Maruti Suzuki Q2 Results: Net profit falls 65% YoY to Rs 475 crore

Maruti Suzuki India reported a 65.35% YoY decline in net profit to Rs 475.3 crore for the quarter ended September (Q2 FY22). Net profit fell 7.8% compared to the previous quarter. The automaker’s net sales fell 9.09% YoY to Rs 19,297.8 crore during the same period. EBITDA stood at Rs 855 crore in Q2, down 56% YoY. Maruti Suzuki’s results were impacted by adverse commodity prices and lower sales volume due to global semiconductor shortages, leading to lower capacity utilization.

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Adani Ports Q2 Results: Net profit falls 31% YoY to Rs 951 crore

Adani Ports & Special Economic Zone (APSEZ) reported a 31.4% YoY decline in consolidated net profit to Rs 951.7 crore for the quarter ended September (Q2 FY22). Net profit fell 27% compared to the previous quarter. Its revenue from operations rose 21.7% YoY to Rs 3,532.4 crore during the same period. The company’s cargo volumes declined 9.7% QoQ to 68.3 million metric tonnes (MMT) in Q2.

In other news, APSEZ has abandoned plans to build a container terminal in Myanmar. The company is expected to fully exit the investment in the conflict-ridden south Asian nation between March and June 2022.

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IndusInd Bank Q2 Results: Net profit rises 73% YoY to Rs 1,147 crore

IndusInd Bank reported a 73% YoY increase in consolidated net profit to Rs 1,146.73 crore for the quarter ended September (Q2 FY22). Its net interest income (NII) rose 11.6% YoY to Rs 3,658 crore during the same period. The gross non-performing assets (GNPA) ratio stood at 2.77% in Q2, compared to 2.88% in the previous quarter. Provisions fell 7.5% YoY to Rs 1703.36 crore in Q2.

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Dabur to enter diaper market, to take on P&G and Unicharm

Dabur India Ltd will enter the diapers segment in India as part of a strategy to expand its baby care portfolio that has products including shampoo, soaps, oil, and talc. The company will compete with Procter & Gamble (P&G) and Unicharm, which together control over 80% of the overall market. Dabur said its ‘Dabur Baby Super Pants’ with insta–absorb technology will help get 50% more absorption compared to other diapers. The product will be initially launched on Flipkart.

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Titan Q2 Results: Net profit jumps four-fold YoY to Rs 641 crore

Titan Company Ltd reported a 270% YoY jump in consolidated net profit to Rs 641 crore for the quarter ended September (Q2 FY22). Its net sales rose 75% YoY to Rs 7,243 crore during the same period. Titan’s jewellery division registered an income of Rs 6,106 crore, a growth of 77% YoY. The Watches and Wearables business recorded a 72% YoY growth in income to Rs 687 crore in Q2.

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Kotak Mahindra, Axis, and Indusind Bank submit bids to buy Citi’s consumer business in India: Report

According to a report from the Economic Times, Kotak Mahindra Bank, Axis Bank, and IndusInd Bank have made binding offers to buy Citi’s consumer business in India, valued at ~$2 billion. The US-based bank under CEO Jane Fraser is looking to exit consumer banking in 13 countries, including India. Citi is expected to start bilateral negotiations and announce a formal winner in the next 1-2 months. None of the bidders have offered stocks and have submitted all-cash bids.

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L&T Q2 Results: Net profit falls 67% YoY to Rs 1,819 crore

Larsen & Toubro (L&T) Ltd reported a 67% YoY decline in consolidated net profit to Rs 1,819.45 crore for the quarter ended September (Q2 FY22). Net profit increased 54.9% compared to the previous quarter. Its revenue from operations rose 12% YoY (or 18.5% QoQ) to Rs 34,773 crore during the same period. L&T secures orders worth Rs 42,140 crore in Q2, up 50% YoY. 

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Bajaj Auto Q2 Results: Net profit rises 12% YoY to Rs 1,275 crore

Bajaj Auto Ltd reported a 12% YoY increase in net profit to Rs 1,274.6 crore for the quarter ended September (Q2 FY22). Net profit increased 20.1% compared to the previous quarter. Its revenue from operations rose 22% YoY (or 19% QoQ) to Rs 8,762.2 crore during the same period. EBITDA stood at Rs 1,434 crore in Q2, a growth of 10% YoY.

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United Spirits Q2 Results: Net profit jumps two-fold YoY to Rs 286 crore

United Spirits reported over two-fold YoY jump in consolidated net profit to Rs 286.4 crore for the quarter ended September (Q2 FY22). Its revenue from operations rose 9.3% YoY to Rs 8,208.8 crore during the same period. Total expenses stood at Rs 7,822.9 crore in Q2, an increase of 6.52% YoY. United Spirits is an Indian alcoholic beverages company operated by UK-based Diageo.

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SBI Life Q2 Results: Net profit falls 18% YoY to Rs 247 crore

SBI Life Insurance Company reported a 17.71 YoY decline in net profit to Rs 246.62 crore for the quarter ended September (Q2 FY22). Net profit increased 11% compared to the previous quarter. Its net premium income (NPI) rose 12.45% YoY to Rs 14,660 crore crore during the same period. The company’s assets under management (AUM) rose 31% YoY to Rs 2,44,180 crore in Q2.

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