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| As on Oct 22, 2021 12:00 AM |
Your results on : Hot Pursuit |
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| On a sequential basis, net profit rose 30% while net sales jumped 44.3% in Q2 FY22 over Q1 FY22. Profit before tax grew nearly 32% quarter on quarter and 85% year on year to Rs 170.8 crore in Q2 FY22. Consolidated EBITDA increased by 83% year-over-year to Rs 178.7 crore in Q2 FY22. EBITDA margin improved by 452 basis points year on year to 21.2% in Q2 FY22. The company's customer base expanded with addition of 87 new customers. Revenues from >Rs 10 million+ customers grew by 46% year-over-year. Uday Reddy, founder chairman & CEO of Tanla Platforms said, “Our stellar performance was contributed by higher wallet share from existing customers and additional market share expansion from newer clients.” Free cash flow stood at Rs 221.7 crore in Q2 FY22, rising 45% year on year. Cash & Cash Equivalents stood at Rs 845.7 crore for the quarter ended September 2021. Shares of Tanla Platforms hit an all time high of Rs 1,062.5 in intraday today. Tanla Platforms, is one of the world's largest CPaaS players, processes more than 800 billion interactions annually and about 62% of India's A2P SMS traffic is processed through its distributed ledger platform.
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Adani Renewable Energy Holding Fifteen, a wholly-owned subsidiary of Adani Green Energy (AGEL) had participated in a tender issued by Solar Energy Corporate of India (SECI) for setting up 1,200 MW (mega-watt) ISTS-connected wind power project (Tranche-XI) and has received the Letter of Award (LOA) to set up 450 MW wind power project under this tender. The fixed tariff for this project capacity is Rs 2.70/ kWh (kilowatt-hour) for a period of 25 years. With this, AGEL now has a total renewable energy project portfolio of 20,284 microwave active compositions (MWac) capacity, out of which 5,410 MWac projects are operational, 5,724 MWac projects are under construction and 9,150 MWac projects are near construction. The company's consolidated net profit soared 995% to Rs 219 crore on a 34% jump in net sales to Rs 970 crore in Q1 FY22 over Q1 FY21. Shares of Adani Green Energy lost 0.55% to Rs 1,192 on BSE. Adani Green Energy has one of the largest global renewable portfolios with 19.8 GW (giga-watts) of operating, under-construction and awarded projects catering to investment-grade counterparties. The company develops, builds, owns, operates and maintains utility-scale grid-connected solar and wind farm projects.
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| The realty major Lodha Group, listed as Macrotech Developers posted a 135% jump in net sales to Rs 2,123 crore in Q2 FY22 as compared to Rs 900.76 crore posted in Q2 FY21. The company posted a profit before tax of Rs 295.22 crore in Q2 FY22 as compared to a pre tax loss of Rs 362.58 crore in Q2 FY21. Adjusted EBITDA grew 5 times to Rs 778 crore in Q2 FY22 as compared to Rs 153 crore in Q2 FY21. EBITDA margin also improved to 37% in quarter ended September 2021 from 17% posted in the same quarter last year. On the operation front, the realtor delivered strong pre-sales of over Rs 3,450 crore. India pre-sales jumped 88% year on year and 109% quarter on quarter to Rs 2,003 crore in Q2 FY22. UK pre-sales stood at £145 million (approx. Rs 1,450 crore). Collections stood at Rs 1,912 crore in Q2 FY22, rising 73% year on year. Commenting on the performance during Q2FY22, Abhishek Lodha, MD & CEO of Macrotech Developers said, “Housing market in the last 9 months has gone from strength to strength. While at the beginning of the year we were quite optimistic about the underlying growth and opportunities available, even we have been pleasantly surprised by the trends on the ground that have emerged during this period. Enablers for strong multi-year up-cycle in housing demand remain intact. To capture this strong growth, in a short period of time since our IPO, we have been able to add 5 JDA projects in the micromarkets of MMR and Pune where we have limited or no presence. Combined area of these JDAs is nearly 4 million square feet with an estimated GDV of RS 4,600 crore. We have not only signed these JDAs but have also launched 3 of them so far and witnessed great traction from consumers. We see very strong pipeline of new JDAs with potential to add new projects in H2 with GDV potential of Rs 7000-10,000 crore. New launches coupled with strong underlying customer interest in housing augers well for demand as we enter the festive season. H2 as we know generally contributes 60% of the normalized sales. Thus, subject to no covid-like disruptions, we are set for 'never-seen-before' kind of presales momentum in the H2 delivering our strongest ever sales performance.” Commenting further on the growth plans, Lodha added, “We are being presented with significant growth opportunities, largely in form of JDAs, with high RoEs in our target markets. In order to tap this exponential growth, we are contemplating raising growth capital in the next 12 months.” In a separate filing, the company said it is looking to raise the additional funds in one or more tranches through any of the permissible modes. The company's board discussed and approved the proposal of raising of funds by way of further issuance of securities through any of the permissible modes (in one or more tranches), for an aggregate amount not exceeding Rs 4000 crore subject to applicable laws and necessary shareholder / regulatory approvals. Lodha Group is among the largest real estate developer in India that delivers with scale since 1980s. Core business of Lodha Group is residential real estate development with a focus on affordable and mid-income housing.
