Q2 Earnings 2024: While companies across sectors and all of the IT services giants have already released their Q2 report, the quarter earnings season is now in full swing. Majors like Tata Consultancy Services (TCS), HCL Technologies, Infosys, Wipro, Tech Mahindra, Reliance Industries, HUL, ITC, Adani Wilmar, Nestle India, Axis Bank, HDFC Bank, LTIMindtree, Coal India, JSW Steel, BPCL, ICICI Bank, TVS Motor, Havells India, Paytm, Zomato, PVR Inox, Bajaj Auto, Piramal Pharma, among many others have announced their Q2 numbers and many others are still in queue.
Today, companies like Bharti Airtel, Sun Pharmaceutical Industries, Adani Power, Indian Oil Corporation, Ambuja Cements, Punjab National Bank, Suzlon Energy, Bharat Heavy Electricals, Indian Bank, JSW Infrastructure, Motilal Oswal Financial Services, Federal Bank, Ajanta Pharma, LIC Housing Finance, Indraprastha Gas, Gillette India, Pfizer, Arvind, Nilkamal, Kaya, KFin Technologies, Welspun Living, among others are lined up to release their Q2 earnings report.
Earlier, Reliance Industries Ltd (RIL) had posted a profit decline of 4.8 per cent on-year at Rs 16,563 crore and revenue at Rs 235,481 crore. HCL Tech recorded Q2 profit at Rs 4,237 crore, up 10.5 per cent YoY and revenue at Rs 28,862 crore. TCS reported Q2 profit at Rs 11,909 crore, up 5.0 per cent YoY and revenue at Rs 64,259 crore. Infosys recorded Q2 profit at Rs 6506 crore and revenue at Rs 40,986 crore. Wipro, meanwhile, reported fiscal second quarter profit at Rs 3226.60 crore, up 21.0 per cent YoY and revenue at Rs 22,301.60 crore.
Going forward, this week will witness giants like Maruti Suzuki India, Dabur India, Adani Enterprises, Cipla, Marico, Larsen & Toubro, Biocon, announcing their Q2 numbers.
The company board also declared interim dividend @275 per cent i.e. Rs 5.50 per share (face value of Rs 2 each) on the equity shares of the company for the Financial Year 2024-25. The record date for ascertainment of shareholders entitled to receive the aforesaid interim dividend shall be November 12, 2024 (Tuesday), it said.
Indraprastha Gas Ltd (IGL) on Monday recorded a profit of Rs 454.17 crore during the second quarter of FY25, down 17.8 per cent in comparison to Rs 552.67 crore during the corresponding quarter of FY24. It posted revenue from operations at Rs 4088.40 crore, up 7.0 per cent as against Rs 3822.53 crore during the same period of previous financial year.
LIC Housing Finance Limited on Monday posted a profit growth of 11.2 per cent for the fiscal second quarter at Rs 1327.71 crore, as compared to Rs 1193.48 crore during the same quarter of FY24. It posted revenue from operations at Rs 6,937.72 crore, up 2.5 per cent from Rs 6,765.44 crore recorded during the same period of previous fiscal year.
Stove Kraft Ltd on Monday reported its fiscal second quarter profit at Rs 16.72 crore, up 1.1 per cent in comparison to Rs 16.53 crore during the corresponding quarter of FY24. It posted revenue from operations at Rs 418.31 crore, up 10.1 per cent as against Rs 379.77 crore during the same period of previous financial year. The company EBITDA stood at Rs 49 crore, up 23.1 per cent YoY.
Gopal Vittal, MD, said, “We delivered another quarter of solid performance, with India revenue growing 8.7% sequentially. Africa maintained strong revenue growth momentum as well with 7.7% constant currency growth. The flow thru of tariff repair is in-line with our expectation on ARPU increase and SIM consolidation. We reported industry leading ARPU of Rs 233. Our focus on winning quality customers and driving premiumization has helped us add 4.2 Mn smartphone customers. We continue to expand our Wifi coverage with FWA offerings to over 2,000 cities. We continue to invest in our digital businesses to diversify portfolio strength and drive long term growth.”
India business
Revenue: Rs 31,561 crore, up 16.9% YoY
EBITDA margin: 54.8%, up 86 bps YoY.
