growth trend has been encouraging, with first-quarter revenue climbing both year-on-year and quarter-on-quarter. On a technical level, its shares appear to trade above short and long-term moving averages on the daily chart and appear bullish on RSI and MACD. They also exhibit bullish moving average crossovers. Technical indicators, however, do not necessarily mean that the stock will continue to do well and investors must conduct their own research. Promoters in Jindal Poly Films own 75%, foreign portfolio investors hold 3% while the rest of the shareholding is in the hands of individual investors.
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  • TCS share price gets rating upgrade; InCred Equities raises target. Should you buy?

TCS share price gets rating upgrade; InCred Equities raises target. Should you buy?

  • calendar06 Sept, 09:06 PM (GMT+5:30)
  • time2 Min
  • share

Summary

TCS share price has rallied nearly 19% year-to-date (YTD), outperforming the benchmark Nifty 50 index that is up over 15% this year.

TCS share price gets rating upgrade; InCred Equities raises target. Should you buy?

Tata Consultancy Services (TCS) share price traded higher on Friday and remains one of the top performing IT stocks in 2024 so far. TCS share price has rallied nearly 19% year-to-date (YTD), outperforming the benchmark Nifty 50 index that is up over 15% this year. TCS stock price is just tad away from its 52-week high level of 4,585.90 per share hit on September 2.


TCS shares received a ratings upgrade from InCred Equities as the brokerage firm believes the country’s largest IT services company is best placed to play growth and margin trade-off.


InCred Equities noted that TCS’ growth was broad-based as both North America (NA) and the financial services (FSI) verticals witnessed incremental revenue addition in the April-June quarter of FY25, a first since Q3FY23 and Q4FY23.


“Recent discussions suggest portfolio leakages are getting arrested, small discretionary deals are back in the market, visibility in Europe is limited but the UK / US are good / recovering, and it’s better in APAC and other regions. Elsewhere, life sciences, manufacturing, energy resources & utilities, retail ex-travel verticals continue to do well and/or are recovering,” InCred analyst Abhishek Shindadkar said in a note.


TCS started FY25 with Q1 margin being at least ~150 bps higher than in Q1FY23 / Q1FY24 which, coupled with levers such a benign supply side environment, productivity, utilization, employee pyramid correction, and optimized sub-contractor costs provide enough reinvestment cushion to gain market share, despite headwinds from higher third-party expenses & large deal transition costs, he added.

Hence, the brokerage firm raises average FY25F-FY27F margin assumption by 10 bps to 25.7%.

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  • Polyplex Corp shares jump 9% after firm reports net profit in Q1 versus a net loss in same quarter last year

Polyplex Corp shares jump 9% after firm reports net profit in Q1 versus a net loss in same quarter last year

  • calendar28 Aug, 02:49 AM (GMT+5:30)
  • time2 Min
  • share

Summary

Polyplex reported a net profit of ₹30.59 crore during the first quarter compared to a net loss of ₹18.53 crore in the same quarter last year. Revenue from operations rose 8% YoY to ₹1,685.60 crore during the quarter while total revenue increased 8.81% to ₹1,711.52 crore.
Polyplex Corp shares jump 9% after firm reports net profit in Q1 versus a net loss in same quarter last year
Polyplex Corp shares settled 9.2% higher on Friday after the firm reported a net profit during the first quarter compared to a net loss in the same period a year ago.
Polyplex reported a net profit of ₹30.59 crore during the first quarter compared to a net loss of ₹18.53 crore in the same quarter last year. Revenue from operations rose 8% YoY to ₹1,685.60 crore during the quarter while total revenue increased 8.81% to ₹1,711.52 crore. Operating earnings before interest, tax, depreciation, and amortisation (EBITDA) rose a whopping 168% YoY to ₹164 crore during the quarter. The firm stated that subsequent to the quarter ended June 30, 2024, the group incurred a loss due to flooding at one of its plants. “Though the loss is covered by insurance policy, the group is in the process of evaluating the impact of such loss. Based on its initial assessment, it does not believe that the impact is material,” the company said. It also notified that a brownfield BOPET Film Line project with a capacity of 50 kilotonnes per annum (KTPA) by Polyplex USA, a wholly-owned subsidiary of Polyplex (Thailand) (PTL) is progressing satisfactorily as per the revised plan. Polyplex (Thailand) and its subsidiaries reported total revenues of ₹1,319.84 crore and a net profit of ₹84.09 crore for the quarter ended June 30, 2024. Meanwhile, the board of directors of Polyplex Corp has declared a final dividend of ₹1 per equity share for the fiscal year 2024. Polyplex is primarily engaged in manufacturing polymeric films and has the seventh-largest capacity of polyester films globally. The company supplies its products to about 2,675 customers in 85 countries across Europe, the Americas, the Indian subcontinent, far east, Asia Pacific and the Middle East. Shares of the company have gained over 18% since the beginning of the year. The stock has risen over 12% in the last one year.
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PhonePe Group posts ₹197 crore profit for FY24

  • calendar28 Aug, 02:47 AM (GMT+5:30)
  • time2 Min
  • share

Summary

PhonePe Group's payment business reported a standalone net profit (excluding ESOP costs) of ₹710 crore in FY24, against a loss of ₹194 crore in the preceding fiscal.
PhonePe Group posts ₹197 crore profit for FY24
Walmart-backed PhonePe Group on Monday reported a consolidated net profit, excluding ESOP costs, of ₹197 crore for fiscal year 2023-24. It had incurred a loss of ₹738 crore in the previous fiscal, according to a company statement. Revenue in FY24 was ₹5,064 crore, 73.7% higher than ₹2,914 crore in FY23. The group's payment business reported a standalone net profit (excluding ESOP costs) of ₹710 crore in FY24, against a loss of ₹194 crore in the preceding fiscal. The group has expanded into financial services (insurance, lending, wealth) as well as new consumer tech businesses (pincode - hyperlocal e-commerce and Indus App Store). The company has not provided the results of these verticals. PhonePe has been able to achieve growth and diversification of revenue through a combination of market leadership, platform reliability and cross-selling a diverse product portfolio, the statement said. This achievement is a result of PhonePe’s focus on driving operating leverage through automation and cost efficiencies, it added. "Our financial strategy is anchored on three key pillars: (1) predictable and sustainable growth in revenue, (2) diversification of revenue streams, and (3) continuing improvements to the bottom line," PhonePe CFO Adarsh Nahata said. These pillars have guided the firm's strategic decisions and enabled it to scale rapidly and a focus on disciplined financial management will help it continue in the progression towards profitability of the payments business, he added. Sameer Nigam, Founder and CEO said the optimisation of investments and capital allocation, in conjunction with building a diversified revenue model, and remaining customer-focused, will provide a solid foundation for sustained future success.
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Pitti Engineering shares jump 6% to hit 52-week high after strong Q1 results; check details

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