Hero MotoCorp Ltd Reports Strong Q4 Earnings; L&T Shares Dip Despite Positive Results

Indian conglomerate Larsen & Toubro (L&T) witnessed a decline in its share price on Thursday despite posting a mixed set of fourth-quarter earnings that surpassed market expectations. The company’s consolidated net profit for the quarter stood at Rs 4,396 crore, a 10 per cent year-on-year increase, with revenue from operations reaching Rs 67,079 crore, up by 15 per cent. Notably, international revenue contributed 45 per cent to the total revenue.

Financial services firms Jefferies, Citi, CLSA, and Goldman Sachs weighed in on L&T’s performance, with Jefferies maintaining a ‘buy’ rating but reducing its target price to Rs 3,970. Meanwhile, Citi raised its target to Rs 4,396, and CLSA revised its target downward to Rs 4,151. Goldman Sachs, on the other hand, continued with a ‘buy’ call but with a reduced target of Rs 3,600.

On the other hand, Hero MotoCorp Ltd, a leading two-wheeler manufacturer, experienced a positive market response following the announcement of its Q4 results. The company reported a 16.36 per cent increase in consolidated profit after tax, amounting to Rs 943.46 crore for the quarter ending March 31, 2024. This rise was attributed to higher sales performance.

Market experts from JP Morgan, Morgan Stanley, and Macquarie provided their insights on Hero MotoCorp’s stock, with ratings ranging from ‘overweight’ to ‘underweight’. Notably, Hero MotoCorp’s market capitalisation increased by Rs 2,922.86 crore to reach Rs 92,450.81 crore following the positive earnings report.