Q2 Results Highlights: SBI, LIC, Tata Motors, Ashok Leyland, MRF, Ola Electric, others

Hinduja Group flagship Ashok Leyland announced on Friday a consolidated profit of Rs 766.55 crore for the July-September 2024 quarter.

The city-based heavy commercial vehicle maker had registered a consolidated profit of Rs 550.65 crore during the corresponding quarter of the previous financial year.

The consolidated total income during the quarter rose to Rs 11,261.84 crore, up from Rs 10,754.43 crore in the year-ago period. - PTI 

Motherson Sumi Wiring India on Friday said its net profit declined 3 per cent to Rs 152 crore in the second quarter ended September 30, 2024.

The company had posted a net profit of Rs 156 crore for the July-September period of last fiscal.

Total revenue from operations increased to Rs 2,326 crore from Rs 2,109 crore in the year-ago period, the company said in a statement.

I) Jupiter Wagons Limited on Friday reported an 8.9 per cent increase in consolidated net profit to Rs 89.36 crore for the second quarter ended September 2024.

The company had posted a consolidated net profit of Rs 82.08 crore in the same quarter of the last fiscal, Jupiter Wagons said in a regulatory filing.

Its consolidated income stood at Rs 1,018.75 crore compared to Rs 885 crore in the year-ago period, it added.

The order book of the company as of September 30, 2024, stands at Rs 6,64,366 lakh. - PTI

Ola Electric Mobility on Friday reported narrowing of consolidated net loss at Rs 495 crore for the second quarter ended September 30, 2024 aided by higher sales.

The Bengaluru-headquartered firm had reported a net loss of Rs 524 crore in July-September FY24. Revenue from operations rose to Rs 1,214 crore from Rs 873 crore, Ola Electric Mobility said in a regulatory filing.

During the quarter, sales increased by 74 per cent year-on-year to 98,619 units as against 56,813 units in the same period last year.

Ola Electric said it plans to expand its company-owned store (and colocated service infra) network to 2,000 outlets by March 2025. - PTI

P E Analytics, which runs real estate data analytics platform PropEquity, on Friday reported a 31 per cent increase in its consolidated net profit to Rs 6.44 crore during the first six months of this fiscal.

Its net profit stood at Rs 4.9 crore in the year-ago period.

The company posted a 32 per cent growth in consolidated revenues at Rs 25.62 crore during the April-September period of this fiscal as against Rs 19.44 crore for the same period last year, the company said in a statement. - PTI

Welspun Corp on Friday reported around 27 per cent fall in consolidated net profit at Rs 282.96 crore for September quarter, mainly on account of fall in income.

It had posted Rs 386.57 crore net profit for July-September 2023, the company said in an exchange filing.

Total income declined to Rs 3,364.23 crore from Rs 4,161.41 crore in the second quarter last fiscal.

Expenses were at Rs 3,074.90 crore as against Rs 3,820.59 crore a year ago.

The board also approved several investment proposals in India and abroad worth over Rs 2,000 crore. - PTI

CK Birla group firm Orient Cement Ltd on Friday reported a 90.5 per cent decline in net profit to Rs 2.32 crore for the second quarter ended September 2024.

The company reported a net profit of Rs 24.62 crore for the July-September quarter a year ago.

Its revenue from operations was down 24.5 per cent at Rs 544.02 crore during the quarter under review against Rs 720.57 crore in the corresponding period a year ago. Total expenses of OCL were at Rs 544.47 crore in the September quarter, down 20 per cent. - PTI

State-owned insurer LIC on Friday reported a 3.8 per cent decline in net profit to Rs 7,621 crore for the quarter ended September 30, on lower other income.

The country’s biggest insurer had reported a net profit of Rs 7,925 crore in the year-ago period, LIC said in a regulatory filing.

Its net premium income eased to Rs 1,19,901 crore in the second quarter of the current fiscal, from Rs 1,07,397 crore in the same period a year ago.

