L&T and Hero MotoCorp Q4 Earnings Report: Stock Performance and Brokerage Recommendations

The Larsen & Toubro (L&T) share price faced a decline of more than 5% in early trading, ultimately settling around 3-4% lower as the day progressed. Despite reporting a mixed set of Q4 earnings with revenue and profit after tax exceeding estimates, the stock faced some selling pressure. For the January-March quarter, L&T revealed a consolidated net profit of Rs 4,396 crore, a 10% increase year-on-year, with revenue from operations also rising by 15% to Rs 67,079 crore, helped by strong international revenue contributions.

Analyst recommendations varied following the earnings report. Jefferies maintained its ‘buy’ rating on L&T but adjusted its target price to Rs 3,970 from the earlier Rs 4,135. Citi also upheld its ‘buy’ rating while raising the share price target to Rs 4,396 from Rs 4,373. CLSA, another brokerage, maintained a ‘buy’ rating but reduced the share price target to Rs 4,151 from Rs 4,260. Goldman Sachs continued its ‘buy’ call on L&T with a revised target of Rs 3,600 from the previous Rs 3,900.

On the other hand, shares of Hero MotoCorp Ltd experienced a positive market response, climbing over 3% after the company released its Q4 financial results. The consolidated profit after tax rose by 16.36% in the March 2024 quarter, leading to a surge in the stock price. Hero MotoCorp Ltd closed at Rs 4,624.35 on the BSE, marking a gain of Rs 2,922.86 crore in market capitalization to reach Rs 92,450.81 crore.

Brokerage recommendations for Hero MotoCorp Ltd included Jefferies’ ‘buy’ rating with a target of 5650 INR, CLSA’s ‘outperform’ rating with a target of 5280 INR, JP Morgan’s ‘overweight’ rating targeting 5240 INR, Morgan Stanley’s ‘underweight’ call with a target of 3638 INR, Citi’s ‘buy’ rating setting a target of 5500 INR, and Macquarie’s ‘outperform’ rating with a target price of 5557 INR.