Govt’s new subsidy regime hits fertilizer companies hard

Gujarat Narmada Valley Fertilizers & Chemicals Ltd (GNFC) reported a significant decline in profitability margins during the latest December 2023 quarter due to industry-wide disruption stemming from a change in government policy. The company’s operating margins crashed to 6-7% in the first 9 months of financial year 2023-24, down from 18% in the same period […]

Flair Writing Ind 3rd quarter results hit by disruptions overseas

Mumbai-based Flair Writing Industries Limited (FWIL), one of the leading players in the writing instruments industry, reported a muted third quarter, blaming disruptions in some of its export markets for the decline in revenue and profit. For the third quarter ended December, the company posted consolidated revenues of Rs. 225 crores, down 3% year-on-year. Net […]

Kansai Nerolac reports strong numbers for third quarter, pins hope on rural revival

Kansai Nerolac Paints Ltd (KNPL) today reported strong growth on several fronts during the Oct-Dec quarter despite a challenging economic environment, including slow demand from rural areas. Net revenue for the quarter rose 5.7% year-on-year to Rs 1,814.9 crores. EBIDTA jumped 27.3% to Rs 239.9 crores while profit after tax surged 40.4% to Rs 157.6 […]

Ramkrishna Forgings Secures $13 Million Contract from North American Axle Manufacturer

Leading forged products supplier Ramkrishna Forgings Limited has announced that it has won a significant $13.16 million (Rs 109.2 crore) contract from a major North American axle manufacturer. The 4-year contract entails supplying rear axle components and services for the off-highway sector. Ramkrishna Forgings emerged as the preferred supplier after a competitive bidding process thanks […]

WABAG Secures $33.5 Million Order for Wastewater Treatment Plant in Saudi Arabia

VA Tech WABAG, a leading Indian water technology company, has announced that it has secured an order worth $33.5 million (Rs 270 crore) for designing and building an industrial wastewater treatment plant at the Ras Tanura Refinery in Saudi Arabia. The order has been awarded by SEPCO III Electric Power Construction Corporation to provide engineering […]

BASF India Upbeat About Long-Term Prospects Despite Current Headwinds

Alexander Gerding, Managing Director of industrial chemicals manufacturer BASF India, struck an optimistic tone about the company’s long-term growth prospects in the country, despite the challenging global environment. Speaking during the Q2 FY2023 earnings conference call, Gerding highlighted several positive factors that make him confident about BASF India’s future. “I always say it’s not a […]

Jindal Stainless Gets a Rating Upgrade on Integration, Debt Profile

Leading stainless steel manufacturer Jindal Stainless Limited (JSL) has received a credit rating upgrade from CRISIL Ratings. The company’s long-term bank facilities and debt programme rating has been revised upwards from CRISIL AA-/Positive to CRISIL AA/Stable. Meanwhile, the short-term bank facilities rating has been reaffirmed at CRISIL A1+. This rating action factors in Jindal Stainless’ […]

Improved Capacity Utilization, Lower Costs Underlie Himatsingka Seide’s Q2 Performance

Bengaluru-based textile manufacturer Himatsingka Seide Limited announced its financial results for the second quarter of fiscal year 2024, ending September 30, 2023. The company reported strong year-over-year growth in revenue and profitability, driven by higher capacity utilization levels across its key divisions and softening prices of raw materials like cotton. Himatsingka Seide’s consolidated net revenue […]

Voltas junks plan for NCD issue, to go for Rs 500 cr bank loan

Voltas Limited has decided to raise funds through a rupee term loan instead of non-convertible debentures (NCDs) on a private placement basis. In a regulatory filing, Voltas informed the stock exchanges that its board had earlier approved a proposal on October 19 to raise up to Rs 500 crore through issuance of NCDs. However, the […]

