LIVE: Quarterly Results, Q2 Earnings Today - TD Power Systems Q2 net profit rises to Rs 20 crore

LIVE: Quarterly Results Today - Q2 Earnings Latest News, UPDATES: Quarterly Results and Q2FY23 earnings of many big business entities were announced on Wednesday i.e. 9th November 2022. Q2FY23 results of these companies were highly anticipated in the wake of developments that unfolded in the last September Quarter of FY23. Q2FY23 Earnings of  Tata Motors, BEML, Godrej Properties, Nalco, Bajaj Consumer Care, Gateway Distriparks, Piramal Pharma, Ramco Cements, ORIENT CEMENT, Snowman Logistics and others were announced on Wednesday i.e. 9th November 2022. Here are all the DETAILS, Latest News on Quarterly Results, Q2FY23 earnings announcements and September Quarter FY 23 Financial Details:-

TD Power Systems Q2 net profit rises to Rs 20 crore

TD Power Systems on Wednesday posted a nearly 24 per cent rise in its consolidated net profit to Rs 19.90 crore in the September quarter mainly due to lower expenses.

The consolidated net profit of the company was Rs 16.05 crore in the year-ago period, according to a regulatory filing.

Total income of the company declined to Rs 219.01 crore in the second quarter of the current fiscal from Rs 230.06 crore in the corresponding period last year.

Total expenses of the company dipped to Rs 192.28 crore in July-September period from Rs 208.82 crore last year.

Nalco Q2 profit dips 83.2 pc to Rs 125.43 cr

National Aluminium Company Ltd (Nalco) on Wednesday reported an 83.2 per cent decline in consolidated profit at Rs 125.43 crore for the quarter ended September 30, on the back of higher expenses and lower income.

The company had posted a consolidated profit of Rs 747.80 crore in the year-ago period, Nalco said in a regulatory filing.

The consolidated income of the company during the July-September period dropped to Rs 3,558.83 crore, over Rs 3,634.59 crore in the year-ago period.

The consolidated expenses of the company during the second quarter increased to Rs 3,312.95 crore, over Rs 2,618.52 crore in the year-ago period.

Nalco, a navratna CPSE, is one of the largest integrated bauxite-alumina-aluminium-power complexes in the country. At present, the centre holds 51.28 per cent of paid up equity capital.

Gateway Distriparks Q2 PAT rises 27 pc to Rs 60 cr

Integrated inter-modal logistics operator Gateway Distriparks Ltd on Wednesday reported a 27 per cent growth in consolidated profit after tax (PAT) at Rs 59.53 crore for the second quarter of this fiscal.

The company had posted a consolidated PAT of Rs 46.90 crore in the quarter ended September 30, 2021, Gateway Distriparks Ltd (GDL) said in a statement.

Its total revenue (Rail and Container Freight Stations) rose 6 per cent to Rs 361.91 crore in the reporting quarter as against Rs 341.50 crore in the second quarter of the previous fiscal.

Rail revenue increased 8.61 per cent to Rs 278.53 crore in Q2 FY23 over Rs 256.46 crore in the year-ago period, while Container Freight Stations (CFS) revenue declined 1.95 per cent to Rs 83.38 crore.

The total throughput during the quarter dipped 3.22 per cent at 182,975 TEUs (Twenty-foot Equivalent Units) as against 189,054 TUEs handled during the same quarter of FY22.

"In September, the company acquired 30 acres of land for a greenfield ICD (Inland Container Depot) at Jaipur, for which the construction has already started. The company has also signed a Share Purchase Agreement for acquisition of an ICD in Kashipur, which is expected to close by December 2022.

"With these two new terminals, our presence will grow to 11 locations across India and will lead to an increase in our volumes and profitability," said Prem Kishan Dass Gupta, chairman and managing director, GDL.

Piramal Pharma posts net loss of Rs 37 cr in Q2

Piramal Pharma on Wednesday reported a consolidated net loss of Rs 37 crore for the second quarter ended September, as against a net profit of Rs 37 crore in the year-ago period.

However, the company's revenue from operations grew to Rs 1,720 crore during the July-September quarter, from Rs 1,578 crore in the corresponding period of the previous fiscal.

Nandini Piramal, Chairperson, Piramal Pharma Limited said, "We announce our first results post demerger as an independent and focused pharma company. Over the last 10 years, we have made several strategic choices that have helped nurture and scale our business and establish Piramal Pharma (PPL) as a leading global pharmaceuticals player."

"For the quarter and half year ended September 2022, our business has delivered a resilient performance despite multiple internal and external challenges. We expect to deliver a much improved performance in the second half of the current financial year," she added.

