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IndiGo Posts Rs 3,091Cr Profit in Q1 - Top Indian Market Updates
IndiGo reported a consolidated net profit of ₹3,091 crore for Q1 FY24, marking its highest-ever quarterly net profit. Other market updates include Titan's Q1 results, Tata Power RE's PPAs, and Ambuja-ACC's bid for Sanghi Cements.
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- IndiGo Q1 Results: Net profit at ₹3,091 crore
- Carlyle to acquire 5.91% stake in SpiceJet at Rs 48 per share
- Titan Q1 Results: Net profit falls 2% YoY to ₹777 crore
- Tata Power RE signs PPAs with MSEDCL for solar projects
- Gujarat Gas Q1 Results: Net profit falls 43% YoY to ₹216 crore
- Ambuja-ACC is frontrunner to acquire Sanghi Cements
- Sula Vineyards receives excise duty notice of ₹116 crore from Maharashtra govt
- Ambuja Cements Q1 Results: Net profit rises 31% YoY to ₹1,135 crore
- Brookfield India REIT raises ₹2,305 crore via sale of units
Key takeaways
- InterGlobe Aviation (IndiGo) reported a consolidated net profit of ₹3,091 crore for the quarter ended June (Q1 FY24), its highest-ever quarterly net profit.
- Titan reported a 2% YoY decline in net profit of ₹777 crore for Q1 FY24, with revenue from operations rising 19% YoY to ₹10,306 crore.
- Tata Power Renewable Energy Limited (TPREL) signed two power purchase agreements (PPAs) with MSEDCL for 200 MW and 150 MW solar projects in Maharashtra.
- Gujarat Gas reported a 43% YoY fall in consolidated net profit to ₹216 crore for Q1 FY24, with revenue from operations falling 26% YoY.
- Ambuja-ACC has emerged as the frontrunner to acquire Sanghi Cements, with deal negotiations moving closer to the expected enterprise value of ₹6000 crore.
Here are some of the major updates that could move the markets tomorrow:
IndiGo Q1 Results: Net profit at ₹3,091 crore
InterGlobe Aviation (IndiGo) reported a consolidated net profit of ₹3,091 crore for the quarter ended June (Q1 FY24); beating street estimates. This is the highest-ever quarterly net profit reported by the budget carrier. The airline posted a loss of ₹1,064 crore in Q1 FY23. Its revenue from operations rose 30% YoY to ₹16,683 crore during the same period. IndiGo's passenger ticket revenues were at Rs 14,996 crore, up 31% YoY.
Read more here.
Carlyle to acquire 5.91% stake in SpiceJet at Rs 48 per share
SpiceJet Ltd has sought shareholder approval to issue a 5.91% stake in the low-cost airline to Carlyle Aviation Partners (CAP). CAP is the aircraft financing unit of global private equity giant Carlyle Group. The company will also issue equity shares of 20% to promoter Ajay Singh (the airline’s CEO) at ₹10 per share.
Read more here.
Titan Q1 Results: Net profit falls 2% YoY to ₹777 crore
Titan reported a 2% YoY decline in net profit of ₹777 crore for the quarter ended June (Q1 FY24). Its revenue from operations rose 19% YoY to ₹10,306 crore during the same period. The company’s jewellery segment posted revenue of ₹9,070 corre in Q1, up 19% YoY. Titan's watches and wearables business recorded a total income of ₹890 crore, up 13% YoY.
Read more here.
Tata Power RE signs PPAs with MSEDCL for solar projects
Tata Power Renewable Energy Limited (TPREL) has signed two power purchase agreements (PPAs) with Maharashtra State Electricity Distribution Company Ltd. (MSEDCL) for commissioning two solar power projects. Located in Maharashtra, these projects of 200 MW and 150 MW will play a crucial role in fulfilling the state’s renewable energy target.
Read more here.
Gujarat Gas Q1 Results: Net profit falls 43% YoY to ₹216 crore
Gujarat Gas reported a 43% YoY fall in consolidated net profit to ₹216 crore for the quarter ended June (Q1 FY24). Its revenue from operations fell 26% YoY to ₹3,923.7 crore during the same period. EBITDA fell 36% YoY to ₹388 crore in Q1. Its total gas sales volume for the quarter stood at 9.22 million metric standard cubic meters per day (mmscmd), compared to 8.86 mmscmd in Q1 FY23.
Read more here.
Ambuja-ACC is frontrunner to acquire Sanghi Cements
Adani Group’s Ambuja-ACC has emerged as the frontrunner to acquire Sanghi Cements after deal negotiations moved forward over the past week. The group has come close to the expected enterprise value of ₹6000 crore that Sanghi Cement’s promoters have demanded as consideration for the sale of the company.
Read more here.
Sula Vineyards receives excise duty notice of ₹116 crore from Maharashtra govt
Sula Vineyards Ltd (SVL) has received an excise duty notice of ₹116 crore from the Maharashtra excise department. This comes after the minister (State Excise Revenue) vacated the interim stay granted on the demand notice issued by the Nashik collector for recovery of excise duty from SVL. Sula Vineyards has been recognised as the market leader across wine variants, including red, white, and sparkling wines.
Read more here.
Ambuja Cements Q1 Results: Net profit rises 31% YoY to ₹1,135 crore
Ambuja Cements reported a 31% YoY rise in consolidated net profit to ₹1,135 crore for the quarter ended June (Q1 FY24). Its revenue from operations rose 9% YoY to ₹8,713 crore during the same period. The company’s EBITDA stood at ₹948.8 crore in Q1, up 38% YoY. Its total sales volume rose 23% YoY to ₹9.1 million tonnes (MT).
Read more here.
Brookfield India REIT raises ₹2,305 crore via sale of units
Brookfield India Real Estate Trust has raised ₹2,305 crore by selling units to institutional investors on a private placement basis. The firm will mainly use this fund for the acquisition of two assets in Gurugram and Mumbai. The company has approved the allotment of 9.13 crore units to 64 successful eligible institutional investors at the issue price of ₹252.50 per unit.
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Read more here.
Frequently asked questions
What was IndiGo's net profit in Q1 FY24?
IndiGo's net profit in Q1 FY24 was ₹3,091 crore.
What was Titan's net profit in Q1 FY24?
Titan's net profit in Q1 FY24 was ₹777 crore, a 2% YoY decline.
What was Gujarat Gas's net profit in Q1 FY24?
Gujarat Gas's net profit in Q1 FY24 was ₹216 crore, a 43% YoY fall.
What was Ambuja Cements' net profit in Q1 FY24?
Ambuja Cements' net profit in Q1 FY24 was ₹1,135 crore, a 31% YoY rise.
Written by
Cherian VargheseRelated reads
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