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SBI Posts 41% YoY Rise in Net Profit in Q4 – Top Indian Market News

SBI Q4 Results: Net profit rises 41% YoY to Rs 9,113 crore

State Bank of India (SBI) reported a 41.27% YoY increase in net profit to Rs 9,113.52 crore for the quarter ended March (Q4 FY22). Net interest income (NII) rose 15.26% YoY to Rs 31,198 crore during the same period. The gross non-performing assets (GNPA) ratio fell to 3.97% in Q4 FY22, compared to 4.5% in Q3 FY22. SBI’s board has declared a dividend of Rs 7.10 per share.

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Maruti Suzuki to invest Rs 11,000 crore in first phase at Sonipat

Maruti Suzuki India Ltd will invest Rs 11,000 crore to make the first phase of its new manufacturing facility at Sonipat (Haryana) operational. The facility could emerge as the largest production base for the company in India. The first plant will have a manufacturing capacity of 2.5 lakh vehicles per annum. It is expected to be commissioned within 2025.

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Tech Mahindra Q4 Results: Net profit rises 39% YoY to Rs 1,506 crore

Tech Mahindra Ltd reported a 39.2% YoY (or 10% QoQ) increase in consolidated net profit to Rs 1,506 crore for the quarter ended March (Q4 FY22). Its revenue from operations grew 24.5% YoY (or 5.8% QoQ) to Rs 12,116 crore during the same period. The company bagged orders worth Rs 73,941 crore in Q4, registering a growth of 46% YoY. Tech Mahindra’s board has declared a final dividend of Rs 15 per share.

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Zydus Lifesciences launches drug for treating bad cholesterol

Zydus Lifesciences Ltd has launched its Bempedoic acid drug under the ‘Bemdac’ brand. The drug offers a new line of treatment for patients suffering from uncontrolled levels of bad cholesterol, despite lifestyle modifications. Low-density lipoprotein cholesterol (LDL-c) increases the chances of health problems such as heart attack or stroke.

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Eicher Motors Q4 Results: Net profit rises 16% YoY to Rs 610 crore

Eicher Motors Ltd reported a 15.96% YoY increase in consolidated net profit to Rs 610.14 crore for the quarter ended March (Q4 FY22). Net profit rose 34% when compared to the previous quarter. Its revenue from operations grew 8.6% YoY (or 11% QoQ) to Rs 3,193.32 crore during the same period. The automaker’s board has declared a dividend of Rs 21 per share.

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L&T secures order from Rajasthan govt

Larsen & Toubro Ltd has secured a significant order (in the range of Rs 1,000-2,500 crore) from the Rajasthan government for executing a parallel carrier system to the Rajiv Gandhi Lined Canal. The project will serve the water demands of the districts of Jodhpur, Pali, and Barmer. It will also supply raw water to Delhi Mumbai Industrial Corridor and Rajasthan State Industrial Development Investment Corporation Ltd (RIICO).

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HAL Q4 Results: Net profit rises 91% YoY to Rs 3,105 crore

Hindustan Aeronautics Ltd (HAL) reported a 90.8% YoY increase in consolidated net profit to Rs 3,105.17 crore for the quarter ended March (Q4 FY22). Its revenue from operations grew 6.4% YoY to Rs 11,561.1 crore during the same period. EBITDA stood at Rs 2,499.7 crore in Q4, down 7.9% YoY. Total expenses rose 11.1% YoY to Rs 9,061.3 crore.

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Patel Engineering secures contract worth Rs 2,461 for Kwar HE Project

Patel Engineering Ltd has bagged a contract worth Rs 2,461 crore for constructing a diversion tunnel, concrete gravity dam, pressure shafts, underground powerhouse, and tailrace tunnel for the Kwar HE Project in Jammu & Kashmir. The project aims to harness the vast hydro potential of the Chenab river.

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Bandhan Bank Q4 Results: Net profit jumps 1,747% YoY to Rs 1,902.3 crore

Bandhan Bank reported a 1,747% YoY jump in net profit to Rs 1,902.3 crore for the quarter ended March (Q4 FY22). Net interest income (NII) rose 44.6% YoY to Rs 2,539.8 crore during the same period. The gross non-performing assets (GNPA) ratio stood at 6.46% in Q4 FY22, compared to 6.81% in Q4 FY21. Provisions stood at Rs 4.7 crore in Q4 FY22, down 99.7% YoY.

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Escorts Q4 Results: Net profit falls 28% YoY to Rs 190 crore

Escorts Limited reported a 28.42% YoY decline in consolidated net profit to Rs 189.98 crore for the quarter ended March (Q4 FY22). Its revenue from operations fell 15.7% YoY to Rs 1,878.51 crore during the same period. Tractor volumes fell 32.8% YoY to 21,985 units in Q4. Construction equipment sales stood at 1,286 units, down 19.8% YoY. The company’s board has declared a final dividend of Rs 7 per share.

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The Escorts-Kubota Deal Explained

On November 18, Escorts Limited announced that Japan-based Kubota Corporation will join the company as a co-promoter. The foreign entity will invest nearly Rs 9,400 crore in the tractor manufacturing company. With this investment, Escorts is looking to obtain a sizable share of the world’s largest tractor market— India. Dalal Street welcomed this news with open arms, with the stock surging 10% on the same day.

Details of the Deal

Escorts started its partnership with Kubota Corp in 2018 by forming a joint venture (JV). Both firms invested in each other’s operations in the early 2020s. Currently, the Japanese firm holds a 9% stake in Escorts. It will increase to 53.5% after the deal goes through.

As per current agreements, shares worth Rs 1,870 crore will be issued to Kubota Corp on a preferential basis. These shares will have higher priority than ordinary shares. Further, Kubota will make an open offer for shares of Escorts worth Rs 7,500 crore. The Nanda family, who are the existing promoters of Escorts Ltd, will not be selling any shares of the company in this deal. They currently hold an 11.6% stake in the firm.

The current shareholding pattern is as follows:

Kubota Agricultural Machinery India will be merged with Escorts Ltd, and the new entity will be named Escorts Kubota Ltd. The joint entity intends to attain global leadership in the farm equipment sector.