Customer base: 407 million
Capex for the quarter: Rs 6,260 crore
Africa
Revenue (in constant currency): up 20.8% YoY
EBITDA margin: 46.6%, down 201 bps YoY
EBIT margin: 30.5%, down 226 bps YoY
Customer base: 157 million
Capex for the quarter: Rs 1,415 crore
Bharti Airtel Ltd on Monday released its fiscal second quarter earnings with profit at Rs 3593.20 crore, posting a growth of 168.0 per cent in comparison to Rs 1340.70 crore during the corresponding quarter of FY24, missing estimates. It posted revenue from operations at Rs 41,473.30 crore, up 12.0 per cent as against Rs 37,043.80 crore recorded during the same period of previous financial year. The company EBITDA stood at Rs 21,846.3 crore.
According to a CNBC TV18 poll, Bharti Airtel was expected to post Q2 profit at Rs 4336 crore and revenue was estimated at Rs 40,835 crore.
A report by Centrum Broking stated, “Coal India reported lower than our estimate EBITDA ex OBR at Rs71.5bn (CentrumE: Rs75.7bn), down 20% YoY/ down 38% QoQ. The underperformance is primarily due to lower realisation and also lower volumes resulting in higher CoP on account of higher fixed cost. Sales volume decline by 3.5% YoY to 168.1mt in Q2FY25. However, blended realisation/t declined by 5.8% YoY primarily due to sharp decline in FSA realisation as well as fall in e-auction premium to 69% (vs 84% YoY).
We understand coal will remain a primary source to meet the rising energy requirement of the nation. We incorporate COAL to achieve ~900mt of sales volume in FY27; 6% CAGR over next 3 years. We estimate Revenue/EBITDA/PAT to increase at 6%/11%/10% CAGR over FY24-27.”
The Board of Directors has approved the raising of funds by way of secured, rated, listed, redeemable, non-convertible debentures amounting up to Rs 5,000 crore, comprising up to Rs 2,500 crore by way of public issue and up to Rs 2,500 crore by way of private placement, in one or more tranches, in accordance with applicable laws.
SB Khyalia, CEO, Adani Power Limited, said, “Adani Power has embarked on the next phase of its growth journey, swiftly achieving capacity expansion milestones and securing power supply agreements to ensure long-term revenue stability. The Company consistently delivers robust operating and financial performance by leveraging its inherent strengths and competitive advantages. Its diverse capabilities and financial resilience provide a solid foundation for growth, enabling it to realize its vision of supporting India's economic development with reliable, sustainable, and affordable power supplies. Additionally, we are committed to rapidly turning around our recently acquired stressed power plants by utilizing our core competencies and strengths.”
Adani Power Ltd on Monday reported that the company posted a consolidated profit of Rs 3,297.52 crore during the second quarter of FY25, down 50.0 per cent in comparison to Rs 6,594.17 crore during the corresponding quarter of FY24. It posted revenue from operations at Rs 13,338.88 crore, up 2.7 per cent as against Rs 12,990.58 crore during the same period of previous financial year. The company posted consolidated power sale volume at 21.9 BU in Q2FY25, up by 21 per cent from 18.1 BU in Q2FY24 due to improved power demand and higher operating capacity.
Indian Oil Corporation Ltd (IOCL) on Monday recorded a standalone profit of Rs 180.01 crore for the fiscal second quarter, posting a decline of 98.6 per cent in comparison to Rs 12,967.32 crore recorded during the same period of previous financial year, missing estimates. It posted revenue from operations at Rs 1,95,148.94 crore, down 3.5 per cent as against Rs 2,02,312.04 crore during the corresponding quarter of FY24.
According to a CNBC TV18 poll, IOCL was expected to report Q2 profit at Rs 3278 crore and revenue for the quarter was estimated at Rs 1.9 lakh crore.
Bharat Heavy Electricals Ltd (BHEL) released its fiscal second quarter earnings with profit at Rs 106.15 crore in comparison to a loss of Rs 63.01 crore recorded during the same quarter of FY24. It posted revenue from operations at Rs 6584.10 crore, up 28.5 per cent as against Rs 5125.29 crore during the same period of previous financial year.
