Quarterly Results Announced - Vedanta, TATA POWER, MARUTI SUZUKI, Bandhan Bank and more | Highlights, Net Profit, Revenue, etc.

JSW Energy PAT rises 37% to Rs 466 cr in July-Sept quarter

JSW Energy on Friday posted a 37 per cent rise in its consolidated net profit to Rs 466 crore in the September quarter compared to the year-ago period mainly on the back of higher revenues.

The company reported a profit after tax of Rs 339 crore in the corresponding period of the previous year, a statement said.

During the quarter, total revenue increased by 16 per cent YoY to Rs 2,596 crore from Rs 2,237 crore in the year-ago period, JSW Energy said.

Finance cost during the quarter (July-September) increased by 7 per cent YoY to Rs 204 crore because of additional borrowings due to ongoing growth capex. 

The weighted average cost of debt increased by 7 bps QoQ (basis point quarter on quarter) to 7.94 per cent, it stated.

Long-term sales during the quarter stood at 6,481 million units, lower by 1 per cent YoY as lower thermal generation was partly offset by higher generation at solar operations at Vijayanagar, it informed.

Short term sales during the quarter came at 194 million units versus 236 million units in Q2 FY22 due to weak merchant market demand, it also stated.

Vedanta Quarterly Results: Net profit declines 61% to Rs 1,808 crore in 2nd quarter 

-Vedanta Ltd on Friday reported a 60.8 per cent decline in its consolidated net profit at Rs 1,808 crore for the quarter ended September 30 on the back of higher expenses.

-The company had posted a consolidated net profit of Rs 4,615 crore in the year-ago period, Vedanta Ltd said in a regulatory filing.

Dr Reddy's PAT up 12% at Rs 1,113 cr in Q2

Dr Reddy's Laboratories Ltd on Friday said its consolidated profit after tax (PAT) for the quarter ended September 30, 2022 was up by 12 per cent at Rs 1,112.80 crore as against Rs 992 crore in the same quarter a year ago.

Revenues during the quarter under discussion were up by nine per cent to Rs 6,305.70 crore compared to Rs 5,763.20 crore in the first quarter of FY '22.

Commenting on the results, Co-Chairman and MD, G V Prasad said, "We are pleased with the strong financial performance in the current quarter, driven by the launch of Lenalidomide capsules in the US market. Our focus is to build a robust pipeline with products that improve affordability and access to patients globally. We continue to progress well in our productivity, innovation and sustainability agenda."

Bandhan Bank Quarterly Results: Strong business growth in Q2FY23

-Total customer base stands at 2.77 crore as on September 30, 2022

- Loan book grew 18% YoY to Rs. 95,835 crore

- Total deposits grew 21% YoY to Rs. 99,365 crore

-CASA growth at 11% YoY

-CASA Ratio at 40.8%

-Share of Retail to Total Deposits at 74%

Quarterly Results: Dr Reddy's PAT up 12% at Rs 1,113 cr in Q2

-Dr Reddy's Laboratories Ltd on Friday said its consolidated profit after tax (PAT) for the quarter ended September 30, 2022 was up by 12 per cent at Rs 1,112.80 crore as against Rs 992 crore in the same quarter a year ago.

-Revenues during the quarter under discussion were up by nine per cent to Rs 6,305.70 crore compared to Rs 5,215.40 crore in the first quarter of FY '22.

-Commenting on the results, Co-Chairman and MD, G V Prasad said, "We are pleased with the strong financial performance in the current quarter, driven by the launch of Lenalidomide capsules in the US market. Our focus is to build a robust pipeline with products that improve affordability and access to patients globally. We continue to progress well in our productivity, innovation and sustainability agenda."

Dwarikesh Sugar: Q2FY23 Results

In Q2 FY23, the company reported profit before tax (PBT) of Rs. 11.19 crore and profit after tax (PAT) of Rs. 7.84 crore. The decline in profit over corresponding quarter last year is on account of higher cost of goods sold without commensurate increase in the selling price of sugar, the main finished product.

