Q2 Earnings 2024: Companies across sectors and all of theIT services giants have already released their fiscal second quarter numbers. Firms including Tata Consultancy Services (TCS), HCL Technologies, Infosys, Wipro, Tech Mahindra, Reliance Industries, Bharti Airtel, HUL, ITC, Marico, Dabur India, Adani Wilmar, Nestle India, BHEL, L&T, Adani Enterprises, Punjab National Bank, Axis Bank, HDFC Bank, IRCTC, Bata India, 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 reports.
Today, companies like Titan Company, GAIL India, Mankind Pharma, Dr Reddy’s Laboratories, Max Healthcare Institute Limited, Mazagon Dock Shipbuilders, Oil India, PB Fintech, Berger Paints India, SJVN, Waaree Renewable Technologies, Raymond Lifestyle, Manappuram Finance, Saregama India, JK Tyre and Industries, Wonderla Holidays, Muthoot Microfin, Fortis Malar Hospitals, 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.
GAIL announced that it incurred a capex of Rs 1885 crore during the quarter in review, mainly on Pipelines, Petrochemicals, etc., taking cumulative capex upto H1FY25 to Rs 3,544 crore.
GAIL (India) Ltd on Tuesday announced its fiscal second quarter earnings with a profit growth of 10.1 per cent at Rs 2689.67 crore in comparison to Rs 2442.18 crore recorded during the corresponding quarter of FY24. It posted revenue from operations at Rs 33,981.33 crore, up 2.8 per cent as against Rs 33,049.68 crore during the same period of previous financial year.
Dr Raghupati Singhania, Chairman and Managing Director (CMD), JK Tyre, said, “JK Tyre maintained its volumes & presence in the Passenger Car segment despite lower demand in the category. Commercial vehicle segment also witnessed slackening attributable to general election and unusual heavy rains affecting revenue growth during the quarter. Improved export performance helped partly offset the domestic slowdown. Operating profit margins were affected by a sharp rise in natural rubber prices, driven by adverse weather conditions and supply chain disruptions. However, the impact was partially mitigated through judicious price increase, product premiumization and strategic inventory built-up.”
JK Tyre & Industries Ltd on Tuesday posted a profit of Rs 135.04 crore for the second quarter of FY25, down 44.2 per cent in comparison to Rs 242.11 crore recorded during the corresponding quarter of FY24. It posted revenue from operations at Rs 3621.56 crore, reporting a decline of 7.1 per cent as against Rs 3897.53 crore during the same period of previous year. The company EBITDA stood at Rs 421.3 crore, down 28.5 per cent on-year.
Abhijit Roy, Managing Director & CEO of Berger Paints India Limited, said, “The extended monsoons, adverse weather & flooding in some key markets made this a tough quarter although we saw strong traction towards the quarter end. This resulted in an almost flat quarterly revenue performance and moderate single digit growth on volume terms. On the profitability front this quarter saw one of the highest levels of gross margins in the last 10 quarters and our operating margin remained within guidance levels in spite of the continued investments that the company made in branding, advertisement and manpower to strengthen our market presence. Though the quarter numbers were muted, we expect that the second half of the year will be better in terms of revenue and profitability.”
Berger Paints India Ltd on Tuesday recorded profit of Rs 269.90 crore for the fiscal second quarter, posting a decline of 7.6 per cent in comparison to Rs 292.13 crore during the corresponding quarter of FY24. It posted revenue from operations at Rs 2774.61 crore, marginally higher than Rs 2767.30 crore recorded during the same period of previous financial year. The company EBITDA stood at Rs 434.2 crore, down 8.3 per cent on-year.
CK Venkataraman, Managing Director, Titan Company, said, “After a muted Q1, Q2 witnessed encouraging growth across key businesses. Jewellery clocked healthy double-digit growth for the quarter. Our portfolio approach in this business of straddling diverse customer needs through the brands of Tanishq, Mia, Zoya and CaratLane is working well. The buyer growth metrics were fairly strong and in good double-digits across gold and studded product categories. The quarter also witnessed analog watches growing 25%+ over last year with commensurate uptick in volumes. Titan brand continues to be Indian consumers proud choice in this segment. On account of the customs duty related losses, as well as the need to invest in growth of various businesses, the profitability of Q2 was quite depressed. However, we are quite confident about the competitiveness of each of our businesses and we remain optimistic about our performance for rest of the financial year.”
Titan Company Limited on Tuesday announced its fiscal second quarter earnings with a profit decline of 23.1 per cent at Rs 704 crore in comparison to Rs 916 crore recorded during the corresponding quarter of FY24. It posted revenue from operations at Rs 14,534 crore, up 16 per cent as against Rs 12,529 crore during the same period of previous financial year. The company EBIT stood at Rs 1,188 crore.
Revenue growth of 57% YoY driven by increase in base business supported by new launches in the last 12-24 months.