Kubota Corp – A Brief Profile

Kubota Corporation is based in Osaka, Japan. It started operations towards the end of the 19th century. In 1960, the company developed the first farm tractor in Japan. Currently, Kubota is a full-fledged manufacturer of tractors and other agricultural machinery across the globe. Nearly 67% of its total revenue comes from outside Japan, mainly from North America. Looking at the financials, Kubota reported a revenue of Rs 1 lakh crore for the calendar year 2020. The firm is looking to enter the electric vehicle (EV) market. They had revealed prototypes of electric tractors in 2020, along with driverless tractors as part of their automation technology division. Thus, Escorts can benefit from the technological advancement of Kubota.

Escorts Ltd – Company Profile

Escorts was established by Hari Prasad Nanda and Yudi Nanda in 1944. Initially, the company sold tractors under a franchisee agreement with Massey Ferguson, an American agricultural machinery manufacturer. Forming joint ventures and partnerships with Ford Motors, JCB, Tadano (Japanese crane manufacturer) helped Escorts gain knowledge and experience in the global automotive industry. Currently, the company has 3 plants in Haryana with an annual capacity of 1.2 lakh tractors. It also has a production unit in Poland with a capacity of 2,500 tractors per annum. The JV with Kubota has allowed them to build another plant in Haryana with 50,000 capacity.

An interesting fact: Famous Indian two-wheelers such as the Rajdoot and Yamaha RX100 were assembled at Escorts’ plant!

The company currently has three business verticals:

Pie chart showing the revenue contribution of Escorts. Tractors contribute 82% of the total revenue.
  1. Tractor & Related: Tractors are the main product of the company, along with sprayers, engines, harvesters, spare parts, etc. Escorts produces three models based on various power ranges. The company leads in the 41-50 horsepower (HP) tractor range with a 52% domestic market share. Moreover, Escorts is the fourth largest manufacturer of tractors in terms of overall sales, holding a 12% market share.
horizontal bar graph showing the market share of the various tractor companies in the domestic sales of India. Mahindra leads the market with 41%. Escorts have a market share of 12%
  1. Construction equipment: Escorts provides solutions for construction and mining-related activities. It offers earthmoving equipment, material handling (cranes), and road building (compactors) machinery. Progress in the road construction infrastructure and steel industry is likely to benefit the company. This segment is a low-profit margin business for the company (~3%).
  1. Railway equipment: This vertical focuses on providing brake systems, gears, and other engineering components for the railway industry. 

Financials

The sales of Escorts Ltd have surged at a 5-year Compounded Annual Growth Rate (CAGR) of 15.7% from Rs 51,455 in FY16 to Rs 1,06,741 in FY21. The total revenue has also grown at a CAGR of ~15% during the same period. Escorts have managed to grow their Profits at a 5-year CAGR of 50% to Rs 871 crore in FY21.  However, the inflation in input materials and commodities has affected the tractor business with high expenses. The increase in profit margin is shown in the chart below.

Line chart showing the Profit margin of Escorts from Financial year 2016 to 2021. It has increased from 2% to 12% in span of 5 years.

A profit margin of 12% means that for every Rs 100 generated as revenue, the company can retain Rs 12 as net income after every expense. On the leverage side, a Debt to Equity ratio of almost zero makes the company virtually debt-free.   

Conclusion

The Indian tractor market has been facing headwinds in recent periods. Financial insecurities of farmers created by the Covid-19 pandemic, steep rise in input costs, and inconsistent monsoon are some of the major concerns. However, technological advancements in Agri machinery, government initiatives to develop rural infrastructure, easy low-interest loans for farmers, subsidies/tax concessions on Agri equipment are the drivers for the tractor industry.

With Kubota Corp joining as a promoter, increasing the domestic market share and using the manufacturing capabilities to address the global demand for tractors will unlock better profitability for Escorts.

What are your views on Escorts Ltd? Let us know in the comments section of the marketfeed app.

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RBI Authorises RBL Bank to Collect Direct Taxes – Top Indian Market News

RBI authorises RBL Bank to collect direct taxes

The Reserve Bank of India (RBI) has authorised RBL Bank to collect direct taxes on behalf of the Central Board of Direct Taxes (CBDT). The decision was based on the recommendation from the Controller General of Accounts and the Ministry of Finance. After technical integration, RBL Bank’s corporate and individual customers will be able to pay their direct taxes through the bank’s mobile banking or net banking platforms.

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Banks must support wealth, job creators to improve India’s balance sheet: PM Modi

Prime Minister Narendra Modi has encouraged banks to embrace a partnership approach to help create wealth, add jobs, boost the economy and achieve self-reliance. He asked bankers to be more proactive in lending to smaller businesses and help improve the viability and scale of their borrowers’ operations. PM Modi further stated that the reforms in the past 6-7 years have led to the banking sector in a strong position today. Over Rs 5 lakh crore bad loans (NPAs) have been recovered.  

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EaseMyTrip acquires Spree Hospitality

Online travel platform EaseMyTrip has acquired hospitality management company Spree Hospitality. This acquisition will add a new revenue vertical for EaseMyTrip and enable it to scale up its hotel and holidays portfolio. Spree Hospitality has a footprint of 1,220 operational keys and hotels in Bengaluru, Mumbai, Pune, Chennai, Goa, Hyderabad, and other locations.

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SC allows Centre to disinvest remaining shares in Hindustan Zinc

The Supreme Court (SC) has allowed the Central government to disinvest its remaining 29.5% stake in Hindustan Zinc Ltd (HZL). It said that the Centre had ceased to be in control of the former public sector undertaking (PSU) since its disinvestment of shares in 2002. The SC has ordered a CBI probe into the alleged irregularities in the disinvestment of the government’s controlling share in HZL in 2002.

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GMR emerges winner for Indonesian airport development, operations

GMR Airports Ltd (GAL) has emerged as the winning bidder for the development and operation of Kualanamu International Airport in Medan, Indonesia (Medan Airport). GAL is a subsidiary of GMR Infrastructure Ltd and operates airports in Delhi and Hyderabad. GMR will enter into a 49:51 partnership with Angkasa Pura 2 (AP2) for this project. The project scope includes operation, development, and expansion of the airport over a period of 25 years.

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Kubota Corp to acquire additional 5.9% stake in Escorts for Rs 1,873 crore

Japan-based Kubota Corporation will acquire an additional 5.9% stake in Escorts Ltd for Rs 1,872.74 crore. This acquisition will take Kubota’s total shareholding in the farm machinery company to 14.99%. Further, the company’s name will be changed from ‘Escorts Limited’ to ‘Escorts Kubota Limited’.  The joint entity intends to attain global leadership in the farm equipment sector.

