Tata Motors Q2 Results: Net loss widens to Rs 4,441 crore

Tata Motors Ltd reported a consolidated net loss of Rs 4,441.6 crore for the quarter ended September (Q2 FY22). The automaker had reported a net loss of Rs 314.5 crore in the corresponding quarter last year and a net loss of Rs 4,451 crore in Q1 FY22. Its revenue from operations rose 14.7% YoY to Rs 61,378.8 crore in Q2 FY22. Its India business reported a 91% YoY rise in revenues, while Jaguar Land Rover (JLR) posted an 11.1% YoY fall in net sales.

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India’s manufacturing PMI rises to 55.9 in October

India’s manufacturing activity expanded for the fourth straight month in October. The IHS Markit India Manufacturing Purchasing Managers’ Index (PMI) stood at 55.9 in October, compared with 53.7 in September. New orders continued to expand in October as a result of improved market conditions, rising requirements among clients, and successful marketing. PMI is a month-on-month calculation, and a value above 50 represents an expansion when compared to the previous month.  

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Auto sales data for October 2021: Highlights 

Maruti Suzuki India posted a 60% month-on-month (MoM) increase in total sales to 1,38,335 units in September 2021. The shortage of electronic components continued to affect production during the month. Sales from its utility vehicle segment and exports rose 46% and 21.3%, respectively.   

Tata Motors Ltd registered a 32% MoM decline in passenger vehicle sales to 25,730 units in October. The automaker’s commercial vehicle sales increased 1.2% MoM to 33,674 units. Overall domestic sales rose 16.3% MoM to 65,151 units.  

Mahindra & Mahindra’s auto segment posted total sales of 41,908 units in October, a growth of 49% over Sept. M&M’s farm equipment segment posted a 16% rise in sales to 47,017 units.

Bajaj Auto Ltd posted a 9.35% MoM increase in total sales to 4,39,615 units. Meanwhile, Escorts posted a 53.28% MoM rise in tractor sales to 13,514 units in October. 

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IRCTC Q2 Results: Net profit jumps 386% YoY to Rs 158 crore

Indian Railway Catering & Tourism Corporation (IRCTC) reported a 386% YoY jump in net profit to Rs 158.5 crore for the quarter ended September (Q2 FY22). Net profit increased 92% compared to the previous quarter. Its revenue from operations jumped 357% YoY to Rs 405 crore during the same period. IRCTC’s internet ticketing segment posted a 355.32% YoY increase in revenue to Rs 265.3 crore in Q2.

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TCS expands partnership with Malaysia-based Celcom for digital transformation

Tata Consultancy Services (TCS) is expanding its partnership with Celcom Axiata Berhad to transform its core business support systems (BSS) using TCS HOBS and TCS TwinX hosted on Microsoft Azure. Celcom is a leading telecommunications provider in Malaysia. TCS will enable Celcom to further enhance its digital and platform positioning through advanced digital capabilities like artificial intelligence (AI)-driven business simulations.

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HDFC Q2 Results: Net profit rises 32% YoY to Rs 3,780 crore

Housing Development Finance Corp (HDFC) reported a 32% YoY increase in net profit to Rs 3,780.5 crore for the quarter ended September (Q2 FY22). Its revenue from operations rose 4.1% YoY to Rs 12,215.95 crore during the same period. HDFC’s assets under management stood at Rs 5.97 lakh crore in Q2 FY22, compared to Rs 5.40 lakh crore in Q2 FY21.

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RBI appoints Bandhan Bank as Agency Bank to conduct govt business

The Reserve Bank of India (RBI) has appointed Bandhan Bank as an Agency Bank to conduct government business. The bank will now be authorised to handle transactions related to Goods & Services Tax (GST), Value Added Tax (VAT), and the collection of state taxes. Bandhan Bank can also look after the collection of stamp duty and pension payments on behalf of central and state governments. 

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Bajaj Consumer Q2 Results: Net profit falls 18% YoY to Rs 46 crore

Bajaj Consumer Care Ltd reported an 18.3% YoY decline in consolidated net profit to Rs 46.5 crore for the quarter ended September (Q2 FY22). Net profit fell 4.89% compared to the previous quarter. Its revenue from operations fell 4.7% YoY to Rs 216.18 crore during the same period. EBITDA stood at Rs 48.7 crore in Q2, a decline of 21% YoY (or 7% QoQ).

GST collection surges to Rs 1.3 lakh crore in October, second-highest ever

The Central government collected Rs 1,30,127 crore from Goods and Services Tax (GST) during October 2021, the second-highest since the implementation of the tax in 2017. It indicates a strong trend of the ongoing economic recovery in the second half of the financial year. The GST revenues for October are 24% higher than the revenues collected in the same month last year.

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Devyani International Q2 Results: Net profit at Rs 46 crore

Devyani International Ltd reported a consolidated net profit of Rs 46.6 crore for the quarter ended September (Q2 FY22). It had posted a net loss of Rs 65.5 crore in the corresponding quarter last year (Q2 FY21). Its revenue from operations jumped 124% YoY to Rs 516.1 crore in Q2 FY22. KFC revenues surged 141% YoY and Pizza Hut revenues were up 111% YoY during the quarter.

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