Other income of the insurer almost halved to Rs 145 crore from Rs 248 crore in the same quarter in the previous year.

However, total income rose to Rs 2,29,620 crore in the latest September quarter, compared to Rs 2,01,587 crore in the year-ago period, it said.

Total expenses rose to Rs 2,22,366 crore in the quarter as against Rs 1,94,335 crore in the same period a year ago.

Solvency ratio increased to 198 per cent from 190 per cent at the end of September 30, 2023.

At the same time, Gross NPAs came down to 1.72 per cent from 2.43 per cent at the end of the second quarter of the previous year. - PTI

Tata Motors on Friday reported a 9.9 per cent decline in consolidated net profit to Rs 3,450 crore for the second quarter ended September 2024, mainly impacted by lower sales.

The company had posted a consolidated net profit of Rs 3,832 crore in the same quarter of the last fiscal, Tata Motors said in a regulatory filing.

Its consolidated revenue from operations stood at Rs 1,00,534 crore compared to Rs 1,04,444 crore in the year-ago period, it added.

Total expenses stood at Rs 97,330 crore against Rs 1,00,649 crore in the same quarter a year ago, the company said.

JLR revenue fell 5.6 per cent to 6.5 billion pounds. Profitability was impacted on account of temporary aluminium supply constraint and a hold placed on 6,029 vehicles for additional quality control checks, Tata Motors said. - PTI

Pritika Engineering Components on Friday posted a 78.20 per cent rise in its net profit to Rs 1.64 crore in the September 2024 quarter, mainly due to higher revenues.

“Net profit rose by 78.20 per cent YoY (year-on-year) to Rs 1.64 crore in Q2 FY25, compared to Rs 0.92 crore in Q2 FY24,” a company statement said.

According to the statement, its revenue increased by 40.59 per cent year-over-year (YoY) to Rs 32.03 crore in Q2 FY25 from Rs 22.78 crore in Q2 FY24.

Pritika Engineering also posted robust financial results in H1 FY25. The revenue grew by 23.97 per cent to Rs 54.92 crore against Rs 44.30 crore in H1 FY24.

Its net profit increased by 39.87 per cent to Rs 2.58 crore in H1 FY25 compared to Rs 1.85 crore in H1 FY24, it added. - PTI

Consumer durables maker Whirlpool of India Ltd on Friday reported a 40.13 per cent rise in its consolidated net profit to Rs 53.53 crore in the September 2024 quarter.

The company posted a net profit of Rs 38.20 crore during the July-September quarter of the previous fiscal, Whirlpool of India, a subsidiary of Whirlpool Corporation, said in a regulatory filing.

Its revenue from operations was 12.58 per cent higher at Rs 1,713 crore during the quarter under review. The same stood at Rs 1,521.56 crore a year ago.

Whirlpool of India’s total expenses were Rs 1,688.95 crore in the July-September period, up 12.35 per cent. - PTI

State-owned Power Finance Corporation (PFC) on Friday posted nearly 9 per cent rise in consolidated net profit at Rs 7,214.90 crore for September quarter mainly on the back of higher revenues.

The company logged a profit of Rs 6,628.17 crore in the same period of FY24, according to a BSE filing. Total income rose to Rs 25,754.73 crore from Rs 22,387.32 crore a year ago.

The company logged 14 per cent rise in consolidated Profit After Tax in April-September FY25, to Rs 14,397 crore from Rs 12,610 crore a year ago. - PTI

Refex Renewables & Infrastructure Ltd (RRIL) on Friday reported a consolidated loss of Rs 12.69 crore in September quarter, mainly on account of a fall in income.

It had posted a Rs 10.48 crore loss in the quarter ended September 2023, the company said in an exchange filing.

The company’s total income declined to Rs 14.38 crore in the quarter under review, from Rs 21.36 crore in the second quarter last fiscal. - PTI

Shyam Metalics and Energy Ltd (SMEL) has reported a 55 per cent fall in consolidated net profit to Rs 215.68 crore in September quarter, on account of higher expenses.