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K E C International Ltd, PNB Housing Finance Ltd, TVS Motor Company Ltd, Rail Vikas Nigam Ltd are among the other stocks to see a surge in volumes on BSE today, 22 October 2021. Gateway Distriparks Ltd recorded volume of 6.11 lakh shares by 10:50 IST on BSE, a 33.16 times surge over two-week average daily volume of 18410 shares. The stock gained 1.42% to Rs.268.55. Volumes stood at 38444 shares in the last session. K E C International Ltd saw volume of 1.44 lakh shares by 10:50 IST on BSE, a 5.5 fold spurt over two-week average daily volume of 26155 shares. The stock increased 10.22% to Rs.511.90. Volumes stood at 31559 shares in the last session. PNB Housing Finance Ltd clocked volume of 1.09 lakh shares by 10:50 IST on BSE, a 5.3 times surge over two-week average daily volume of 20527 shares. The stock lost 3.00% to Rs.505.00. Volumes stood at 7471 shares in the last session. TVS Motor Company Ltd notched up volume of 4.07 lakh shares by 10:50 IST on BSE, a 3.1 fold spurt over two-week average daily volume of 1.31 lakh shares. The stock rose 8.40% to Rs.625.00. Volumes stood at 73225 shares in the last session. Rail Vikas Nigam Ltd recorded volume of 55 lakh shares by 10:50 IST on BSE, a 2.31 times surge over two-week average daily volume of 23.77 lakh shares. The stock gained 13.37% to Rs.40.70. Volumes stood at 54.16 lakh shares in the last session.
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On a sequential basis, VST Industries reported a decline of 2% in its gross revenue to Rs 360.80 crore during Q2 September 2021. The operating performance got impacted due to challenging situation after the outbreak of second COVID-19 wave that led to sudden lockdown announcements in various states. As situation continues to improve and the economic activities are get normalized rapidly and lockdown restrictions being lifted significantly, the forthcoming business quarters are expected to see improved operating performance, the company stated. Aditya Deb Gooptu, the managing director (MD) of VST Industries, said, The strong sequential recovery indicates that the worst of the pandemic is behind us. Our mid-term growth plans look strong and we are confident that the result in the coming days will reflect the turnaround of the market post pandemic matched by our new launches and geographical expansion. Among other initiatives, VST Industries has launched a new variant in end-August 2021 under the Total Family called Total ROYAL TWIST, a kesar and saunf variant. This launch has generated good response from consumers across markets. Further, continuing on its objective to reach adult smokers across India by building distribution infrastructure, during the quarter the company made an initial foray into the state of Gujarat. These initiatives underline the emphasis of the company to continuously strengthen its brand portfolio in terms of new launches while focusing on cost control to further strengthen its market performance, the company's press statement added. VST Industries manufactures and distributes cigarettes and tobacco products.
