Q2 Results Updates: Union Bank Net Profit Rose 34%; Bajaj Housing Finance Revenue Rises 26%

• Total income fell 48.1% at Rs 1,117 crore versus Rs 2,153 crore.

• Net profit falls 56.6% at Rs 843 crore versus Rs 1,940 crore.

Balu Forge Industries Q2 Highlights (Consolidated, YoY)

• Revenue up 60.1% to Rs 222.88 crore versus Rs 139.22 crore.

• Net profit doubles to Rs 48.14 crore versus Rs 23.27 crore.

• Ebitda rises to Rs 65.22 crore versus Rs 30.12 crore.

• Margin at 29.3% versus 21.6%.

Union Bank of India Q2 Highlights (Consolidated, YoY)

• NII fell 0.9% at Rs 9,047 crore versus Rs 9,126 crore (YoY).

• Net profit rose 34% at Rs 4,720 crore versus Rs 3,511 crore (YoY).

• Gross NPA at 4.36% versus 4.54% (QoQ).

• Net NPA at 0.98% versus 0.90% (QoQ).

Bhansali Engineering Polymers Q2 Highlights (Consolidated, YoY)

• Revenue up 16.8% to Rs 366.91 crore versus Rs 314.24 crore.

• Net profit down 4% to Rs 46.33 crore versus Rs 48.22 crore.

• Ebitda down 8% to Rs 53.03 crore versus Rs 57.54 crore.

• Margin at 14.5% versus 18.3%.

Supreme Petrochem Q2 Highlights (Consolidated, YoY)

• Revenue up 17.8% to Rs 1,505.56 crore versus Rs 1,277.67 crore.

• Net profit up 16% to Rs 90.34 crore versus Rs 78.06 crore.

• Ebitda up 18% to Rs 125.25 crore versus Rs 106.27 crore.

• Margin at 8.3% versus 8.3%.

360 One WAM Q2 Highlights (Consolidated, YoY)

• Total Income rose 43% at Rs 890 crore versus Rs 623 crore.

• Net profit rose 32% at Rs 245 crore vs Rs 186 crore.

Jana Small Finance Bank Q2 Highlights

• NII rose 13% at Rs 594 crore Vs Rs 526 crore (YoY).

• Net profit falls 21.3% at Rs 96.7 crore versus Rs 123 crore (YoY).

• Gross NPA at 2.97% vs 2.62% (QoQ).

• Net NPA flat at 0.99% (QoQ).

Cyient DLM Q2 Highlights (Consolidated, YoY)

• Revenue up 33.4% to Rs 389.45 crore versus Rs 291.84 crore.

• Net Profit up 5% to Rs 15.45 crore versus Rs 14.65 crore.

• Ebitda up 34% to Rs 31.63 crore versus Rs 23.54 crore.

• Margin up 5 bps at 8.11% vs 8.05%.

Bajaj Housing Finance Q2 Highlights (Consolidated, YoY)

• Revenue from operations rose 26% at Rs 2,410 crore vs Rs 1,911 crore.

• Net profit rose 21% at Rs 546 crore vs Rs 451 crore.

HFCL Q2 Highlights (Consolidated, YoY)

• Revenue down 1.6% to Rs 1,093.61 crore versus Rs 1,111.49 crore.

• Net profit up 5% to Rs 73.33 crore versus Rs 70.17 crore.

• Ebitda up 19% to Rs 158.22 crore versus Rs 132.58 crore.

• Margin at 14.5% versus 11.9%

Mahindra Logistics Q2 Highlights (Consolidated, YoY)

• Revenue up 11.5% to Rs 1,521.10 crore versus Rs 1,364.76 crore.

• Net loss narrows to Rs 10.75 crore versus loss of Rs 15.93 crore.

• Ebitda up 24% to Rs 66.38 crore versus Rs 53.57 crore.

• Margin at 4.4% versus 3.9%.

In Gurgaon, one of its projects is currently in design and approval phase and is expected to launch project in the first half of financial year 2026.

Rajratan Global Wire Q2 Highlights (Consolidated, YoY)

• Revenue up 14.5% to Rs 245.33 crore versus Rs 214.34 crore.

• Net profit down 2% to Rs 19.05 crore versus Rs 19.48 crore.

