KEY HIGHLIGHTS
Crisil's Overall Ratings Business Grew 29.6%
Overall Ratings business grew 29.6% year-on-year in the third quarter.
Global Research and Risk Solutions saw impact of curtailed discretionary spending by global clients in the quarter ended September. The business saw momentum in buy side offerings and credit lending solutions for banks.
Global Benchmarking Analytics continues to focus on deepening client relationships and building new benchmarking offerings.
Crisil Bond Issuance Grew 80% In Q3
Bond issuances grew by 80% year-on-year in third quarter of 2024, on a low base of the previous year, driven by banks and NBFCs. However, over the nine months ending Sept. 30, issuances saw a 10% year-on-year increase due to a decline in the first half of the year.
As of August 2024, bank credit growth increased by 13.6% on-year, supported by retail and services sectors, while large industry credit grew at 7.7%.
Geopolitical Uncertainties Remain A Risk, Says Crisil CEO
"Global growth patterns are diverging, with the U.S. slowing, the Eurozone recovering, and India displaying robust GDP growth. Geopolitical uncertainties remain a risk. Our businesses have demonstrated resilience, 'focusing on developing core capabilities through our domain-led IP and digital initiatives, and remain committed to creating long-term value for our stakeholders," said Amish Mehta, Managing Director and CEO, CRISIL Ltd.
Source: Press Release
Interglobe Aviation To Announce Results On Oct. 25
Interglobe Aviation is all set announce its second quarter earnings on Oct. 25, the company said on Wednesday.
Bajaj Auto's Chetaks Market Share Rises To 21% In September Quarter
Chetak’s market share has grown from 11% in the first quarter of this fiscal to 21% as of quarter ended September due to more affordable models.
Bajaj Auto has leveraged its entire motorcycle network to push Chetak electric scooters across India.
A new Chetak platform is in the works that will go on stream next year.
This can make Chetak breakeven on Ebitda basis by end of this fiscal.
Chetak is not adding to the company’s EBITDA at the moment, it’s still loss-making.
The E3W is offsetting the loss incurred in the Chetak portfolio.
Source: Bajaj Auto earnings call
Bajaj Auto EV Business Achieves Breakeven In September Quarter
The entire EV business that includes the two-wheelers and three-wheelers has achieved breakeven in the second quarter of financial year 2025.
Source: Bajaj Auto earnings call
Bajaj Auto Sees Green Shoots Of Revival In Nigeria
Green shoots of a revival in Nigeria and, therefore, Africa.
Pulsar brand clocks a record 110,000 units in internationally.
Source: Bajaj Auto earnings call
Bajaj Auto Clocked 1 Lakh Green Vehicles In September
Bajaj Auto clocked 1 lakh green vehicles—CNG and EV—in September.
Bajaj Auto clocked 1 lakh EVs in July-September quarter.
Green vehicles—EV+CNG—now 40% domestic quarterly volumes.
Source: Bajaj Auto earnings call
Bajaj Auto Cash Reserve At Rs 16,400
Cash reserves stood at Rs 16,400 crore as on Sept. 30, 2024.
That’s after Rs 2,200 crore in dividends, Rs 1,200 crore in capex.
Source: Bajaj Auto earnings call
Crisil Net Profit Rises 13%
Total Income rose 7.9% to Rs 833 crore versus Rs 772 crore.
Net profit rose 12.9% to Rs 172 crore versus Rs 152 crore.
Bajaj Auto EBITDA Margins Maintained At 20%+
EBITDA margins maintained at 20%+ for four straight quarters despite the spending on the Chetak business.
PAT at a record-high of Rs 2,005 crore despite a one-time exceptional cost of Rs 211 crore due to tax changes.
Source: Bajaj Auto earnings call
Mphasis Expected To Report A Profit Of Rs 416 Crore
Mphasis is expected to report a top line of Rs 3,516 crore and a bottom line of Rs 416 crore. It is likely to post an EBIT of Rs 537 crore and an EBIT margin of 15.30%, according to Bloomberg estimates.
Mphasis Shares Close Lower
Mphasis share fell as much as 1.76% during the day to Rs 2,878.35 apiece on the NSE. The stock closed 0.63% lower at Rs 2,911.35 per share. This compares with a 0.34% decline in the benchmark Nifty 50. It has risen 23.39% in the last 12 months and 6.38% year-to-date.
