Q2 FY24 earnings calls.

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%. Record bookings of $3.96 billion were driven by a mega deal with Verizon Bus

HDFC Bank reported a strong Q2 FY24, its first post-merger with HDFC Ltd. Net profit surged 50% YoY to ₹15,976 crore, driven by robust deposit and loan growth. Deposits grew 5.3% sequentially (₹1.1 lakh crore), with 83%

HDFC Life reported a mixed H1 FY24 with individual WRP growth of 10% and PAT of INR 792 crore (+15% YoY). New business margin was 26.2% with VNB of INR 1,411 crore (+10% YoY). Growth was driven by strong protection (+46%

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. PAT grew 47% YoY to INR 1,054 crore. The premium journey is

HFCL's Q2 FY24 revenue declined 6.2% YoY to ₹1,100.5 crore, with EBITDA margin contracting 141 bps to 13.47% due to a sharp drop in product revenue (down ~29% YoY) from inventory buildup at telcos and delayed US BEAD fun

Hindalco's Q2 FY24 consolidated revenue was INR 54,169 crore, up 2% QoQ, with consolidated EBITDA flat at INR 6,096 crore. PAT declined 11% QoQ to INR 2,196 crore. The quarter was driven by a strong recovery at Novelis (

HUL crossed INR 15,000 crore quarterly turnover for the first time, with underlying sales growth of 4% and UVG of 2.5%. EBITDA margin improved 130 bps to 24.6%, driven by gross margin recovery to pre-inflation levels of

Hindustan Zinc reported Q2 FY24 revenue of ₹6,791 crore (down 19% YoY) and EBITDA of ₹3,122 crore (down 29% YoY), impacted by lower zinc LME prices and scheduled maintenance shutdowns. PAT fell 35% YoY to ₹1,729 crore. C

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. Core operating profit rose 21.7% YoY to INR 143.14 billion, whil

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. Electricity volumes grew 17% YoY, while

IRCTC reported a strong Q2 FY24 with revenue of INR 995.6 crore (+23.5% YoY) and PAT of INR 294.7 crore (+30.4% YoY), the highest ever. Growth was driven by catering (+29% YoY) and tourism (+63% YoY), while internet tick

Indus Towers reported a mixed Q2 FY24. Revenue declined 10.5% YoY to INR 71.3 billion due to deferred revenue recognition in the base quarter, but adjusted revenue grew 3.5% YoY. EBITDA surged 22.9% YoY to INR 34.6 billi

IndusInd Bank delivered a solid Q2 FY24 with PAT of ₹2,202 crore (+22% YoY) and NIM steady at 4.29%. Loan growth was robust at 21% YoY, led by retail (25% YoY), while retail deposits grew 21% YoY, improving the LCR depos

Infosys reported Q2 FY24 revenue growth of 2.5% YoY in constant currency, with operating margin at 21.2%, up 40 bps sequentially. Large deal TCV hit a record $7.7 billion, with 48% net new, including four mega deals. How

IndiGo reported a net profit of INR 190 crore for Q2 FY24, its first profit in a seasonally weak Q2 in five years. EBITDA stood at INR 2,450 crore with a margin of 16%. Revenue grew 21% YoY driven by a 33% increase in pa

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 12,436. Performance was driven by robust domes

Kalyan Jewellers reported a strong Q2 FY24 with consolidated revenue of ₹4,415 crore (+27% YoY) and PAT of ₹135 crore (+27% YoY). India business grew 32% in both revenue and PAT, driven by robust same-store sales growth

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. However, NIM compressed more than expected to 5.22% due to higher liquid

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-time gain from Hyderabad Metro TOD monetiz

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. Auto EBIT margins expanded 200 bps to 7.9% (excluding a

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 80% YoY). The company gained 120 bps market

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. Standalone gross generation rose to 179 BU in H1, with coal PLF at 76.62% vs national

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. Consolidated PAT surged 142.36% YoY to INR 16,553 crore, driven by strong p

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 assets and higher tariff realization. The compa

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. Consumer businesses (Jio and Retail) posted robust growth, with Jio

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. Individual APE grew 17% to INR 71.4B, aided by

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. Operating profit fell 8% YoY to INR 19,407 crore, impacted by a INR 3,417 crore additional

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). EBITDA margin contracted 90bps YoY to 26.1

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-branded business. India beverages grew 8%

Tata Motors reported a strong Q2 FY24 with consolidated revenue of INR 105,000 crore and EBITDA margin of 13.7%. JLR delivered record Q2 revenue of GBP 6.9 billion and H1 EBIT of 8%, leading to an upgraded FY24 EBIT guid

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 110 million. India standalone EBITDA was IN

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. Net profit stood at INR 11,342 crore. Deal wins remained s

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. Large deal TCV was $640 million, improving

Federal Bank reported a strong Q2 FY24 with broad-based growth and the highest-ever net profit. NII grew 7% sequentially, credit grew 5%, and fee income reached INR 660 crore, driven by the 'lender to banker' strategy. N

IHCL reported its best-ever Q2 with consolidated revenue of INR 1,481 crore (+18% YoY), EBITDA of INR 402 crore (+26% YoY), and PAT of INR 167 crore (+37% YoY). Standalone EBITDA margin expanded 410 bps to 34.7%. Growth

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%. The quarter benefited from formalization tailwinds, mark

UltraTech Cement reported strong domestic volume growth of 15% YoY in Q2 FY24, despite erratic monsoons, with overall growth including international at 16%. The company maintained a 75% capacity utilization on 132 MTPA b

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 India and gross margin expansion of 222bps to

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. Despite strong large deal bookings of $1.3 billion (up 79% Yo