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Maruti Suzuki Reports 48% YoY Fall in Net Profit in Q3 – Top Indian Market News

"Bangalore, India - January 29, 2013: Signage at a car showroom belonging to Maruti Suzuki India Ltd. in Bangalore, India. The company is a subsidiary of Japan's Suzuki Motor Corporation, and has been the leader in the Indian car market for two and half decades with a capacity of 1.7 million cars annually."

Maruti Suzuki Q3 Results: Net profit falls 48% YoY to Rs 1,011 crore

Maruti Suzuki India Ltd (MSIL) reported a 47.9% YoY decline in net profit to Rs 1,011 crore for the quarter ended December (Q3 FY22). Its revenue from operations fell 1% YoY to Rs 23,246 crore during the same period. The global chip shortage and high commodity costs continued to affect the automaker’s sales. EBITDA stood at Rs 1,559 crore, down 30% YoY. MSIL’s total sales fell 13% YoY to 4.3 lakh units in Q3.

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BPCL to invest Rs 10,000 crore in six new city gas licenses

Bharat Petroleum Corporation Ltd (BPCL) will invest Rs 10,000 crore over the next five years to set up city gas distribution networks in cities for which it secured licenses in the latest bidding round of the Petroleum and Natural Gas Regulatory Board (PNGRB). The company won licenses to retail CNG to automobiles and piped natural gas (PNG) for cooking purposes in the bid-out of six geographical areas.

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Cipla Q3 Results: Net profit falls 2.6% YoY to Rs 729 crore

Cipla Limited reported a 2.61% YoY decline in consolidated net profit to Rs 728.6 crore for the quarter ended December (Q3 FY22). Its revenue from operations rose 6% YoY to Rs 5,478.86 crore during the same period. The pharma company’s EBITDA stood at Rs 1,231 crore, up 5.7% YoY. Its India business registered a 13% YoY growth in sales to Rs 2,518 crore in Q3.

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TCS selected as launch partner for Microsoft Cloud for Retail

Tata Consultancy Services (TCS) announced that it is now a partner for the newly-launched Microsoft Cloud for Retail. TCS will help retail clients leverage Microsoft Cloud for Retail to accelerate their growth and transformation journeys. Microsoft Cloud for Retail is an industry-specific cloud that brings together various Microsoft technologies. It connects experiences across the end-to-end shopper journey with integrated and intelligent capabilities.

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Pidilite Industries Q3 Results: Net profit falls 20% YoY to Rs 359 crore

Pidilite Industries Ltd reported a 19.5% YoY decline in consolidated net profit to Rs 359.24 crore for the quarter ended December (Q3 FY22). Its revenue from operations rose 24% YoY to Rs 2,850.72 crore during the same period. The company’s total expenses stood at Rs 2,372.9 crore in Q3, up 37.98% YoY. Gross margins were affected due to high input costs. Pidilite Industries is a leading manufacturer of adhesives & sealants, construction chemicals, and craftsmen products.

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Sterlite Tech secures Rs 170 crore deal from Power Grid

Sterlite Technologies Ltd (STL) has secured a deal worth ~Rs 170 crore for building a unified network management system (UNMS) for Power Grid Corporation of India Ltd (PGCIL). STL will fulfill PGCIL’s requirement for high-performance and integrated network management systems across their regional communications networks. PGCIL owns and operates 90% of India’s interstate and inter-regional electric power transmission network.

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United Spirits Q3 Results: Net profit rises 27% YoY to Rs 291 crore

United Spirits Ltd reported a 26.6% YoY increase in consolidated net profit to Rs 291.1 crore for the quarter ended December (Q3 FY22). Its revenue from operations rose 7.6% YoY to Rs 8,854.5 crore during the same period. The company’s total expenses stood at Rs 8,463.8 crore in Q3, up 6.5% YoY. A healthy operating cash flow has enabled the liquor maker to achieve a debt-free status as of December 31, 2021.