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| On a consolidated basis, net sales surged 183.78% to Rs 728.37 crore in Q2 September 2021 over Q2 September 2020. Pre-tax loss was reported at Rs 129.69 crore in Q2 September 2021, lower than pre-tax loss of Rs 262.59 crore in Q2 September 2020. Total expenses surged 43.61% year-on-year to Rs 871.14 crore in Q2 September 2021. Cost of food and beverages consumed stood at Rs 62.78 crore (up 187.72%), employee expense was at Rs 278.80 crore (up 36.45%) and other expense stood at Rs 313.95 crore (up 73.58%) during the period under review. EBITDA improved by Rs 180 crore to Rs 97 crore in Q2 FY22 from a loss of Rs 83 crore in Q2 FY21. Net cash from operating activities stood at to Rs 30.92 crore as on 30 September 2021 compared with loss of Rs 507.32 crore as on 31 March 2021. Puneet Chhatwal, managing director and chief executive officer, IHCL, said, Overall recovery has been stronger and quicker after the second Covid wave. IHCL has seen significant improvement in performance quarter on quarter. Meanwhile, the company's board approved Rs 4000 crore of fund raising: Rs 2000 crore will be raised by way of rights issue and additional Rs 2000 crore through QIP, subject to receipt of requisite approvals. The board also announced the approval of purchase of balance shares from the existing shareholders of Roots Corporation which operates the Ginger brand. Cost of acquisition will not exceed Rs 500 crore. IHCL said that it has signed over 1,200 rooms with eight new hotels in the first half of the year across its brand. It has opened five new hotels - year to date (YTD) across brands. The amã Stays & Trails homestay portfolio has 59 bungalows, including recent new signings. The Chambers announced the launch of its new outpost in London — Taj The Chambers, located at the iconic Taj 51 Buckingham Gate Suites and Residences. IHCL expanded the presence of Qmin - its food delivery platform — to 19 cities delivering favourites from across 37 hotels and over 78 IHCL restaurants across India. Qmin app is also available across nine countries globally, giving people overseas the opportunity to gift meals to loved ones in India. Indian Hotels Company and its subsidiaries bring together a group of brands and businesses that offer a fusion of warm Indian hospitality and world-class service. These include Taj - the iconic brand for the most discerning travelers and the World's Strongest Hotel Brand as per Brand Finance 2021, SeleQtions, a named collection of hotels, Vivanta, sophisticated upscale hotels and Ginger, which is revolutionising the lean luxe segment. Shares of Indian Hotels Company fell 2.59% to Rs 208.35. The stock hit a high of Rs 224.65 and a low of Rs 207.45 so far.
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| Net sales for Q2 FY22 stood at Rs 1,837 crore, rising 21.7% year on year from Rs 1,509 crore posted in Q2 FY21. Profit before tax jumped 42.8% to Rs 335 crore in Q2 FY22 over Q2 FY21. Meanwhile, the company's board declared an interim dividend of Rs 4 per equity share. The record date for the purpose of payment of interim dividend has been fixed as 3 November 2021. Shares of Container Corporation were trading 0.02% lower at Rs 664.60 on BSE. CONCOR is engaged in transportation of containers (rail and road), and handling of containers. The firm is also engaged in the operation of logistics facilities, including dry ports, container freight stations and private freight terminals. As of 30 September 2021, the Government of India held 54.8% stake in the company.
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Consolidated profit before tax slumped 69.14% to Rs 311.93 crore in Q2 September 2021 as against Rs 1,010.80 crore in Q2 September 2020. LIC Housing Finance is one of the largest housing finance companies in India. As of 30 September 2021, Life Insurance Corporation of India (LIC) held 45.24% stake in the company.