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Godrej Properties unveils first digital brand campaign

Godrej Properties Ltd (GPL) has unveiled its first digital brand campaign. The campaign, titled ‘Everyday Joys- Jahaan Khushiyan Badi Hoti Hai’, introduces GPL’s purpose of creating spaces that enable ‘everyday joys’. As part of the campaign, the real estate developer has launched three digital video commercials that will be promoted across digital platforms.

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Rajesh Exports secures order worth Rs 782 crore from Germany

Rajesh Exports Ltd has secured an order worth Rs 782 crore of designer range of jewellery from Germany. The order is to be completed by March 2022. The company will execute the order from its manufacturing facility in Bengaluru. The unit has a processing capacity of 250 tonnes of jewellery and gold products per annum.

Cipla scales up offerings, investments as it eyes global lung specialty leadership

Cipla Ltd has announced plans to scale up offerings and expand access to medicines, inhaler devices, diagnostics, as it aspires to become the number one company in lung specialty. The drugmaker derives nearly one-fifth of its revenues from the respiratory segment, making it the largest therapeutic division in terms of contribution to revenues. Earlier this week, Cipla launched its first diagnostic device— a portable spirometer called Spirofy to help general practitioners conduct pulmonary function tests (PFT).

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WPI Inflation Rises to 11.39% in August – Top Indian Market News

WPI inflation rises to 11.39% in August

India’s wholesale inflation, measured by the Wholesale Price Index (WPI), spiked to 11.39% in August 2021. WPI grew 11.16% in July and 12.07% in June. The food articles segment witnessed a (-)1.29% change in August, as prices of vegetables and fruits contracted. Inflation in the fuel and power segment stood at 26.09% in August, compared to 26.02% in July. The manufactured products segment registered inflation of 11.39% in August. The data was released by the Ministry of Commerce & Industry.

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Invesco calls ZEEL EGM for removal of MD, directors

Invesco and OFI China, which together hold a 17.88% stake in Zee Entertainment Enterprises Ltd (ZEEL), have called for an extraordinary general meeting (EGM) of shareholders to pass resolutions, including the removal of current CEO Punit Goenka and the appointment of new independent directors. The move comes on the back of institutional proxy advisory firm IIAS calling for investors to reject the resolution for reappointment of certain directors to ZEEL’s board at the Annual General Meeting (AGM).

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Tata Motors signs pact with Tata Power for rooftop solar project in Pune

Tata Motors has signed a solar power purchase agreement with Tata Power to install and operate a 3 megawatt (MW) solar rooftop project at its passenger vehicle plant in Pune. The project will generate nearly 45 lakh kilowatt-hour (kWh) per year and reduce carbon emission by ~3,538 tonnes per year. Tata Motors said it will continue to introduce measures to conserve energy at its manufacturing facilities, optimise the consumption of non-renewable fossil fuels, and lower operating costs.

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Escorts partners with IndusInd Bank to provide affordable loans to farmers

Escorts Ltd has signed a Memorandum of Understanding (MoU) with IndusInd Bank to provide affordable financial offerings to the farming community. Both entities will jointly launch various financial programs to help customers invest in modern farm machinery to enhance their productivity and income. IndusInd Bank will utilise its understanding of rural customers and penetration throughout India to help Escorts achieve its goals of supporting the farming community.

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Gravita starts operations at aluminium recycling unit in Mozambique

Gravita India’s step-down subsidiary in Mozambique has commenced commercial production of aluminium from its new recycling plant. The unit has an aluminium recycling capacity of 4,000 million tonnes per annum (MTPA). It also has a lead recycling facility with a capacity of 4,500 MTPA. Gravita’s subsidiary is in the process of setting up a plastic recycling unit in Mozambique (East Africa). The company expects to achieve additional revenue of ~Rs 50 crore per annum and gross margins of 18% from the new recycling plant.

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HCL Tech enters into strategic partnership with HANCOM

HCL Technologies Ltd has signed a strategic partnership with South Korea-based HANCOM Inc. The two companies will share advanced software technology solutions and establish a mutual bridgehead for overseas expansion. HCL Tech will support training for software development at HANCOM’s research & development (R&D) center in India. The IT firm will also share its development studio and provide HR support to meet demand and development capacity at the R&D center.

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BLS International partners with NHA to process Ayushman Bharat cards across India

The National Health Authority (NHA) has selected BLS International Ltd for processing Ayushman Bharat cards under Pradhan Mantri Jan Arogya Yojana (AB-PMJAY). The scheme offers financial security against medical treatment costs, medicines, diagnostics, and pre-hospitalisation expenses. BLS International Services is an outsourcing service provider for government and diplomatic missions worldwide

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Laurus Labs partners with Unitaid, CHAI to develop pediatric HIV drug

Laurus Labs has partnered with Unitaid and the Clinton Health Access Initiative (CHAI) to develop, commercialise, and register the second and third-line HIV treatment darunavir boosted with ritonavir (DRV/r) for children. Unitaid and CHAI will work with Laurus Labs to ensure Children Living with HIV/AIDS (CLHIV) have access to the generic, fixed-dose combination version of DRV/r.

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Tata Steel commissions India’s first-ever carbon dioxide capture unit

Tata Steel Ltd has commissioned a carbon capture unit at its plant in Jamshedpur. The unit can capture up to five tonnes of carbon per day. Tata Steel has become India’s first steel company to adopt such a technology that extracts carbon dioxide (CO2) directly from the blast furnace gas. The steel company will reuse the captured CO2 on-site to promote a circular carbon economy. The project has been executed with technological support from Carbon Clean, a global leader in low-cost CO2 capture technology.

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HG Infra declared lowest bidder for Rs 448 crore road project in Rajasthan

HG Infra Engineering has been declared as the lower (L-1) bidder by Public Works Department (PWD), Rajasthan, for a road project. The project involves the development and maintenance of the Bewar Masuda Goyala section of SH-26A, Arian Sarwar section of SH-7E and NH-12, and Laxmipura Dora Dabi Ranaji ka Gudha Section of SH-115. The total length to be constructed is 160.63 km. HG Infra’s bid project cost is Rs 448.11 crore. The project has to be completed within 550 days.

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L&T Reports 3% YoY Rise in Net Profit in Q4 – Top Indian Market News

L&T

L&T Q4 Results: Net profit rises 3% YoY to Rs 3,293 crore

Larsen & Toubro (L&T) reported a 3% YoY increase in consolidated net profit to Rs 3,293 crore for the quarter ended March (Q4). Net profit has risen by 33% when compared to the October-December quarter (Q3 FY21). Its revenue from operations rose 9% YoY to Rs 48,088 crore in Q4 FY21. L&T’s order inflow fell 12% YoY to Rs 50,651 crore during the same period. For the financial year ended March 31, 2021 (FY21), net profit stood at Rs 11,583 crore, registering a growth of 21% YoY. The company’s board has recommended a final dividend of Rs 18 per share.

