Asian Paints Posts 31% YoY Rise in Net Profit in Q2 - Top Indian Market Updates

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Asian Paints Q2 Results: Net profit rises 31% YoY to ₹783 crore

Asian Paints Ltd reported a 31.3% YoY increase in consolidated net profit to ₹782.71 crore for the quarter ended Sept (Q2 FY23). Its revenue from operations rose 19% YoY to ₹8,457.6 crore during the same period. EBITDA stood at ₹1,227.7 crore in Q2, up 36% YoY. The company’s board has approved an interim dividend of ₹4.4 per share.

Asian Paints will invest ₹2,100 crore to set up a facility to manufacture Vinyl Acetate Ethylene Emulsion (VAE) and Vinyl Acetate Monomer (VAM). VAE is a key constituent to manufacturing environmentally friendly paints, and VAM is a key input to making VAE.

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Coal import to be stopped by 2024: Pralhad Joshi

Union Coal Minister Pralhad Joshi said the import of coal, which has declined considerably, will be stopped by 2024. The minister said commercial coal mine auction, which was institutionalised by the present government, has made the auctioning process totally transparent. According to Joshi, coal production in the current financial year (FY23) is expected to touch 900 million tonnes.

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Axis Bank Q2 Results: Net profit rises 70% YoY to ₹5,330 crore

Axis Bank reported a 70% YoY (or 29% QoQ) increase in net profit to ₹5,330 crore for the quarter ended Sept (Q2 FY23). The net interest income (NII) grew 31% YoY to ₹10,360 crore during the same period. The gross non-performing assets ratio (GNPA) improved to 2.5% in Q2, compared to 2.76% in Q1. Provisions fell 68% YoY to ₹549.78 crore in Q2 FY23.

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Bajaj Finance Q2 Results: Net profit rises 88% YoY to ₹2,781 crore

Bajaj Finance reported an 88% YoY increase in net profit to ₹2,781 crore for the quarter ended Sept (Q2 FY23). Its net interest income (NII) rose 31% YoY to ₹7,001 crore during the same period. The assets under management (AUM) stood at ₹2,18,366 crore in Q2, up 31% YoY. The gross non-performing assets ratio (GNPA) improved to 1.17% in Q2, compared to 2.45% in Q1. 

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SEBI clears govt proposal to turn Vodafone Idea dues into equity: Report

As per a Reuters report, the Securities & Exchange Board of India (SEBI) has approved the government's proposal to convert Vodafone Idea’s dues of over $1.92 billion to equity. Last year, the central government approved a rescue package for debt-strapped telecom companies that allowed them to convert interest on deferred adjusted gross revenues (AGRs) owed to the government into equity. 

Vi’s board is scheduled to meet on October 21 to consider the issuance of debentures convertible into equity shares on a preferential basis to a vendor.

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Tata Consumer Q2 Results: Net profit rises 22% YoY to ₹328 crore

Tata Consumer Products Ltd reported a 22% YoY increase in net profit to ₹327.9 crore for the quarter ended Sept (Q2 FY23). Its revenue from operations rose 11% YoY to ₹3,363.1 crore during the same period. The FMCG company’s expenses stood at ₹3,021.9 crore in Q2, up12% YoY. Revenue from its India business grew 9.2% YoY to ₹2,159.9 crore.

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Adani Transmissions secures ₹1,300 crore deal from Mumbai’s BEST

Adani Transmission Ltd has secured a deal worth ₹1,300 crore to install and maintain 10.80 lakh smart meters for BEST Undertaking. The Brihanmumbai Electric Supply and Transport (BEST) Undertaking is a state-run utility that serves consumers in the island city exclusively. The current contract involves installing the smart meters over 30 months and maintaining them for the following 90 months.

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Dixon Tech Q2 Results: Net profit rises 23% YoY to ₹77 crore

Dixon Technologies Ltd reported a 23.11% YoY increase in consolidated net profit to ₹77.12 crore for the quarter ended Sept (Q2 FY23). Its revenue from operations rose 37.91% YoY to ₹3,866.77 crore during the same period. Total expenses stood at ₹3,766.54 crore in Q2, up 38.24% YoY. Revenue from its consumer electronics business stood at ₹1,500.7 crore, while revenue from lighting products stood at ₹290.4 crore.

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Glenmark Pharma launches drug for diabetic patients with comorbidities

Glenmark Pharmaceuticals Ltd has launched a fixed-dose combination for the treatment of diabetes for patients with comorbidities (more than one disease or medical condition). The Mumbai-based drug maker has become the first company to launch Teneligliptin (20mg) + Dapagliflozin (5mg/10mg) fixed-dose combination to treat Type-2 diabetes in adult patients. The new drug is marketed under the Zita D brand.

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IEX Q2 Results: Net profit falls 7% YoY to ₹71 crore

Indian Energy Exchange (IEX) reported a 7% YoY decline in consolidated net profit to ₹71 crore for the quarter ended Sept (Q2 FY23). Its revenue from operations fell 13% YoY to ₹95 crore during the same period. EBITDA stood at ₹78.9 crore in Q2, down 17% YoY.