Wed, Oct 30, 2024 3:44 PM
Futures gain as markets cheer Alphabet results; economic data awaited
A Flip by Avya Verma
Dr Reddy's Labs and Mankind Pharma reported strong Q2 performance with double-digit revenue growth and improved business prospects, despite challenges in acute therapies in India. DRL crossed ₹8,000 crore in revenues, while Mankind outperformed with 3.4 times volume growth in India and 57% export growth.
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IRCTC's performance was in-line with estimates, but catering division struggled due to kitchen closures and train cancellations. Sales and PAT are expected to grow 8.4% and 7.5% CAGR over FY25E-FY27E, driven by catering and Rail Neer divisions. With a target price of Rs833, the stock is upgraded to "HOLD" from "REDUCE" due to a 19% correction in stock price.
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Apollo Hospitals reported its Q2 results on Wednesday after market close. What Happened: Apollo Hospitals reported a 62.64% year on year jump in net profit to ₹378.8 crore. The company’s revenue rose 15.31% from the previous year to ₹5589.3 crore. The company’s EBITDA grew 30% YoY to ₹816 crore. In the previous year, the hospital company reported a ₹232.9 crore net profit and ₹4846.9 crore.
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