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Hero MotoCorp Rises After Strong Q4 Results; L&T Faces Share Price Decline Despite Mixed Earnings

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2 semanas ago

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Shares of Larsen & Toubro (L&T) experienced a decline in the opening trades despite reporting a mixed set of Q4 earnings. The company’s consolidated net profit for the January-March quarter stood at Rs 4,396 crore, reflecting a 10% year-on-year increase. Additionally, the company’s revenue from operations grew by 15% to reach Rs 67,079 crore, with international revenue accounting for 45% of the total.

Jefferies, despite maintaining a ‘buy’ rating on L&T, opted to lower its target price to Rs 3,970 from the previous Rs 4,135. Citi, on the other hand, maintained its ‘buy’ rating while raising the share price target to Rs 4,396. Furthermore, CLSA retained its ‘buy’ rating but revised the share price target to Rs 4,151 from Rs 4,260, noting a significant beat to order inflow guidance for FY24.

Goldman Sachs continued to endorse a ‘buy’ call on L&T but with a reduced target of Rs 3,600 from the earlier Rs 3,900. Despite the mixed market response, L&T remains a subject of interest among various brokerages due to its strong performance indicators.

Meanwhile, Hero MotoCorp witnessed a surge in its share price following the announcement of a 16.36% rise in consolidated profit after tax for the March 2024 quarter. The two-wheeler maker reported a consolidated PAT of Rs 943.46 crore for the fourth quarter, attributing the growth to increased sales.

As a result, Hero MotoCorp’s stock price climbed over 3% and settled at Rs 4,624.35 on the BSE. The market capitalization of the company rose by Rs 2,922.86 crore to reach Rs 92,450.81 crore, reflecting investor confidence in the brand’s performance.

Various brokerages, including JP Morgan, Morgan Stanley, and Macquarie, have provided their ratings and target prices for Hero MotoCorp’s stock, showcasing the interest in the company following its strong Q4 results. This positive momentum positions Hero MotoCorp favorably in the market amidst the competitive two-wheeler industry.

Rachel Adams

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