It had posted a net profit of Rs 481.97 crore in the quarter ended September 2023, the company said in an exchange filing on Thursday.

The company’s total income rose to Rs 3,708.61 crore in the quarter under review, from Rs 2,978.93 crore in the second quarter of the last fiscal year.

Its expenses also increased to Rs 3,227.42 crore in the July-September quarter, from Rs 2,633.59 crore a year ago. - PTI

Ola Electric, India’s top e-scooter maker, reported a narrower second-quarter loss on Friday, driven by a jump in sales and lower raw material costs. The Bengaluru-based company said its consolidated loss narrowed to 495 crore rupees ($58.7 million) in the July-September quarter, down from 524 crore rupees a year earlier.

Tata Motors reported a surprise drop in second-quarter profit on Friday, impacted by weakness in domestic sales and its luxury vehicles unit. The company posted a profit of ₹3,343 crore ($396.4 million) for the quarter ended September 30, marking an 11% decline year-on-year.

Life Insurance Corporation of India (LIC), the country’s biggest insurer, reported a 3.8% decline in second-quarter profit on Friday as it paid out more benefits than the premiums it earned. LIC’s profit after tax for the quarter ended September 30 fell to ₹7,621 crore ($903.6 million), down from ₹7,925 crore a year earlier. - Reuters

Bajaj Hindustan Sugar, on Friday reported narrowing of consolidated loss to ₹76.17 crore for September quarter, helped by lower expenses and complete repayment of sustainable debt.

The country’s largest integrated sugar producer, which accounts for 14 per cent of Uttar Pradesh’s cane crushing, incurred a loss of ₹122.59 crore a year ago.

Revenue in the quarter remained stable at ₹1,163.26 crore. Total expenses fell to ₹1,238.95 crore from ₹1,286.18 crore, according to a regulatory filing. - PTI

Flair Writing Industries recorded its standalone net profit for the quarter ended September 2024 at ₹31.96 crore as against ₹33.35 crore in the corresponding quarter last year.

Shares trade at ₹277.95 on the NSE, lower by 2.03%.

Vedanta Ltd recorded its consolidated net profit for the quarter ended ₹5,603 crore in September 2024 as against the net loss of ₹915 crore in the corresponding quarter last year.

Shares trade flat on the NSE at ₹458.10.

NCL Industries recorded its standalone net profit for the quarter ended September 2024 at ₹2.64 crore as against ₹13.83 crore in the corresponding quarter last year.

Shares slip 0.93% to ₹209 on the NSE.

SBI recorded its standalone net profit for the quarter ended September 2024 at ₹18,331.44 crore in September 2024 as against ₹14,330.02 crore in the corresponding quarter last year.

The Central Board has accorded approvalfor raising Long Term Bonds up to an amount of t 20,000 crore through a public issue or private placement, during FY25.

Shares trade flat on the NSE at ₹851.25

Latent View Analytics recorded its consolidated net profit for the quarter ended Sept 2024 at ₹40.7 crore as against ₹34.02 crore in the corresponding quarter last year.

Shares jumped 6.24% on the NSE to ₹496.50.

Info Edge (India) recorded its standalone net profit for the quarter ended September 2024 at ₹85.8 crore as against ₹208.7 crore in the corresponding quarter last year. The Board has declared Interim Dividend of ₹12 per share (on face value of Rs.10/- per share) for the financial year 2024-25.

Shares fell 3.78% to ₹7,604.05.

India Inc reported revenue growth of 8 per cent YoY and PAT decline of 2.8 per cent YoY in Q2FY25 (1129 companies as of Nov-5). But adjusted for BFSI and Power & Energy companies, which are the best and worst performing sectors respectively, revenue/PAT grew 9.4/10.8 per cent YoY for the remaining 917 companies.

​Ashok Leyland​ recorded its standalone net profit for the quarter ended Sept 2024 at ₹770.10 crore as against ₹561.01 crore in the corresponding quarter last year.