Vedanta Limited Quarterly Results

-Rs 36,237 crore revenue - up 21%YoY

-Rs 8,038 crore EBITDA and strong free cash flow (pre capex) Rs 8,369 crore

Ikea India Quarterly Results: Net loss widens to Rs 902 crore in FY22; sales up 77 pc to Rs 1,076 crore

-Swedish furniture and home furnishings retailer Ikea's Indian unit net loss widened to Rs 902.8 crore in FY22 from Rs 809.8 crore in the preceding year, according to financial data accessed by business intelligence platform Tofler.

-Ikea India Pvt Ltd net sales/revenue from operations was up 77.07 per cent to Rs 1,076.1 crore in FY22. It was at Rs 607.7 crore during the financial year that ended in March 2021.

-Its revenue from 'other income' was up over two folds to Rs 48.2 crore in FY22.

-Ikea India's total income also went up by 73.1 per cent to Rs 1,125.5 crore in FY22, in comparison to Rs 650.2 crore of a year-ago period.

-Total operating expenditure, excluding interest, depreciation and amortization, was also up 45.62 per cent to Rs 1,590.8 crore.

-During the FY22, the company's expansion plan and operations were impacted due to the global Covid-19 pandemic, said Ikea India in its financial report.

-"However, the company not only managed its operations in an effective way but also extended its support to society through its various partners for helping the needy people and for minimising the spread of the pandemic. The Company also ensured the safety of its co-workers while managing its operations," it said.

-It further added: "The company has continued to perform reasonably well, and the management is optimistic about its future prospects too."

-During FY22, the company continued to work on its plans towards positioning, growth and profitability of Ikea's omni-channel business in India.

-Ikea is operating three big format stores in Hyderabad, Navi Mumbai and Bengaluru. Besides, it also sells online in Mumbai, Pune, Hyderabad, Gujarat and Bengaluru.

-In FY22, it was also "focussing on the cities of Hyderabad, Mumbai, Pune, Bangalore and Delhi NCR".

-While responding to a query, a company spokesperson said India is an important market for Ikea.

-"We are in India for the long term and still in the initial years of operations, where we continue to invest in omni-channel expansion in our priority markets. We have almost doubled sales in India over the last year and we will continue to focus on reaching the many people in with our accessible, affordable, sustainable products and solutions that are relevant to life at home in India," the spokesperson said.

Quarterly Results: Rane Holdings registers consolidated Q2 PAT at Rs 23.3 crore

Rane Holdings Ltd, the holding company of auto component manufacturer Rane Group, has reported a 41.2 per cent rise on its consolidated profit after tax (PAT) at Rs 23.3 crore for the quarter ending September 30, 2022, the company said on Friday.

The city-based company had registered consolidated PAT at Rs 16.5 crore during the corresponding quarter in the previous year.

The consolidated total revenue during the quarter under review grew to Rs 883.8 crore from Rs 697.3 crore registered in the same period last year.

For the half year ending September 30, 2022, the consolidated PAT went up to Rs 43.9 crore from Rs 37.3 crore recorded corresponding period last year.

The consolidated total revenue surged to Rs 1,704.9 crore for the six-month period ending September 30, 2022 from Rs 1,223.1 crore registered in the same period last year.

"The group companies posted strong revenue growth support by favourable demand from Indian OE (original equipment) and export customers. Higher volumes and improved operational performance helped to mitigate material price increases," Rane Holdings Ltd Chairman L Ganesh said.

The demand environment remains strong with the ongoing festive season, however, the company remains cautious given the global economic situation and tightening of monetary policy, he said.

Tata Power Quarterly Results: Net profit rises 85%to Rs 935 cr in July-Sept quarter

-Tata Power on Friday reported about an 85 per cent rise in its consolidated net profit to Rs 935.18 crore in the September 2022 quarter, mainly on the back of higher revenue.

-The consolidated net profit of the company was Rs 505.66 crore in the quarter ended September 30, 2021, a BSE filing stated.

-The total income of the company rose to Rs 14,181.07 crore in the quarter from Rs 10,187.33 crore a year ago.

-Tata Power's PAT (profit after tax or net profit) has increased for the 12th consecutive quarter, demonstrating the effectiveness of its business strategy, the company said in a statement.

