Buzzing Stocks: Eicher Motors, HDFC Life, Biocon, ONGC, Coal India, Tata Chem, others in news

Eicher Motors: The Royal Enfield maker has registered its highest ever quarterly profit, revenue, and EBITDA for the quarter ended September FY24. Net profit increased by 55 percent YoY to Rs 1,016 crore in Q2 FY24, backed by healthy operating numbers. Revenue from operations grew by 17 percent YoY to Rs 4,115 crore, with Royal Enfield sales increasing by 13 percent YoY to 2.29 lakh units. EBITDA in Q2 FY24 jumped 32 percent to Rs 1,087 crore, with a margin expansion of 310 bps at 26.4 percent compared to the year-ago period.

Biocon: The biopharmaceuticals company has reported a massive 168 percent year-on-year surge in consolidated profit at Rs 126 crore for the quarter ended September FY24 on the back of strong topline and operating numbers. Revenue from operations grew by 49 percent YoY to Rs 3,462 crore, with the biosimilars business increasing 97 percent YoY to Rs 1,969 crore and research services rising 18 percent YoY to Rs 910 crore in Q2 FY24. EBITDA jumped 58 percent to Rs 742 crore with a margin expansion of 110 bps at 21.4 percent compared to the year-ago period.

HDFC Life Insurance Company: The insurance company has received a GST demand order of Rs 26.04 lakh from the office of the Deputy Commissioner of Revenue, B I (South Bengal), Head Quarters, West Bengal, alleging erroneous determination of common credit and reversal of the input tax credit proportionately for the period of July 2017 to March 2018.

Tata Chemicals: The Tata Group company reported a consolidated profit of Rs 495 crore for the July–September period of FY24, falling sharply by nearly 28 percent compared to the year-ago period, impacted by lower topline, operating numbers, and higher tax costs. Revenue from operations fell by 5.7 percent YoY to Rs 3,998 crore in Q2 due to lower volumes of soda ash (except for India). EBITDA for the quarter dropped 11 percent to Rs 819 crore, with the margin declining 120 bps to 20.5 percent compared to Q2 FY23. EBITDA was impacted due to a price decrease in India and Kenya and lower volumes in the USA, UK, and Kenya.

Hindustan Copper: The public sector company has recorded a massive 135 percent on-year jump in standalone profit at Rs 60.8 crore for the July–September period of FY24, backed by robust topline and operating numbers. Revenue from operations increased sharply by 80 percent to Rs 381.4 crore compared to the corresponding period last fiscal. The board has approved borrowing through a term loan up to Rs 200 crore for reimbursement of mine development expenditure and general capital of the company within the overall borrowing limit of Rs 2,500 crore.

Coal India: The country’s largest coal mining company has recorded 12.7 percent on-year growth in consolidated profit at Rs 6,813.5 crore for the quarter ended September FY24, with revenue from operations increasing by 9.8 percent to Rs 32,776.4 crore during the quarter. EBITDA grew by 11.8 percent YoY to Rs 8,137 crore with a margin expansion of 40 bps at 24.8 percent in Q2 FY24. The company declared an interim dividend for the financial year 2023–24 at Rs 15.25 per share.

Oil & Natural Gas Corporation: The state-run oil & gas exploration company recorded standalone profit of Rs 10,216 crore for the quarter ended September FY24, falling 20.3 percent compared to the year-ago period. Gross revenue declined 8.2 percent year-on-year to Rs 35,162 crore in Q2 FY24, with crude oil price realisation falling 11.2 percent YoY to $84.84 a barrel. The company announced an interim dividend of Rs 5.75 per share for FY24.

Sun TV Network: The mass media company has registered a 14 percent on-year growth in consolidated profit at Rs 464.5 crore for the quarter ended September FY24, backed by strong topline and operating numbers. Revenue from operations grew by 27 percent YoY to Rs 1,048.5 crore during the quarter.

Steel Authority of India: The state-owned steel production company has recorded consolidated profit of Rs 1,305.6 crore for the July–September period of FY24, against a loss of Rs 330 crore in the year-ago period, backed by healthy operating numbers and a fall in input costs. Consolidated revenue from operations increased by 13.2 percent YoY to Rs 29,712 crore in Q2 FY24.

Fortis Healthcare: The healthcare company has reported consolidated profit of Rs 183.9 crore for the July–September period of FY24, falling 15.7 percent YoY due to a weak operating margin and a high base due to exceptional gains. Revenue from operations grew by 10 percent YoY to Rs 1,770 crore during the quarter.

Som Distilleries: The Income Tax Department officials concluded their search operations at the company’s premises on November 11. The search and seizure operations at the company’s offices and factories were conducted from November 7–11.

Power Mech Projects: The infrastructure company has reported a 20 percent on-year jump in consolidated net profit at Rs 51.3 crore in the quarter ended September FY24, backed by operating and topline numbers. Revenue from operations grew by 20.9 percent YoY to Rs 932.5 crore in Q2 FY24.

SMS Lifesciences: The pharmaceutical company has posted a consolidated net loss of Rs 0.44 crore for the quarter ended September FY24, against a profit of Rs 3.12 crore in the year-ago period, impacted by a lower topline. Revenue from operations fell by nearly 15 percent to Rs 69.3 crore compared to the corresponding period last fiscal.

Joy Realty: The company said the board of directors has approved the appointment of Poojan Keyurbhai Mehta as Chief Financial Officer, with effect from November 10.

Apex Frozen Foods: The aquaculture products company has registered a nearly 39 percent year-over-year decline in profit at Rs 8.34 crore for the July–September period of FY24, impacted by weak topline and operating numbers. Revenue from operations plunged 22 percent to Rs 240.5 crore compared to the same period last fiscal.

Usha Martin: The wire rope manufacturing company said its subsidiary, Brunton Wire Ropes FZCo (BWR), has incorporated a joint venture, namely Brunton Wire Ropes Industrial Company, in Saudi Arabia. With this, Brunton Wire Ropes Industrial Company has become a step-down joint venture of Usha Martin.

Munjal Auto Industries: The automobile parts company has recorded a 79 percent on-year increase in consolidated profit at Rs 13.8 crore for the July–September period of FY24 despite muted topline, driven by strong operating numbers. Revenue from operations increased by 0.2 percent YoY to Rs 544.7 crore in Q2 FY24.

Confidence Petroleum India: The LPG Cylinder manufacturer has reported consolidated profit at Rs 30.7 crore for the quarter ended September FY24, rising 25.3 percent over a year-ago period, backed by strong topline and operating performance. Consolidated revenue from operations increased by 38.6 percent YoY to Rs 638.5 crore in Q2 FY24.