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Among the components of the S&P BSE Finance index, Dhanvarsha Finvest Ltd (up 16.24%), Indian Bank (up 5.23%),Home First Finance Company India Ltd (up 4%),IDFC Ltd (up 3.24%),PTC India Financial Services Ltd (up 2.82%), were the top gainers. Among the other gainers were Equitas Small Finance Bank Ltd (up 2.62%), IIFL Finance Ltd (up 2.61%), Muthoot Finance Ltd (up 2.54%), Housing Development Finance Corporation Ltd (up 2.54%), and Bajaj Finserv Ltd (up 2.51%). On the other hand, South Indian Bank Ltd (down 8.08%), LIC Housing Finance Ltd (down 6.79%), and SREI Infrastructure Finance Ltd (down 4.89%) turned lower. At 09:50 IST, the S&P BSE Sensex was up 380.37 or 0.62% at 61303.87. The Nifty 50 index was up 100.55 points or 0.55% at 18278.65. The S&P BSE Small-Cap index was up 177.32 points or 0.62% at 28857.45. The S&P BSE 150 Midcap Index index was up 42.87 points or 0.48% at 9001.36. On BSE,1917 shares were trading in green, 775 were trading in red and 117 were unchanged.
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Among the components of the S&P BSE Consumer Durables index, Titan Company Ltd (up 2.58%), Whirlpool of India Ltd (up 2.16%),Blue Star Ltd (up 2.13%),Amber Enterprises India Ltd (up 1.57%),Crompton Greaves Consumer Electricals Ltd (up 0.73%), were the top gainers. Among the other gainers were Bajaj Electricals Ltd (up 0.62%), Rajesh Exports Ltd (up 0.39%), Dixon Technologies (India) Ltd (up 0.36%), and Vaibhav Global Ltd (up 0.23%). On the other hand, Voltas Ltd (down 1.32%), and Orient Electric Ltd (down 0.41%) moved lower. At 09:50 IST, the S&P BSE Sensex was up 380.37 or 0.62% at 61303.87. The Nifty 50 index was up 100.55 points or 0.55% at 18278.65. The S&P BSE Small-Cap index was up 177.32 points or 0.62% at 28857.45. The S&P BSE 150 Midcap Index index was up 42.87 points or 0.48% at 9001.36. On BSE,1917 shares were trading in green, 775 were trading in red and 117 were unchanged.
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| On a sequential basis, the company posted a 7% fall in net profit on a 0.4% increase in net sales in Q2 FY22 over Q1 FY22. Profit before tax fell 3% quarter on quarter but gained 16% year on year to Rs 108.60 crore in Q2 FY22. Consolidated EBITDA was at Rs 83 crore in Q2 FY22, rising 2% year on year but falling 6% quarter on quarter. EBITDA margin fell to 46% in Q2 FY22 from 49% in Q1 FY22 and 50% in Q2 FY21. IndiaMART registered a traffic growth 10% year on year with 284 million in Q2 FY22 as compared to 259 million in Q2 FY21. Unique business enquiries stood at grew to 6.7 million, an increase of 7% YoY and paying subscription suppliers grew to 150 thousand, a growth of 6%. Commenting on the performance, Dinesh Agarwal, CEO said, “We are pleased with the visible recovery momentum across business leading to modest growth in revenue, customers and deferred revenue in this quarter. Our strong balance sheet and cash flows from operations give us the wherewithal to help businesses transform, adopt digitalization and grow themselves in these times. We continue to make the right investments needed to strengthen our value proposition, and positioning while leverage the emerging growth tailwind to create the long-term shareholder value.” Shares of IndiaMART InterMESH fell 3.96% to Rs 8,226.05 on BSE. IndiaMART is India's largest online B2B marketplace for business products and services. IndiaMART makes it easier to do business by connecting buyers and sellers across product categories and geographies in India through business enablement solutions.
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Among the components of the S&P BSE Realty Index index, Prestige Estates Projects Ltd (up 4.06%), Oberoi Realty Ltd (up 3.74%),Indiabulls Real Estate Ltd (up 3.57%),Brigade Enterprises Ltd (up 2.97%),Sobha Ltd (up 2.55%), were the top gainers. Among the other gainers were DLF Ltd (up 2.38%), Godrej Properties Ltd (up 2.16%), Sunteck Realty Ltd (up 2.15%), Phoenix Mills Ltd (up 1.99%), and Mahindra Lifespace Developers Ltd (up 0.79%). At 09:50 IST, the S&P BSE Sensex was up 380.37 or 0.62% at 61303.87. The Nifty 50 index was up 100.55 points or 0.55% at 18278.65. The S&P BSE Small-Cap index was up 177.32 points or 0.62% at 28857.45. The S&P BSE 150 Midcap Index index was up 42.87 points or 0.48% at 9001.36. On BSE,1917 shares were trading in green, 775 were trading in red and 117 were unchanged.
