Q2 FY24 Earnings Season

Varun Beverages delivered a strong Q2 CY2024 with consolidated revenue of ₹7,197 crore (+28.3% YoY) and EBITDA of ₹1,991 crore (+31.8% YoY), driven by 22.9% volume growth in Ind...

ABB India delivered a strong Q2 CY2024 with 13% YoY revenue growth to INR 2,800 crore and order inflow up 13% to INR 3,400 crore.

Coal India reported a solid H1 FY24 with production up 12% YoY and offtake up 9% YoY, driven by robust power demand (33% growth in October).

Sun Pharma reported Q2 FY24 consolidated revenue of INR 12,003 crore, up 11% YoY, driven by India formulations (11.1% growth) and global specialty sales (19.3% growth to $240M).

Apollo Hospitals reported a robust Q2 FY24 with consolidated revenue of INR 4,847 crore (+14% YoY) and EBITDA of INR 628 crore (+11% YoY).

Kalyan Jewellers reported a strong Q2 FY24 with consolidated revenue of ₹4,415 crore (+27% YoY) and PAT of ₹135 crore (+27% YoY).

AIA Engineering reported Q2 FY24 revenue of INR 1,273 crore and EBITDA of INR 444 crore (34.32% margin), driven by favorable product mix, lower raw material costs, and rupee dep...

Ajanta Pharma delivered a solid Q2 FY24 with consolidated revenue of INR 1,028 crore (+10% YoY) and EBITDA of INR 291 crore (+48% YoY), driven by strong US generics growth (+28%...

Biocon's Q2 FY24 consolidated revenue from operations grew 49% YoY to INR 3,462 crore, driven by biosimilars revenue nearly doubling post-Viatris acquisition.

Eicher Motors reported a stellar Q2 FY24 with consolidated revenue of ₹4,115 crore (up 17% YoY), EBITDA of ₹1,087 crore (up 32% YoY), and PAT of ₹1,016 crore (up 55% YoY), all r...

ONGC reported a standalone PAT of INR 10,216 crore for Q2 FY24, down 20.3% YoY due to lower crude realizations and higher operating expenditure.

Ashok Leyland reported a strong Q2 FY24 with EBITDA margin of 11.2%, driven by robust MHCV volumes, market share gains (31.9% in Q2 vs 31.2% in Q1), and a 95% YoY growth in bus...

Aurobindo Pharma delivered a strong Q2 FY24 with revenue of INR 7,219 crore (+25.8% YoY), EBITDA of INR 1,403 crore (+67.7% YoY), and PAT of INR 752 crore (+83.6% YoY).

Alkem delivered a strong Q2 with 12% YoY revenue growth and EBITDA margin of 21.7%, well above the full-year guidance of ~16.5%.

SBI reported Q2 FY24 PAT of INR 14,330 crore (+8% YoY), with domestic NIM at 3.43% (down 12bps YoY) due to higher deposit costs.

Tata Motors reported a strong Q2 FY24 with consolidated revenue of INR 105,000 crore and EBITDA margin of 13.7%.

Hero MotoCorp reported Q2 FY24 revenue of INR 9,445 crore and EBITDA margin of 14.1%, up 260 bps YoY, driven by commodity cost recovery and operating leverage.

BPCL reported a stellar Q2 FY24 with PAT of ₹8,501 crore, driven by robust refining margins (GRM of $18.49/bbl) and strong marketing performance.

Grasim's Q2 FY24 consolidated revenue grew 10% YoY to INR 30,221 crore, with EBITDA up 14% to INR 4,509 crore, driven by cement and financial services.

PowerGrid reported a steady Q2 FY24 with consolidated revenue of INR 11,530 crore (up ~1.6% YoY) and PAT of INR 3,781 crore (up ~3.6% YoY), driven by regulated transmission asse...

Adani Enterprises reported a strong H1 FY24 with consolidated total income of INR 48,876 crore and EBITDA up 43% YoY to INR 5,874 crore, driven by incubating businesses contribu...

Adani Green Energy reported a strong H1 FY2024 with revenue from power supply up 66% YoY to INR 4,029 crore and EBITDA up 58% to INR 3,775 crore, driven by a 78% increase in ene...