• Ebitda up 12% to Rs 37.89 crore versus Rs 33.92 crore.

• Margin at 15.4% versus 15.8%

Discussing its Rs 6,000 crore fundraise, Oberoi Realty said the funds will be used for expansion and buying new properties to accelerate growth. The company is also looking to deploy fundraise proceeds in next four to five months.

Source: Conference call

Oberoi Realty continues to see strong leasing activity across commercial towers the company said in a concall on Monday.

It also added that it has received OC for Enigma project at Mulund.

The real estate firm is planning to launch Sky City Mall by Mid December- January.

In the 360 West project there was a lag due to partner selling his inventory stock.

The shares of Cyient DLM closed higher on Monday. The shares rose as much as 4.46% during the day to Rs 721.90 apiece on the NSE. The stock closed 1.11% higher at Rs 698.70 per share. This compares with a 0.28% decline in the benchmark Nifty 50. It has risen 5.44% in the last 12 months and 3.43% year-to-date.

Out of eight analysts tracking the company, seven maintain a 'buy' rating, and one suggests 'sell,' according to Bloomberg data. The average 12-month consensus price target implies an upside of 25.4%.

The shares of 360 One WAM closed higher on Monday. The shares rose as much as 4.65% during the day to Rs 1,119 apiece on the NSE. The stock closed 3.33% higher at Rs 1,104.85 per share. This compares with a 0.28% decline in the benchmark Nifty 50. It has risen 107.37% in the last 12 months and 57.20% year-to-date.

Out of 12 analysts tracking the company, eight maintains a 'buy' rating, two maintain 'hold' rating and two suggest 'sell,' according to Bloomberg data. The average 12-month consensus price target implies an upside of 5.3%.

The shares of Bajaj Housing Finance closed lower on Monday. The shares fell as much as 2.37% during the day to Rs 136.03 apiece on the NSE. The stock closed 1.97% lower at Rs 136.58 per share. This compares with a 0.28% decline in the benchmark Nifty 50. It has fallen since its listing.

Out of three analysts tracking the company, one maintains a 'buy' rating and two suggest 'sell,' according to Bloomberg data. The average 12-month consensus price target implies a downside of 0.9%.

City Union Bank Q2 Highlights

• Net profit up 1.42% at Rs 285 crore versus Rs 281 crore (YoY).

• NII up 8% at Rs 582 crore versus Rs 538 crore (YoY).

• Gross NPA at 3.54% vs 3.88% (QoQ).

• Net NPA at 1.62% vs 1.87% (QoQ).

D.B. Corps advertising revenue for the quarter ended September stood at Rs 401.4 crore as against Rs 430.1 crore, due to high base of last year.

The circulation revenue for the second quarter stood at Rs 117.5 crore as against Rs 120.5 crore in the previous year.

Gravita India Q2 Highlights (Consolidated, YoY)

• Revenue up 10.9% to Rs 927.42 crore versus Rs 836.18 crore.

• Net profit up 22% to Rs 71.92 crore versus Rs 58.84 crore.

• Ebitda down 13% to Rs 63.49 crore versus Rs 72.61 crore.

• Margin at 6.8% versus 8.7%

D.B. Corp Q2 Highlights (Consolidated, YoY)

• Revenue down 4.6% to Rs 558.95 crore versus Rs 586.04 crore.

• Net Profit down 18% to Rs 82.57 crore versus Rs 100.26 crore.

• Ebitda down 20% to Rs 120.66 crore versus Rs 151.57 crore.

• Margin at 21.6% versus 25.9%.

The shares of CG Power fell on Monday. The shares fell as much as 6.86% during the day to Rs 762.85 apiece on the NSE. The stock was trading 6.29% lower at Rs 767.45 per share as of 3:07 p.m. This compares with a 0.28% decline in the benchmark Nifty 50. It has risen 99.86% in the last 12 months and 72.82% year-to-date.

Out of eight analysts tracking the company, five maintain a 'buy' rating and three suggest 'sell,' according to Bloomberg data. The average 12-month consensus price target implies a downside of 10%.

CG Power and Industrial Systems' board has approved a Rs 3,500 fund raise. The company will be raising funds by the issuance of equity shares having a face value of Rs 2 each.

