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. Gross Non-Performing Assets (NPA) also showed an improvement, standing at 2.42%, down 72 bps compared to the previous year. Net NPA also improved at 0.64%, down by 13 bps YoY.
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. According to a report by Prabhudas Lilladher, Airtel's consolidated revenue for Q3FY24 will experience a quarter-on-quarter increase of 2.3 percent, reaching ₹37,900 crore. Simultaneously, the adjusted Profit After Tax (PAT) for the quarter is estimated at ₹15,467 crore, reflecting a 2.6 percent decrease from the Q3FY23.
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. For April-March 2024-25, the company’s management plans to induct at least an aircraft every week despite supply chain issues.
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. Tata Motor's total revenue from operations for Q3FY24 rose 25% to ₹110,577 crore, compared to ₹88,488.59 crore. On the operating front, the auto major's earnings before interest, taxes, depreciation, and amortization (EBITDA) in the December quarter rose 59 per cent to ₹15,333 crore, compared to ₹9,644 crore in the year-ago period.
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. Its net consolidated loss stood at ₹195.6 crore in Q3FY23. Delhivery's revenue increased by 21% YoY to ₹1,448 crore in the quarter from ₹1,200 crore in Q3FY23.
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. The emergency arbitrator in Singapore has allowed Zee to press its case against Sony’s Indian units Culver Max Entertainment Pvt and Bangla Entertainment Pvt before the company court in India seeking implementation of the merger plan , according to an exchange filing by 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. “Neither the company nor its founder and CEO are being investigated by the Enforcement Directorate regarding inter alia money laundering", the company said in an exchange filing. “We would like to set the record straight and deny any involvement in anti-money laundering activities... (sic)," the company said.
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. India’s second-largest private port operator, JSW Infrastructure's revenue from operations in Q3FY24 stood at ₹940.11 crore, rising 17.85% YoY. The new container segment accounted for around 2% of the total volumes during the quarter, it said in a statement.
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. The $1.2-billion facility will help cut India's dependence on imports of the third most used industrial metal after steel and aluminium whose demand is rising on the back of fast-growing renewable energy, telecom and electric vehicle industries. The report said India's per capita copper consumption is estimated at around 0.6 kg compared to the global average of 3.2 kg.
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. The firm will close both the high-emission blast furnaces and coke ovens in a phased manner in 2024 and shift to an (electric arc furnace) EAF-based steel making at a cost of about 1.25 billion pounds, with 500 million pounds support from the UK government, company's CFO Koushik Chatterjee said in an earnings call.
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