Q2 Earnings 2024: While many major companies across sectors and all of the IT services giants have already released their Q2 results, many others are yet to announce their Q2 numbers. Even so, the fiscal second quarter earnings season is now in full swing. Firms like Tata Consultancy Services (TCS), HCL Technologies, Infosys, Wipro, Tech Mahindra, Reliance Industries, HUL, Nestle India, Axis Bank, HDFC Bank, LTIMindtree, TVS Motor, Havells India, Paytm, Zomato, PVR Inox, Bajaj Auto, Piramal Pharma, Mahindra Logistics, and others have announced their Q2 numbers already.
Today, companies like ITC, Godrej Consumer Products, Colgate Palmolive (India), NTPC, JSW Energy, Adani Total Gas, Patanjali Foods, Petronet LNG, United Breweries, ACC, Adani Wilmar, Radico Khaitan, PNB Housing Finance, Bikaji Foods International, Castrol India, Cyient, LT Foods, GMR Airports Infrastructure, Glenmark Life Sciences, Westlife Foodworld, V2 Retail, DCB Bank, IndusInd Bank, 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.
This week, other key players like Coal India, JSW Steel, DLF, Bharat Electronics, Interglobe Aviation, Bharat Petroleum Corporation, Bank Of Baroda, IDBI Bank, Inox Wind, ICICI Bank, Yes Bank, IDFC First Bank, and others will announce their Q2 numbers.
ITC Ltd on Thursday reported its fiscal second quarter earnings with profit at Rs 4992.87 crore, up 1.9 per cent in comparison to Rs 4898.07 crore during the corresponding quarter of FY24. It posted revenue from operations at Rs 22,281.89 crore, up 15.6 per cent as against Rs 19,270.02 crore during the same period of previous financial year, driven by Agri Business and Hotels.
ITC acknowledged the subdued demand conditions, unusually heavy rains in parts of the country, high food inflation and sharp escalation in certain input costs (leaf, wood, etc.) witnessed during the quarter.
Indian Energy Exchange Ltd (IEX) on Thursday posted its fiscal second quarter earnings with profit growth of 25.3 per cent to Rs 108.32 crore in comparison to Rs 86.46 crore recorded during the corresponding quarter of FY24. It posted revenue from operations at Rs 139.40 crore, up 28.4 per cent as against Rs 108.53 crore during the same period of previous financial year.
During the quarter, IEX recorded a total trading volume of 36.7 BUs, an increase from 26.5 BUs in Q2FY24, marking a growth of 38.2 per cent YoY. This total volume comprises electricity volume of 30.4 BUs and certificate traded volume of 6.3 BUs.
Praveen Kutty, Managing Director & CEO, said, “Our growth trajectory continues to be robust both in deposits and advances. Greater focus on analytics and engagement to give us benefits on the fee line. Recoveries and upgrades continue to be encouraging. We are working on improving productivity and looking ahead we expect steady improvement in profitability.”
DCB Bank Limited on Thursday posted Q2FY25 profit at Rs 155.47 crore, posting a growth of 22.6 per cent in comparison to Rs 126.79 crore recorded during the corresponding quarter of FY24. It posted total income during the quarter at Rs 1,773.04 crore, up 25.5 per cent as against Rs 1,412.95 crore during the same period of previous financial year. NII was up 7 per cent at Rs 509.2 crore.
Advances growth year-on-year was at 19 per cent and deposit growth year-on-year was at 20 per cent.
The gross NPA as on September 30, 2024 was at 3.29 per cent and net NPA was at 1.17 per cent as on September 30, 2024. The Provision Coverage Ratio (PCR) as on September 30, 2024 was at 75.62 per cent and PCR without considering Gold Loans NPAs was at 76.41 per cent.
Krishna Bodanapu, Executive Vice Chairman and Managing Director, said, “Cyient Group witnessed positive Q2 FY25 results, with quarterly Group Revenue at US$ 220.7 Mn, growth of 2.6% YoY in constant currency. At a strategic level, we are making strong and continued progress towards unlocking the potential of our Semiconductor business. The partial divestment of our stake in Cyient DLM gives us the flexibility to use the proceeds towards fulfilling our capital requirements across organic and inorganic initiatives in our recently launched Semiconductor business to drive accelerated growth. We have reached an agreement to acquire 27.3% stake in Azimuth AI, a fabless custom ASIC company known for its expertise in Energy and Industrial applications with focus across global markets including India. This investment aligns strongly with our strategic growth objectives for the Semiconductor business.”