Bajaj Auto Invests More Into Brazil Unit Amid Steady Sales For ‘Dominar’ Brand Of Motorcycles
To infuse an additional $10 million in Brazil unit in phased manner.
The Bajaj Brazil business is worth Rs 250 crore, clocking 9,000 units.
In June 2024, Bajaj Brazil commissioned its own manufacturing facility with annual capacity of 20,000 units.
Bajaj Brazil was incorporated on 31 March 2022.
Note: Bajaj Auto brands its ‘Pulsar’ range of motorcycles as ‘Dominar’ in Brazil.
Source: Exchange filing.
Bajaj Auto Clocks Highest-Ever Quarterly Revenue At Rs 13,127.47 Crore
Revenue up 21.8% to Rs 13,127.47 crore versus Rs 10,777.27 crore.
Net profit up 9% to Rs 2,005.04 crore versus Rs 1,836.14 crore.
Ebitda up 24% to Rs 2,652.18 crore versus Rs 2,132.85 crore.
Margin at 20.2% versus 19.8%.
L&T Tech Profit Rises 2%
Revenue up 4.5% to Rs 2,572.90 crore versus Rs 2,461.90 crore.
Net Profit up 2% to Rs 320 crore versus Rs 313.90 crore.
Ebit up 1% to Rs 387.70 crore versus Rs 383.60 crore.
Margin at 15.1% versus 15.6%.
L&T Tech Shares Close Higher
L&T Tech shares rose as much as 1.25% during the day to Rs 5,385 apiece on the NSE. The stock closed 0.72% higher at Rs 5,356.90 per share. This compares with a 0.34% decline in the benchmark Nifty 50. It has risen 14.21% in the last 12 months and 2.81% year-to-date.
Baja Auto Shares Close Higher
Bajaj Auto shares rose as much as 1.38% during the day to Rs 11,680 apiece on the NSE. The stock closed 0.83% higher at Rs 11,616.95 per share. This compares with a 0.34% decline in the benchmark Nifty 50. It has risen 128.83% in the last 12 months and 73.36% year-to-date.
Catch All Live Updates On Q2 Earnings At NDTV Profit
Q2 Results Live: Himadri Speciality Net Profit Jumps 35%
Himadri Speciality Q2 Highlights (Consolidated, YoY)
Net Profit up 34.7% at Rs 136 crore versus Rs 101 crore.
Revenue up 13.1% at Rs 1,137 crore versus Rs 1,005 crore.
Ebitda up 31.6% at Rs 208 crore versus Rs 158 crore.
Margin at 18.3% versus 15.7%.
Q2 Results Live: Strong Margins Expected For All Two Wheeler Players
TVS and Bajaj Auto are expected to be notable winners in quarter two with TVS reporting 14% volume growth while Bajaj Auto has seen 15% growth in sales. Margins for most players will come in strong this quarter.
Q2 Results Live: South Indian Bank Shares Surge As Net Profit Beats Estimates
South Indian Bank's share price gained for the fourth consecutive session as it reported a 18.2% year-on-year rise in its net profit to Rs 325 crore in the quarter ended September, beating Bloomberg's consensus analysts expectations of Rs 254.3 crore.
The lender's gross non-performing assets were a little lower at 4.4%, compared to 4.5% a quarter ago. Its net NPA came in at 1.3%, compared to 1.4% a quarter ago. Net interest income for the period rose 6% on the year to Rs 882 crore.
Other income for the period came in at Rs 449.47 crore, compared to Rs 355.77 crore in the corresponding quarter a year ago, according to the company's exchange filing. Operating margin for the quarter expanded to 19.62%, as against 18.55% a quarter ago and 18.53% in the year ago period.
The stock extended its gains for a fourth consecutive session, adding 5% in the rally.
South Indian Bank Share Price Today
On Wednesday, the stock rose sharply immediately after the results came out. It was up as much a 5.43% to Rs 25.25 apiece, the highest level since Sept. 26. It pared gains to trade 3.43% higher at Rs 24.74 apiece, as of 12:41 p.m. This compares to a 0.5% decline in the NSE Nifty 50.