The construction arm of L&T has secured an order worth Rs 2,500-5,000 crore from Chennai Metro Rail Corporation Ltd (CMRL). The order consists of the construction of nearly 12 km Twin Bored tunnels from Kellys metro station to Taramani Road Junction station.

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Dr Reddy’s Labs Q4 Results: Net profit declines 28% YoY to Rs 554 crore

Dr Reddy’s Laboratories reported a 28% year-on-year (YoY) decline in consolidated net profit to Rs 554 crore for the quarter ended March (Q4). Its revenue rose 7% YoY to Rs 4,728 crore during the same period. The company’s sales from the North American market fell 3% YoY to Rs 1,749.1 crore. Total sales in India rose 23% YoY to Rs 844.5 crore in Q4. Its operating profit grew 13% YoY to Rs 1,133 crore during the quarter. The drugmaker’s board has approved a final dividend of Rs 25 per share.

In other news, Dr Reddy’s Labs has launched the Russian Covid-19 vaccine, Sputnik V, in India at Rs 948 per dose.

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Mphasis Q4 Results: Net profit declines 10.2% YoY to Rs 316.9 crore

Mphasis Limited reported a 10.2% YoY decline in consolidated net profit to Rs 316.9 crore for the quarter ended March (Q4). Its revenue from operations rose 7.5% YoY to Rs 2,524.2 crore during the same period. The IT firm’s total contract value (TCV) stood at $245 million (~Rs 1,795 crore) in Q4, of which 69% was in new generation services. For the financial year ended March 31, 2021 (FY21), net profit rose 2.7% YoY to Rs 1,216.8 crore. The company’s board has recommended a dividend of Rs 65 per share.

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Cipla Q4 Results: Net profit rises 68% YoY to Rs 413 crore

Cipla Limited reported a 68% YoY increase in consolidated net profit to Rs 413.4 crore for the quarter ended March (Q4). Net profit has declined by 44% when compared to the previous quarter (Q3 FY21). Its total revenue rose 5.2% YoY to Rs 4,606.45 crore during the same period. Cipla’s tax expenses jumped 50% YoY to Rs 128.2 crore in Q4. Sales from the North American market increased by 17% YoY to Rs 1,002 crore. The drugmaker’s board has approved a final dividend of Rs 5 per share.

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Alembic Pharma gets USFDA approval for bipolar depression drug

Alembic Pharmaceuticals Ltd has received final approval from the US Food & Drug Administration (USFDA) for Lurasidone Hydrochloride tablets. The drug is indicated for the treatment of major depressive episodes associated with bipolar depression. According to IQVIA data, Lurasidone Hydrochloride tablets had US sales of approximately $3.7 billion (~Rs 27,110 crore) for the twelve months ended December 2020.

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Escorts Q4 Results: Net profit jumps two-fold to Rs 285 crore 

Escorts Limited reported over a two-fold YoY jump in consolidated net profit to Rs 285.41 crore for the quarter ended March (Q4). Its revenue from operations rose 60% YoY to Rs 2,228.75 crore during the same period. Tractor sales increased by 62.1% YoY to 32,588 units in Q4. For the financial year ended March 31, 2021 (FY21), net profit rose 85% YoY to Rs 871.63 crore. The board of Escorts Ltd has approved a final dividend of Rs 5 per share and a special dividend of Rs 2.5 per share.

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Aditya Birla Capital Q4 Results: Net profit jumps 161% YoY to Rs 375 crore

Aditya Birla Capital reported a 161.1% YoY jump in consolidated net profit to Rs 375.15 crore for the quarter ended March (Q4). Its revenue from operations rose 16.2% YoY to Rs 5,586.83 crore during the same period. The overall lending book (including NBFC and housing finance) grew 2% YoY to Rs 60,557 crore during the quarter. The gross premium across Aditya Birla Capital’s life and health insurance segments rose 25% YoY to Rs 11,076 crore in Q4.

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GoAir seeks SEBI approval for Rs 3,600 crore IPO

Go Airlines India Ltd has filed a Draft Red Herring Prospectus (DHRP) with market regulator SEBI to launch an initial public offering (IPO) worth Rs 3,600 crore. Ahead of the IPO, the low-cost airline rebranded itself as ‘Go First’. The company will utilise the net proceeds from the public issue towards pre-payment or scheduled repayment of outstanding borrowings worth Rs 2,015.8 crore. It will also use the proceeds for the replacement of letter of credits, repayment of dues to Indian Oil Corp.

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Welspun India Q4 Results: Net profit rises 48% YoY to Rs 134 crore

Welspun India reported a 48.3% YoY increase in consolidated net profit to Rs 134.34 crore for the quarter ended March (Q4). Its total income for the quarter stood at Rs 2,173.46 crore. This is compared with a net income of Rs 1,664.46 crore in the corresponding quarter a year ago (Q4 FY20). The company’s board has approved the buyback of equity shares at Rs 120 per share for an aggregate amount of Rs 200 crore. Welspun India’s board has also recommended a dividend of Rs 0.15 per share.

In other news, Welspun India said it will work with Target Corporation again, almost five years after the US retail giant terminated its contract with the company over alleged lapses in labelling and marketing of Egyptian cotton products.

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Indigo Paints Q4 Results: Net profit falls 9% YoY to Rs 24 crore

Indigo Paints reported an 8.9% YoY decline in net profit to Rs 24.8 crore for the quarter ended March (Q4). Its revenue from operations rose 40.8% YoY to Rs 254.27 crore during the same period. Earnings before interest, tax, depreciation, and amortization (EBITDA) fell 7.9% YoY to Rs 42.9 crore in Q4. For the financial year ended March 31, 2021 (FY21), net profit rose 48.2% YoY to Rs 70.85 crore.

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RIL Reports 108% YoY Jump in Net Profit in Q4 – Top Indian Market News

Reliance Industries Q4 Results: Net profit at Rs 13,227 crore

Reliance Industries Limited (RIL) reported a 108% YoY increase in consolidated net profit at Rs 13,227 crore for the quarter ended March (Q4). On a quarterly basis, net profit has grown 1%. The consolidated revenue from operations rose 11% YoY to Rs 1,54,896 crore during the same period. RIL’s board has announced a final dividend of Rs 7 per share.