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Torrent Pharma Q3 Results: Net profit falls 16% YoY to Rs 249 crore

Torrent Pharmaceuticals Ltd reported a 16% YoY decline in consolidated net profit to Rs 249 crore for the quarter ended December (Q3 FY22). Its revenue from operations rose 5.7% YoY to Rs 2,108 crore during the same period. The pharma company’s EBITDA stood at Rs 538 crore, up 11.4% YoY. Its US segment revenues fell 20% YoY to Rs 235 crore in Q3, while its India segment revenues rose 15% YoY to Rs 1,072 crore. 

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SRF Q3 Results: Net profit rises 56% YoY to Rs 506 crore

SRF Limited reported a 56% YoY increase in consolidated net profit to Rs 506 crore for the quarter ended December (Q3 FY22). Its revenue from operations rose 56% YoY to Rs 3,346 crore during the same period. Revenue from its chemical business grew 58% YoY to Rs 1,428 crore in Q3. The operating profit of the chemical business stood at Rs 419 crore, up 121% YoY. SRF’s board has approved an interim dividend of Rs 4.75 per share.

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Federal Bank Q3 Results: Net profit rises 29% YoY to Rs 522 crore

Federal Bank reported a 29% YoY increase in net profit to Rs 521.7 crore for the quarter ended December (Q3 FY22). Its net interest income (NII) rose 7.1% YoY to Rs 1,538.9 crore during the same period. [NII is the difference between the interest earned on loans and the interest paid on deposits.] The gross non-performing assets (GNPA) ratio stood at 3.06% in Q3 FY22, compared to 3.24 crore in Q2 FY22. Provisions fell 48.3% YoY to Rs 213.98 crore in Q3 FY22.

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Akasa Air plans to commence domestic operations by late May

Rakesh Jhunjhunwala-backed airline Akasa Air is aiming to start flights in late May or early June after getting its first Boeing 737 MAX aircraft in April. The low-cost airline is looking to own and operate 18 planes in its fleet by the end of March 2023. Akasa Air will initially have services from metros to Tier II and III cities.

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Maruti Suzuki’s Net Profit Falls 65% YoY in Q2 – Top Indian Market News

"Bangalore, India - January 29, 2013: Signage at a car showroom belonging to Maruti Suzuki India Ltd. in Bangalore, India. The company is a subsidiary of Japan's Suzuki Motor Corporation, and has been the leader in the Indian car market for two and half decades with a capacity of 1.7 million cars annually."

Maruti Suzuki Q2 Results: Net profit falls 65% YoY to Rs 475 crore

Maruti Suzuki India reported a 65.35% YoY decline in net profit to Rs 475.3 crore for the quarter ended September (Q2 FY22). Net profit fell 7.8% compared to the previous quarter. The automaker’s net sales fell 9.09% YoY to Rs 19,297.8 crore during the same period. EBITDA stood at Rs 855 crore in Q2, down 56% YoY. Maruti Suzuki’s results were impacted by adverse commodity prices and lower sales volume due to global semiconductor shortages, leading to lower capacity utilization.

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Adani Ports Q2 Results: Net profit falls 31% YoY to Rs 951 crore

Adani Ports & Special Economic Zone (APSEZ) reported a 31.4% YoY decline in consolidated net profit to Rs 951.7 crore for the quarter ended September (Q2 FY22). Net profit fell 27% compared to the previous quarter. Its revenue from operations rose 21.7% YoY to Rs 3,532.4 crore during the same period. The company’s cargo volumes declined 9.7% QoQ to 68.3 million metric tonnes (MMT) in Q2.

In other news, APSEZ has abandoned plans to build a container terminal in Myanmar. The company is expected to fully exit the investment in the conflict-ridden south Asian nation between March and June 2022.

