We see the worst is behind us on the earnings front as the cut in corporate tax has boosted bottom-line performance, said Asutosh K. Mishra, Head of the Research, Institutional Equity at Ashika Stock Broking.
The market shut flat during the week ended November 15 as it witnessed range-bound movement throughout the week amid weak macro data and no major development on the global front.
In the past week, the Sensex rose 33.08 points to end at 40,356.69, while the Nifty was down 12.65 points ended at 11,895.5.
India's retail inflation surged to 4.62 percent in October against 3.99 percent in September and 3.38 percent in October 2018.
India's industrial output contracted 4.3 percent month-on-month (MoM) in September, the second consecutive monthly fall. It had seen a contraction of 1.1 percent in August.
"On the earnings front, we see the worst is behind us as the cut in corporate tax has boosted bottom-line performance," Asutosh K Mishra, Head of Research, Institutional Equity at Ashika Stock Broking said.
Below are the top 10 companies which have declared their September quarter numbers this week:
Bharti Airtel Q2 loss widens eight-fold to Rs 23,044.9 crore
Country's third-largest telecom operator Bharti Airtel posted a massive loss of Rs 23,044.9 crore in Q2FY20, dented by exceptional loss for license fee and spectrum usage charge (SUC) especially after an unfavourable verdict from Supreme Court on adjusted gross revenue (AGR) dues. The company had reported a loss of Rs 2,866 crore in the June quarter and a profit of Rs 118.8 crore in the year-ago period.
The exceptional loss for the quarter stood at Rs 30,711 crore against Rs 144.9 crore in June quarter, the company said. The company provided a total Rs 28,450 crore as a charge in Q2FY20 in the absence of SC relief on AGR dues.
Vodafone Idea Q2: Net loss widens to Rs 50,922 crore
Vodafone Idea net loss for the September quarter widened to Rs 50,921.9 crore from Rs 4,873.9 in the previous quarter. This was due to a one-time loss of Rs 30,774.5 the company incurred due to the recent SC verdict on AGR dues.
"Consequent to the recent judgement, we have accounted for the estimated liability of Rs 276.1 billion (Rs 27,610 crore) related to License Fee and Rs 165.4 billion (Rs 16,540 crore) related to Spectrum Usage charges up to September 30, 2019, including the interest, penalty and interest thereon of Rs. 330.1 billion (Rs 33,010 crore)," the company told the exchange.
ONGC reports 24% YoY drop in standalone profit
Oil and Natural Gas Corporation (ONGC), on November 14, reported a 24.2 percent year-on-year (YoY) fall of its standalone profit to Rs 6,263.13 crore for the quarter that ended on September 30. The company had posted a profit of Rs 8,264.61 crore for the corresponding quarter of the last financial year.
A CNBC-TV18 poll had estimated the company to post a profit to the tune of Rs 6,298 crore. The total income of the company dropped by nearly 11 percent to Rs 27,177.95 crore during the September quarter of FY20 as against Rs 30,383.40 crore in Q2FY19.
Apollo Hospitals net profit jumps 36% in Q2FY20
Led by strong growth in the hospitals and pharmacy business, Apollo Hospitals on November 14 reported a YoY net profit jump of 36 percent at Rs 86.2 crore for the quarter ended September 30, 2019. The company had posted a net profit of Rs 63.5 crore for the corresponding quarter of the previous financial year.
Total revenues rose 18 percent YoY to Rs 2840.7 crore in the second quarter FY20. The consolidated earnings before interest, tax, depreciation and amortisation (EBITDA) margin stood at 14.6 percent in Q2FY20.
Future Lifestyle Q2 net profit down 66.2% to Rs 11.87 crore
Kishore Biyani-led Future Lifestyle Fashions on November 14 reported a 66.21 per cent decline in consolidated net profit at Rs 11.87 crore for the second quarter that ended on September 30, 2019. The company had posted a net profit of Rs 35.13 crore in the July-September quarter a year ago, Future Lifestyle Fashions (FLF) said in a BSE filing.
Its revenue from operations rose 17.68 percent to Rs 1,571.81 crore during the quarter under review as against Rs 1,335.62 crore in the corresponding quarter previous fiscal. FLF's total expenses also rose 21.86 percent to Rs 1,562.35 crore as against Rs 1,282.01 crore in the year-ago quarter.