The company board declared an Interim Dividend of Rs 12 per equity share (i.e. 240 per cent) on par value of Rs 5 per share for the financial year 2024-25 and announced 6 November 2024 as the record date for the above purpose and said that the dividend will be paid by 21 November 2024.
Cyient Limited on Thursday reported its fiscal second quarter earnings with profit at Rs 179.10 crore, marginally higher than Rs 178.30 crore recorded during the corresponding quarter of FY24. It posted revenue from operations at Rs 1849.10 crore, up 4 per cent as against Rs 1778.50 crore during the same period of previous financial year. The company posted EBIT at Rs 230.7 crore, up 15.8 per cent YoY.
United Breweries Limited on Thursday reported its fiscal second quarter profit at Rs 132.33 crore, up 23.5 per cent in comparison to Rs 107.17 crore during the second quarter of previous financial year. It posted revenue from operations at Rs 4743.56 crore, up 13.1 per cent as against Rs 4192.86 crore during the corresponding quarter of FY24.
The company said that the total volume increased 5 per cent in Q2 despite unfavorable weather in the quarter, and the growth was predominantly driven by North and West regions.
Investments in capex during the quarter were Rs 51 crore, focused on commercial & supply chain initiatives to cater for future growth.
Dixon Technologies (India) Ltd on Thursday posted a fiscal second quarter profit jump of 263.2 per cent at Rs 411.70 crore in comparison to Rs 113.36 crore recorded during the corresponding quarter of FY24. It posted revenue from operations at Rs 11,534.08 crore, up 133.3 per cent as against Rs 4943.18 crore during the same period of previous financial year. The company EBITDA stood at Rs 426.4 crore.
The company board declared an interim dividend of Rs 7 per equity share (of the face value of Rs 10 each) of the company for the Financial Year 2024-25. “The Record and payment/ despatch date for the above declared interim dividend for the Financial Year 2024-25 shall be intimated in due course of time, as per the statutory requirement,” it said.
Petronet LNG Ltd on Thursday posted fiscal second quarter profit at Rs 848.99 crore, up 4.2 per cent in comparison to Rs 814.91 crore during the corresponding quarter of FY24, missing estimates. It posted revenue from operations at Rs 13,024.29 crore, up 3.9 per cent as against Rs 12,532.57 crore during the same period of previous financial year.
According to a CNBC TV18 poll, Petronet LNG was expected to post Q2 profit at Rs 877 crore and revenue for the quarter was estimated at Rs 13,289 crore.
Sudhir Sitapati, Managing Director and CEO, GCPL, said, “GCPL has had a steady quarter given the headwinds of oil costs and tough consumer demand in India. Our Standalone business grew by 7% in both volume and value and flat reported EBITDA. Our standalone EBITDA margin at 24.3% is at the lower end of our targeted band and is caused entirely by high inflation on palm oil. The already high prices were further exacerbated by the import duty on oil. We think this is a short-term hit and we will recover the margins through judicious price increase and stabilising of costs. Indonesia continued its steady performance with 7% volume, 9% revenue and 17% EBITDA growth. GAUM continued to have a weak topline quarter but an exceptional bottom-line quarter. While organic volumes declined by 8% and value declined by 10%, reported EBITDA grew by 33%. Our margins are now 14.4%.”
The company board declared an interim dividend at Rs 5 per share (500 per cent on equity shares of face value of Re 1 each) for the financial year 2024-25. “As intimated earlier the Record Date for ascertaining the names of the shareholders who will be entitled to receive the said dividend is Friday, November 1, 2024. The dividend will be paid on or before Saturday, November 23, 2024,” it said.
