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Hero MotoCorp and Larsen & Toubro Stocks React to Q4 Earnings Report

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Stocks of Larsen & Toubro (L&T) faced a decline of more than 5% in early trading hours after the company revealed its mixed Q4 earnings, with revenue and profit after tax surpassing estimates.

In the January-March quarter, L&T reported a consolidated net profit of Rs 4,396 crore, marking a 10% year-on-year increase, with a revenue from operations rise of 15% to Rs 67,079 crore, where international revenue constituted 45%.

Leading financial institutions had varying responses to L&T’s performance; Jefferies maintained a ‘buy’ rating but revised its target price to Rs 3,970, while Citi retained its ‘buy’ rating and raised the target to Rs 4,396. CLSA also upheld its ‘buy’ rating but reduced the share price target to Rs 4,151, and Goldman Sachs reiterated a ‘buy’ with a revised target of Rs 3,600.

On the other hand, shares of Hero MotoCorp Ltd surged over 3% following the announcement of a 16.36% increase in consolidated profit after tax for the March 2024 quarter. The stock settled at Rs 4,624.35 on the BSE, witnessing an mcap increase to Rs 92,450.81 crore.

Hero MotoCorp Ltd reported a consolidated profit after tax of Rs 943.46 crore in the Q4, attributing the rise to enhanced sales performance. Brokerages like Jefferies, CLSA, JP Morgan, Morgan Stanley, Citi, and Macquarie provided varied ratings and target prices for Hero MotoCorp Ltd’s stock.

Rachel Adams

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