Inside Mahindra and Mahindra’s production facility in Chakan, India (Photographer: Udit Kulshrestha/Bloomberg)

Earnings Today: Mahindra & Mahindra, Apollo Tyres, HPCL

Oil marketer and refiner Hindustan Petroleum Corporation Ltd., automaker Mahindra & Mahindra Ltd., and Apollo Tyres Ltd. are among the companies reporting their April-June quarter results on Friday.

HPCL is expected to see a 39 percent decline in profit over last year to Rs 1,110 crore, according to Bloomberg consensus estimates. Gross refining margin is expected to nearly halve to $4.9 per barrel. Operating income too is likely to decline 25 percent to Rs 2,161 crore.

What To Watch

  • Inventory losses
  • Impact of foreign exchange and inventory changes
  • Crude production numbers

M&M may see revenue grow 2 percent to Rs 11,265 crore aided by a sales volume growth of 3 percent. Profit is expected to fall 11 percent to Rs 851 crore on a year-on-year basis, according to Bloomberg consensus estimates. Operating profit is estimated to increase 13.7 percent to Rs 1,461 crore in the same period.

What To Watch

  • Outlook for utility vehicles and tractor businesses
  • Product pipeline for FY18
  • Impact of GST on demand

Apollo Tyres is expected to see profit fall 47 percent to Rs 166 crore, according to Bloomberg consensus estimates. Operating margin may contract over 600 basis points to 10.1 percent due to increasing raw material costs. Operating income may decline 34 percent to Rs 354 crore on a year-on-year basis.

What To Watch

  • Rising raw material costs, lower pricing to impact margin and profit
  • Decline in medium and heavy commercial vehicle production
  • Depreciation due to commissioning of Hungary plant will impact profit

Other Results

What To Watch

  • Affordable housing plans
  • Sales volume growth in Bengaluru
  • Debt reduction plans

What To Watch

  • Double-digit volume growth seen in April and May
  • GST-led de-stocking to impact July volumes
  • Margins to remain under pressure owing to fluctuations in raw material prices
  • Price hikes to partially counter margin contraction
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