Tata Power Q2 Results: Net profit rises 51% YoY to Rs 421 crore
Tata Power reported a 51% YoY increase in consolidated net profit to Rs 421.5 crore for the quarter ended September (Q2 FY22). Net profit increased by 8% compared to the previous quarter. Its revenue from operations rose 18% YoY to Rs 9,810.2 crore during the same period. Revenue from its transmission & distribution segment grew 48% YoY to Rs 6,787.4 crore. However, the revenue from its power generation segment fell 36% YoY to Rs 2,216.9 crore in Q2.
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L&T’s construction arm secures large order from CPWD
The construction arm of Larsen and Toubro (L&T) has secured a large order (in the range of Rs 2,500-5,000 crore) for its buildings and factories business from the Central Public Works Department (CPWD). The order includes the construction of Common Central Secretariat Integrated Buildings 1, 2, and 3 in Plot 137 in New Delhi, with a built-up area of approximately 48.11 lakh sq. ft. The project is scheduled to be completed in two years.
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Bajaj Finserv Q2 Results: Net profit rises 14% YoY to Rs 1,122 crore
Bajaj Finserv Ltd reported a 13.7% YoY increase in consolidated net profit to Rs 1,122.1 crore for the quarter ended September (Q2 FY22). Net profit increased by 34.75% compared to the previous quarter. Its revenue from operations rose 19.7% YoY to Rs 18,008.2 crore during the same period. Recovery gathered momentum in Q2 on the back of reopening of the economy in most states, rapid vaccinations, and continued policy support. Bajaj Finserv is the holding company for the various financial services businesses of the Bajaj Group.
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Marico Q2 Results: Net profit rises 17% YoY to Rs 309 crore
Marico Limited reported a 17.05% YoY increase in consolidated net profit to Rs 309 crore for the quarter ended September (Q2 FY22). Net profit fell 13.2% compared to the previous quarter. Its revenue from operations rose 21.6% YoY to Rs 2,419 crore during the same period. The FMCG company’s EBITDA stood at Rs 423 crore in Q2, a growth of 34.4% YoY.
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SC bars Bharti Airtel from seeking Rs 923 crore GST refund
The Supreme Court (SC) has disallowed Bharti Airtel from seeking a Goods and Services Tax (GST) refund of Rs 923 crore. The apex court upheld the Centre’s appeal and dismissed a Delhi High Court order that allowed Bharti Airtel to claim Rs 923 crore as refund of excess GST returns filed in July-September 2017.
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IndiGo Q2 Results: Net loss at Rs 1,435 crore
InterGlobe Aviation Ltd (IndiGo) reported a net loss of Rs 1,435.7 crore for the quarter ended September (Q2 FY22). The airline had posted a net loss of Rs 3,179 crore in the previous quarter and a net loss of Rs 1,194.8 crore in Q2 FY21. Its revenue from operations rose 104.6% YoY (or 87% QoQ) to Rs 5,608.5 crore during the same period. Earnings before interest, tax, depreciation, amortisation, and rent (EBITDAR) stood at Rs 340.8 crore in Q2, down 16.6% YoY.
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DLF Q2 Results: Net profit rises 66% YoY to Rs 378 crore
DLF Limited reported a 66% YoY increase in consolidated net profit to Rs 378.12 crore for the quarter ended September (Q2 FY22). Net profit increased 12% compared to the previous quarter. Its revenue from operations fell 9.6% YoY to Rs 1,557 crore during the same period. The realty firm’s sales booking grew 77% YoY to Rs 1,512 crore in Q2.
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Adani Green Energy Q2 Results: Net profit jumps six-fold YoY to Rs 100 crore
Adani Green Energy Ltd (AGEL) reported a nearly six-fold YoY jump in consolidated net profit to Rs 100 crore for the quarter ended September (Q2 FY22). Its total income rose 96.5% YoY to Rs 1,411 crore during the same period. AGEL’s sale of energy grew 61% YoY to 1,901 million units (MU) in Q2. The company’s solar sales grew 41% YoY to 1,430 MU in the July-September quarter of FY22.
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Tata Motors unveils 21 commercial vehicles for cargo, passenger verticals
Tata Motors has unveiled 21 new commercial vehicles to cater to evolving needs of cargo and people transport across segments. The company has launched seven products in the medium and heavy commercial vehicles (M&HCV) segment and five products in the intermediate and light commercial segment with CNG powertrains. Moreover, the automaker has unveiled four new LCVs (Light Commercial Vehicles) to improve last-mile delivery efficiency and reduce operational costs.
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SBI Cards Q2 Results: Net profit rises 67% YoY to Rs 345 crore
SBI Cards and Payment Services reported a 67% YoY increase in consolidated net profit to Rs 345 crore for the quarter ended September (Q2 FY22). Its total income rose 7% YoY to Rs 2,695 crore during the same period. The company’s total operating cost stood at Rs 1,383 in Q2, an increase of 25% YoY. The increase in operating costs is due to higher business volumes.
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NTPC Q2 Results: Net profit falls 8% YoY to Rs 3,212 crore
State-owned NTPC Ltd reported an 8.4% YoY decline in net profit to Rs 3,211 crore for the quarter ended September (Q2 FY22). Its revenue from operations rose 14.7% YoY to Rs 28,329 crore during the same period. The surge in revenues was aided by a rise in demand for power due to the rapid reopening of the economy post the second wave and higher vaccination rates. NTPC’s tax expenses grew 89% YoY to Rs 960.5 crore in Q2.
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Govt asks IRCTC to share 50% of revenue from convenience fee
The Ministry of Railways has asked the Indian Railways Catering and Transportation Corporation (IRCTC) to share 50% of the revenue from the convenience fee with it. So far, IRCTC kept 100% of the convenience fee it charged customers for providing various services with itself. Analysts believe that this move could spark a near 50% cut in the earnings of IRCTC since the majority of its revenues come from internet ticketing services.
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