State Bank of India: India’s largest bank reported its Q3 standalone net profit at ₹9,164 crore on February 3, a decline of 35% in the December quarter. SBI’s net profit for Q3FY24 was weighed down by higher operating expenses, it said. Corporate advances crossed ₹10 trillion, while SME advances surpassed ₹4 trillion – showing expansion in both sectors.
Bharti Airtel: Fueled by strong growth in subscriber numbers and an increased average revenue per user (ARPU) driven by premiumization efforts, Bharti Airtel is likely to announce a consolidated net profit of ₹38,068 crore, according to brokerages. This signifies a 6.3 percent YoY increase in the current quarter, and a modest 2.7 percent sequential rise.
InterGlobe Aviation: India’s largest airline IndiGo clocked a profit after tax of ₹2,998.1 crore in the December quarter as air travel soared, against a net profit of ₹1,422.6 crore a year earlier, beating estimates from Prabhudas Lilladher. Total income rose 30.2% from a year earlier to ₹20,062.3 crore. IndiGo expects capacity growth of 12% in the March quarter as compared to the same period a year ago.
Tata Motors: The carmaker reported a surge of 137.5 per cent in consolidated net profit at ₹7,025.11 crore, compared to ₹2,958 crore in the year-ago period in the December quarter of FY24, beating Street estimates driven by strong sales in its British luxury car unit, Jaguar Land Rover (JLR). On the near-term outlook, Tata Motors remains positive on all three auto businesses.
Delhivery: The logistics company reported a net profit of ₹11.7 crore in the October- December 2023 quarter. Delhivery’s consolidated net revenue increased by 13% QoQ to ₹2,194 crore against ₹1,941 crore in the previous quarter. Its net consolidated revenue increased 20.32% YoY against ₹1,823 crore in the year-ago period. The logistics firm reported a significant reduction in its net loss to ₹103 crore in the Q2FY24.
Zee Entertainment Enterprises: The Singapore International Arbitration Centre denied an interim relief on Sony Group Corp.’s request to stop Zee Entertainment Enterprises Ltd. from approaching an Indian corporate court in the scrapped $10 billion merger of the media firms. Sony and Zee had called off their planned media merger in India last month. Following the collapse, Sony filed an arbitration application in Singapore, seeking a termination fee from Zee.
One97 Communications: Categorically denying any investigation by the Enforcement Directorate on One97 Communications, associates or its founder and CEO Vijay Shekhar Sharma for anti-money laundering activities, Paytm parent OCL rejected the recent misleading reports in media on Sunday, February 4.
JSW Infrastructure: The private-sector port operator said its consolidated net profit more than doubled year-on-year (YoY) to ₹250.66 crore in the December quarter, buoyed by increased cargo volumes and higher tariffs. The JSW Group company had reported ₹114.89 crore in net profit a year ago.
Adani Enterprises: Kutch Copper, a subsidiary of Adani Enterprises, the world’s largest single-location copper manufacturing plant at Mundra in Gujarat, will start operations of the first phase by March-end and full-scale 1 million tonnes capacity by FY29 (March 2029), news agency PTI reported citing sources.
Tata Steel: For the workers who would be affected as part of its transition plan in the United Kingdom, Tata Steel has proposed an additional financial ‘support package’ of around 130 million pounds, reported PTI on February 4. The company drafted a decarbonization plan for Tata Steel UK to reduce carbon emissions and save energy costs including installing new plant machinery with low-emission technologies