Godrej Consumer Products Ltd on Thursday posted a profit growth of 13.5 per cent for the second quarter of FY25 at Rs 491.31 crore in comparison to Rs 432.77 crore reported during the same period of previous financial year. It posted revenue from operations at Rs 3,666.33 crore, up 1.8 per cent as against Rs 3,601.95 crore during the corresponding quarter of FY24. The company EBITDA stood at Rs 759.5 crore
Sumant Kathpalia, Managing Director & CEO, IndusInd Bank, said, "IndusInd Bank aligned its strategy focusing on ramping up retail deposit mobilization, maintaining traction on secured loans, de-growing unsecured loans and building conservative buffers on provisions. The outcomes for Q2 were evident in deposit growth of 15% YoY ahead of loan growth of 13% YoY. The NNPAs were stable at 0.64% with 70% provision coverage ratio. The Profit After Tax at Rs 1,331 crore lower by 40% YoY as we build contingent provision buffer this quarter. The Capital Adequacy remains healthy at 16.51% and Liquidity Coverage at 118 % well above regulatory thresholds. The Bank thus has strengthened the balance sheet during the quarter and will look towards growth acceleration in tandem with the underlying economy."
As of September 30, 2024, the Bank’s distribution network included 3040 branches/ Banking outlets and 3011 ATMs, as against 2631 Branches/ Banking outlets and 2903 ATMs as of September 30, 2023. The client base stood at 41 million as on September 30, 2024.
Balance sheet footage as on September 30, 2024 was Rs 5,43,407 crore as against Rs 4,77,922 crore as on September 30, 2023, reporting growth of 14 per cent. Deposits as on September 30, 2024 were Rs 4,12,397 crore, up 15 per cent YoY. CASA deposits increased to Rs 1,47,944 crore with Current Account deposits at Rs 52,606 crore and Savings Account deposits at Rs 95,338 crore.
Retail deposits as per LCR stood at Rs 1,81,911 crore, up by 16% YoY. Advances as of September 30, 2024 were Rs 3,57,159 crore, up 13 per cent YoY.
IndusInd Bank on Thursday posted profit for the second quarter of FY25 at Rs 1331.29 crore, down 39.5 per cent in comparison to Rs 2202.16 crore during the corresponding quarter of FY24, missing estimates. Net profit for Q2FY25 adjusted for increase in contingent provision buffer was at Rs 1,725 crore. Net Interest Income (NII) grew by 5 per cent YoY to Rs 5,347 crore from Rs 5,077 crore. NIM was at 4.08 per cent as compared to 4.29 per cent for Q2FY24.
Gross NPA and Net NPA ratios came in at 2.11 per cent and 0.64 per cent against 1.93 per cent and 0.57 per cent YoY respectively and PCR at 70 per cent as at September 30, 2024.
The company board declared payment of Interim Dividend of Re 0.40 (20 per cent) per equity share of Rs 2 each, for the Financial Year 2024-25. “Further, pursuant to Regulation 42 of the SEBI (Listing Obligations and Disclosure Requirements), 2015, the Company has fixed “November 06, 2024” as “Record Date” for determining the eligibility of the Shareholders. The Dividend will be paid within 30 days of declaration,” it said in a regulatory filing.
V V Ravi Kumar, Executive Director & Chief Financial Officer, said, “Soft H1 performance, in line with expectations. We achieved Rs 2,419 crore in revenues, representing 1% revenues growth, and Rs 353 crore EBITDA, resulting in 14.6% margin. Gross margins improved by over 3.5% pts to 55.1% indicating robust business health. Overall, Net Debt has increased over last year due to continued CAPEX investments in expanding CMO capability. However, with a better H2 performance, supported by facility ramp up, and margin improvements, we expect reduction in Net Debt leverage by end of the year.”
Dr Satyanarayana Chava, Founder & Chief Executive Officer, said, “We are pleased to see sustained demand in our CMO/CDMO services, supported by ongoing operational excellence and expanding platform capabilities. Opening of the new R&D center significantly advances our one-stop ‘D & M’ capability in meeting global partner diverse needs and growing early phase enquiries. Q2 results demonstrate continued resilience in financial health, led by strong growth in CDMO vertical offset by lower sales in ARV and Oncology API business. We remain committed to deliver on key NCE opportunities in H2, which is in line with our full year growth outlook. Looking at industry fundamentals, we are well positioned to capture value by maintaining our focus on solving customer complex needs and delivering long-term stakeholder value.”