Consolidated R&D investments were Rs 792.90 crore for Q2FY25 or 6% of sales as compared to Rs 773.40 crore for Q2 last year. For the first half, R&D expense was Rs 1586.90 crore, or 6.2% of sales. “Our R&D efforts span across both specialty and generic businesses and we continue to invest in building the pipeline for various markets including the US, Emerging Markets, RoW Markets and for India. Our specialty R&D pipeline includes 7 molecules undergoing clinical trials. We have a comprehensive product offering in the US market consisting of approved ANDAs for 538 products while filings for 105 ANDAs await US FDA approval, including 28 tentative approvals,” the company said.
Dilip Shanghvi, Chairman and Managing Director of the Company, said, “Sun has recently strengthened its specialty pipeline through an agreement with Philogen for commercializing late stage candidate Fibromun, upon approval. With Fibromun, our product basket for dermatologists has expanded further. We shall continue to leverage our strong cash position to strengthen our pipeline with products that are close to the market.”
Sun Pharmaceutical Industries Ltd on Monday reported fiscal second quarter profit at Rs 3040.16 crore, up 28.0 per cent in comparison to Rs 2375.51 crore recorded during the corresponding quarter of FY24, surpassing estimates. It posted revenue from operations at Rs 13,291.39 crore, up 9 per cent as against Rs 12,192.41 crore during the same period of previous financial year. The company EBITDA stood at Rs 3,939 crore.
According to a CNBC TV 18 poll, Sun Pharma was expected to report Q2 profit at Rs 2895 crore and revenue for the quarter was estimated at Rs 13,320 crore.
PNB recorded gross NPA for the quarter at 4.48 per cent as against 6.96 per cent during the second quarter of FY24. Net NPA, meanwhile, came in at 0.46 per cent vs 1.47 per cent YoY.
Punjab National Bank on Monday reported fiscal second quarter profit at Rs 4431.99 crore, posting a jump of 151.2 per cent in comparison to Rs 1764.54 crore recorded during the corresponding quarter of FY24. It posted total income during the quarter at Rs 35,111.47 crore, up 17.6 per cent as against Rs 29,857.05 crore during the same period of previous fiscal year.
On a standalone basis, Q2 profit came in at Rs 4303.46 crore. The Bank posted NII at Rs 10,517 crore, up 6 per cent.
Motilal Oswal, MD & CEO, said, “The tailwinds are strong in all of our capital market businesses. Our operating businesses of wealth management, capital market, asset & private wealth management have delivered strong growth in Q2FY25. Operating PAT for the quarter grew by 53% on YoY basis to Rs 541 crore and Consolidate PAT including Treasury PAT more than doubled at Rs 1,242 crore. We continue to believe that India's financialisation theme has just started and Motilal Oswal Financial Services provides an integrated capital market platform offering all products to our clients."
Wealth Management: The segment comprises retail broking, distribution and NII Income, and reported Q2 revenue at Rs 634 crore, up 53 per cent YoY. PAT for Q2 came in at Rs 225 crore, up 71 per cent YoY. The company said that it acquired 2.0 lakh clients in Q2FY25.
Asset & Private Wealth Management businesses: The segment comprises Asset Management, Private Equity, Real Estate Funds and Private Wealth Management businesses. The business posted net revenues for Q2 at Rs 490 crore, up 52 per cent YoY and PAT for Q2FY25 at Rs 213 crore, up 63 per cent YoY.
Capital Market: Capital markets comprise of Institutional Equities and Investment Banking business and recorded net revenue for Q2FY25 at Rs 174 crore, up 52 per cent Y0Y. PAT for Q2FY25 stood at Rs 73 crore.
Housing Finance business: The segment recorded AUM growth of 13 per cent YoY to Rs 4,233 crore. Net Interest Income for Q2FY25 stood at Rs 81 crore, up 4 per cent YoY and Profit After Tax was at Rs 27 crore.
Motilal Oswal Financial Services Ltd on Monday recorded a profit jump of 110.9 per cent for the second quarter of FY25 at Rs 1120.08 crore, in comparison to Rs 531.19 crore reported during the same quarter of previous financial year. It posted revenue from operations at Rs 2837.83 crore, up 71.5 per cent as against Rs 1654.83 crore during the second quarter of FY24.