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IndusInd Bank Q4 Results: Net profit jumps three-fold to Rs 876 crore

IndusInd Bank Limited reported a three-fold (~190%) year-on-year (YoY) increase in net profit to Rs 876 crore for the quarter ended March (Q4). Net interest income (NII) rose 9.4% YoY to Rs 3,535 crore during the same period. [NII is the difference between the income interest a bank receives on assets such as loans, and the interest it pays to depositors] The gross non-performing assets (NPA) ratio stood at 2.67% in Q4, compared with 2.93% in Q3 FY21. Total provisions declined 23.5% YoY to Rs 1,866 crore during the quarter. IndusInd Bank’s board has announced a dividend of Rs 5 per share.

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Marico Q4 Results: Net profit rises 14% YoY to Rs 227 crore

Marico Limited reported a 14.07% YoY increase in consolidated net profit to Rs 227 crore for the quarter ended March (Q4). Its revenue from operations rose 34.49% YoY to Rs 2,012 crore during the same period. This was driven by strong volume growth of 25% YoY in the domestic business. The FMCG firm’s operating margin was lower at 17.6% in Q4 due to high input costs. For the financial year ended March 31, 2021 (FY21), Marico’s net profit has increased by 14.96% YoY to Rs 1,199 crore. 

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Atul Q4 Results: Net profit rises 24% YoY to Rs 141 crore

Atul Limited reported a 23.9% YoY increase in consolidated net profit to Rs 175.05 crore for the quarter ended March (Q4). Revenue from operations rose 15.6% YoY to Rs 1,115.93 crore during the same period. Its Life Science Chemicals segment posted a 22.6% YoY rise in revenues at Rs 311.89 crore. The company’s board has approved a dividend of Rs 20 per share. Atul Ltd is an integrated chemical company headquartered in Valsad, Gujarat.

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Nestle buys vitamin brands from KKR for $5.75 billion

Nestle SA has agreed to buy vitamin maker Bountiful Co. for $5.75 billion (~Rs 42,580 crore) from private equity firms KKR & Co. and Carlyle. Through this acquisition, Nestle aims to become a world leader in the field of minerals and supplements. The Covid-19 pandemic has boosted demand for such pills from health-conscious consumers. This acquisition would double Nestle’s e-commerce revenue from supplements to about $1 billion this year.

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Dalmia Bharat Q4 Results: Net profit at Rs 640 crore

Dalmia Bharat Limited reported a sharp rise in consolidated net profit (~2,310% YoY) to Rs 640 crore for the quarter ended March (Q4). It had posted a net profit of Rs 24 crore in the corresponding period last year (Q4 FY20). Revenue from operations rose 32.13% YoY to Rs 3,281 crore in Q4 FY21. The company’s board has recommended a dividend of Rs 1.33 per share.

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Escorts to temporarily shut down manufacturing operations amid Covid-19 surge

Amidst the surge in Covid-19 cases in India, Escorts Limited has decided to temporarily shut down its manufacturing operations on a selective basis between May 1 and May 3. The farm equipment manufacturer said that the safety and health of its employees and the wellness of its business ecosystem are of utmost importance. Escorts ensured that there will be no impact on fulfilling customer demand, as it has sufficient inventory in hand.

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Vodafone Idea’s GIGAnet 4G delivers highest network speed in Q4: Ookla

According to speed testing firm Ookla, Vodafone Idea’s (Vi) 4G network GIGAnet has delivered the fastest download and upload speeds across India for the third consecutive quarter in Q4 (January-March 2021). Additionally, Vi has the fastest average 4G download speeds in 135 Indian cities, including Mumbai, Delhi NCR, and Kolkata. This comes at a time when data usage has surged exponentially as more people are staying home due to a fresh wave of Covid-19 cases in India.

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Yes Bank Q4 Results: Net loss at Rs 3,788 crore

Yes Bank reported a net loss of Rs 3,787.75 crore for the quarter ended March (Q4). The bank had posted a net loss of Rs 3,668 crore in the corresponding period last year (Q4 FY20).  Net interest income (NII) declined 23% YoY to Rs 1,274 crore in Q4 FY21. The gross non-performing assets (NPA) ratio stood at 15.41%, compared to 15.36% in the previous quarter. Yes Bank’s deposits grew 11% quarter-on-quarter (QoQ) and 55% YoY to Rs 1,62,947 crore in Q4 FY21.

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Ajanta Pharma Q4 Results: Net profit rises 23% YoY to Rs 159 crore

Ajanta Pharma reported a 23% YoY increase in consolidated net profit to Rs 159 crore for the quarter ended March (Q4). Its revenue from operations 11% YoY to Rs 757 crore during the same period. For the financial year ended March 31, 2021 (FY21), net profit has increased to Rs 654 crore, compared with Rs 468 crore in the previous financial year (FY20).

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Bank of India’s board approves raising capital up to Rs 4,800 crore

The Board of Directors of Bank of India (BOI) has approved raising capital aggregating to Rs 4,800 crore through the issuance of shares or bonds. The lender will issue equity shares in the form of Follow-on Public Offer (FPO)/Qualified Institutional Placement (QIP) or issue Basel III compliant Tier-1 bonds worth up to Rs 3,000 crore. BOI will further issue Basel III compliant Tier-2 bonds worth up to Rs 1,800 crore. The fundraising proposal is subject to shareholders’ approval.

Read more here.

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Barbeque Nation IPO Subscribed 1.33 Times on Day 1 – Top Indian Market News

Barbeque Nation IPO subscribed 1.33 times on first day of bidding

The Rs 452.87-crore initial public offering (IPO) of Barbeque Nation Hospitality Limited was subscribed 1.33 times on the first day of bidding. The IPO has received bids for 66.46 lakh equity shares against an offer size of 49.99 lakh shares. The portion reserved for retail investors was subscribed 6.14 times. The portion set aside for non-institutional investors (NIIs) saw a subscription of 7% and that of qualified institutional buyers (QIBs) 37%.

To know more about the IPO, click here.

Adani Green to acquire 75-MW solar projects from Sterling & Wilson

Adani Green Energy Ltd (AGEL) said it will acquire 75 megawatt (MW) operating solar projects of Sterling & Wilson for Rs 446 crore. The company has signed definitive agreements with Sterling & Wilson for acquiring a 100% stake in two special purpose vehicles (SPVs) that own the 75 MW solar projects in Telangana. With this acquisition, AGEL’s operating renewable capacity will increase to 3,470 MW, with a total renewable portfolio of 15,240 MW.