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Vedanta Ltd fell 2.11% today to trade at Rs 342.9. The S&P BSE Metal index is down 0.83% to quote at 20774.46. The index is up 4.43 % over last one month. Among the other constituents of the index, Hindalco Industries Ltd decreased 1.92% and Coal India Ltd lost 1.45% on the day. The S&P BSE Metal index went up 141.08 % over last one year compared to the 51.22% surge in benchmark SENSEX. Vedanta Ltd has added 16.36% over last one month compared to 4.43% gain in S&P BSE Metal index and 4.08% rise in the SENSEX. On the BSE, 1.12 lakh shares were traded in the counter so far compared with average daily volumes of 10.45 lakh shares in the past one month. The stock hit a record high of Rs 385.75 on 19 Oct 2021. The stock hit a 52-week low of Rs 91.25 on 04 Nov 2020.
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| On 24 June 2021, the RIL board approved the appointment of Yasir O. Al-Rumayyan, as an additional director of the company, designated as an independent director. The appointment has taken effect from 19 July 2021 for a term of three years. RIL later sought approval of its shareholders for the same. A postal ballot was conducted through remote e-voting process. The resolution was passed with the requisite majority on 19 October 2021. Yasir bin Othman Al-Rumayyan is governor of the Public Investment Fund (PIF), the sovereign wealth fund of the Kingdom of Saudi Arabia, and the chairman of Saudi Aramco. RIL board will consider Q2 September 2021 results today, 22 October 2021. RIL is the largest private sector corporation in India. Its activities span hydrocarbon exploration and production, petroleum refining and marketing, petrochemicals, retail and digital services. The company reported a 7.3% fall in consolidated net profit to Rs 12,273 crore on a 58.6% rise in net sales to Rs 1,39,949 crore in Q1 FY22 over Q1 FY21. Shares of RIL were up 0.51% at Rs 2636.35. The stock hit a high of Rs 2649.95 and a low of Rs 2622 so far.
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Indiabulls Real Estate Ltd rose 4.75% today to trade at Rs 167.45. The S&P BSE Realty Index index is up 1.89% to quote at 4058.54. The index is up 12.09 % over last one month. Among the other constituents of the index, Prestige Estates Projects Ltd increased 3.57% and Brigade Enterprises Ltd added 3.3% on the day. The S&P BSE Realty Index index went up 116.83 % over last one year compared to the 50.86% surge in benchmark SENSEX. Indiabulls Real Estate Ltd has added 15.28% over last one month compared to 12.09% gain in S&P BSE Realty Index index and 3.84% rise in the SENSEX. On the BSE, 1.89 lakh shares were traded in the counter so far compared with average daily volumes of 12.64 lakh shares in the past one month. The stock hit a record high of Rs 186 on 18 Oct 2021. The stock hit a 52-week low of Rs 46.35 on 04 Nov 2020.
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On a consolidated basis, Mphasis' net profit jumped 14.11% to Rs 341.45 crore on a 17.81% surge in revenue from operations to Rs 2,869.22 crore in Q2 September 2021 over Q2 September 2020. Gross revenue grew 6.4% Q-o-Q (quarter-on-quarter) and 17.4% Y-o-Y (year-on-year) on a reported basis. In constant currency, growth was 6.6% Q-o-Q and 17.2% Y-o-Y. Adjusted for the M&A charges, net profit grew 5.2% Q-o-Q and 19.5% Y-o-Y to Rs 357.40 crore during the quarter. The new Total Contract Value (TCV) wins was worth $241 million in Q2 FY22 in direct, of which 68% was from new generation services. Direct revenue grew 9.8% Q-o-Q and 31.8% Y-o-Y on a reported basis. In constant currency, revenue grew 9.9% Q-o-Q and 31.5% Y-o-Y. Nitin Rakesh, the chief executive officer (CEO) and managing director (MD) of Mphasis, said,Our wallet-share gains in strategic accounts, as well as our accelerating success with new clients is evidence of our ability to continually expand the addressable market within our clients, going beyond traditional services. We believe that our broad-based success with clients positions us well for industry-leading growth in our Direct business for FY22. Shares of Mphasis dropped 4.30% to Rs 3,250.35 on BSE. Mphasis applies next-generation technology to help enterprises transform businesses globally.