The company recorded net worth of Rs 11,070 crore as of September 30, 2024, up 48 per cent YoY.
The company has a retail presence across 1577 LFO/MBO/EBO/FOFO at the end of Q2FY25 which includes net addition of 92 LFO/MBO/EBO/FOFO during the quarter. Further, in October 2024, the company rebranded its retail vertical to "Nilkamal Homes" merging @home and Nilkamal Furniture Ideas stores into one single retail identity.
The capex spend during Q2FY25 stood at Rs 99 crore. The commercial production at Hosur plant is expected to commence in Q4FY25, it said. The total Net Borrowing of the Company stood at Rs 305 crore as on 30th September, 2024 as against net borrowings of Rs 240 crore as on 30th September, 2023.
Nilkamal Ltd on Monday announced that the company recorded profit of Rs 32.53 crore during the second quarter of FY25, posting a growth of 30.1 per cent in comparison to Rs 25.01 crore registered during the corresponding quarter of FY24. It posted revenue from operations at Rs 821.76 crore, up 6 per cent as against Rs 775.60 crore during the same period of previous financial year. The company EBITDA stood at Rs 77.5 crore, up 25.8 per cent YoY.
Ajay Kapur, Whole Time Director & CEO, Ambuja Cements, said, “We are glad to deliver another sustained performance aligned to our growth blueprint and setting new benchmarks in efficiency. We continue to focus on innovation, digitalisation, customer satisfaction and ESG as the core elements of our business. With our strong foothold across the nation, we are further expanding our footprint in new geographies in-line with our vision. Post successful completion of the orient cement transaction, we are well poised to achieve 100+ MTPA capacity by this fiscal year end.”
The company announced that its net worth increased by Rs 450 crore during the quarter and stands at Rs 59,916 crore.The company, it added, remains debt free and continues to maintain Crisil AAA (stable) / Crisil A1+ ratings. The Cash & Cash Equivalent stands at Rs 10,135 crore.
For Ambuja (consolidated), business level working capital stands at 33 days.
Adani Group owned Ambuja Cements on Monday posted a profit of Rs 455.96 crore for the fiscal second quarter, posting a decline of 42.5 per cent in comparison to Rs 792.96 recorded during the corresponding quarter of FY24. It posted revenue from operations at Rs 7,516.11 crore, up 1.2 per cent as against Rs 7,423.95 crore during the same period of previous financial year. The revenue growth was driven by higher trade sales volume (up by 1 per cent) and premium product as percentage of trade sales at 26 per cent (up by 3.3 pp YoY).
Ambuja Cements posted volume growth of 9 per cent YoY, at 14.2 million T, which is the highest volume in Q2 series in the last 5 years.
Vinay Sanghi, Chairman and Founder, CarTrade Tech, said, “We are pleased to report a remarkable financial performance for Q2FY25, achieving the highest-ever quarterly revenue of Rs 172 crore, marking a 27% growth year-over-year. This robust quarter-on-quarter performance has resulted in a 44% increase in profit before tax, underscoring the strength and leadership across all segments we operate in. Our results also reflect the operating leverage built into our model, driving a substantial increase in EBITDA by 54% and lifting our profit after tax to Rs 31 crore this quarter."
CarTrade Tech Ltd on Monday reported its fiscal second quarter earnings with profit at Rs 27.88 crore, posting a growth of 826.2 per cent as against Rs 3.01 crore during the corresponding quarter of FY24. It posted revenue from operations at Rs 154.21 crore, up 28.5 per cent as against Rs 120.01 crore during the same period of previous financial year. The company EBITDA came in at Rs 32.8 crore, up 55 per cent YoY.
CarTrade said that it received average monthly unique visitors in Q2FY25 at around 77 million, more than 95 per cent of which were organic.
Dhaval Ajmera, Director, Ajmera Realty & Infra India Limited, said, “The company remains steadfast on its growth trajectory, delivering impressive results that reflect our strategic initiatives. We are happy to increase the equity through preferential allotment which is testimony of the growth potential of the company from the investors who are strategically aligned with our objectives. A robust pipeline comprising seven projects with a Gross Development Value of Rs 4,270 crore is set to launch, positioning the second half of FY25 for significant optimism and value creation. These developments collectively enhance the company’s prospects and stakeholder value.”