Jyothy Labs Reports Strong Q2 Results, Sales Up 11% and Net Profit Rises 59%

Mumbai-based FMCG company Jyothy Labs Limited announced robust results for the second quarter ended September 30, 2023. The company reported an 11.1% increase in net sales to Rs 732 crores compared to the same period last year. Net profit jumped 59.1% to Rs 104 crores versus Rs 65.4 crores in Q2 FY2023. The growth was […]

Titan Records 21% Growth in Q2 FY2023-24, Led by Strong Performance Across Segments

Titan Company Limited, India’s leading consumer lifestyle company and part of the Tata Group, today reported strong second quarter results for the period ended September 30, 2023. The company’s total standalone income grew 21% year-on-year to Rs 10,027 crore in Q2 FY2023-24. Profit before tax (PBT) rose 9% to Rs 1,261 crore from Rs 1,155 […]

Cera Sanitaryware Reports Steady Growth in Q2 FY24

Ahmedabad-based Cera Sanitaryware Limited, a leading manufacturer of sanitaryware, faucets and wellness products in India, reported steady revenue growth of 11.4% year-on-year to Rs. 4,616 million in Q2 FY24. Profit after tax also increased by 12.2% to Rs. 569 million. Cera Sanitaryware has a wide portfolio of products including tiles, faucets, wellness products like bathtubs […]

Marico Delivers a Resilient Q2 Amid Challenging Environment

Marico Limited, one of India’s leading consumer goods companies, announced its results for the second quarter ended September 30, 2023. The company delivered a fairly resilient performance despite mixed demand trends and a challenging macro environment. Consolidated Revenue from Operations stood at ₹2,476 crore, registering a marginal decline of 1% year-on-year. This was led by […]

Supreme Industries Reports Strong Growth in Q2 FY2024

Mumbai-based Supreme Industries Limited, one of India’s leading manufacturers of plastic products, has reported robust growth in the second quarter of fiscal 2023-24. According to the company’s press release, Supreme Industries registered a 23% increase in plastic goods sold during Q2 FY24 to 137,763 MT, compared to 111,803 MT in Q2 FY23. Total income grew […]

Voltas Q2 gets a thumbs down from analysts

Voltas’ second quarter results failed to meet brokerage expectations, prompting several firms to cut their ratings, estimates and price targets on the stock. The company’s profitability was impacted by continued losses in its electromechanical projects and services (EMPS) business, which is closely aligned to the construction sector. Analysts acknowledged the company’s growth potential but see […]

Havells India sees estimates, target cuts from analysts after poor Q2 results

The second quarter results announced by Havells India (HAVL) have elicited broadly negative reactions from brokerages, with most downgrading earnings estimates and price targets. The primary factors responsible for the disappointing results and outlook are softness in consumer demand, elevated competitive intensity, and continuing losses in the Lloyd business. JM Financial cut its FY24 and […]

ITC Q2 results get a thumbs up from Dalal Street

Analysts have largely been positive on ITC’s second quarter results, as the diversified company reported a 2.6% year-on-year growth in revenues to Rs 16,551 crore in Q2FY23, driven by growth across cigarettes, FMCG and hotels businesses. Nuvama Research has retained its ‘BUY’ rating on the stock with a revised price target of Rs 560, up […]

HUL gets rating downgrades, target cuts after Q2 results

Brokers have revised their ratings, estimates and price targets on consumer packaged goods company Hindustan Unilever Ltd after the company’s second quarter results. Most brokers have turned cautious in their outlook and revised down earnings and target prices, only one, Antique Stock Broking, has downgraded significantly by moving their recommendation to ‘HOLD.’ The Q2 miss […]

ANALYSIS: HUL Delivers Strong Q2, Margin Expansion Despite Challenging Environment

Hindustan Unilever Ltd (HUL), India’s largest fast-moving consumer goods company, on Thursday reported a resilient performance for the second quarter of fiscal year 2023, beating analyst estimates on bottomline and operating profit. HUL’s net profit rose 4% year-on-year to Rs 2,717 crore, surpassing analyst expectations of Rs 2,570 crore. Net sales grew 4% to Rs […]