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| As the company merged Bharti Axa General Insurance business with itself, the numbers are not comparable with the previous year's numbers. On the sequential basis, the company posted a 129% increase in net profit on a 0.6% decline in total income in Q2 FY22 over Q2 FY21. Gross Direct Premium Income (GDPI) of the company stood at Rs 4,424 crore in Q2 FY2022 compared to Rs 3,189 crore in Q2 FY2021, a growth of 38% year on year. The industry growth (excluding crop segment) for Q2 FY2022 was 17.5%. The combined ratio, which is a measure of the profitability stood at 105.3% in Q2 FY22 as against 99.7% in Q2 FY21. Meanwhile, the company's capital gains grew 16% to Rs 144 crore in Q2 FY22 as against Rs 124 crore in Q2 FY21. Return on Average Equity (ROAE) was 21% in Q2 FY22 as against to 24.7% in Q2 FY21. Solvency ratio mildly deteriorated to 2.49x as of 30 September 2021 as against 2.61 on 30 June 2021. The ratio was higher than the minimum regulatory requirement of 1.50x. Meanwhile, the board of directors recommended a final dividend of Rs 4 per equity share. The company has set 1 November 2021 as the record date for the dividend. Shares of ICICI Lombard General Insurance Company were trading 0.78% higher at Rs 1,518 in early trade. ICICI Lombard General Insurance Company operates as a non-life insurer. The company offers motor, health, travel, business, personal accident, and home insurance, as well as claim settlements and renewals services. Its parent ICICI Bank holds 48.08% stake in the company as of 30 September 2021.
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| On a consolidated basis, profit before tax rose 74.64% year-on-year to Rs 102.11 crore during the quarter. EBITDA jumped 69.1% to Rs 106.96 crore in Q2 September 2021 over Q2 September 2020. IEX's net profit climbed 23.73% and net sales rose 21.26% in Q2 September 2021 over Q1 June 2021. Further, the IEX board has considered issuing two bonus equity shares for each equity share held (2:1). This is subject to the approval of shareholders through postal ballot. During the quarter, electricity volumes on the exchange grew by 58% YoY with 25.9 BU volumes traded versus 16.5 BU in Q2 FY21. The growth in volumes was driven by substantial increase in electricity consumption as well as the preference by the distribution utilities to meet their short-term supply requirements in a competitive and flexible manner through IEX. The Real-Time Market remained one of the fastest-growing electricity market segments on the exchange, achieving a growth of 125% YoY with 5.3 BU of volumes traded during thequarter. Continuing its outstanding performance, RTM contributed 20% to the overall volumes during the quarter. On 21 August 2021, the Green Term Ahead Market marked its first anniversary, recording a cumulative volume of 3.4 BU since its inception and 1.7 BU in this quarter. On the gas market front, the Indian Gas Exchange witnessed an increase in both volume and participation. During the quarter, IGX traded approximately 10 lakh MMBTU in terms of cumulative volume. Ministry of Petroleum & Natural Gas (MOPNG) vide its Office Memorandum dated 19 August 2021 has provided an additional mechanism to the domestic gas producers, who have been granted pricing and marketing freedom, to trade on gas exchanges. Accordingly, the domestic gas producers may sell quantity of gas, up to 500 MMSCM or 10% of annual production from contract, whichever is higher, per year through gas exchanges. This will provide cheaper gas and induce market liquidity and depth, the company said in a statement. IEX is India's premier energy exchange providing a nationwide, automated trading platform for physical delivery of electricity, renewable power, renewable energy certificates and energy saving certificates.
