Double Net Profit In Q3 10 BSE Stocks On Your Radar

| February 22 , 2019 , 13:32 IST

BSE that showed tremendous improvement in the bottom-line quarter-on-quarter (QoQ) as well as YoY. The list includes ACC, Axis Bank, BEML, Bharat Dynamics, Gujarat Gas, Inox Leisure, Shoppers Stop and Sundaram Clayton.

The December quarter results of Nifty50 net sales, EBITDA, and PAT growing 19 percent, 2.3 percent, and 1 percent, year-on-year (YoY), respectively.

Whereas, experts feel that tracking the bottom-line is one way to analyze the stocks and there could be numerous reasons for the rise in the net profit figure.

According to the media reports Pankaj Pandey HoR, said, "Broad categorization of the results as great will be myopic. It needs to be seen case-by-case on an adjusted basis as the presence of one-offs either in base or current quarter can result in inflated/deflated optical growth."

"For example, Tata Communications' numbers had on-off elements both in revenues and EBITDA, which resulted in superior reported numbers, adjusted numbers were merely decent. Similarly, Shoppers Stop numbers were also aided by a one-off element in the base quarter, resulting in higher reported earnings growth," he said.

Pandey further added that "there were few companies that had organic strong numbers, for example, Inox Leisure as it was aided by strong footfalls during the quarter or Gujarat Gas, which had strong underlying performance."

Looking at the price performance, nine out of 10 stocks have recorded doubling of growth in their bottom line on-year as well as QoQ, have given negative returns up to 50 percent.

Out of that nine stocks, Sundaram Clayton fell 52 percent in the last 1 year, followed by over 40 percent fall seen in BEML and Bharat Dynamics. Axis Bank is the only gainer that rose over 20 percent in the same period.

“Recent earning improvement will surely help re-rating in the stocks of selected names where profit growth is not due to one-offs but will continue in a structural sense,” Shailendra Kumar, Chief Investment Officer, Narnolia Financial Advisors said.

“Stocks like Axis Bank, Bharat Dynamics, Inox Leisure, and Shoppers Stop have been the star of December quarter results. Domestic cyclical space has performed very well during Q3 FY19 result,” he said.

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Corporate lenders like Axis Bank, ICICI Bank, and State Bank of India are set to do well in coming quarters as well. For these banks, the difference between the stressed asset and GNPA has narrowed and at the same time, NNPA as a percentage of loan is exhibiting downtrend. Also, the provisioning coverage ratio has considerably improved, which is positive.


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