The National Company Law Tribunal (NCLT) had on August 12 this year approved the composite scheme of demerger of the pharma business from Piramal Enterprises Ltd into Piramal Pharma Ltd, and amalgamation of Piramal Pharma's wholly-owned subsidiaries Hemmo Pharmaceuticals Pvt Ltd and Convergence Chemical Pvt Ltd into itself.

Tata Motors Q2 net loss narrows to Rs 945 cr on improved sales across verticals 

Tata Motors on Wednesday reported narrowing of consolidated net loss at Rs 945 crore for the second quarter ended September 30, as sales picked up in marquee brand Jaguar Land Rover and across domestic as well as commercial vehicle segments.

The auto major had reported a net loss of Rs 4,442 crore, attributable to shareholders of the company, in the July-September period of the last fiscal.

Consolidated net loss for the second quarter stood at Rs 898 crore. It was at Rs 4,416 crore in the year-ago period.
Total income increased to Rs 80,650 crore in the period under review, as compared to Rs 62,246 crore in the year-ago period, Tata Motors said in a regulatory filing.

On a standalone basis, the company reported a net loss of Rs 293 crore. It had posted a net loss of Rs 659 crore in the year-ago period.

Total income rose to Rs 15,142 crore in the second quarter, as compared to Rs 11,197 crore in the same period last year.

Jaguar Land Rover (JLR), a part of Tata Motors, reported revenues of 5.3 billion pounds in the second quarter, up 36 per cent from the year ago period. Its wholesale volumes (excluding China JV) stood at 75,307 units in July-September period, up 17.6 per cent as compared to the same period last year.

The wholesale increase was lower than planned, primarily due to a lower-than-expected supply of specialised chips from one supplier which could not be readily re-sourced in the quarter, Tata Motors said.

JLR is continuing to focus on signing long-term partnership agreements with chip suppliers which is improving visibility of future chip supply, it said.

"Demand for our most profitable and desired vehicles remains strong and we expect to continue to improve our performance in the second half of the year, as new agreements with semiconductor partners take effect, enabling us to build and deliver more vehicles to our clients," JLR CEO Thierry Bollore stated.

The auto major noted that its commercial vehicle business registered a 15 per cent growth in sales over the second quarter of last fiscal.

For India business, domestic wholesales stood at 93,651 vehicles, up 19 per cent year-on-year. However, exports were at 6,771 vehicles, lower by 22 per cent affected by the financial crisis in few export markets, it said.

"Going forward, we continue to remain in the agile mode and are keeping a close watch on the evolving geopolitical, inflation and interest rate risks on both supply and demand," Tata Motors Executive Director Girish Wagh said. The passenger vehicles business continued its strong momentum with wholesales at 1,42,755 vehicles, up 69 per cent year-on year, amid strong festive demand and debottlenecking actions, the automaker said.

"Demand for passenger vehicles remained strong in Q2 FY23 fuelled by improving supply of semiconductors, festive season and new launches," Tata Motors Passenger Vehicles Managing Director Shailesh Chandra noted.

In electric vehicles, the company posted sales of 11,522 units in Q2FY23, registering a growth of 326 per cent over the same period last year, he added.

"Going forward, we remain vigilant about the evolving demand and supply situation and will stay nimble to take necessary actions swiftly, whilst focusing on improving profitability further," Chandra said.

On overall business outlook, the auto maker stated that demand continues to remain strong, however will remain a key monitorable in wake of global uncertainties.

"Improving chip supply and cooling commodity prices will aid revenue and margins recovery and hence aim to deliver strong improvements in EBIT and free cash flows in H2 FY23," it added.

In a separate filing, Tata Motors said it has notified the New York Stock Exchange on Wednesday of its intent to voluntarily delist its American Depositary Shares (ADS), each representing five ordinary shares of the company, par value of Rs 2 per share.

Since the ADSs were issued in 2004, the company has witnessed a considerable increase in liquidity and foreign shareholder participation in the equity stock markets in India, it added.

Shares of the company on Wednesday closed 0.44 per cent down at Rs 433 apiece on the BSE.

TeamLease Services turns profitable; posts Rs 31.62 crore net profit in Sept quarter

Staffing company TeamLease Services on Wednesday reported a consolidated net profit of Rs 31.62 crore in the quarter ended September.

The company had posted a loss of Rs 49.47 crore in the year-ago period.

Revenue from operations rose 28.32 per cent to Rs 1,955.05 crore in the second quarter of the current fiscal. It stood at Rs 1,523.55 crore in the same period of the previous financial year, according to a regulatory filing.