During the quarter, the company launched 1 new product in US taking the total launched products to 42.
Secondary sales growth of 8.6% vs 8.0% IPM growth (1.1x to IPM) supported by:
o Strong outperformance of 3.4x volume growth to IPM
o Strong outperformance of 1.3x in chronic growth vs IPM chronic and 1.6x vs IPM
Growth partially impacted by:
o Regulatory headwinds in certain key products in acute segment
o Certain initiatives adopted towards field force optimization to further enhance efficiency
Rajeev Juneja, Vice Chairman & Managing Director, Mankind Pharma, said, “We are pleased to report steady revenue growth of 13.6% YoY with strong EBITDA margins of 27.7%, driven by recovery in volume, continued outperformance in chronic segment and operating leverage. OTC business has been carved out to a WOS of Mankind Pharma. From Q3, this business has embarked on the journey towards its next phase of growth. Our acquisition of BSV, perfectly aligns with our vision to expand into high entry barrier portfolio with #1 player in the gynaecology segment, leadership in certain critical care products and further enhance our R&D capabilities. Multiple growth levers – resilient base business, fast growing specialty chronic segment, high potential OTC business, and high-entry barrier super specialty portfolio of BSV. Together, these levers will propel our growth journey ahead.”
Mankind Pharma Ltd on Tuesday reported profit for the second quarter of FY25 at Rs 658.88 crore, registering a growth of 28.9 per cent in comparison to Rs 511.18 crore during the corresponding quarter of FY24. It posted revenue from operations at Rs 3,076.51 crore, up 13.6 per cent as against Rs 2,708.10 crore during the same period of previous financial year. The company EBITDA stood at Rs 853 crore.
Q2FY25 R&D expenses: Rs 730 crore
As percentage to revenues –
Q2FY25 : 9.1 %
Q2FY24: 7 .9%
Q1FY25 : 8.1 %
H1FY25 R&D expenses: Rs 1350 crore
As percentage to revenues –
H1FY25 : 8 .6%
H1FY24: 7 .7%.
The company announced that the board has given approval to the fund infusion by way of investment in equity shares of Dr Reddy’s Laboratories LLC, Russia, a step-down wholly-owned subsidiary, upto an amount of Rs 600 crore. The fund, it said, will be used for working capital requirements.
GV Prasad, Co-Chairman & MD, Dr Reddy’s Laboratories, said, “We delivered another good quarter and maintained the growth momentum across businesses. We made progress on our future growth drivers, operationalized our venture with Nestle and completed the acquisition of Nicotinell® and related brands. We will continue to drive efficiency, strengthen our core businesses, and positively impact patient lives through science and innovation.”
Dr Reddy’s Laboratories Ltd on Tuesday posted a profit of Rs 1341.50 crore for the fiscal second quarter, registering a decline of 9.4 per cent in comparison to Rs 1480.00 crore during the corresponding quarter of FY24, missing estimates. It posted revenue from operations at Rs 8016.20 crore, up 16.5 per cent as against Rs 6880.20 crore during the same period of previous financial year, primarily driven by growth in global generics revenues. According to a CNBC TV18 poll, Dr Reddy’s was expected to record Q2 profit at Rs 1470 crore and revenue for the quarter in review was estimated at Rs 7720.6 crore.
SJVN Ltd on Tuesday reported profit for the second quarter of FY25 at Rs 441.14 crore, marginally higher than Rs 439.64 crore recorded during the corresponding quarter of FY24. It posted revenue from operations at Rs 1026.25 crore, up 16.8 per cent as against Rs 878.36 crore during the same period of previous financial year. The company EBITDA stood at Rs 828.4 crore, up 17.3 per cent on-year.
With the growing demand for its products and to increase the product base, the Board of Directors of the company has approved the capital investment for setting up a plant for manufacture of new product in specialty Chemicals at Dahej, Gujarat.
Alkyl Amines Chemicals Limited on Tuesday announced its fiscal second quarter earnings report with profit at Rs 47.46 crore, posting a growth of 74.2 per cent in comparison to Rs 27.24 crore during the corresponding quarter of FY24. It reported revenue from operations at Rs 414.89 crore, up 17.8 per cent as against Rs 352.15 crore during the same period of previous financial year. The company EBITDA stood at Rs 73.3 crore, up 52.2 per cent on-year.
Bharat Seats Ltd on Tuesday posted fiscal second quarter profit at Rs 7.10 crore, registering a marginal growth of 4.6 per cent in comparison to Rs 6.79 crore during the corresponding quarter of FY24. It posted revenue from operations at Rs 290.67 crore, up 1.6 per cent as against Rs 285.98 crore during the same period of previous fiscal year. The company EBITDA stood at Rs 17.8 crore, up 4.7 per cent on-year.