Laurus Labs Ltd on Thursday posted fiscal second quarter profit at Rs 19.84 crore, down 46.3 per cent in comparison to Rs 36.95 crore during the corresponding quarter of FY24. It posted revenue from operations at Rs 1,223.70 crore recording a marginal decline from Rs 1,224.45 crore reported during the same period of previous financial year. The company EBITDA stood at Rs 180 crore.
Angshu Mallick, MD & CEO, Adani Wilmar Limited, said, “The Company’s revenue grew by 18% YoY to Rs 14,460 crore. We have delivered another strong quarter, with double digit growth in both edible oils and Food & FMCG segments. The edible oils revenue grew by 21% YoY and the Food & FMCG revenue grew by 34% YoY. The stability in edible oil prices augurs well for our business, allowing us to deliver strong profits over the past four quarters.”
“In H1’25, we achieved our highest-ever half-year operating EBITDA of Rs 1,232 crore and PAT of Rs 624 crore. We have been the 2nd and 3rd largest player in the Wheat flour and Basmati Rice business respectively. Our other food products like pulses, besan, soya chunks, poha has also been growing in strong double digit and they in aggregate have now reached Rs 1,500 crore on LTM basis. Our overall Food & FMCG business has crossed Rs 5,800 crore on LTM basis and we stay committed to build a very large packaged food business in India,” he added.
Adani Wilmar on Thursday reported its fiscal second quarter profit at Rs 311.02 crore in comparison to a loss of Rs 130.73 crore reported during the corresponding quarter of FY24. It posted revenue from operations at Rs 14,460.45 crore, up 17.9 per cent as against Rs 12,267.15 crore during the same period of previous financial year. The company EBITDA stood at Rs 566 crore.
The company board also declared the third interim dividend of Re 0.50 (50 per cent) per equity share of face value of Re 1 each for the financial year 2024-25 and have fixed Monday, November 04, 2024 as the 'Record Date' for determining the shareholders who will be entitled to the said Dividend.
LT Foods Ltd on thursday reported its fiscal second quarter earnings with profit at Rs 150.61 crore, down 4.2 per cent in comparison to Rs 157.27 crore recorded during the corresponding quarter of FY24. It posted revenue from operations at Rs 2107.79 crore, up 6.6 per cent as against Rs 1977.79 crore during the same period of previous financial year. The company EBITDA stood at Rs 229.3 crore.
Gross loan book at Rs 30,344 crore; up 14% YoY
Secured book at 34.9% as of Sep’24
Disbursements at Rs 5,376 crore; down 6% YoY
Deposits at Rs 34,070 crore; up 17% YoY
CASA at Rs 8,832 crore; up 26% (YoY)
Ujjivan Small Finance Bank Ltd on Thursday posted Q2FY25 profit at Rs 233.03 crore, posting a decline of 28.9 per cent in comparison to Rs 327.74 crore during the corresponding quarter of FY24. NII for the quarter stood at Rs 944 crore, up 9.5 per cent YoY and NIM was at 9.2 per cent for Q2FY25.
Ajay Kapur, Whole Time Director & CEO, ACC Ltd, said, “Our performance in Q2 reinforces our standing as a frontrunner in the cement industry. Our financial results this quarter – fuelled by higher volumes, cost optimization, increasing efficiencies, and agility – build the momentum for our growth strategy for FY’25 and beyond. Our growth is being driven by robust demand for high-quality cement products across all markets, as well as our continuous efforts to optimise operations and lead on all ESG parameters. Our leadership status is highlighted in our drive for operational excellence supported by innovation, sustainability, and a customer-centric approach. We continue to deliver strong value for our stakeholders as we aim for sustained profitability through our competitive advantage.”
Adani-owned ACC Ltd on Thursday reported its fiscal second quarter earnings with a profit decline of 48.5 per cent at Rs 199.66 crore in comparison to Rs 387.85 crore recorded during the corresponding quarter of FY24, missing estimates. It posted revenue from operations at Rs 4,613.52 crore, up 4.0 per cent as against Rs 4,434.73 crore during the same period of previous financial year. Revenue growth was driven by higher trade sales volume (up by 2 per cent) and premium product as percentage of trade sales at 36 per cent (up by 3.7 pp YoY). The company EBITDA stood at Rs 436.4 crore.