"We had a net headcount growth of 6.5k for the quarter and 16k for the half-year. Headwinds in the IT industry have started impacting the specialised staffing growth and may continue for a while.

"Our HRtech business is gearing up for new sales, product enhancement and digital solutions. Revenue growth and tighter cost control will be the focus areas for the next few quarters," TeamLease Services Managing Director Ashok Reddy said.

Shares of the company closed flat at Rs 2,848.40 apiece on BSE.

Dhanlaxmi Bank Q2 profit jumps to Rs 16 cr

Dhanlaxmi Bank on Wednesday reported a multi-fold rise in net profit at Rs 15.89 crore for September quarter 2022-23 on lower provisions for bad loans.

The bank had clocked a net profit of Rs 3.66 crore in the year-ago period. In the previous June quarter, the bank incurred a net loss of Rs 26.43 crore.

Total income increased to Rs 285.26 crore in September quarter from Rs 266.79 crore earlier, Dhanlaxmi Bank said in a regulatory filing.

Interest income rose to Rs 262.50 crore from Rs 229.01 crore. Operating profit was up 35 per cent at Rs 35.35 crore.

Gross non-performing assets (NPAs) of the bank were 6.04 per cent of gross advances at the end of September 2022 as against 8.67 per cent by the year-ago period.

Net NPAs or bad loans were trimmed to 2.32 per cent from 4.92 per cent.

Thus, provisions for bad loans and contingencies fell to Rs 19.46 crore for the quarter, as against Rs 22.60 crore set aside for the year-ago period.

Dhanlaxmi Bank said it has recovered Rs 3.32 crore from one account during this financial year after fraud classification.

In a separate filing, the bank said its Extraordinary General Meeting (EGM) scheduled for November 12, 2022, is being cancelled.

Requisitionists holding more than 10 per cent of equity shares of the bank have agreed to withdraw the special notice dated September 26, 2022, it added.

Bank's NRI businessman shareholder B Ravindran Pillai along with other members through a requisition had called for an EGM to suspend capital and revenue expenditure related powers of the MD & CEO of Dhanlaxmi Bank.

In the requisition dated September 26, 2022, the shareholders led by Pillai said in the EGM in June, they had expressed serious concern over the poor performance of the bank and heavy expenditure.

They said the MD had assured them that immediate steps would be taken to rectify the anomalies. However, in spite of the verbal assurance of the MD, it was alarming to note that the bank registered heavy loss in Q1FY23.

"The MD continues with his luxury of incurring expenditure like engaging high-cost advocates for avoidable litigations thrust upon the bank, claiming huge incentives for himself recruiting new personnel, opening of new branches etc without objective analysis of the workload of the executives," they said in the requisition.

Presently, Shivan J K is Managing Director and Chief Executive Officer of the Thrissur-based private sector lender.

In September 2020, RBI had appointed its General Manager D K Kashyap on the board of the bank for two years.

The bank was put under the Prompt Corrective Action (PCA) Framework by the RBI in November 2015 due to deteriorating financial health and it came out of these restrictions only in 2019.

Bank unions AIBOC and AIBEA had flagged concerns over few developments at Dhanlaxmi Bank and sought immediate corrective measures by the RBI.

Besides, the All India Bank Employees' Association (AIBEA) had urged the RBI governor to intervene into the affairs of Dhanlaxmi Bank which it alleged is headed in the wrong direction.

Dhanlaxmi Bank stock settled at Rs 15.22 on BSE, down 0.46 per cent from the previous close.

Bajaj Consumer Care Q2 net profit dips 32 pc to Rs 32 crore

FMCG firm Bajaj Consumer Care Ltd on Wednesday reported a decline of 31.93 per cent in its consolidated net profit at Rs 31.65 crore for the second quarter ended September.

The company had reported a net profit of Rs 46.50 crore in the July-September quarter a year ago, said Bajaj Consumer Care, part of the Bajaj Group of Companies, operating in the beauty care category.

Its total revenue from operations rose 8 per cent to Rs 232.45 crore during the period under review. It was Rs 216.17 crore in the corresponding period of the preceding fiscal, according to a regulatory filing.

Total expenses of Bajaj Consumer Care, which owns brands such as Almond Drops Hair Oil, Brahmi Amla and Nomark, in the September quarter climbed 20.08 per cent to Rs 203.96 crore.

Shares of Bajaj Consumer Care Ltd on Wednesday settled at Rs 157.65 apiece on the BSE, down 3.93 per cent from the previous close.