The shares have risen 1% on a year-to-date basis and 11.2% in the last 12 months. Total traded volume so far in the day stood at 2.03 times its 30-day average. The relative strength index was at 55.39.
Out of six analysts tracking the company, four maintain a 'buy' rating and two recommend a 'hold', according to Bloomberg data. The average 12-month analysts' consensus price target implies an upside of 3.4%.
Nifty, Sensex Trade Near Day's Low: Midday Market Update
India's benchmark stock indices were trading near the day's low through midday on Wednesday, tracking the fall in global markets as equity benchmarks in Sydney, Tokyo and Seoul all fell. Losses in shares of Infosys Ltd. and Nestle India Ltd. weighed on the indices.
At 11:28 a.m., the Nifty 50 was trading 0.36% or 90.20 points lower at 24,967.15, and Sensex fell 0.36% or 292 points to 81,522.52.
After two weeks of high volatility, a bit of consolidation is not bad, according to Kush Bohra, founder of Kushbohra.com. "Nifty is not giving clear direction; as long as the support of 24,700-24,800 is respected, it is not too discouraging." The resistance, according to him, has been pegged at 25,200 for the Nifty.
On Bank Nifty, he is more positive for the last couple of days. But he believes a caution is warranted, recommending buying only after a pullback. For the near term, he sees support for Bank Nifty at 51,500 and resistance around 52,000-52,200.
Shares of Infosys Ltd., Nestle India Ltd., Mahindra & Mahindra Ltd., Trent Ltd., and ICICI Bank Ltd. were weighing on the Nifty.
While those of HDFC Bank Ltd., Bharti Airtel Ltd., HDFC Life Insurance Co Ltd., Grasim Industries Ltd., and Axis Bank Ltd. cushioned the fall.
Except for Nifty Finance, all sectoral indices fell. Nifty Media and Nifty Auto were the top losers.
The broader indices too fell with the BSE Midcap and Smallcap trading 0.37% and 0.27% lower, respectively, through midday on Wednesday.
Two of 20 sectoral indices on the BSE traded higher while 18 declined. BSE Auto fell the most.
Market breadth was skewed in favour of sellers. As many as 1,962 stocks fell, 1,771 advanced, and 142 remained unchanged on the BSE.
Q2 Results Live: Bajaj Auto Expected To Be Notable Winners In Two-Wheeler Segment
The two-wheeler companies are expected to continue their strong performance from the first quarter led by a continuation in sales growth and cost control. A higher share of premium bikes is another key reason aiding profitability.
TVS and Bajaj Auto are expected to be notable winners in quarter two with TVS reporting 14% volume growth while Bajaj Auto has seen 15% growth in sales. Margins for most players will come in strong this quarter.
There is a notable pickup in profitability, especially for TVS Motors. Bajaj has maintained their margins at 20% odd levels despite a lower share of exports.
EBITDA margins for Hero and Eicher are at maintainable levels and expect a better performance in the second half of the fiscal year for both these players.
Read more here.
Auto Q2 Earnings Preview: TVS, Bajaj, M&M Likely Winners
Second quarter earnings of the current financial year will show a divergent trend in the automobile space with two-wheeler companies expected to show strong growth for most players while M&M is expected to be a key winner within the passenger car segment.
The earnings to watch out for will however be Tata Motors, which is expected to see the biggest drag.
Meanwhile, recovery for commercial vehicle and tractor makers is expected to hit first gear.
Read more here.
Q2 Results Live: Here's Why CLSA Sees 40% Decline In Bajaj Auto Stock
Global brokerage house CLSA in its report has projected a 40% downside for Bajaj Auto, maintaining its "Underperform" rating on the stock with a target price of Rs 7,000 per share.
This cautious outlook is attributed to several factors impacting the company's performance and market positioning.
CLSA's assessment comes after the recent launch of two new motorcycles from Bajaj and Triumph, the Speed T4 and the MY25 Speed 400. These entry-level models are designed to compete in the premium motorcycle segment, particularly targeting the 350cc+ category dominated by Royal Enfield.
The Speed T4, priced at Rs 2.17 lakh, and the MY25 Speed 400, priced at Rs 2.40 lakh, are positioned as competitive offerings with segment-leading performance specifications.
Read more here.
