State Bank of India: The bank’s Deputy Managing Director and Chief Risk Officer, Sureddi Srinivasa Rao, retired on October 31, and Rama Mohan Rao Amara will assume these responsibilities from November 1.
Larsen & Toubro: This major infrastructure company has reported a remarkable 45% year-on-year growth in consolidated profit for the quarter ending September FY24, reaching Rs 3,223 crore. Furthermore, they’ve experienced a substantial 72% YoY growth in order inflow, amounting to Rs 89,153 crore. Consolidated revenue from operations also increased by 19% YoY, reaching Rs 51,024 crore for the quarter. These positive figures are primarily attributed to better execution of their extensive order book and accelerated progress in projects and manufacturing. As of September 2023, their consolidated order book stands at a substantial Rs 4.5 lakh crore, with international orders accounting for 35% of the total.
Tata Consumer Products: This FMCG company achieved a 3.1% year-on-year growth in consolidated profit, totaling Rs 338.2 crore for the quarter ending September FY24, partly due to higher other income. Their Q2FY23 profit was boosted by exceptional income of Rs 111 crore, creating a high base for Q2FY24. Their revenue from operations grew by 11% to Rs 3,734 crore compared to the same period last fiscal year, with a 10% increase in constant currency. This growth was driven by an 11% increase in their India business, 8% in international business, and 3% in non-branded business.
Jindal Steel & Power: This OP Jindal Group company achieved a consolidated profit of Rs 1,390.1 crore for the July–September period of FY24, marking more than a sixfold increase from the previous year, partly due to their operating performance. However, their revenue from operations experienced a 9.4% year-over-year decline to Rs 12,250.2 crore in Q2 FY24.
Bharti Airtel: The telecom operator reported a net profit of Rs 1,340.7 crore for the July-September period of FY24, representing a 16.9% decrease from the previous quarter. Additionally, revenue from operations declined by 1% QoQ to Rs 37,044 crore for the quarter. Nevertheless, their EBITDA fell only 0.4% sequentially to Rs 19,665 crore, while the margin expanded by 40 basis points to 53.1% during the quarter. Average revenue per user (ARPU) stands at Rs 203 for Q2 FY24, up from Rs 190 in Q2 FY23 and Rs 200 in Q1 FY24.
Lupin: The pharmaceutical giant received an Establishment Inspection Report (EIR) from the United States Food and Drug Administration (US FDA) for its Mandideep unit-2 manufacturing facility. This development comes after the facility’s last inspection conducted on August 7 and 11, 2023, which resulted in an inspection classification of ‘no action indicated’ (NAI).
JSW Energy: Prashant Jain, the joint managing director and CEO of the company, has decided to step down and pursue early retirement to pursue personal interests. He will continue to serve in his current position until January 31, 2024, to support a smooth transition.
Blue Jet Healthcare: This pharmaceutical company is set to make its debut on the BSE and NSE on November 1, with a final issue price of Rs 346 per share, and IPO share allotment taking place on October 30.
DCB Bank: The private sector lender reported a 13% year-on-year growth in profit, reaching Rs 127 crore for the quarter ending September FY24. Their operating profit also rose by 15.3% YoY to Rs 211 crore, with other income increasing by 8% to Rs 107 crore. Net interest income saw a 15.8% increase, reaching Rs 476 crore compared to the previous year, while deposits grew by 15.2% to Rs 45,496 crore, and net advances climbed 13% to Rs 37,276 crore during the same period. On the asset quality front, gross NPAs increased by 10 basis points (bps) QoQ to 3.36%, and net NPAs rose by 9 bps to 1.28% for the quarter.
Mangalore Refinery & Petrochemicals: The state-owned petroleum refining company has reported a 3.6% increase in consolidated profit for the quarter ending September FY24, reaching Rs 1,051.7 crore, despite a decline in revenue from operations. The decrease in the topline was offset by lower input costs. Revenue from operations (excluding excise duty) fell by 9.2% QoQ to Rs 19,230 crore for the quarter.
Navin Fluorine International: This chemicals company’s earnings fell short of analysts’ expectations, with consolidated profit rising by 4.8% year-on-year to Rs 60.6 crore for the July-September period, primarily due to a lower EBITDA margin. However, revenue from operations for the quarter increased by 12.5% YoY to Rs 471.8 crore.
CE Info Systems: The digital maps and deep-tech products and platforms company reported a 30% year-on-year growth in profit, totaling Rs 33.1 crore for the quarter ending September FY24. This quarter marked their highest-ever revenue, with revenue from operations growing by 19.4% year-on-year to Rs 91.1 crore. Additionally, EBITDA grew by 32.5%, and the margin expanded by 440 basis points during the same period.
Motherson Sumi Wiring India: The auto ancillary company achieved a 34% year-on-year growth in profit, reaching Rs 156 crore for the July-September period of FY24, driven by a healthy operating performance. Revenue from operations during the same period increased by 15% to Rs 2,105 crore.
KEI Industries: The electrical wires and cables manufacturer reported a standalone profit of Rs 140.2 crore for the quarter ending September FY24, marking a 31.2% increase over the previous year. Their revenue from operations during the quarter grew by 21% to Rs 1,946.6 crore compared to the same period in the previous fiscal year.
Birlasoft: The software company registered a 5.5% sequential increase in profit, reaching Rs 145.07 crore for the July-September period of FY24. Furthermore, revenue from operations in Q2FY24 grew by 3.7% quarter-on-quarter to Rs 1,309.9 crore.
Inox Wind: Promoter Inox Wind Energy successfully raised approximately Rs 800 crore through the sale of equity shares of Inox Wind. The transaction was executed through block deals on the stock exchanges. The funds raised will be infused into Inox Wind to reduce external debt, further strengthening its balance sheet. Inox Wind Energy sold 3,83,62,000 equity shares, equivalent to 11.77% of paid-up equity, in Inox Wind at a price of Rs 210.23 per share, totaling Rs 806.48 crore. Additionally, various funds, including Small Cap World Fund Inc, ICICI Prudential Mutual Fund, East Bridge Capital Master Fund I, and BNP Paribas Arbitrage, bought shares in Inox Wind.
SBI Cards and Payment Services: SBI Card and Reliance Retail have joined forces to introduce the co-branded Reliance SBI Card. This lifestyle-focused credit card aims to offer a comprehensive and rewarding shopping experience to customers.
On Door Concepts: The e-commerce platform is set to make its debut on the NSE Emerge on November 1, with an issue price of Rs 208 per share. Its equity shares will be available for trading in the trade-for-trade segment.
