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Exide Records Q2 Net At Rs 246 Cr Due To Easing Input Costs

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Exide’s profit went up 5.13 per cent to Rs 246 crore (30.43 million dollar) during June-September quarter, as compared to Rs 234 crore a year ago. According to analysts on average profit of Rs 236 crore was expected

The Indian battery maker Exide Industries recorded an improved profit in second-quarter on 11 November. This came after an increase in volumes and easing input costs.

Also, demand surged from the replacement and the original equipment manufacturer (OEM) segments as passenger vehicles’ demand surged, along with automakers reporting strong sales.

Exide’s profit went up 5.13 per cent to Rs 246 crore (30.43 million dollar) during June-September quarter, as compared to Rs 234 crore a year ago, said the company in an exchange filing.

According to analysts on average profit of Rs 236 crore was expected. The automotive and industrial sectors had been going under pressure due to pandemic-induced supply-chain crunches. And after Russia’s invasion of Ukraine, the prices of raw material too rose.

However, the sectors witnessed some relief after the prices of commodities like lead and crude oil cooled off and supply-chain constraints gradually softened. Adding to this, the industrial vertical saw a strong recovery from the last year as business activity surged, said the company.

Company’s revenue from operations surged 13.04 per cent to Rs 3,719 crore during the second quarter from Rs 3,290 crore a year ago. The shares of the were traded on higher side at 4.63 per cent year-to-date as per the last close,.

economy

Indian Railway Finance Corporation Q2 Profit Soars To Rs 1,714

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The funding to the Indian railway sector as of today has crossed Rs 5.05 lakh crore mark by the end of the Q2 FY23

Indian Railway Finance Corporation (IRFC) has reported a 14 per cent increase in its profit to Rs 1,714 crore in the second quarter that ended September 2022. IRFC is the dedicated market borrowing arm of the Indian Railways, and has earned a profit of Rs 1,501 crore in the same quarter of 2021. The revenue from operations for Q2 FY23 also grew by 23.88 per cent to Rs 5,810 crore as against Rs 4,690 crore reported in the same time period of 2021. The funding to the Indian railway sector as of today has crossed Rs 5.05 lakh crore mark as of the end of the Q2 FY23.

The net worth stood at Rs 43,549 crore and assets under management stood at Rs 4,39,070 crore as of September 30, 2022. The board of the company also approved an interim dividend of 8 per cent of the face value which is Rs 0.80 per share for 2022-23. 

economy

HCC Q2 Net Profit Up 129% To Rs 319 Cr

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The company posted a consolidated net profit of Rs 139.23 crore in the year-ago period, HCC said in a filing to BSE

Backed by improved operational efficiencies, Hindustan Construction Company Limited (HCC) has reported a 129 per cent increase in its consolidated net profit at Rs 319.03 crore for the quarter ended September 30, 2022. The company posted a consolidated net profit of Rs 139.23 crore in the year-ago period, HCC said in a filing to BSE. 

The consolidated income during July-September period, however, dropped to Rs 2,515.15 crore, from Rs 2,834.84 crore in the year-ago period. The company’s consolidated expenses declined to Rs 2,423.88 crore, as against Rs 2,736.23 crore earlier, the filing added. HCC’s strong operational performance and earnings during the quarter were achieved due to improved operational efficiencies through a leaner and efficient organisational structure, the company said in a statement. 

According to HCC, the company successfully concluded its debt resolution plan during the quarter, duly supported by 23 banks and financial institutions. HCC has transferred Rs 2,856 crore of lenders’ liability along with beneficial economic interest in arbitration awards and claims of Rs 6,508 crore as consideration to a Special Purpose Vehicle (SPV), the statement added. 

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Britannia Industries’ Shares Witness Nearly 10% Surge After Q2 Profit Beat

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The company booked a profit was 4.93 billion rupees (59.97 million dollar) for the quarter ending on 30 September. Its total operations revenue from grew 21.4 per cent to 43.8 billion rupees from 36.07 billion rupees a year ago

The shares of India’s Britannia Industries Ltd went up nearly by 10 per cent on 7 November following a 28.4 per cent jump in second-quarter consolidated net profit of Good Day and Tiger biscuits maker report on late 5 November.