Vedanta Q2 profit jumps 61% YoY
Metal and mining firm Vedanta on November 14 reported a nearly 61 percent YoY jump in consolidated profit for the September quarter of FY20 at Rs 2,158 crore. The company had reported net profit at Rs 1,343 crore in the corresponding quarter of the previous financial year.
Consolidated revenue of the company, however, slipped 3.29 percent YoY, coming at Rs 21,958 crore in Q2FY20 against Rs 22,705 crore in the same quarter of the previous financial year.
"We are at an exciting transition that will see the company accelerate in the expansion of its reserves and resource base over coming quarters. As we look forward to the year, we have in place the building blocks to enhance our performance in the three key businesses," Srinivasan Venkatakrishnan, Chief Executive Officer, Vedanta said.
BHEL reports 42% YoY jump in Q2 profit
State-run engineering firm Bharat Heavy Electricals (BHEL) on November 13 posted a 42 percent jump in consolidated net profit at Rs 120.95 crore in the second quarter ended September 30. The company had reported a net profit of Rs 85.24 crore in the July-September quarter a year ago, a BSE filing said.
The total income of the company stood at Rs 6,359.68 crore during the quarter under review as compared with Rs 6,934.06 crore a year ago. However, the company reported a consolidated net loss of Rs 97.98 crore for the April-September period this fiscal as against a net profit of Rs 125.21 crore in the first half of last fiscal.
ABB India Q3 net profit rises 13% to Rs 79 crore
ABB India has reported a 13 percent quarter-on-quarter (QoQ) jump in its consolidated net profit for the September quarter at Rs 78.81 crore against Rs 69.74 crore. The company’s revenue was up 1.2 percent at Rs 1,745.6 crore versus Rs 1,726 crore, QoQ.
EBITDA was down at Rs 123.4 crore versus Rs 123.9 crore, while EBITDA margin was down at 7.1 percent versus 7.2 percent, QoQ. Tax expense for the quarter was Rs 33.9 crore versus Rs 42.9 crore, QoQ.
Aurobindo Pharma Q2 net profit grows 4.6% to Rs 639.5 crore
India's second-largest drugmaker Aurobindo Pharma on November 12 reported a 4.6 percent YoY rise in net profit to Rs 639.5 crore in the second quarter ended September 30, on higher expenses. The company reported a net profit of Rs. 611.4 crore in the corresponding quarter of the previous year.
Revenues rose 17.9 percent YoY to Rs 5,600.5 crore. The expenses rose 20 percent YoY to Rs 4,744.5 crore.
Godrej Industries Q2 net profit jumps 95% to Rs 371 crore
Godrej Industries has reported 95.7 percent YoY jump in its September quarter (Q2FY20) net profit at Rs 371.46 crore against Rs 189.76 crore. Revenue for the quarter increased by 3.6 percent at Rs 2,628.71 crore against Rs 2,538.39 crore, YoY.
EBITDA rose 1.6 percent at Rs 151.1 crore versus Rs 148.7 crore, while EBITDA margin was flat at 5.8 percent versus 5.9 percent, YoY.
The company board has approved raising of funds by way of issuance of unsecured non-convertible/debentures/Bonds/Other Instruments aggregating to Rs 1,500 crore.
Hindalco Industries Q2 net profit dips 33% at Rs 974 crore
Hindalco Industries has reported 33 percent YoY fall in its consolidated Q2FY20 net profit on the back of global slowdown and lower commodity prices. The company's Q2FY20 net profit was at Rs 974 crore versus Rs 1,448 crore in the year-ago period. The profit includes a one-time loss of Rs 256 crore. Revenue of the company shed 8.8 percent YoY at Rs 29,657 crore versus Rs 32,507 crore.
EBITDA was down 8.4 percent at Rs 3,918 crore versus Rs 4,276 crore, while EBITDA margin was flat at 13.2 percent, YoY.
Motherson Sumi Q2 profit rises 3.6% YoY on lower tax cost
Auto ancillary company Motherson Sumi Systems has reported a 3.6 percent YoY growth in Q2 FY20 net profit due to lower tax cost while operating performance was ahead of analyst estimates. As a result, the stock rallied 3.7 percent intraday on November 11.
Consolidated profit increased to Rs 384.6 crore against Rs 371.07 crore in the same period last year. Consolidated revenue from operations rose 5.4 percent YoY to Rs 15,924.2 crore, with Samvardhana Motherson Peguform showing a 14.66 percent growth and PKC growing 6.8 percent.
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