Buzzing Stocks: Asian Paints, L&T, Godrej Consumer, Gujarat Gas, others in focus today

Results on May 11: Asian Paints, Eicher Motors, Siemens, Aditya Birla Capital, Balrampur Chini Mills, BLS International Services, CARE Ratings, Deepak Nitrite, Gillette India, Gujarat State Petronet, Intellect Design Arena, Dr Lal PathLabs, PTC India Financial Services, Shankara Building Products, South Indian Bank, Ujjivan Small Finance Bank, and Zensar Technologies will be in focus ahead of quarterly earnings on May 11.

Larsen & Toubro: The engineering and infrastructure major has recorded a 10% year-on-year growth in consolidated profit at Rs 3,987 crore in the quarter ended March FY23 despite a drop in operating margin. Revenue from operations grew by 10% to Rs 58,335 crore compared to the year-ago period. The board has recommended a final dividend of Rs 24 per share. The order inflow for FY23 crossed Rs 2 lakh crore, coming in higher by 19% YoY at Rs 2.3 lakh crore. The board has also decided to confer the status of Chairman Emeritus on A M Naik after he decided to step down as Non-Executive Chairman of the L&T Group at the end of his tenure on September 30, 2023, and appointed S N Subrahmanyan as Chairman and Managing Director of L&T with effect from October 1, 2023.

Dr Reddy's Laboratories: The pharma major has registered an 11-fold year-on-year increase in profit at Rs 959 crore for the March FY23 quarter as profit in Q4FY22 was impacted by impairment of non-current assets, but supported by healthy operating performance. Revenue for the quarter increased by 16% to Rs 6,297 crore compared to the year-ago period, with North America business growing 27%, Europe 12%, and India business showing a 32% growth YoY. The board recommended a final dividend of Rs 40 per share for FY23.

Hindalco Industries: Subsidiary Novelis said its net income attributable to the common shareholder in Q4FY23 was $156 million, down 27% compared to the year-ago period. Net income from continuing operations excluding special items was $175 million, down 7% YoY, while adjusted EBITDA of $403 million fell 6% YoY.  

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Baton passes at L&T as Naik makes way for Subrahmanyan | Mint

Larsen & Toubro Ltd has named S.N. Subrahmanyan as its chairman, effective 1 October, succeeding A.M. Naik, a legendary manager who has worked at the engineering conglomerate since 1965 and has led it, first as CEO and then as chairman, since 1999.

Subrahmanyan, 63, a civil engineer, played a crucial role in L&T’s acquisition of Mindtree Ltd in the country’s first and largest hostile takeover.

Subrahmanyan, known as SNS, rose through the ranks after joining L&T’s engineering construction and contracts (ECC) division in 1984 as an engineer. He was spotted and mentored by Naik and was appointed CEO and managing director of L&T on 1 July 2017.

L&T, on Wednesday, also announced a 21% increase in net profit at ₹10,471 crore for FY23. In a statement, the company said Naik would continue to serve the group as its chairman emeritus.

On 8 February, Mint first reported that Naik would step down as L&T’s chairman in October. Although everyone in L&T knew about the leadership transition, its timing was a secret due to Naik’s tight grip on the company’s board and management.

“L&T has been my life," Naik said, while announcing his decision to step down as the conglomerate’s non-executive chairman. Naik is revered within L&T for having saved the company from attempted takeovers from late Dhirubhai Ambani-led Reliance Industries and the Aditya Birla Group. Having divested the cement business for a profit, Naik engineered the perfect deal by ensuring that L&T’s Employee Trust would control close to a 14% stake in the company. Naik will continue as the chairman of the trust, continuing to wield some influence in the company.

“The growth trajectory that the company has charted in the last two to three decades is exemplary. I am sure that Subrahmanyan will continue to foster the high growth and entrepreneurial culture at L&T. In him, L&T has a highly capable, passionate and empathetic leader," Naik said.

Naik said the emphasis L&T laid on IT and technology services had a significant positive impact on the profitability of the organization.

In fact, IT and technology business became a key part of L&T’s mainstay after the company consummated the acquisition of Mindtree in 2019, led by Subrahmanyan.

“I mentored him for 8-10 years. I sent him abroad to gain experience. He’s very good. And he does a fantastic job," Naik said in an interview in February.

On 27 June 2019, under Subrahmanyan’s command, L&T gained control of Bangalore-based IT and outsourcing firm Mindtree by raising L&T’s stake to 60% in the latter through an open offer, despite strong resistance from Mindtree’s founder promoters—N. Krishnakumar, N.S. Parthasarathy, Subroto Bagchi and Rostow Ravanan.

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