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Rajya Sabha returns Finance Bill 2021; Parliamentary approval for Budget completed

The Rajya Sabha, on Wednesday, returned the Finance Bill 2021 without any new amendment. This marks the completion of the Parliamentary approval for Union Budget 2021-22. The Upper House debated and amended Finance Bill 2021 that was approved by the Lok Sabha (Lower House) on Tuesday. The two houses of Parliament had previously approved the Appropriation Bill, which authorizes the spending (or expenditure) of government funds.

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Prestige to take over $1.4 billion Mumbai housing project from bankrupt Ariisto Developers

Prestige Estates Projects Ltd will take over a Mumbai housing project from bankrupt Ariisto Developers Pvt Ltd, following a court decision on Tuesday. The company estimates revenues of more than $1.4 billion (~Rs 10,162 crore) from the 7.5 million square feet under development. Prestige Estates plans to launch the first phase of the project by May and the second phase towards the end of the year. It will be the developer’s largest project in Mumbai.

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Adani Enterprises’ subsidiary secures Rs 1,040 crore road project from NHAI

Adani Road Transport Ltd (ARTL) has received a Letter of Award (LoA) from the National Highways Authority of India (NHAI) for a road project in Telangana. The project consists of four-laning the Kodad-Khammam section of NH-365A in Telangana on a Hybrid Annuity Mode (HAM). The company’s bid project cost is Rs 1,039.90 crore. ARTL is a wholly-owned subsidiary of Adani Enterprises Limited.

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IndiGo pays Rs 1,030 crore as refund for flight cancellations during lockdown

InterGlobe Aviation Ltd (IndiGo) said it has paid out refunds worth Rs 1,030 crore to customers, following a Supreme Court order that asked airlines to refund fares for flight bookings made during the government-imposed lockdown last year. The airline has processed 99.95% of the total money owed to its customers.

Read more here.

L&T-built offshore patrol vessel ICGS Vajra commissioned into Indian Coast Guard

Larsen & Toubro (L&T) announced the commissioning of ICGS Vajra, its sixth vessel in the series of seven offshore patrol vessels (OPVs) being built by the company under a contract with the Defence Ministry. ICGS Vajra was delivered by L&T ahead of schedule. The seventh vessel, ICGS Vigraha, was launched in October 2020 and will soon undergo sea trials.

Read more here.

Escorts to hike prices of tractors from April 1

The Agri Machinery division of Escorts Limited has announced a hike in prices of all its tractors with effect from April 1, 2021. The increase in prices would vary across models and variants. Escorts stated that the rising commodity prices necessitate a price hike to offset the impact of inflation. 

On Tuesday, two-wheeler maker Hero MotoCorp said it will increase the prices of its motorcycles and scooters by up to Rs 2,500 from next month. 

Read more here.

Infibeam Avenues’ board approves allotment of 66.55 crore bonus shares

The Board of Directors of Infibeam Avenues has approved the allotment of 66.55 crore equity shares by way of a bonus issue in the ratio of 1:1. The company’s total paid-up equity share capital after the bonus issue will increase to 133.10 crore shares of Re 1 each. [A bonus issue of 1:1 means that existing shareholders will get one extra share for every one share held]

RBI entends validity of authorization issued to Vakrangee for setting up White Label ATMs

Vakrangee Ltd said that the Reserve Bank of India (RBI) has extended the validity of authorization issued to the company to set up, own, and operate White Label ATMs (WLAs) in India. The validity has been extended till March 31, 2022. The central bank had assigned a target of a minimum of 1,000 ATMs to be deployed by Vakrangee for every calendar year starting 2020 for an initial period of three years. [WLAs are ATMs owned and operated by non-banking firms]

ICICI Bank launches instant EMI facility on its internet banking platform

ICICI Bank has announced the launch of an instant EMI (Equated Monthly Instalments) facility on its internet banking platform. The bank’s “EMI @ Internet Banking” facility aims to offer increased affordability to millions of pre-approved customers. It enables customers to convert their high-value transactions up to Rs 5 lakh into easy monthly installments. The facility has been enabled for over 1,000 merchants in categories like online shopping portals, insurance, travel, etc.

Read more here.

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Tata Consumer Q3 Profit Rises 29% YoY to Rs 218 crore – Top Indian Market News

Tata Consumer Q3 Results: Net profit rises 29% YoY to Rs 218 crore

Tata Consumer Products Ltd (TCPL) reported a 29% YoY increase in consolidated net profit to Rs 218.2 crore for the quarter ended December (Q3). Its revenue from operations rose 23% YoY to Rs 3,069.6 crore during the same period. The rise in revenue was led by volume and value growth in the branded business. The revenue from its domestic beverages segment increased by 46% YoY to Rs 1,275 crore. TCPL’s revenue from the food segment stood at Rs 630 crore.

Tata Consumer Products has signed definitive agreements to acquire 100% equity shares of Kottaram Agro Foods (KAF), owner of the brand ‘Soulfull’. This move is consistent with TCPL’s strategic plans to expand its product portfolio and participate in multiple consumption occasions.

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HDFC Q3 Results: Net profit declines 65% YoY to Rs 2,926 crore

Housing Development Finance Corp (HDFC) reported a 65% YoY decline in net profit to Rs 2,925.8 crore for the quarter ended December (Q3). Its revenue fell 42.3% YoY to Rs 11,707 crore during the same period. The company witnessed a 26% YoY growth in individual loan disbursements. HDFC’s total assets under management (AUM) rose 9.3% YoY to Rs 5.52 lakh crore in Q3. Its gross non-performing assets (NPA) ratio stood at 1.67% in Q3, compared with 1.81% in Q2 FY21.

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PVR raises Rs 800 crore via QIP

PVR Limited has raised Rs 800 crore by issuing shares to a set of investors through qualified institutional placement (QIP). The QIP witnessed an allotment of over 55.55 lakh equity shares to eligible qualified institutional buyers (QIBs) at Rs 1,440 per share. The multiplex operator said the issue opened on January 27, 2021, and closed on February 1, 2021.