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IndusInd Bank Q2 Results: Net profit rises 73% YoY to Rs 1,147 crore

IndusInd Bank reported a 73% YoY increase in consolidated net profit to Rs 1,146.73 crore for the quarter ended September (Q2 FY22). Its net interest income (NII) rose 11.6% YoY to Rs 3,658 crore during the same period. The gross non-performing assets (GNPA) ratio stood at 2.77% in Q2, compared to 2.88% in the previous quarter. Provisions fell 7.5% YoY to Rs 1703.36 crore in Q2.

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Dabur to enter diaper market, to take on P&G and Unicharm

Dabur India Ltd will enter the diapers segment in India as part of a strategy to expand its baby care portfolio that has products including shampoo, soaps, oil, and talc. The company will compete with Procter & Gamble (P&G) and Unicharm, which together control over 80% of the overall market. Dabur said its ‘Dabur Baby Super Pants’ with insta–absorb technology will help get 50% more absorption compared to other diapers. The product will be initially launched on Flipkart.

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Titan Q2 Results: Net profit jumps four-fold YoY to Rs 641 crore

Titan Company Ltd reported a 270% YoY jump in consolidated net profit to Rs 641 crore for the quarter ended September (Q2 FY22). Its net sales rose 75% YoY to Rs 7,243 crore during the same period. Titan’s jewellery division registered an income of Rs 6,106 crore, a growth of 77% YoY. The Watches and Wearables business recorded a 72% YoY growth in income to Rs 687 crore in Q2.

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Kotak Mahindra, Axis, and Indusind Bank submit bids to buy Citi’s consumer business in India: Report

According to a report from the Economic Times, Kotak Mahindra Bank, Axis Bank, and IndusInd Bank have made binding offers to buy Citi’s consumer business in India, valued at ~$2 billion. The US-based bank under CEO Jane Fraser is looking to exit consumer banking in 13 countries, including India. Citi is expected to start bilateral negotiations and announce a formal winner in the next 1-2 months. None of the bidders have offered stocks and have submitted all-cash bids.

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L&T Q2 Results: Net profit falls 67% YoY to Rs 1,819 crore

Larsen & Toubro (L&T) Ltd reported a 67% YoY decline in consolidated net profit to Rs 1,819.45 crore for the quarter ended September (Q2 FY22). Net profit increased 54.9% compared to the previous quarter. Its revenue from operations rose 12% YoY (or 18.5% QoQ) to Rs 34,773 crore during the same period. L&T secures orders worth Rs 42,140 crore in Q2, up 50% YoY. 

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Bajaj Auto Q2 Results: Net profit rises 12% YoY to Rs 1,275 crore

Bajaj Auto Ltd reported a 12% YoY increase in net profit to Rs 1,274.6 crore for the quarter ended September (Q2 FY22). Net profit increased 20.1% compared to the previous quarter. Its revenue from operations rose 22% YoY (or 19% QoQ) to Rs 8,762.2 crore during the same period. EBITDA stood at Rs 1,434 crore in Q2, a growth of 10% YoY.

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United Spirits Q2 Results: Net profit jumps two-fold YoY to Rs 286 crore

United Spirits reported over two-fold YoY jump in consolidated net profit to Rs 286.4 crore for the quarter ended September (Q2 FY22). Its revenue from operations rose 9.3% YoY to Rs 8,208.8 crore during the same period. Total expenses stood at Rs 7,822.9 crore in Q2, an increase of 6.52% YoY. United Spirits is an Indian alcoholic beverages company operated by UK-based Diageo.

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SBI Life Q2 Results: Net profit falls 18% YoY to Rs 247 crore

SBI Life Insurance Company reported a 17.71 YoY decline in net profit to Rs 246.62 crore for the quarter ended September (Q2 FY22). Net profit increased 11% compared to the previous quarter. Its net premium income (NPI) rose 12.45% YoY to Rs 14,660 crore crore during the same period. The company’s assets under management (AUM) rose 31% YoY to Rs 2,44,180 crore in Q2.