Company declared an interim dividend of ₹2 per equity share.

Shares trade flat on the NSE at ₹216.20.

Leading Tyre manufacturer MRF has announced a 20% year-over-year drop in standalone net profit to ₹455 crore for the quarter ended September 30, 2024, down from ₹572 crore in the same period last year. The decline follows two quarters of strong profit growth.

MRF’s profit before exceptional items and taxes was ₹611 crore, compared to ₹773 crore in the September 2023 quarter.

Revenue from operations, however, saw an 11% increase, rising to ₹6,760 crore in Q2 FY25 from ₹6,088 crore a year earlier.

India Cements, recently acquired by UltraTech Cement Ltd, India’s largest cement producer, reported a significant rise in net loss to Rs. 240 crore for the quarter ended September 30, 2024. when compared with a net loss of Rs. 81 crore in the same period last year, amid a decline in revenue. 

The company’s loss before exceptional items and tax also widened, reaching Rs. 281 crore compared to Rs. 99 crore in the previous year. Its revenue stood at Rs.1017 crore as against Rs.1222 crore.

Apparel manufacturer Page Industries Ltd has reported a 30 per cent increase in net profit at ₹195.25 crore for the second quarter ended September 2024 helped by volume growth, stable input costs and improved operating efficiency.

The company had posted a net profit of ₹150.27 crore during the July-September period a year ago, according to a filing from Page Industries Ltd (PIL) on Thursday.

Its revenue from operations was up 11.06 per cent to ₹1,246.27 crore in the September quarter of this fiscal. It was at ₹1,122.11 crore in the corresponding period a year ago. - PTI

Sony’s operating profit soared 42.3% in the first half of the financial year ending March, the company reported on Friday.

Profit for the April-September period was 734.18 billion yen. - Reuters

Aditya Birla Fashion and Retail Ltd has reported a consolidated net loss of ₹214.70 crore in the September 2024 quarter.

The company had posted a net loss of ₹200.34 crore during the July-September quarter a year ago, according to a regulatory filing by Aditya Birla Fashion and Retail Ltd (ABFRL) late Thursday.

Its revenue from operations was ₹3,643.86 during the quarter under review. The same stood at ₹3,226.44 crore in the year-ago period.

Reliance Industries Ltd has erased almost $50 billion in market capitalisation since its peak in July as the most valuable Indian firm struggles with weakening earnings and an economic slowdown.

Shares of the refining-to-retail conglomerate led by billionaire Mukesh Ambani have barely risen this year, trailing the benchmark NSE Nifty 50 Index by the widest margin in roughly a decade. While broader Indian markets have come under pressure in recent months due to a foreign selloff and earnings growth concerns, the nation’s key gauges are still among Asia’s best performing major markets in 2024.

Insolation Energy Limited (INA Solar), a leading solar panel manufacturing company in India, has announced Steller financial performance for the Half yearly ended September, 2024. The company reported a Revenue of Rs. 612.69 Crores, a substantial increase of 118% YOY basis.

Leading tyre manufacturer MRF is expected to post a profit in the range of ₹480–490 crore, with revenue estimated at around ₹7,200 crore.

For comparison, MRF’s profit in the same quarter last year saw a substantial year-on-year increase, reaching ₹572 crore from ₹124 crore, while revenue rose by 6% to ₹6,088 crore. 

Analysts anticipate that Ashok Leyland, the flagship company of the Hinduja Group, may report a decline in both revenue and profit for the second quarter of this fiscal year.

“The company’s revenue is projected to fall by 12% year-on-year to ₹84.8 billion, driven by a 7% decrease in volumes and a 5% drop in realization. Medium and Heavy Commercial Vehicle (M&HCV) volumes are expected to be down by 10%, while Light Commercial Vehicle (LCV) volumes may decline by 2%. The decline in realization is attributed to an unfavourable tonnage mix,” according to Mumuksh Mandlesha, Research Analyst at Anand Rathi Institutional Equities.

