Titan, Mazagon Dock Shipbuilders, PB Fintech, Oil India, GAIL, DRL to share Q2 results today; here are previews

A handful of companies included Company Titan Ltd, GAIL (India) Ltd, Mazagon Dock Shipbuilders LtdPB Fintech Ltd, Oil India Ltd and Dr Reddy’s Labs will report their September quarter results today. Among them, Oil India and Dr Reddy’s Labs reported a decline in profit growth. Companies like Mazagon Dock Shipbuilders and GAIL are reporting over 20% increase in profit.

In the case of Titan, MOFSL expects the Tata group firm to report standalone revenue growth of 20% (ex-bullion) and same-store sales growth of 14% in Q2. Standalone jewelry EBIT margin is expected to remain flat at 13.8% vs. 14.1% YoY. Growth in the watch segment is expected to be healthy and reduced growth in the eye care segment. Inventory loss of Rs 300-350 crore due to reduction in custom rates in Q2FY25. However, the brokerage did not factor the impact into its estimates. Net-net, MOFSL sees Titan reporting 18.4% YoY growth in adjusted profit at Rs 1,080 crore against 15.2% growth in sales at Rs 14,430 crore.

In the case of Mazagon Dock Shipbuilders Ltd, Nirmal Bang Institutional Equities expects the company to report 47% YoY growth in net profit to Rs 489.20 crore on 20% YoY growth in sales of Rs 2193.20 crore. Ebitda stands at Rs 411.90 crore, up 133%.

In the case of PB Fintech, JM Financial expects the company to maintain its growth trajectory, forecasting a 52% increase in insurance premiums compared to last year, with a 42% increase in core insurance premiums. New Initiatives could see a sharper increase to 81 percent, the brokerage said.

“Paisabazaar disbursements are expected to decline by 2% YoY but improve by 29% sequentially with gradual recovery in unsecured loans as well as some early traction in secured loans. We expect revenue growth of 43.6%/7.6% YoY for Policybazaar. / Paisabazaar as underwriting rates are likely to decline in insurance and credit disbursements to improve We expect a group contribution margin of 29.1%, core CM likely to be further impacted by sustained growth of new health insurance,” said JM Financial.

“Furthermore, we expect adjusted Ebitda margin expansion of 280bps/190bps on an annual/quarterly basis to reach 4.4% as strong top-line growth provides operational leverage. Management’s commentary on the recent decision to foray into healthcare should be watched closely,” the brokerage said. JM sees a profit of Rs 42.60 crore and sales of Rs 1,110.20 crore for Q2.

For Oil India, Elara Securities expects a 21.6% YoY decline in net profit to Rs 1,644.80 crore on a 0.2% rise in sales to Rs 5,353 crore. This brokerage sees GAIL’s profit at Rs 3,023.80 crore, up 25.7%. PSU sales rose 7.6% YoY to Rs 34,239 crore.

Meanwhile, Sharekhan expects Dr Reddy’s Labs to report a 4% decline in profit to Rs 1,425 crore compared to Rs 1,482 crore a year earlier. Sales are up 13% year-on-year to Rs 781.90 crore from Rs 690.30 crore. Ebitda margin is seen at 28%, down 138 basis points from last year.