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RIL Reports 7% Fall in Net Profit in Q1 – Top Indian Market News

Reliance Industries Q1 Results: Net profit falls 7% YoY to Rs 12,273 crore

Reliance Industries Ltd (RIL) reported a 7.3% YoY decline in consolidated net profit to Rs 12,273 crore for the quarter ended June (Q1 FY22). Net profit has fallen by 7% when compared to the previous quarter. Its revenue from operations rose 58.2% YoY to Rs 1.44 lakh crore during the same period. Earnings before interest, tax, depreciation, and amortization (EBITDA) increased by 27.6% YoY to Rs 27,55 crore in Q1. The profit figure has beaten street/analysts’ estimates.

Reliance Jio posted a 45% YoY (or 4% QoQ) increase in net profit to Rs 3,651 crore during the April-June quarter of FY22.

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JSW Steel Q1 Results: Net profit at Rs 5,904 crore

JSW Steel Ltd reported a consolidated net profit of Rs 5,904 crore for the quarter ended June (Q1 FY22). It had posted a net loss of Rs 561 crore in the corresponding quarter last year (Q1 FY21). Its revenue from operations jumped 145% YoY (or 7.3% QoQ) to Rs 28,902 crore in Q1 FY22. This is JSW Steel’s highest-ever quarterly net profit and revenue. The company spent Rs 2,688 crore on capital expenditure (capex), which was nearly 15% of its planned capex for the current financial year (FY22).

The company has announced plans to invest Rs 750 crore in JSW Paints over the next three years.

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Britannia Industries to invest Rs 94 crore for expansion of its Odisha unit

Britannia Industries Ltd will invest Rs 94 crore for the expansion of its manufacturing plant in Khurda, Odisha, to cater to the growing demand for its products across multiple categories. The company aims to increase the manufacturing capacity of the plant by 85% to 65,000 metric tonnes per annum (MTPA). The new capacities will be operational by October 2022 and will enable Britannia to increase the production of its core band, including Marie Gold, Vita Marie Gold, etc.

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Ambuja Cements Q2 Results: Net profit rises 91% YoY to Rs 876 crore

Ambuja Cements Ltd reported a 91.78% YoY increase in consolidated net profit to Rs 876.71 crore for the quarter ended June (Q2 CY21). The company follows the January-December financial year cycle. Net profit has declined by 7.4% when compared to the previous quarter. Its total income rose 48.4% YoY to Rs 7.055.76 crore during the same period. The company’s cement volumes grew from 4.19 million tonnes (MT) in Q1 CY21 to 6.33 MT in Q2 CY21.

Atul Q1 Results: Net profit rises 40.8% YoY to Rs 166 crore

Atul Limited reported a 40.89% YoY increase in consolidated net profit to Rs 165.94 crore for the quarter ended June (Q1 FY22). Net profit has declined by 5.2% when compared to the previous quarter. Its total income rose 58.27% YoY to Rs 1,109.82 crore during the same period. Atul Ltd is an integrated chemical company based in Valsad, Gujarat.

Federal Bank Q1 Results: Net profit declines 8% YoY to Rs 367 crore

Federal Bank Ltd reported an 8.3% YoY decline in standalone net profit to Rs 367.3 crore for the quarter ended June (Q1 FY22). Its net interest income (NII) rose 9.4% YoY to Rs 1,418 crore during the same period. The gross non-performing assets (GNPA) ratio stood at 3.5% in Q1 FY22, compared to 3.4% in the previous quarter (Q4 FY21). The bank’s provisions increased by 62.6% YoY to Rs 641.83 crore during the April-June quarter of FY22.

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United Spirits Q1 Results: Net profit at Rs 69.1 crore

United Spirits Ltd reported a standalone net profit of Rs 69.1 crore for the quarter ended June (Q1 FY22). It had posted a net loss of Rs 251 crore in the corresponding quarter last year (Q1 FY21). Its total income rose 59% YoY to Rs 3,829 crore in Q1 FY22. United Spirits’ EBITDA jumped 316% YoY to Rs 168 crore. United Spirits is an alcoholic beverages company based in Bengaluru. It is a subsidiary of UK-based Diageo plc. 

