Adani Energy’s Net Profit Rises 34% YoY in Q2 - Top Indian Market Updates

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Adani Energy Q2 Results: Net profit rises 34% YoY to ₹276 crore

Adani Energy Solutions Ltd reported a 34% YoY rise in net profit to ₹276 crore for the quarter ended September (Q2 FY24). Its revenue from operations rose 13% YoY to ₹3,674 crore during the same period. EBITDA stood at ₹1,368 crore, up 10% YoY. Other income for the quarter stood at ₹93 crore, compared to ₹125 crore a year ago.

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Reliance Jio introduces new onboard diagnostics device

Reliance Jio has introduced a new onboard diagnostics (OBD) device called JioMotive that can transform any car into a smart vehicle. The pocket-size device is easy to install and simply needs to be plugged into the car's OBD port, commonly found under the dashboard. By using an e-SIM, the device connects to the Jio network, eliminating the need for a separate SIM card or data plan.

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Nykaa Q2 Results: Net profit rises 50% YoY to ₹7.8 crore

FSN E-Commerce Ventures Ltd (Nykaa) reported a 50% YoY increase in net profit to ₹7.8 crore for the quarter ended September 2023 (Q2 FY24). Its revenue from operations increased 22% YoY to ₹1,231 crore during the same period. EBITDA stood at ₹80.6 crore, up 32% YoY. The gross merchandise value (GMV) rose 25% YoY to ₹2,943 crore in Q2.

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Reliance Retail ramps up Smart Bazaar stores in small towns

Reliance Retail Ventures Ltd (RRVL) is opening more Smart Bazaar stores in towns with a population of up to 50,000 to meet growing demand. RRVL is the retail unit of Reliance Industries. It is the largest grocery retailer in the country that operates stores in multiple formats - Smart Superstore, Smart Point, Smart Bazaar, Fresh Signature, Freshpik and 7-Eleven.

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Adani Group in talks to exit JV with Wilmar

Adani Group is in talks with multiple multinational consumer goods companies to sell its entire 43.97% stake in Adani Wilmar Ltd. The conglomerate is expecting $2.5-3 billion for the stake in the joint venture with Wilmar International, which also owns 43.97% of the company. Adani Wilmar owns the Fortune brand of edible oils and packaged groceries.

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Divi’s Labs Q2 Results: Net profit falls 29% YoY to ₹348 crore

Divi’s Labs Ltd reported a 29% YoY fall in net profit to ₹348 crore for the quarter ended September 2023 (Q2 FY24); missing street estimates. The pharma company’s revenue rose 3% YoY to ₹1,909 crore during the same period. Consolidated EBITDA stood at ₹479 crore in Q2.

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L&T arm secures airport project in Andhra Pradesh

Larsen and Toubro’s (L&T) subsidiary, L&T Construction, has secured an order to construct the greenfield Bhogapuram International Airport project in Andhra Pradesh. The contract is worth approximately ₹2,500-5,000 crore. The project will initially be developed to handle 6 million passengers per annum (MPA), and the capacity will be further enhanced to 12 MPA.

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Varun Beverages Q3 Results: Net profit rises 32% YoY to ₹501 crore

Varun Beverages Ltd (VBL) reported a 32% YoY rise in consolidated net profit of ₹501 crore for the quarter ended September (Q3 CY23). The company follows the January-December financial year cycle. Its revenue from operations grew 22% YoY to ₹3,871 crore during the same period. EBITDA stood at ₹882 crore, up 26% YoY. VBL is PepsiCo’s second-largest franchisee outside the US.

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Bata to retail Nine West shoes, accessories in India

Bata India will sell shoes and accessories of US-based lifestyle brand Nine West through its retail stores. The company's board has approved a licensing and manufacturing deal with Authentic Brands Group for their world-renowned lifestyle brand, Nine West. Bata India will have rights to manufacture, market and distribute Nine West shoes and accessories, across India through its stores.

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