The company booked a profit was 4.93 billion rupees (59.97 million dollar) for the quarter ending on 30 September. The profits surpassed the analysts’ projection for a profit of 4.12 billion rupees.

Its total operations revenue from grew 21.4 per cent to 43.8 billion rupees from 36.07 billion rupees a year ago.

Britannia’s growth report came after Hindustan Unilever recorded a surge in profit. However, Dabur India’s profit was on lower side due to high commodity prices.

India’s food inflation accounts for around 40 per cent of the consumer price index (CPI) basket. It went up 8.60 per cent in September as compared to 7.62 per cent in August. Recently, the government extended curbs on sugar exports by one year till October 2023 in order to contain the rise in domestic prices following record exports.

However, palm oil prices have reduced significantly from their all-time high touched in March. This came after the Indonesia’s decision to suspend export levies in July due to a build-up of stocks. Britannia shares remained high in the NSE Nifty 50 index.

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Adani Wilmar’s Q2 Profit Drops By 73%

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It witnessed hike in its total expenses by 6 per cent to 141.5 billion rupees, whereas the revenue from operations surged by 4 per cent to 141.5 billion rupees. The company expects the second half of this fiscal year to be better with a recovery in consumer demand, even in its edible oils business

India’s Adani Wilmar recorded a sudden fall of 73 per cent in its second-quarter profit on 3 November. This happened due to fortune cooking oil maker facing struggle against dull demand from rural areas and wrestled with industry-wide input cost inflation.

Its consolidated net profit in the second quarter ending 30 September dropped to 487.6 million Indian rupees (5.88 million dollar) from 1.82 billion rupees a year ago.

It witnessed hike in its total expenses by 6 per cent to 141.5 billion rupees, whereas the revenue from operations surged by 4 per cent to 141.5 billion rupees. The decline in mainstay edible oil pulled down its growth’s speed. Adani Wilmar is a joint venture between Indian conglomerate Adani Group and Singapore’s Wilmar Group,

“In the edible oils segment, the quarter that went by saw multiple challenges in consumer demand with several macro headwinds in the form of high inflation … delayed monsoon and tepid rural demand,” Adani Wilmar said in a statement.

The company expects the second half of this fiscal year to be better with a recovery in consumer demand, even in its edible oils business.

“September 2022 witnessed higher edible oil imports of 1.59 MMT against 1.37 MMT in August 2022. We see positive signs of recovery going forward in edible oil business for H2FY23, with softening of commodity prices and the recent uptick in demand on the back of festivities and weddings,” the statement added.

It further said that “September 2022 witnessed higher edible oil imports of 1.59 MMT against 1.37 MMT in August 2022. We see positive signs of recovery going forward in edible oil business for H2FY23, with softening of commodity prices and recent uptick in demand on the back of festivities and weddings.”

In Thursday’s afternoon trading, shares of Adani Wilmar fell more than 2 per cent to 683 on the BSE, vs a 0.3 per cent decrease in the NSE Nifty 50.

economy

LIC Housing’s Net Profit Rises by 23%

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Individual loan disbursements have declined marginally to Rs 14,300 crore from earlier Rs 14,330 crore in the reporting quarter

LIC Housing Finance on Tuesday announced a 23 per cent on-year growth in net profit at Rs 305 crore for the three month period ending September. The company also said its net interest income for the quarter declined by 80 basis points to Rs 1,163 crore from earlier Rs 1,173 crore. 

Individual loan disbursements have declined marginally to Rs 14,300 crore from earlier Rs 14,330 crore in the reporting quarter. This takes total disbursements to Rs 16,786 crore, led by a 15 per cent increase in project loans at Rs 407 crore from Rs 353 crore earlier. This pushed the total outstanding loan portfolio up 10 per cent at Rs 2,62,336 crore, helping the company earn 8 per cent more in revenue from operations at Rs 5,086 crore from Rs 4,708 crore.

