Drugmaker Dr. Reddy's Laboratories may report lower revenue and profit for the March quarter as weakness in its U.S. business and erosion in gRevlimid sales weigh on margins, according to Bloomberg estimates. Revenue may fall 3.2% year-on-year to Rs 8,248 crore, while net profit may decline 45% to Rs 871 crore. Ebitda is expected to drop 24.5% to Rs 1,507 crore, with margin seen at 18.3% versus 23% a year earlier.
Bloomberg estimates suggest the company's U.S. business may decline about 35% year-on-year because of the gRevlimid patent cliff, weakness in the base portfolio and inventory adjustments. Some estimates also indicate no contribution from gRevlimid during the quarter. Shelf stock adjustments linked to the drug are expected to affect sales and margins further.
India formulations business is expected to post 14-17% growth, supported by new launches, acquisitions, generic semaglutide and integration of the Stugeron portfolio. Bloomberg estimates also indicate strong growth in Russia and CIS markets, while Europe revenue may rise about 15% aided by favourable foreign exchange movement.
Management commentary on semaglutide approvals in Canada and other markets, along with updates on biosimilar filings and commercialisation plans, will remain in focus.
Tata Power Q4 Results
Tata Power may report lower profit for the March quarter as shutdown of the Mundra plant and weak engineering, procurement and construction margins affect earnings, according to Bloomberg estimates.
Revenue is expected to decline 6.2% year-on-year to Rs 16,020 crore, while net profit may fall 36.8% to Rs 825 crore. Ebitda may rise 4.2% to Rs 3,198 crore, with margin seen at 20% against 18% a year earlier.
Bloomberg estimates suggest the Mundra plant of Coastal Gujarat Power Ltd. recorded no generation during the quarter, affecting profitability. Margins in the third-party EPC business are also expected to remain under pressure due to higher commodity prices.
The Odisha and Delhi distribution businesses are expected to support performance, while rooftop solar demand and execution of solar order books may aid growth. Bloomberg estimates also point to contribution from new cell and module manufacturing plants.
Dixon Technologies Q4 Results
Dixon Technologies may report pressure on profit and margins in the March quarter because of weak mobile phone volumes and adverse operating leverage, according to Bloomberg estimates.
Revenue may rise 2% year-on-year to Rs 10,478 crore, while Ebitda may decline 9% to Rs 399 crore. Margin is expected at 3.8% versus 4.3% a year earlier. Net profit may fall 54% to Rs 182 crore.
Bloomberg estimates noted that the year-ago quarter included fair value gains of Rs 250 crore from investments in Aditya Vision, creating a higher base for comparison.
Investors will watch for updates on the company's proposed joint venture with Vivo. Dixon Technologies had signed an agreement with Vivo on Dec. 15, 2024, but approval is still awaited. Management has said the venture may take 45-60 days to ramp up and could contribute to the company's FY27 volume guidance of 10 million units.
BPCL Q4 Results
State-run oil marketing company Bharat Petroleum Corporation Limited, or BPCL, may report lower earnings in the March quarter despite support from inventory gains and stronger refining margins, according to Bloomberg estimates.
Net revenue is expected to decline 0.4% year-on-year to Rs 1,17,300 crore. Ebitda may fall 33% to Rs 7,789 crore, while net profit may decline 20% to Rs 6,043 crore. Ebitda margin is estimated at 6.6% against 9.9% a year earlier.
Bloomberg estimates suggest inventory gains from higher crude prices and stronger diesel cracks may support refining earnings. Singapore gross refining margins averaged about $9.4 per barrel in the quarter, compared with $7.3 per barrel in the previous quarter.
However, higher freight and insurance costs in March, along with losses in petrol, diesel and LPG retailing, are expected to weigh on earnings. Blended marketing margins are estimated to have turned into a loss of Rs 2.6 per litre in the quarter, compared with a gain of Rs 5.8 per litre in the previous quarter. LPG under-recoveries are also estimated to have increased to Rs 77 per cylinder from Rs 33 per cylinder in Q3.
Investors will track management commentary on crude sourcing costs, retail fuel prices, gross refining margins and capital expenditure plans.
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