Bharti Airtel: Fueled by strong growth in subscriber numbers and increased average revenue per user (ARPU) driven by premiumization efforts, Bharti Airtel is likely to announce a consolidated net profit of ₹38,068 crore, according to brokers. This represents a 6.3 percent increase YoY in the current quarter, and a modest 2.7 percent sequential increase. According to a report by Prabhudas Lilladher, Airtel’s consolidated revenue for Q3FY24 will experience a quarter-on-quarter growth of 2.3 percent, reaching ₹37,900 crores. At the same time, the adjusted Profit After Tax (PAT) for the quarter is estimated at ₹15,467 crore, reflecting a 2.6 percent decline from the Q3FY23.
InterGlobe Aviation: India’s largest airline IndiGo recorded a profit after tax of ₹2,998.1 crore in the December quarter as air travel soared, against a net profit of ₹1,422.6 crore a year earlier, beating Prabhudas Lilladher’s estimates. Total revenue rose 30.2% from a year ago to ₹20,062.3 crores. IndiGo expects capacity growth of 12% in the March quarter compared to the same period a year ago. For April-March 2024-25, the company’s management plans to introduce at least one aircraft every week despite supply chain problems.
Tata Motors: The automaker reported a 137.5 percent increase in consolidated net profit at ₹7,025.11 crores, compared to ₹2,958 crore in the year-ago period in the December quarter of FY24, beating Street estimates driven by strong sales in its UK luxury car unit, Jaguar Land Rover (JLR). On the near-term outlook, Tata Motors remains positive on all three auto businesses. Tata Motor’s total revenue from operations for Q3FY24 rose 25% to ₹110,577 crore, compared to ₹88,488.59 crores. On the operating front, the auto major’s earnings before interest, taxes, depreciation and amortization (EBITDA) in the December quarter rose 59 percent to ₹15,333 crore, compared to ₹9,644 crore in the year-ago period.
Delhivery: The logistics company reported a net profit of ₹11.7 crore in the October-December 2023 quarter. Delhivery’s consolidated net income increased 13% QoQ to ₹2,194 crore against ₹1,941 crore in the previous quarter. Its net consolidated income increased 20.32% YoY vs ₹1,823 crore in the year-ago period. The logistics company reported a significant reduction in its net loss to ₹103 crore in the Q2FY24. Its net consolidated loss stood at ₹195.6 crore in Q3FY23. Delhivery’s revenue increased by 21% YoY to ₹1,448 crore in the quarter of ₹1,200 crore in Q3FY23.
Zee Entertainment Enterprises: The Singapore International Arbitration Center denied interim relief on Sony Group Corp.’s request. prevent Zee Entertainment Enterprises Ltd. to approach an Indian corporate court in the scrapped $10 billion merger of the media firms. Sony and Zee called off their planned media merger in India last month. Following the collapse, Sony filed an arbitration petition in Singapore, seeking a termination fee from Zee. The emergency arbitrator in Singapore allowed Zee to press its case against the Indian units of Sony Culver Max Entertainment Pvt and Bangla Entertainment Pvt before the corporate court in India seeking implementation of the merger plan, according to a Zee exchange.
One97 Communications: Categorically denying any investigation by the Enforcement Directorate on One97 Communications, partners or its founder and CEO Vijay Shekhar Sharma for anti-money laundering activities, Paytm parent OCL dismissed the recent misleading media reports on Sunday, February 4. “Neither the company nor its founder and CEO are under investigation by the Enforcement Directorate for, among other things, money laundering,” the company said in an exchange filing. “We would like to set the record straight and deny any involvement in anti-money laundering activities… (sic),” the company said.
JSW Infrastructure: The private sector port operator said its consolidated net profit more than doubled year-on-year (YoY) to ₹250.66 crore in the December quarter, supported by increased cargo volumes and higher tariffs. The company JSW Group had reported ₹114.89 crore in net profit a year ago. India’s second largest private port operator, JSW Infrastructure’s revenue from operations in Q3FY24 stood at ₹940.11 crore, increasing 17.85% YoY. The new container segment accounted for about 2% of total volumes during the quarter, it said in a statement.
Adani Enterprises: Kutch Copper, a subsidiary of Adani Enterprises, the world’s largest single-site copper plant at Mundra in Gujarat, will start operations of the first phase by March end and full-scale 1 million tonne capacity by FY29 (March 2029), news. agency PTI reported citing sources. The $1.2 billion facility will help cut India’s reliance on imports of the third-most-used industrial metal after steel and aluminum, whose demand is growing on the back of fast-growing renewables, telecommunications and electric vehicle industries. The report said that India’s per capita copper consumption is estimated at around 0.6 kg compared to the global average of 3.2 kg.
Tata Steel: For the workers who would be affected as part of its transition plan in the UK, Tata Steel has offered an additional financial ‘support package’ of around 130 million pounds, PTI reported on February 4. The company drafted a decarbonisation plan for Tata Steel. UK to reduce carbon emissions and save energy costs including installing new plant machinery with low-emission technologies. The company will close both the high-emissions blast furnaces and coke ovens in a phased manner in 2024 and switch to (electric arc furnace) EAF-based steel production at a cost of approximately £1.25bn, with £500m of support from the UK’s CFO -government Koushik Chatterjee said in a revenue call.
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Published: 05 Feb 2024, 07:33 IST