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Dixon Tech Q3 Results: Net profit jumps 134% YoY to Rs 62 crore

Dixon Technologies Ltd reported a 134% YoY increase in net profit to Rs 61.6 crore for the quarter ended December (Q3). Its revenue rose 120% YoY to Rs 2,182.7 crore during the same period. The company’s board has approved a stock split in the ratio 1:5 (one equity share of Rs 10 to be split into five equity shares of face value Rs 2 each). Noida-based Dixon Technologies is a contract manufacturer of televisions, washing machines, smartphones, and LED bulbs for companies such as Samsung, Xiaomi, Panasonic, and Philips.

Read more here.

Escorts Q3 Results: Net profit rises 83% YoY to Rs 281 crore

Escorts Limited reported an 83.4% YoY increase in net profit to Rs 280.7 crore for the quarter ended December (Q3). Its revenue from operations rose 23.5% YoY to Rs 2,017.4 crore during the same period. The company stated that demand for tractors and other farm equipment is witnessing continuous growth. Escorts’ tractor volumes increased by 25.7% YoY to 31,562 units in Q3.

Read more here.

Delhi HC says all parties in Amazon-Future dispute need to maintain status quo

The Delhi High Court on Tuesday asked Future Retail Ltd to maintain status quo (keep things the way they presently are) with respect to its Rs 24,713 crore deal with Reliance Retail. This should give interim relief to Amazon.com Inc, as it battles to foil Future Group’s asset sales to its rival. Amazon, locked in legal disputes with Future Group, alleges that the firm violated contracts by agreeing to sell its retail assets to rival Reliance Industries last year.

Read more here.

To learn more about the Amazon-Reliance retail war, click here.

BEL records turnover of Rs 2,256 crore in Q3

Bharat Electronics Ltd (BEL) reported a 3.5% YoY increase in turnover to Rs 2,256 crore for the quarter ended December (Q3). The company received orders worth Rs 4,899 crore in Q3 FY21, compared to orders worth Rs 1,260 crore received in the corresponding period last year. BEL’s order book stood at Rs 54,791 crore as of January 1, 2021, as against Rs 54,959 crore as of January 1, 2020.

Read more here.

Adani Ports records 31% YoY growth in cargo volume in January

Adani Ports & Special Economic Zone (APSEZ) Ltd handled cargo volume of 26.02 million metric tonnes (MMT) in January, a growth of 31% on a year-on-year (YoY) basis. This includes a cargo volume of 3.87 MMT of Krishnapatnam Port, which was acquired by APSEZ in October 2020. During the current financial year (FY21), APSEZ handled cargo volume of 200.14 MMT, registering a growth of 8% YoY.

Read more here.

Finolex Industries Q3 Results: Net profit at Rs 256 crore

Finolex Industries Ltd reported a net profit of Rs 256 crore for the quarter ended December (Q3). It had posted a net profit of Rs 93 crore in the corresponding quarter last year. The company’s revenue rose 52.5% YoY to Rs 1,066.88 crore in Q3 FY21. Finolex Industries’ board has declared a stock split in the ratio 1:5 (one equity share of Rs 10 will be split into five equity shares of face value Rs 2 each).

Read more here.

Dr. Reddy’s Labs launches vigabatrin tablets in the US

Dr. Reddy’s Laboratories has announced the launch of vigabatrin tablets in the US markets. The tablets are a therapeutic equivalent generic version of Sabril tablets approved by the US Food & Drug Administration (USFDA). Vigabatrin is a prescription medicine used with other treatments in adults and children above the age of 2 years with refractory complex partial seizures (CPS).  

Read more here.

Alkyl Amines Q3 Results: Net profit rises 9% YoY to Rs 84 crore

Alkyl Amines Chemicals Ltd reported a 9.6% YoY increase in net profit to Rs 84.49 crore for the quarter ended December (Q3). Its revenue rose 26% YoY to Rs 313 crore during the same period. The company’s board has declared an interim dividend of Rs 10 per share.

Ajanta Pharma Q3 Results: Net profit rises 64% YoY to Rs 176 crore

Ajanta Pharma Limited reported a 64.23% YoY increase in consolidated net profit to Rs 176.63 crore for the quarter ended December (Q3). It had posted a net profit of Rs 107.55 crore during the corresponding quarter last year. The company’s revenue rose 14.98% YoY to Rs 748.74 crore during the same period. Maharashtra-based Ajanta Pharma is engaged in development, manufacturing, and marketing of pharmaceutical formulations. 

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Editorial

Automobile Sales Data for Dec 2020

On January 1, 2021, all major automobile companies reported their sales figures for the month of December. Interestingly, the results were far better than expected and automobile manufacturers have ended 2020 on a very positive note. Almost every firm reported a healthy and significant increase in their sales. Let us take a look at important sales figures posted by some of India’s largest automobile manufacturers for the month of December 2020.

Important Sales Figures

Tata Motors Ltd reported a 21% year-on-year (YoY) increase in domestic sales to 53,430 units. The total commercial vehicle sales declined 5% YoY to 29,885 units, which had been mainly due to a drop in the sale of passenger carriers and small commercial vehicles. Car sales rose 84% to 23,545 units. The company stated that it will continue to bring improvements in its supply chain facilities Tata Motors also announced that it will ramp up its production in the coming months to meet the increase in demand.

Eicher Motors Ltd reported that the sales of Royal Enfield motorcycles increased by 37% YoY in December. This was led by an increase in the deliveries of models with engine capacity up to 350 cc. The company’s total sales stood at 68,995 units, compared with 50,416 units in December last year. Its exports rose 82% YoY to 3,503 units

Ashok Leyland Ltd reported an overall sales growth of 14% YoY at 12,762 units in December 2020. The sales of medium and heavy commercial vehicles declined 2% to 6,884 units. Exports rose 14.5% YoY to 905 units.

Mahindra & Mahindra Ltd reported a 10.3% YoY decline in overall auto sales at 35,187 units in December. The company’s commercial vehicle sales saw a decline of 21.1% YoY to 16,795 units in December, as compared to 21,390 units during the same period in 2019. Exports increased by 3% to 2,210 units. The Passenger Vehicles segment (which includes utility vehicles, cars, and vans) sold 16,182 vehicles in December 2020, a growth of 3% over the same period last year. The total tractor sales in December were 22,417 units, as compared to 17,991 units a year ago. The company stated that its overall sales have been affected due to a supply shortage of micro-processors (semiconductors) used in the Electronic Control Unit (ECUs). 

Maruti Suzuki India Ltd reported a total sales of 1,60,226 units in December 2020 led by compact vehicles, LCVs, and Vans. This is a growth of 20.2% over the 1,33,296 units sold in the same month last year. Its domestic sales rose 19.5% at 1,50,288 units and exports were up 31.4% at 9,938 units. 