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Yes Bank Q1 Results: Net profit jumps 355% YoY to Rs 207 crore

Yes Bank reported a 355.2% YoY jump in standalone net profit to Rs 207 crore for the quarter ended June (Q1 FY22). Its net interest income (NII) rose 26.5% YoY to Rs 1,402 crore during the same period. The gross non-performing assets (GNPA) ratio stood at 15.6% in Q1 FY22, compared to 15.41% in the previous quarter (Q4 FY21). However, the bank’s operating profit declined by 20% YoY to Rs 920 crore in Q1 FY22.

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SBI Cards Q1 Results: Net profit falls 22% YoY to Rs 305 crore

SBI Cards and Payment Services reported a 22% YoY decline in net profit to Rs 305 crore for the quarter ended June (Q1 FY22). Net profit has increased by 73.65% when compared to the previous quarter. Its total income rose 11.63% YoY to Rs 2,450.94 crore during the same period. The company’s gross non-performing assets (bad loans) more than doubled to 3.91% in Q1 FY22, compared to 1.35% in Q1 FY21.

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India’s oil production declines in June; gas output rises

India’s total crude oil production declined by 1.79% to 2,481.66 thousand metric tonnes (TMT) in June 2021, compared to the corresponding month last year. The fall in production comes at a time when domestic petrol and diesel prices are at all-time highs. Meanwhile, there was a 19.52% YoY increase in gas production in June. Natural gas production during June 2021 was 2,777.43 million metric standard cubic metres (MMSCM).

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SBI Reports 80% YoY Rise in Net Profit in Q4 – Top Indian Market News

SBI Q4 Results: Net profit rises 80% YoY to Rs 6,451 crore

State Bank of India (SBI) reported an 80.14% year-on-year (YoY) increase in standalone net profit to Rs 6450.75 crore for the quarter ended March (Q4). Net interest income (NII) rose 19% YoY to Rs 27,067 crore during the same period. [NII is the difference between the interest income a bank receives on loans, and the interest it pays to depositors] The gross non-performing assets (GNPA) ratio rose to 4.98% in Q4, compared with 4.77% in Q3. Provisions declined by 18.11% YoY to Rs 11,051 crore during the quarter. SBI’s board has declared a dividend of Rs 4 per share.

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India’s gas output rises 23% in April as RIL-BP fields start production

India’s natural gas production increased by 22.7% in April, after Reliance Industries Ltd (RIL) and UK-based BP Plc ramped up output from their eastern offshore KG-D6 block. Our country produced 2.65 billion cubic meters (bcm) of natural gas in April, compared with 2.16 bcm in the same month last year. Crude oil production declined by 2% YoY to 2.49 million tonnes in April, as state-owned ONGC and Oil India Ltd produced less. The data was released by the Ministry of Petroleum and Natural Gas.

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JSW Steel Q4 Results: Net profit rises 56.5% QoQ to Rs 4,198 crore

JSW Steel Limited reported a 56.5% quarter-on-quarter (QoQ) rise in consolidated net profit to Rs 4,198 crore for the quarter ended March (Q4 FY21). Net profit has jumped 1,717% YoY. Its revenue from operations rose 51% YoY to Rs 26,934 crore during the same period. The steelmaker’s exports grew 3.8% QoQ. JSW Steel’s board has announced a final dividend of Rs 6.5 per share. The company has also approved new projects that entail a capital expenditure of Rs 25,115 crore, spread between FY22 and FY24.

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SJVN secures 75 MW solar project in Uttar Pradesh

SJVN Limited has secured a 75 megawatt (MW) grid-connected solar project in Jalaun, Uttar Pradesh through tariff-based competitive bidding. The power generated from the project will be procured by Uttar Pradesh New and Renewable Development Agency (UPNEDA) for 25 years at Rs 2.68 per kilowatt-hour (KWh). SJVN is a joint venture between the Government of India (GoI) and the Himachal Pradesh government.