Adani Ports delivered its strongest ever half-yearly result, with H1 FY24 operating revenue of INR 12,894 crore (+26% YoY) and EBITDA of INR 7,429 crore (+49% YoY), driven by re...

Asian Paints reported a muted Q2 FY24 with decorative paint volume growth of 6% YoY but value growth flat, impacted by weak consumer sentiment and erratic monsoons.

Berger Paints reported a moderate Q2 FY24 with standalone revenue growth of 2.8% YoY to ₹2,439.84 crore, impacted by extended monsoons and delayed festive season.

Bharti Airtel reported consolidated revenues of approximately INR 37,000 crore for Q2 FY24, impacted by currency devaluation in Africa.

Britannia reported Q2 FY24 revenue of ₹4,370 crore, flat YoY, with volume growth of just 20 bps.

Canara Bank reported a strong Q2 FY24 with net profit surging 42.81% YoY to INR 3,606 crore, driven by 19.76% YoY NII growth and improved asset quality.

Dabur's Q2 FY24 consolidated revenue grew 7.3% YoY to INR 3,204 crore, with constant currency growth of 10.4%.

DLF delivered a strong Q2 FY24 with consolidated revenue of INR 1,476 crore, EBITDA up 19% YoY to INR 591 crore, and PAT up 29% YoY to INR 629 crore.

Hindalco's Q2 FY24 consolidated revenue was INR 54,169 crore, up 2% QoQ, with consolidated EBITDA flat at INR 6,096 crore.

NTPC reported a strong Q2 FY24 with PAT of INR 3,885 crore, up 16.6% YoY, driven by higher generation and improved coal availability.

Tata Consumer delivered a strong Q2 with 11% revenue growth to INR 3,734 crore and 30% EBITDA growth, with margin expansion of 220 bps driven by international turnaround and non...

Apar Industries delivered a strong Q2 FY24 with consolidated revenue of INR 3,926 crore (+21% YoY), EBITDA of INR 374 crore (+58% YoY), and PAT of INR 174 crore (+69% YoY).

Divis Laboratories reported Q2 FY24 consolidated PAT of INR 348 crore on total income of INR 1,995 crore, with export share at 87%.

Aditya Birla Capital delivered a strong Q2 FY24 with consolidated revenue up 22% YoY to INR 8,831 crore and PAT up 44% YoY to INR 705 crore.

ABFRL reported Q2 FY24 consolidated revenue of INR 3,226 crore (+5% YoY) and EBITDA of INR 369 crore (11.4% margin).

Bajaj Finserv delivered a strong Q2 FY24 with consolidated revenue up 25% YoY to INR 26,023 crore and PAT up 24% YoY to INR 1,929 crore.

Bosch Limited reported Q2 FY24 revenue of INR 4,130 crore, up 12.8% YoY, driven by 11.7% growth in Mobility Solutions and 9.9% in Beyond Mobility.

Cipla delivered a record quarter with revenue of ₹6,678 crore (+15% YoY) and EBITDA margin of 26%, driven by double-digit growth across India (+10%), North America (+28% to $229...

Coromandel reported Q2 FY24 consolidated revenue of INR 7,033 crore, down ~31% YoY due to lower subsidy rates, but EBITDA remained flat at INR 1,059 crore and PAT grew 2% to INR...

Maruti Suzuki reported a strong Q2 FY24 with record quarterly sales volume of 552,055 units, net sales of INR 35,535 crore (up 24.5% YoY), and net profit of INR 3,716 crore (up...

Reliance Industries delivered a record consolidated EBITDA of INR 45,000 crore in Q2 FY24, up 30% YoY, driven by strong performance across all segments.

SBI Life delivered a strong H1 FY24 with PAT up 19% YoY to INR 7.6B, driven by 24% growth in new business premium to INR 162.6B and private market leadership at 24.7% share.

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Tata Steel's Q2 FY24 consolidated EBITDA of INR 4,315 crore (8% margin) was dragged by deep losses in Europe, with UK EBITDA loss of GBP 132 million and Netherlands loss of EUR...