Escorts Ltd’s agricultural machinery segment sold 7,733 tractors in December, the highest ever recorded in the month. The automaker registered a growth of 88% YoY against the 4,114 tractors sold in the same month last year. Domestic tractor sales grew 90% YoY at 7,230, while exports were up 63.3% YoY at 503 units.

TVS Motor Company Ltd announced that its December sales have risen by 17.5% at 2,72,084 units, as against 2,31,571 units sold in December 2019. The company’s motorcycle sales grew by 27% YoY at 1,19,051 units and scooter sales stood at 77,705 units.

What Led to the Increase in Sales?

Pent-up demand has been one of the major causes of a healthy increase in sales during December. This refers to a rapid increase in demand for a service or product, usually following a period of subdued or decreased spending. Also, there had been attractive year-end discounts that accelerated the sales of major automobile players’ during December. The offers and discounts offered by these companies during the holiday season would have encouraged the Indian population to purchase vehicles. Another important factor to be noted is that people prefer to own a vehicle for commuting amidst the Covid-19 pandemic. The number of people using public transportation has decreased rapidly.

As we had mentioned earlier, many automobile manufacturers had announced that they would increase the prices of their two-wheelers, passenger vehicles, or commercial vehicles from January 2021. Thus, there could have been an increase in vehicle bookings in December. 

Over the past few months, we have also been witnessing a very high increase in the sales of tractors. During the April-November period, tractor sales in India saw a 28.7% YoY growth. Industry experts have stated that this could be attributed to the better availability of finances and increased savings. The high demand could also be a result of the rise in minimum support prices (MSPs) and market-rate realisations. We can see that this increase in demand for tractors has continued in December as well.

However, many companies in the automobile industry have brought attention to the fact that they are not receiving essential parts for their production activities. This has been mainly due to the global shortage of shipping containers. Due to this issue, automakers in India are bracing for a parts shortage and possible production losses over the next 3-4 months.

Automobile manufacturers would soon post their Q3 results in the coming weeks. We would be able to obtain better clarity of their performance then. The shares of these automobile companies could also show a rally in the days to come. 

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Centre to Transfer Rs 6,000 crore as GST Compensation to 16 States – Top Indian Market News

Centre to transfer Rs 6,000 crore as GST compensation to 16 states

The Central Government will release Rs 6,000 crore to 16 states and 3 union territories on Monday. This amount will be the second round of back-to-back loans given to states/UTs to meet the shortfall in Goods and Services Tax (GST) collections. There was a major decline in GST collections earlier this year due to the Covid-19 pandemic. The total amount released to states is now at Rs 12,000 crore. 

Read more here. 

HDFC Q2 Results: Net Profit declines 28% YoY to Rs 2,870 crore

Housing Development Finance Corp Ltd. (HDFC) reported a 27.5% year-on-year (YoY) decline in net profit to Rs 2,870.12 crore, for the quarter ended September (Q2). The non-banking financial company reported a 20.7% YoY increase in net interest income (NII) to Rs 3,647 crore, during the same period. The share price of HDFC Bank saw a rise of 5.13%, and closed at Rs 2,022.30 on the NSE today.

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India’s manufacturing PMI rises for third straight month

Factory activity in India has expanded for the third straight month this year, as the removal of lockdown restrictions led to a surge in demand and output. The IHS Markit India Manufacturing Purchasing Managers’ Index (PMI) has increased from 56.8 in September to 58.9 in October. PMI is a month-on-month calculation, and a value of more than 50 represents an expansion when compared to the previous month.

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NTPC announces Q2 results and share buyback plan

The National Thermal Power Corporation Ltd. (NTPC) reported a 7.43% year-on-year (YoY) increase in standalone net profit to Rs 3,504 crore, for the quarter ended September (Q2). The company’s revenue from operations was up by 8.4% YoY to Rs 24,677 crore, during the same period. The Board of Directors of NTPC has approved a buyback of 19.78 crore equity shares at Rs 115 per share.

Read more here.

Zee Entertainment Q2 Results: Net Profit declines 77% YoY to Rs 93 crore

Zee Entertainment Enterprises Ltd. reported a 77% year-on-year (YoY) decline in consolidated net profit to Rs 93.41 crore, for the quarter ended September. The company’s total income saw a decline of 19.6% YoY to Rs 1,760.61 crore, during the same period. Zee also stated that it had introduced cost-saving initiatives and sold various non-core assets in Q2.

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Punjab National Bank Q2 Results: 22% YoY increase in net profit

Punjab National Bank reported a 22% year-on-year (YoY) increase in standalone net profit to Rs 621 crore, for the quarter ended September (Q2). The bank’s net interest income (NII) increased by 85% YoY to Rs 8,393 crore, during the same period. The company has also posted an improvement in its asset quality.

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Pfizer Q2 Results: 15% YoY decline in net profit

Pfizer Limited reported a 14.83% year-on-year (YoY) decline in net profit to Rs 131.37 crore, for the quarter ended September (Q2). The total income stood at Rs 607.56 crore, during the same period. In a statement made last week, Pfizer had said that it could deliver the Covid-19 vaccine in 2020.

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Thermax gets Rs 320 crore order to set up Combined Heat and Power plant

Thermax Limited announced that it has received an order of Rs 320 crore, for setting up a Combined Heat and Power (CHP) plant for Assam Bio Refinery Pvt Ltd (ABRPL). The company is a leading energy and environment solutions provider. Thermax Ltd. will help in the design, engineering, and construction of the CHP plant in Assam.

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Escorts Q2 Results: Two-fold jump in net profit to Rs 227 crore

Escorts Ltd reported a 130% year-on-year (YoY) increase in consolidated net profit at Rs 227.22 crore, for the quarter ended September (Q2). The company’s revenue from operations stood at Rs 1,654.18 crore, during the same period. Haryana-based Escorts is a multinational engineering company that mainly produces farm equipment.

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Wockhardt Q2 Results: Net Profit at Rs 3.29 crore

Drug firm Wockhardt Limited reported a consolidated net profit of 3.29 crore, for the quarter ended September (Q2). The consolidated revenue of the company stood at Rs 714.05 crore, during the same period. The company has been selected by the UK Government to supply Covid-19 vaccine. The share price of Wockhardt saw a rise of 0.94%, and closed at Rs 295.05 on the NSE today.

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