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Maruti Suzuki Posts 4-Fold Jump in Q2 Net Profit - Top Indian Market Updates
Maruti Suzuki India Ltd reported a 333.72% year-on-year (YoY) jump in consolidated net profit to ₹2,061.5 crore for the quarter ended Sept (Q2 FY23). This article covers major updates from various Indian companies and market movements.
On this page
- Maruti Suzuki Q2 Results: Net profit jumps 4-fold YoY to ₹2,062 crore
- Hero MotoCorp sees double-digit growth in retail sales in festive season
- Tata Power Q2 Results: Net profit rises 85% YoY to ₹935 crore
- SpiceJet gets DGCA approval for wet leasing 5 planes: Report
- Bandhan Bank Q2 Results: Net profit ₹209 crore
- Infibeam Avenues gets RBI in-principle approval for payment aggregator licence
- Dr. Reddy’s Labs Q2 Results: Net profit rises 12% YoY to ₹1,114 crore
- India’s forex reserves fall to two-year low to $524.52 billion
- Vedanta Q2 Results: Net profit falls 53% YoY to ₹2,690 crore
- SAIL inks pact with AAI for facilitating start of commercial flights from Rourkela
Key takeaways
- Maruti Suzuki India Ltd reported a 333.72% year-on-year (YoY) jump in consolidated net profit to ₹2,061.5 crore for Q2 FY23.
- Hero MotoCorp Ltd registered healthy double-digit growth in retail sales in the festive season, with a 20% increase over the corresponding festive period of FY22.
- Tata Power reported an 85% YoY increase in consolidated net profit to ₹935.18 crore for Q2 FY23, marking its 12th consecutive quarter of profit increase.
- Bandhan Bank reported a net profit of ₹209 crore for Q2 FY23, a significant improvement from a net loss of ₹3,008.6 crore in Q2 FY22.
- India's foreign exchange reserves fell to a two-year low of $524.52 billion for the week ended October 14.
Here are some of the major updates that could move the markets on Monday:
Maruti Suzuki Q2 Results: Net profit jumps 4-fold YoY to ₹2,062 crore
Maruti Suzuki India Ltd reported a 333.72% year-on-year (YoY) jump in consolidated net profit to ₹2,061.5 crore for the quarter ended Sept (Q2 FY23). Higher commodity prices and chip shortage concerns had impacted earnings in the year-ago period. Its revenue from operations rose 46% YoY to ₹29,930.8 crore during the same period. The company sold a total of 5,17,395 vehicles during Q2, the highest ever in any quarter.
Read more here.
Hero MotoCorp sees double-digit growth in retail sales in festive season
Hero MotoCorp Ltd has registered healthy double-digit growth in retail sales in the festive season. Retail sales increased 20% over the corresponding festive period of FY22. The company’s festival season retails were driven by the strong performance of its popular models, including the 100cc Splendor+, 125cc motorcycles Glamour & Super Splendor, and the XPulse range in the premium segment.
Read more here.
Tata Power Q2 Results: Net profit rises 85% YoY to ₹935 crore
Tata Power reported an 85% YoY increase in consolidated net profit to ₹935.18 crore for the quarter ended Sept (Q2 FY23). The company’s profit has increased for the 12th consecutive quarter. Its total income rose 39.2% YoY to ₹14,181.07 crore during the same period. EBITDA stood at ₹2,043 crore in Q2, up 18% YoY.
Read more here.
SpiceJet gets DGCA approval for wet leasing 5 planes: Report
As per an ET report, SpiceJet Ltd has received approval from the Directorate General of Civil Aviation (DGCA) for wet leasing five Boeing 737 Max planes for up to six months. The airline has already deployed two of the aircraft on different routes. The remaining three aircraft will be inducted into SpiceJet’s fleet in the coming weeks. Under a wet lease arrangement, planes are leased along with operating crew and engineers.
Bandhan Bank Q2 Results: Net profit ₹209 crore
Bandhan Bank reported a net profit of ₹209 crore for the quarter ended Sept (Q2 FY23). It posted a net loss of ₹3,008.6 crore in Q2 FY22. Its net interest income (NII) grew 13.3% YoY to ₹2,193 crore during the same period. The gross non-performing assets ratio (GNPA) improved to 7.19% in Q2 FY23, compared to 10.8% in Q2 FY22. The bank’s provisions fell 77.2% YoY to ₹1,279.7 crore in Q2 FY23.
Read more here.
Infibeam Avenues gets RBI in-principle approval for payment aggregator licence
Infibeam Avenues Ltd has received in-principle approval from the Reserve Bank of India (RBI) to operate as a payment aggregator (PA). This will enable the company to further expand its reach in multiple business segments for both online and offline digital transactions. Its flagship brand, CCAvenue, is well-placed to leverage its new role as a payment aggregator.
Read more here.
Dr. Reddy’s Labs Q2 Results: Net profit rises 12% YoY to ₹1,114 crore
Dr. Reddy’s Laboratories Ltd reported a 12% YoY increase in consolidated net profit to ₹1,114 crore for the quarter ended Sept (Q2 FY23). Its revenue from operations rose 9.4% YoY to ₹6,332 crore during the same period. EBITDA rose 40% YoY to ₹1,899 crore in Q2. The pharma company’s global generics sales increased 18% YoY to ₹5,595 crore.
Read more here.
India’s forex reserves fall to two-year low to $524.52 billion
India's foreign exchange (forex) reserves fell to a two-year low for the week ended October 14. Forex reserves fell by ₹3.85 billion to ₹524.42 billion for the week ending Oct 21. The fall in forex reserves can be attributed to a fall in the Foreign Currency Assets (FCA), which is a key component of the overall reserves. The central bank continues to defend the rupee’s downslide while ignoring depleting forex reserves as a major concern.
Read more here.
Vedanta Q2 Results: Net profit falls 53% YoY to ₹2,690 crore
Vedanta Ltd reported a 53% YoY decline in net profit to ₹2,690 crore for the quarter ended Sept (Q2 FY23). Its revenue from operations rose 20.6% YoY to ₹36,237 crore during the same period. EBITDA stood at ₹8,038 crore in Q2, down 24.04% YoY. Vedanta’s board has approved the expansion of rolled product capacity at Balco (a subsidiary) from 50 kilotonnes per annum (KTPA) to 180 KTPA at a cost of ₹595 crore.
Read more here.
SAIL inks pact with AAI for facilitating start of commercial flights from Rourkela
Steel Authority of India Ltd (SAIL) has entered into a pact with the Airport Authority of India (AAI) for facilitating the start of commercial flights from Rourkela, Odisha. The state-owned company has signed an operation and management contract with AAI through its unit Rourkela Steel Plant. AAI will manage the airport on behalf of SAIL’s Rourkela Steel Plant.
Read more here.
Frequently asked questions
What was Maruti Suzuki's net profit for Q2 FY23?
Maruti Suzuki's net profit for Q2 FY23 was ₹2,061.5 crore, a 333.72% year-on-year jump.
How much did Tata Power's net profit increase in Q2 FY23?
Tata Power's net profit increased by 85% YoY to ₹935.18 crore in Q2 FY23.
What was Bandhan Bank's net profit for Q2 FY23?
Bandhan Bank's net profit for Q2 FY23 was ₹209 crore.
Did Infibeam Avenues receive RBI approval for a payment aggregator licence?
Yes, Infibeam Avenues Ltd received in-principle approval from the Reserve Bank of India (RBI) to operate as a payment aggregator (PA).
Written by
Cherian VargheseRelated reads
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