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The company recorded revenue of Rs 5,619 crore in the second quarter of 2021-22 as against Rs 4,605 crore in the second quarter of 2020-21, registering a growth of 22% on YoY basis. EBITDA improved by 31% to Rs 562 crore in Q2 FY22 as against Rs 430 crore during the quarter ended September 2020, despite various challenges in terms of increase in commodity costs, scarcity of containers for international business and shortage in semiconductors through significant cost reduction initiatives and growth in revenue. The company registered operating EBITDA margin of 10% during this quarter as against 9.3% during the quarter ended September 2020. Profit before tax in Q2 FY22 stood at Rs 377 crore, up by 41% from Rs 267 crore in Q2 FY21. Total two-wheeler sales of 8.70 lakh units were registered in the quarter as against 8.34 lakh units in the second quarter of 2020-21, registering a growth of 4% on YoY basis. Two-wheeler export sales grew by 46% compared to Q2 of the last year. Total three wheelers registered sales of 0.47 Lakh units in the quarter ended September 2021 as against sales of 0.33 Lakh units in the quarter ended September 2020, registering a growth of 42% on YoY basis. During the quarter, focused working capital management and improved operating performance helped the company to generate operating free cash flow of Rs 1,090 crore. TVS Motor Company is a reputed two and three-wheeler manufacturer and is the flagship company of the USD 8.5 billion TVS Group. The scrip shed 0.44% to end at Rs 576.55 on the BSE yesterday.
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| Profit before tax (PBT) surged 290.86% to Rs 9,791 crore in Q2 September 2021 over Q2 September 2020. The company registered highest ever quarterly operating EBITDA of Rs 10,417 crore, with an EBITDA margin of 32%. Total expense jumped 43.07% to Rs 24,261 crore during the period under review. During the quarter, the company's cost of raw material jumped 48% year-on-year to Rs 12,329 crore amid the ongoing commodity inflation. Mining premium and royalty expense surged 270.28% to Rs 2,492 crore while power and fuel expense rose 68.04% to Rs 2,361 crore. Net cash from operating activities rose to Rs 7460 crore as on 30 September 2021 compared with Rs 5730 crore as on 31 March 2021. The company's consolidated net gearing (net debt to equity) stood at 0.92x at the end of the quarter (as against 1.04x at the end of Q1 FY2022) and Levg (net debt to EBITDA) stood at 158x (as against 1.89x at the end of Q1 FY2022). On a consolidated basis, saleable steel sales for the quarter stood at 3.83 million tonnes (Indian operations excluding JVs), an increase of 10% QoQ. The company enhanced exports by 22% QoQ to partially offset the fall in domestic demand due to seasonality. The company registered strong VASP (value-added & special products) volume, with share of VASP at 60% (vs. 61% in Q1 FY2022 and 51% in Q2 FY2021), driven by increased domestic sales to automotive, solar and appliance segments. VASP volumes were also boosted by robust export demand for coated products. During the quarter, the performance of Bhushan Power & Steel (BPSL) improved significantly, driven by an increase in sales volumes. The share of profit from JVs for the quarter stood at Rs 603 crore, an increase of 86% QoQ (Q1 FY2022: Rs 323 crore). During the quarter, the company spent Rs 3,639 crore on capex, against a total planned capex spend of Rs 18,240 crore for FY2022. In its outlook, JSW Steel said that construction and Infrastructure activities are expected to gain momentum in the second half of FY2022. Strong direct and indirect tax revenues reflect an economic revival, and bode well for additional capital spending by the government. Government initiatives and benign longer term trends are likely to aid revival of investment growth in India. The Indian residential real estate market has shown steady improvement. A turn in the real estate cycle augurs well for increased construction activity. However, high inflation and re-emergence of Covid cases could pose a risk for the economic recovery, the company added. JSW Steel, the flagship business of the diversified JSW Group, is India's leading integrated steel company with a steel-making capacity of 28 MTPA in India & USA, including capacities under joint control & new capacity to be commissioned at Dolvi during this year. Shares of JSW Steel fell 1.74% to Rs 673.45 on Thursday. The stock hit a high of Rs 695.85 and a low of Rs 655.05 during the day.
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