Q2 Results Live: South Indian Bank Net Profit Jumps 18.2%
Net Profit up 18.2% at Rs 325 crore versus Rs 275 Cr (YoY).
Gross NPA at 4.4% versus 4.5% (QoQ).
Net NPA at 1.3% versus 1.4% (QoQ).
NII up 6% at Rs 882 crore versus Rs 831 crore (YoY).
Q2 Results Live: Aditya Birla Money Earnings Expectations And Key Highlights
Aditya Birla Money Ltd. will announce its earnings for the Sept. quarter on Wednesday.
In Q1FY25, the stockbroking services provider had posted revenue from operations at Rs 117.85 crore, marking a 50% YoY growth from Rs 78.45 crore in the year-ago period.
The company’s PAT had grown by over 74% in Q1FY25 to Rs 16.36 crore compared to Rs 9.43 crore in the corresponding period of last fiscal.
Q2 Results Live: L&T Tech Earnings Expectations And Key Highlights
Another major company announcing the quarterly results on Wednesday will be L&T Technology Services Ltd.
In the quarter ending June 30, 2024, the company's consolidated revenue from operations grew nearly 7% to Rs 2,461.9 crore, as against Rs 2,301.4 crore in the quarter ended June 30, 2023.
In Q1FY25, the company’s net profit grew by 0.57% to Rs 313.9 crore compared to Rs 312.1 crore in Q1FY24.
Q2 Results Live: Bajaj Auto Earnings Expectations And Key Highlights
Bajaj Auto, on Sept. 26, informed the exchanges that a meeting of its board of directors has been scheduled on Oct. 16 to consider the financial results for the second quarter and half year ending Sept. 30, 2024.
Bajaj Auto is expected to clock a 22% revenue growth and a 26% Ebitda growth. In comparison, its profit after tax is likely to increase by 20%, according to estimates by Bloomberg and other analysts.
In Q1FY25, the Bajaj Group company's consolidated total revenue from operations rose over 15% to Rs 11,932.07 crore compared to Rs 10,311.91 crore in the corresponding quarter of the preceding fiscal.
Its consolidated profit-after-tax for Q1FY25 jumped over 18% to Rs 1,941.79 crore from Rs 1,644.14 crore in Q1FY24.
Q2 Results Live: Earnings Estimates Of Bajaj Auto, L&T Tech And More
Bajaj Auto Ltd., L&T Technology Services, Crisil Ltd. and Mphasis Ltd. are among the top names that will announce their results on Wednesday for the second quarter of the current financial year.
Analyst estimates show that Bajaj Auto is likely to report a net profit of Rs 2,201 crore and revenue of Rs 13253 crore, according to Bloomberg estimates. It is likely to post an Ebitda of Rs 2,689 crore and an Ebitda margin of 20.3%.
L&T Technology Services is likely to clock a bottom line of Rs 333 crore and Rs 2570 crore in the top line, according to Bloomberg estimates. The company is likely to report earnings before interest, taxes, depreciation and amortisation at Rs 413 crore and Ebitda margin at 16.10%.
Crisil is estimated to report a profit of Rs 159 crore and a revenue of Rs 790 crore.
Mphasis is expected to report a top line of Rs 3,516 crore and a bottom line of Rs 416 crore. It is likely to post an Ebitda of Rs 537 crore and an Ebitda margin of 15.30%, according to Bloomberg estimates.
Q2 Results Live: Bajaj Auto, L&T Tech, Crisil To Report Earnings On Wednesday
Bajaj Auto Ltd., L&T Technology Services Ltd., Crisil Ltd. and Mphasis Ltd. are among the top names that will announce their results on Wednesday for the second quarter of the current financial year.
In addition, Accelya Solutions India Ltd., Aditya Forge Ltd., Citizen Infoline Ltd., Hi-Tech Winding Systems Ltd., Himadri Speciality Chemical Ltd., Mphasis Ltd., Nutraplus India Ltd., Pasari Spinning Mills Ltd., and Pondy Oxides & Chemicals Ltd. are also scheduled to release their second-quarter earnings today.
Rajnish Wellness Ltd., Sai Industries Ltd., Saptak Chem and Business Ltd., Shah Metacorp Ltd., South Indian Bank Ltd., Tips Music Ltd. and Vivid Mercantile Ltd. will also announce their second-quarter earnings.
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