Kirloskar Electric Company Ltd on Tuesday recorded a profit of Rs 5.09 crore during the fiscal second quarter, reporting a decline of 4.3 per cent in comparison to Rs 5.32 crore during the corresponding quarter of FY24. It posted revenue from operations at Rs 161.47 crore, up 11.2 per cent as against Rs 145.18 crore during the same period of previous fiscal year.
KPR Mill Limited on Tuesday reported profit for the second quarter of FY25 at Rs 205.00 crore, posting a growth of 1.6 per cent in comparison to Rs 201.84 crore during the corresponding quarter of FY24. It recorded revenue from operations at Rs 1480.02 crore, down 2 per cent as against Rs 1510.92 crore during the same period of previous fiscal year. The company EBITDA stood at Rs 296.4 crore, down 0.6 per cent YoY.
Mazagon Dock Shipbuilders Ltd on Tuesday announced its fiscal second quarter earnings report with profit at Rs 585.08 crore, up 75.8 per cent in comparison to Rs 332.88 crore during the corresponding quarter of FY24. It posted revenue from operations at Rs 2756.83 crore, up 50.8 per cent as against Rs 1827.70 crore during the same period of previous financial year. The company EBITDA stood at Rs 510 crore.
InCred Equities said, “Aditya Birla Sunlife AMC or ABSL AMC reported 2QFY25 QAAUM at Rs4tr (+23.8% yoy/+8.9% qoq), which is healthy compared to the AMC’s previous quarter track record. The growth was mainly attributable to equity AUM’s outperformance, but growth in offshore & alternate funds also remained healthy (+35.7% yoy/4.3% qoq). ABSL AMC lost overall market share qoq at ~6.47% in Jun 2024 vs. ~6.7% in Jun 2024. However, the quantum of market share loss in case of equity AUM eased to ~4.55% from ~4.7% last quarter.”
Avarna Jain, Vice Chairperson, Saregama India, said, “FY25 has begun on a strong note with our new music release topping charts across different platforms. Diversification also gained momentum with successful live events and launch of third Saregama talent. We are well on track to be India’s premier entertainment company with IP being at the core of all its business activities.”
Saregama India Ltd on Tuesday announced that the company has recorded a profit of Rs 44.90 crore during the second quarter of FY25, registering a drop of 6.7 per cent from Rs 48.10 crore recorded during the same quarter of FY24. It posted revenue from operations at Rs 241.83 crore, up 40.3 per cent as against Rs 172.35 crore during the corresponding quarter of previous financial year. The company EBITDA remained flat at Rs 61 crore.
Saregama said that the content charge for the quarter increased to Rs 35 crore for Q2FY25 as compared to Rs 18.50 crore in corresponding quarter of previous year.
R&D expenses: Rs 493 million (4.6% of revenue)
Regulatory filings: 7 ANDAs filed, 8 ANDAs approved in Q2FY25
Total filings: 363 ANDAs in the US (304 approved, 59 pending).
Global product registrations: 1,726
Capex: Total Capex incurred during the quarter ended September 30th, 2024, was Rs 1,037 million
Srinivas Sadu, Executive Chairman and CEO, Gland Pharma, said, “We had a good first half of 2025 and are on course to achieve our outcomes for the full year. This quarter, we reported Rs 14,058 million in revenue and Rs 2,961 million in EBITDA, representing a 21 per cent EBITDA margin. Although our overall EBITDA margin was affected by Cenexi, our base business maintained a steady 34 per cent EBITDA margin. Our core regulated markets, particularly the United States, continue to perform well. Our overall performance is in line with expectations. Looking ahead, we remain focused on our strategic priorities, which include entering new markets and building a solid foundation for future growth.”
Gland Pharma reported a profit decline of 15.7 per cent during the second quarter of FY25 at Rs 163.53 crore in comparison to Rs 194.08 crore recorded during the fiscal second quarter of FY24. It posted revenue from operations at Rs 1405.83 crore, up 2.4 per cent as against Rs 1373.42 crore recorded during the same period of previous financial year. The company EBITDA stood at Rs 297 crore, down 8.4 per cent on-year.
Amit Dahanukar, Chairman & Managing Director, Tilaknagar Industries, said “I am happy to share that we have turned net debt free as of September 2024. From a peak debt of more than Rs 1,100 crore in March 2019, to achieving net debt free status, we have come a long way. This transformation was achieved through a combination of financial prudence and achieving industry-beating profitable growth.
From a Q2 business perspective, we have delivered our highest ever EBITDA at Rs 66 crore. Our margins expanded on the back of superior brand mix as well as cost optimization initiatives. All this despite subdued volume growth on account of transitioning of RTM in our key state of Andhra Pradesh (AP) in Q2. With retail going private in AP from mid-October onwards, we expect to continue with our industry-beating growth trajectory; achieved through a combination of doubling down on our market share gains from our brandy portfolio as well as new product launches across categories. The worst of the inflationary cycle seems behind us, and we expect to grow on our profitability despite increasing investments in A&SP, providing meaningful ‘Share of Voice’ to brandy as a category.”