Of the total loan outstanding, individual loans stood at Rs 2,16,771 crore up 15 per cent from Rs 1,88,348 crore. LIC’s provisions rose to Rs 6,522 crore on an expected credit loss basis and provision coverage ratio at 44 per cent for stage 3 accounts as against Rs 5,355 crore in September 2021. The stage 3 exposure on default declined to 4.90 per cent from 5.14 per cent in September 2021 and 4.96 per cent in June 2022.

The LIC Housing counter declined over 1 per cent to Rs 400.40 on the BSE, while the benchmark Sensex rose over 65 basis points, continuing the rally for the fourth day.

accounting

Bajaj Finance Q2 Net Profit Surges To Rs 2,781 Cr

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The gross non-performing asset ratio, a measure of asset quality, eased to 1.17 per cent at the end of September from 2.45 per cent in 2021

Bajaj Finance Ltd reported a record quarterly profit on Thursday, beating estimates on improved demand for loans and better asset quality. Consolidated profit rose 88 per cent to Rs 2,781 crore in the second quarter, ending on Sept. 30 2022, from Rs 1,481 crore 2021, the organisation said in an exchange filing.

Demand for credit is still at an all-time high, despite a series of interest rate hikes by RBI, as reported by banks and shadow lenders. As per IBES data, Bajaj Finance outperformed itself this quarter because the expected profit was Rs2,680 crore only. Its net interest income advanced by 31 per cent and new loans booked went up by 7 per cent. 

The gross non-performing asset ratio, a measure of asset quality, eased to 1.17 per cent at the end of September from 2.45 per cent in 2021. Meanwhile the company’s assets under management are a whopping Rs 2.18 trillion, up by 31 per cent. 

economy

TCS Q2FY23 Results: Net Profit Jumps 8% YoY To Rs 10,431 Cr

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Its revenue grew 18 per cent YoY to Rs 55,309 crore compared to Rs 46,867 in the corresponding quarter last year

Tata Consultancy Services (TCS) on Monday released its financial results for the quarter ended 30 September, 2022 and reported an 8.4 per cent year-on-year (YoY) rise in net profit at Rs 10,431 crore compared to Rs 9,653 crore in the year ago quarter.

Its revenue grew 18 per cent YoY to Rs 55,309 crore compared to Rs 46,867 in the corresponding quarter last year.

The company has announced a second interim dividend of Rs 8 per equity share. The record date for the same is October 18 and it will be paid on November 7.

Net operating margin came in at 24 per cent, contracting 1.6 per cent YoY. The company’s order book for the quarter was USD 8.1 billion.

Net cash from operations came in at Rs 10,675 crore or 102.3 per cent of net income, the company said.

Segment-wise, growth was led by Retail and CPG (22.9 per cent), Communications & Media (18.7 per cent), and Technology & Services (15.9 per cent). Manufacturing as well as Life Sciences & Healthcare verticals grew 14.5 per cent, while BFSI grew 13.1 per cent.

There was strong, broad-based growth for all services in Q2, led by Cloud, Enterprise Application Services, and Cyber Security, the company said. 

“Demand for our services continues to be very strong. We registered strong, profitable growth across all our industry verticals and in all our major markets. Our order book is holding up well, with a healthy mix of growth and transformation initiatives, cloud migration and outsourcing engagements,” said Rajesh Gopinathan, CEO & MD, TCS.

Market-wise, North America led with 17.6 per cent growth; Continental Europe grew 14.1 per cent and the UK grew 14.8 per cent. In emerging markets, India grew 16.7 per cent, Latin America grew 19 per cent, Middle East & Africa grew 8.2 per cent and Asia Pacific grew 7 per cent.

The IT major net hired 9,840 new employees during the quarter under review, taking the total workforce strength to 6,16,171. It said women’s share in the workforce was 35.7 per cent. The last twelve-month attrition came in at 21.5 per cent.

“Reflecting our culture of being committed to our employees, we have honored all the job offers we had made. Our investments in capacity building and organic talent development have allowed us to substantially grow our business ahead of headcount addition this quarter. We believe our quarterly annualized attrition has peaked in Q2 and should see it taper down from this point, while compensation expectations of experienced professionals moderate,” said Milind Lakkad, Chief HR Officer, TCS.