Swaraj Engines Q2 Highlights (Consolidated, YoY)

• Net profit up 20.6% at Rs 45.4 crore versus Rs 37.7 crore.

• Revenue up 19.4% at Rs 464 crore versus Rs 389 crore.

• Ebitda up 20.5% at Rs 62.8 crore versus Rs 52.1 crore.

• Ebitda margin at 13.5% versus 13.4%

CG Power Q2 Highlights (Consolidated, YoY)

• Revenue up 21% at Rs 2,413 crore versus Rs 2,001 crore

• Ebitda down 4% at Rs 295 crore versus Rs 308 crore

• Ebitda margin at 12.2% versus 15.4%.

• Net profit down 9% at Rs 220 crore versus Rs 242 crore.

The assets under management of Bajaj Housing Finance Ltd. jumped 26% year-on-year to cross the Rs 1-lakh-crore mark in the quarter ended September 2024, as per the provisional data shared by the company on Thursday.

The AUM at the end of the second quarter of this fiscal stood at Rs 1.02 lakh crore, as compared to Rs 81,215 crore as of Sept. 30, 2023.

In the June-September period of this year, the AUM grew by approximately Rs 5,480 crore, Bajaj Housing Finance said in an exchange filing. This is in line with the previous two quarters' growth, it added.

The company's loan assets stood at around Rs 89,860 crore at the end of the September quarter, marking a jump of 26.6% from Rs 70,954 crore in the year-ago period.

Read more here.

• Net profit at Rs 8 crore versus loss of Rs 17 crore. 

• Revenue down 18% at Rs 347 crore versus Rs 425 crore.

• Ebitda up 64% at Rs 62 crore versus Rs 38 crore. 

• Ebitda margin at 17.7% versus 8.8%.

UltraTech Cement Ltd.'s consolidated net profit fell in the second quarter of the current financial year, missing analysts' estimates as the company was impacted by weak cement pricing and subdued demand in the monsoon season.

The cement manufacturer's bottom-line stood at Rs 825 crore in the quarter ended Sept. 30, 2024, compared to Rs 1,280 crore clocked in the year-ago period, according to an exchange filing on Monday. Analysts tracked by Bloomberg had a consensus estimate of Rs 1,039.24 crore.

UltraTech Q2 FY25 Earnings Highlights (Consolidated, YoY)

• Net profit down 35.5% at Rs 825 crore versus Rs 1,280 crore.

• Revenue down 2.4% at Rs 15,635 crore versus Rs 16,012 crore.

• Ebitda down 20.8% at Rs 2019 crore versus Rs 2551 crore.

• Ebitda margin down at 12.91% versus 15.93%.

Bajaj Housing Finance Ltd., India’s most valuable mortgage lender following its blockbuster trading debut Monday, sees competition in the housing market easing as larger banks retreat from retail segments and switch focus to corporate credit, where demand is picking up.

Sanjiv Bajaj, chairman of the home-loan unit of India’s largest shadow lender and part of one of the country’s oldest conglomerates, said banks have focused on retail business in recent years, given softer demand from corporate borrowers and this has made housing finance “a very competitive market at this point of time”.

Read more here.

For Bajaj Housing Finance, it will be the first time that the company will be declaring its quarterly results after listing on the bourses on September 16.

In its provisional data filed with the stock exchanges on October 3, Bajaj Housing Finance stated that its assets under management have jumped 26% year-on-year to Rs 1.02 lakh crore in the quarter ended September 2024.

The AUM grew by approximately Rs 5,480 crore during this period, Bajaj Housing Finance had said in an exchange filing.

UltraTech Cement's consolidated net profit remained little changed in the first quarter of the current financial year, missing analysts' estimates.

The cement manufacturer's bottom line stood at Rs 1,695.22 crore in the quarter ended June, compared to Rs 1,690.22 crore clocked in the year-ago period, according to an exchange filing on Friday. Analysts tracked by Bloomberg had a consensus estimate of Rs 1,820.2 crore.

UltraTech Cement's consolidated sales volumes were 7% higher on a year-on-year basis at 31.95 million tonnes.

Majority of the growth was from cement exports that grew 69%, while grey cement domestic sales saw a 6% uptick.