Ashok Leyland’s EBITDA margin may contract by 40 basis points year-on-year to 10.8% due to negative operating leverage, with profit after tax (PAT) likely to decrease by 8% year-on-year to ₹5.4 billion.

A strong loan growth coupled with lower credit cost could see State Bank of India post about 20 per cent year-on-year (yoy) growth in net profit in the second quarter (Q2FY25), per the average of estimates by various brokerages.

India’s largest bank could post a net profit of about Rs 17,200 crore, per the estimates.

Impacted by weakness in passenger and commercial vehicle demand, Indian automaker Tata Motors’ revenue is expected to decline in Q2. 

According to analysts, during the quarter Tata Motors was also impacted by weakness in JLR demand and supply constraints. 

“Consolidated INR revenue to decrease c4 per cent year-on-year on weakness in JLR, PV and CV volumes. Expect the EBITDA margin to expand slightly by c8bp y-y to 13.1 per cent (-122bp q-q) on a better model and region mix at JLR y-y. Expect JLR revenue to decrease 6 per cent y-y, with EBITDA margin contracting c103bp y-y and 194bp q-q to 13.9 per cent, as we see higher incentivisation to impact gross margins at JLR,” stated BNP Paribas.

India Inc reported revenue growth of 8 per cent YoY and PAT decline of 2.8 per cent YoY in Q2FY25 (1129 companies as of Nov-5). But adjusted for BFSI and Power & Energy companies, which are the best and worst performing sectors respectively, revenue/PAT grew 9.4/10.8 per cent YoY for the remaining 917 companies. Read more

Insurance behemoth Life Insurance Corporation of India (LIC) on Thursday reported a 9.4 per cent increase in consolidated net profit for the quarter ended June 30, 2024, to ₹10,544 crore (₹9,635 crore). Read more

State Bank of India (SBI) is planning to open 600 branches across the country in the current financial year in a bid to tap business opportunities in emerging areas including large residential townships. Read more

State Bank of India (SBI) raised ₹5,000 crore through Basel III compliant Additional Tier 1 (AT-1) bond issuance on Wednesday at a coupon rate of 7.98 per cent. This is the bank’s first AT-1 bond issuance in the current financial year.

The combined market valuation of 6 of the top-10 most-valued firms surged ₹1,07,366.05 crore last week, with ​State Bank of India​ and ​ICICI Bank​ becoming the biggest gainers. ​Read more​

Driven by strong automobile sales, Mahindra and Mahindra reported a 35 per cent rise in consolidated net profit at ₹3,170 crore for the quarter that ended in September against ₹2,347 crore reported during the same quarter last year. This, however, is a 3.41 per cent (₹3,282 crore) dip from the June quarter.

Revenue from operations of the company saw an uptick of 1.83 per cent, to ₹37,689 crore in the September quarter, compared to ₹37,010 crore reported in the year-ago period. Revenue also saw a 1.83 per cent increase at ₹37,010 crore. 

Indian Hotels Company Limited’s (IHCL) consolidated net profit tripled to ₹555 crore in the second quarter of FY2025 on a year-on-year basis due to an exceptional gain of ₹307 crore following the consolidation of in-flight catering arm with the hotel business. In the same quarter last year, IHCL had posted a net profit of ₹160 crore.

The company’s revenue grew 28 per cent to ₹1890 crore and EBITDA rose 40 per cent to ₹565 crore. Excluding consolidation impact, the revenue and EBITDA growth came at 16 per cent and 30 per cent respectively.

FMCG major Emami on Thursday reported a 17.22 per cent year-on-year rise in its consolidated net profit to ₹210.99 crore for the second quarter this fiscal from ₹179.99 crore for the same period last fiscal.

The Kolkata-based company’s revenue grew 2.97 per cent y-o-y at ₹890.59 crore for the second quarter compared to ₹864.87 crore for the corresponding period of Q2FY24, according to a stock exchange filing.