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Hindalco Q4 Results: Net profit jumps 189% YoY to Rs 1,928 crore

Hindalco Industries reported a 189% YoY jump in consolidated net profit to Rs 1,928 crore for the quarter ended March (Q4). Net profit has increased by 2.7% when compared to the previous quarter. Its revenue from operations rose 38% YoY to Rs 40,507 crore during the same period. The company’s India business posted a 72% YoY growth in revenue to Rs 653 crore in Q4. This was aided by higher volume growth, better product mix, and lower input costs. Hindalco’s board has declared a final dividend of Rs 3 per share. 

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Antony Waste Handling Cell receives C&T contract from Jhansi Smart City

AG Enviro Infra Projects, a subsidiary of Antony Waste Handling Cell Ltd, has received a Letter of Intent (IoT) from Jhansi Smart City Ltd for door-to-door Collection and Transportation (C&T) of solid waste. The C&T contract is worth Rs 21 crore and is applicable for a period of five years. It involves the collection of solid waste from points such as households, commercial shops, and bulk waste generators.

Shree Cement Q4 Results: Net profit rises 49% YoY to Rs 798 crore

Shree Cement Ltd reported a 48.98% YoY (or 26.5% QoQ) increase in consolidated net profit to Rs 798.43 crore for the quarter ended March (Q4). Its revenue from operations rose 23.12% YoY to Rs 4,204.88 crore during the same period. For the financial year ended March 31, 2021 (FY21), net profit has increased by 48.83% YoY to Rs 2,285.87 crore. Shree Cement’s board has recommended a final dividend of Rs 60 per share.

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IndiGo selects CFM’s engines to power 310 A320neo family aircraft

InterGlobe Aviation (IndiGo) has selected CFM International LEAP-1A engines to power its fleet of 310 new Airbus A320neo, A321neo, and A321XLR aircraft. The airline has ordered 620 new installed engines and associated spare engines. The agreement with CFM also includes long-term, multi-year service contracts. The new agreement will help IndiGo secure LEAP-1A engines and service agreements for its A320neo family aircraft from 2023 onwards.

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Persistent Systems to acquire assets of Sureline Systems for $2.5 million

Persistent Systems Ltd has entered into an agreement to acquire select contracts, intellectual property, assets, and employees of Sureline Systems for $2.5 million (~Rs 18.20 crore). The acquisition is expected to strengthen Persistent Systems’ cloud transformation offering and solutions by reducing cloud migration costs. Based in California and Pune, Sureline Systems provides cloud migration and disaster recovery solutions.

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Dr. Lal PathLabs Q4 Results: Net profit jumps 156% YoY to Rs 83 crore

Dr. Lal PathLabs Ltd reported a 156% YoY jump in net profit to Rs 83.4 crore for the quarter ended March (Q4). Net profit has declined by 13% when compared to the previous quarter. Its revenue from operations rose 42% YoY to Rs 431 crore during the same period. For the financial year ended March 31, 2021 (FY21), net profit has increased by 30% YoY to Rs 290.8 crore. The company’s board has declared a final dividend of Rs 8 per share.

South Indian Bank Q4 Results: Net profit at Rs 6.79 crore

South Indian Bank reported a net profit of Rs 6.79 crore for the quarter ended March (Q4 FY21). It had posted a net loss of Rs 143.69 crore in the corresponding quarter last year (Q4 FY20). Total income declined by 10.4% YoY to Rs 2,098.25 crore in Q4 FY21. The gross non-performing assets (GNPA) ratio rose to 6.97% as of March 31, 2021 (FY21), compared with 4.98% in FY20. For the financial year ended March 31, 2021 (FY21), net profit declined 41% YoY to Rs 61.9 crore.

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