The company's sales realisation declined by 5.7% and 2.4% on an annual and sequential basis, respectively. Operating Ebitda per million tonne stood Rs 69 lower at Rs 965.

Read more here.

Indian cement prices fell for nine consecutive months from November 2023 to July 2024, prompting the industry to raise prices by Rs 10 to 20 per bag between August and September 2024, as per Motilal Oswal.

However, the industry only maintained a partial increase of Rs 5 to 6 per bag across all regions. As a result, all-India average cement prices declined by 7% annually and 1% sequentially in the quarter ended September 2024.

This weak pricing environment could harm UltraTech's gray realizations sequentially by 2.4%, according to Nuvama. Lower sales realisations could lead to the company's Ebitda per tonne falling to Rs 876 compared to Rs 956 a year ago, stated the brokerage.

Citi expects an even greater drop in Ebitda per tonne to Rs 764, marking an 18% year-on-year fall. Motilal Oswal expects the company's Ebitda to decline 15% year-on-year.

Cement manufacturers are predicted to have had a seasonally weak quarter. In the case of UltraTech Cement, the decrease in revenues and net profits is mostly attributable to a difficult pricing environment and dampened demand caused by the monsoon season.

The Aditya Birla Group's cement manufacturer is expected to post a decline in net revenue by 1.88% to Rs 15,711.18 crore and an operating profit decline of 9.3% to Rs 2,314.2 crore YoY. Margins may expand 670 basis points to 14.7% versus 8% and the net profit may fall 18.9% to Rs 1,039.24 crore.

JPMorgan initiated coverage on the cement sector on Monday and UltraTech Cement received an 'overweight' rating and a target price of Rs 13,750, implying an upside of 24%. The brokerage prefers UltraTech Cement as it delivers better Ebitda per tonne.

Newly listed Bajaj Housing Finance will be announcing its earnings for the first time post listing. And asset and wealth management company, 360 One Wam, will also be posting its earnings. Analysts estimate the company to post a revenue of Rs 602.8 crore and an operating profit of Rs 359.2 crore.

Motor and generator manufacturing company, CG Power and Industrial Solutions, is estimated to have made Rs 2,329.5 crore in revenue and operating profit of Rs 342.2 crore. Margins are expected to be up 14.70% at Rs 258.5 crore.

Mahindra Logistics is estimated to post a 5% uptick in margins for the second quarter of the fiscal, according to Bloomberg analysts.

UltraTech Cement Ltd. is expected to post weak second-quarter results. The weak pricing environment and muted demand due to the monsoon season are the key drivers for the expected downtick in revenues and net profits.

Net profit of the Aditya Birla Group's cement manufacturer may fall over 18% year-on-year to Rs 1,039.24 crore in the July–September quarter, according to consensus estimates of analysts tracked by Bloomberg.

UltraTech Q2 Results: Bloomberg Estimates (Consolidated, YoY)

• Revenues may fall 1.88% to Rs 15,711.18 crore.

• Ebitda may fall 9.3% to Rs 2,314.22 crore.

• Margins may expand 670 basis points to 14.7% versus 8%.

• Net profit may fall 18.9% to Rs 1,039.24 crore.

Read more here.

• Net Profit down 23.7% at Rs 151 crore versus Rs 198 crore

• Revenue down 20.9% at Rs 163 crore versus Rs 206 crore.

• Ebitda down 19.8% At Rs 161 crore versus Rs 200 crore.

• Margin at 98.6% versus 97.3%.

UltraTech Cement Ltd., Bajaj Housing Finance Ltd., 360 One Wam Ltd. and CG Power and Industrial Solutions Ltd. are in focus on Monday as they announce their earnings for the September quarter.

Other notable names announcing their Q2 results on Monday include Cyient DLM Ltd., Route Mobile Ltd., City Union Bank Ltd., Union Bank of India, Supreme Petrochem Ltd. and Swaraj Engines Ltd.

UltraTech Cement, a Aditya Birla Group's cement manufacturer, is expected to post a decline in net revenue by 1.88% to Rs 15,711.18 crore and an operating profit decline of 9.3% to Rs 2,314.2 crore YoY.

Newly listed Bajaj Housing Finance will also be announcing its earnings for the first time post-listing.