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Amazon India’s Report Card Mixed, Profitability Elusive: Report

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A Bernstein report says that India is one of the biggest overseas markets for Amazon and also one of its fastest growing with a best-in-class customer experience and large Prime customer base

A latest report suggests that Amazon’s performance in India has been largely mixed. It says that Amazon India’s growth has come at a high cost of over USD 6.5 billion invested to-date while profitability remains elusive.

A Bernstein report says that India is one of the biggest overseas markets for Amazon and also one of its fastest growing with a best-in-class customer experience and large Prime customer base. But this growth has come at a high cost of over USD 6.5 billion invested to-date and profitability has remained elusive for the e-commerce giant in the country (5-10 per cent EBITDA margins). 

The report further elucidated that Amazon India is facing huge competition in fast growing categories, a weaker value proposition in ‘New’ commerce, limited traction in tier 2/3 cities, and an unfavourable regulatory environment for outsiders.

Amazon leads in core categories (consumer electronics, media) and has done well in Tier 1 cities with 5 million prime subscribers, while Reliance leads in eGrocery categories with 15,000 store retail footprint and a stronger 1P model. Meanwhile, Flipkart has maintained leadership in the apparel category with 2x size of the nearest competition.

The report also highlighted that newer players like Meesho (USS 5 billion GMV) are winning in the faster growing Tier 2/3 cities – where Amazon has struggled to gain traction given low pricing and ‘zero commissions’. This is mainly due to regulations that don’t allow for an inventory led / 1P model for a foreign entity like Amazon.

This hasn’t stopped Amazon from making bets into Shoppers Stop (fashion), More (grocery), and rumored stake in Ecom Express (logistics). But integration has been limited as the regulations do not allow for full control, said the report. Reliance has been able to take advantage of this as Amazon’s key competitor by scaling up its eCommerce operations (19 per cent of core retail sales) utilising its strong footprint of stores (15,000) and an inventory led model.

“Profitability remains elusive. India has a low Average order value (AOV) at USD 10. Besides growth-related investments, profitability has also been impacted by a higher mix of low margin product categories (e.g., smartphones with sub 5 per cent net margins),” said the report.

The report also observed that Amazon’s management attrition has increased recently, which could indicate difficulties achieving desired scale.

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Singtel Warns Of Inflation While Airtel Turnaround Buoys Q1 Profit

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Analysts pointed to a boost to profit from roaming revenue amid easing COVID-19 curbs in Singapore, and momentum in Australian unit Optus

Singapore Telecommunications Ltd (Singtel) on Wednesday warned of a challenging operating environment due to rising inflation and interest rates after posting a 41 per cent jump in June quarter profit.

Companies around the world are facing pressure from rising labour and fuel costs, prompting them to take a number of belt-tightening steps to avoid a hit to their profit margins.

“We will need to stay nimble and contend with these realities should they put further pressure on our costs and bottomlines,” Chief Executive Yuen Kuan Moon said.

The southeast Asia’s largest telecom firm, which is in the midst of a strategic reset, said net profit for the first quarter was S$628 million ($450.15 million), against S$445 million last year.

Analysts pointed to a boost to profit from roaming revenue amid easing COVID-19 curbs in Singapore, and momentum in Australian unit Optus.

“There are uncertainties, given the current macroeconomic challenges … but highlights around the recovery in international travels as borders reopen is very encouraging,” NewStreet Research analysts wrote in a note.

“The improving underlying trends in the core and recovery in roaming bode well for net income to continue to improve in the next 2-3 years.”

Singtel shares, which have risen over 12 per cent this year, were 0.8 per cent lower on Wednesday, with the broader benchmark stock index falling 0.4 per cent.

The net profit included an additional gain from the divestment of a 70 per cent stake in its Australian tower network for A$1.9 billion. The proceeds of which, it had said, would be used to fund its 5G rollout.

On an underlying basis, net profit rose 10.7 per cent to S$499 million.

The jump in profit was also fuelled by partly owned Bharti Airtel’s resilient turnaround, which earlier this month, reported a 22 per cent jump in quarterly revenue.

Singtel had in May forecast a stronger fiscal 2023 led by a strong uptake for its 5G networks. 

(Reuters)

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