Titan delivered a strong Q2 FY24, driven by jewellery segment growth of 27% in consumer price terms, with Tanishq like-for-like growth at 22% and CaratLane at 10%.

Tech Mahindra reported Q2 FY24 revenue of INR 12,864 crore, down 2.2% QoQ, with EBIT margin at 4.7% (down 200bps QoQ) due to revenue decline and business rationalization costs.

M&M reported a strong operating performance in Q2 FY24, with standalone revenue up 17% YoY and PAT up 67% YoY, driven by robust auto demand and market share gains.

ICICI Bank delivered a strong Q2 FY24 with PAT growing 35.8% YoY to INR 102.61 billion, driven by robust loan growth of 18.3% YoY and stable asset quality.

Astral delivered a strong Q2 FY24 with consolidated revenue growth of 16.3% YoY and EBITDA margin expansion to 17.1% (up 390 bps YoY), driven by 28% volume growth in the core pi...

AU Small Finance Bank reported Q2 FY24 PAT of INR 402 crore, up 17% YoY, driven by strong fee income growth from insurance and credit cards.

Bandhan Bank reported a strong Q2 FY24 with PAT surging 245% YoY to INR 721 crore, driven by improved collection efficiency and lower credit costs.

CDSL reported a strong Q2 FY24 with consolidated total income of INR 230 crore (+35% YoY) and net profit of INR 109 crore (+35% YoY), driven by robust Demat account additions (8...

HUL crossed INR 15,000 crore quarterly turnover for the first time, with underlying sales growth of 4% and UVG of 2.5%.

IEX reported consolidated revenue of INR 133 crore (up 16.9% YoY) and PAT of INR 86.5 crore (up 21.5% YoY) for Q2 FY24, driven by a 15% increase in total traded volumes to 26.5 BU.

JSW Steel reported a strong Q2 FY24 with consolidated revenue of INR 44,584 crore and EBITDA of INR 7,886 crore, yielding an EBITDA margin of 17.7% and EBITDA per ton of INR 12,...

Kotak Mahindra Bank reported a 24% YoY rise in consolidated PAT to ₹4,461 crore for Q2 FY24, driven by strong loan growth (21% YoY) and fee income.

Bajaj Auto delivered a record quarter with revenue of ₹10,777 crore (up 6% YoY), EBITDA of ₹2,133 crore (up 21% YoY), and PAT of ₹1,836 crore.

UltraTech Cement reported strong domestic volume growth of 15% YoY in Q2 FY24, despite erratic monsoons, with overall growth including international at 16%.

Bajaj Finance reported a strong Q2 FY24 with PAT of ₹3,551 crore, up 28% YoY, driven by robust AUM growth of 33% to ₹290,664 crore and disciplined cost management.

Coforge delivered a strong Q2 FY24 with revenue growth of 16.2% YoY in CC terms and an adjusted EBITDA margin of 17.6%, expanding 160 bps sequentially.

L&T reported a robust Q2 FY24 with group revenue of ₹51,000 crore (+19% YoY) and PAT of ₹3,200 crore (+45% YoY), driven by strong execution in projects & manufacturing and a one...

Axis Bank delivered a strong Q2 FY24 with PAT of INR 5,864 crore (+10% YoY) driven by robust core operating profit growth of 19% YoY in H1.

HDFC Bank reported a strong Q2 FY24, its first post-merger with HDFC Ltd.

HCLTech delivered a strong Q2 FY24 with services revenue growing 1.6% QoQ in constant currency and EBIT margins improving 154 bps QoQ to 18.5%.

Infosys reported Q2 FY24 revenue growth of 2.5% YoY in constant currency, with operating margin at 21.2%, up 40 bps sequentially.

TCS reported Q2 FY24 revenue of INR 59,692 crore (+7.9% YoY) and operating margin of 24.3% (+110 bps QoQ), driven by disciplined execution and cost optimization.

Wipro's Q2 FY24 results reflect a challenging demand environment with IT services revenue declining 2% QoQ in constant currency, at the lower end of guidance.