-"We have witnessed a strong performance from all of our business clusters - Generation, Transmission, Distribution, including Odisha, and Renewables. The fact that our PAT has increased for 12th consecutive quarters demonstrates the strong foundations upon which each of these businesses have been built," Tata Power CEO & MD Praveer Sinha said in the statement.

Maruti Suzuki Quarterly Results: Q2 Earnings 

Maruti Suzuki India on Friday reported an over four-fold increase in consolidated net profit to Rs 2,112.5 crore in the second quarter ended on September 30, 2022, riding on record sales.

The company had posted a consolidated net profit of Rs 486.9 crore in the same period last fiscal, Maruti Suzuki India said in a regulatory filing.

Total revenue from operations was at Rs 29,942.5 crore as against Rs 20,550.9 crore in the year-ago period.

Maruti Suzuki said it sold a total of 5,17,395 vehicles during the quarter, its highest ever in any quarter.

"Sales in the domestic market stood at 4,54,200 units. Exports were at 63,195 units. Shortage of electronic components impacted production by about 35,000 vehicles in this quarter," it added.

The same period previous year was marked by acute shortage of electronic components and consequently it could sell a total of 3,79,541 units, out of which 320,133 units were in the domestic market and 59,408 units were in export markets, Maruti Suzuki India said.

The company it has been making simultaneous efforts in securing electronic components availability, cost reduction and improving realisation from the market to better its margins.

RANE HOLDINGS LIMITED Q2 FY23 Earnings

Consolidated Q2 FY23 Performance

-Total Revenue was X883.8 Crore in Q2 FY23 compared to X697.3 Crore in Q2 FY22, an increase of 26.7%

- EBITDA stood at X66.8 Crore compared to X47.2 Crore during Q2 FY22, an increase of 41.5%

- EBITDA Margin at 7.6% for Q2 FY23 against 6.8% in Q2 FY22

- PAT stood at X23.3 Crore for Q2 FY23 compared to X16.5 Crore in Q2 FY22, an increase of 41.1% Consolidated H1 FY23 Performance

- Total Revenue was X1,704.9 Crore in H1 FY23 compared to X1,223.1 Crore in H1 FY22, an increase of 39.4%

- EBITDA stood at X124.8 Crore compared to X70.6 Crore during H1 FY22, an increase of 76.8%

- EBITDA Margin at 7.3% for H1 FY23 against 5.8% in H1 FY22

-PAT stood at X43.9 Crore for H1 FY23 compared to X37.3 Crore in H1 FY22, an increase of 17.8%

Operational Performance - Q2 FY23

-Group Aggregate Sales increased by 21% from Rs. 1,357.2 Cr in Q2 FY22 to Rs. 1,639.2 Cr in Q2 FY23

- Revenue from Indian OE customers grew 23% supported by strong growth across vehicle segments

- Revenues from International customers increased 24% driven by higher offtake for occupant safety, light metal casting and valve train products

- Revenue from Indian aftermarket segment declined 2%

- Despite increase in material prices, EBITDA margin expanded by 79 bps due to higher volumes and improved operational performance 

NIIT Limited Quarterly Results: Q2 Earnings

-NIIT Limited (NSE: NIITLTD) today reported the financial results for its second quarter ending September 30, 2022.

-During the quarter, the company recorded consolidated Net Revenue of Rs. 392.2 Cr, up 24% YOY.

-EBITDA was Rs. 56 Cr and Profit After Tax was recorded at Rs. 39.6 Cr resulting in an EPS of Rs. 2.9.

-Q2 Revenue at Rs. 392.2 Cr, up 24% YoY

-Records EBITDA at Rs. 56 Cr and Profit After Tax of Rs. 39.6 Cr

-Skills & Careers Group (SNC) revenue grows 119% YoY

-Corporate Learning Group (CLG) added 3 MTS customers and signed 3 renewals: Records revenue visibility at USD 305 million

Maruti Suzuki Q2 earnings call to take place at 3.30 pm in Mumbai

NIIT to hold a virtual press meet on Q2 earnings, quarterly results at 1.30 pm