Adani Group: US-headquartered ratings firm Moody’s upgraded the ratings of two green energy firms and two electricity generation and distribution firms of the Adani Group following improved financials, timely debt repayments and a capital infusion by the group over the past year.
Mahindra & Mahindra: The carmaker, scheduled to report its Q3FY24 results on Wednesday, is likely to post strong double-digit growth in earnings for the December quarter. Net profit for the quarter expected to rise 21.2% YoY to ₹2,428.30 crore, as per analyst estimates. Revenue is likely to increase 16.5% YoY to ₹25,216 crore, led by strong growth in volumes in the automotive segment, which will offset the weakness in the tractor segment.
Zee Entertainment Enterprises: The media company’s consolidated net profit jumped 141% to ₹58.5 crore for the quarter ended December 31, compared to the ₹24.3 crore it had earned in the same quarter last year. Revenue from operations fell 3% YoY to ₹2,045 crore, while its EBITDA declined 43% YoY to ₹209 crore in the quarter, from ₹366 crore last year. EBITDA margins declined to 10.2% in the period, compared to 17.4% a year ago.
Hindalco Industries: The flagship company of the Aditya Birla group on Tuesday reported a 71% YoY jump in consolidated net profit to ₹2,331 crore for Q3FY24. However, its consolidated revenue from operations for the quarter declined 1% YoY to ₹52,808 crore in Q3FY24.
Bharat Heavy Electricals: The state-run company posted a standalone net loss of ₹163 crore in Q3FY24, compared to the net profit of ₹31 crore it had posted in the year-ago period. Meanwhile, standalone revenue from operations saw a notable increase of 4.5% in Q3FY24, to reach ₹5,504 crore, compared to ₹5,264 crore in Q3FY23.
Eicher Motors: The maker of Royal Enfield motorcycles reported a 34.4% YoY increase in consolidated net profit for the quarter ended December 31, at ₹996 crore. Consolidated revenue from operations rose 12.3% YoY to ₹4,179 crore. Sequentially, the topline rose just 1.6%, while the bottomline declined by 2%. EBITDA, or operating profit grew 27% YoY to ₹1,090.43 crore, while operating margin expanded 305 basis points on year to 26.09%.
Nuvama Wealth Management: The company’s net profit almost doubled to ₹178 crore in the December quarter, compared to ₹90 crore in the year-ago period, it stated in an exchange filing on Tuesday. Its revenue rose 38% in Q3FY24 to ₹558 crore, while it rose 29% to ₹1,467 crore for the first nine months of the fiscal.
Tata Motors: The carmaker announced a price cut of up to ₹1.2 lakh on various electric vehicle (EV) models as the company intends to pass on the benefits of reductions in battery prices to the customers. Tata Motors has slashed prices of three of its long range variants of its top-selling Nexon.ev by ₹1.2 lakh each. It now starts from ₹16.99 lakh compared to ₹18.19 lakh earlier.
Bharat Electronics: The defence ministry signed a ₹2,269-crore contract with Bharat Electronics Limited (BEL) on Tuesday to procure 11 Shakti warfare systems, and the associated equipment. The system will be installed on-board the frontline warships of the Indian Navy, officials said.
Sula Vineyards: The comany reported a more than 9% rise in third-quarter profit on Tuesday, at ₹42.98 crore, from ₹39.28 crore in the year ago period. Total revenue rose 4% to ₹218 crore, the company said. Its EBITDA margin expanded to 33.7% from 31% a year ago. Additionally, Sula declared an interim divided of ₹4 per share for FY24.
