Q2 Earnings 2024 Live Updates: The fiscal second quarter earnings season is in full swing now with many major firms and almost all of the IT services companies having released their Q2 results. Firms like Tata Consultancy Services (TCS), HCL Technologies, Infosys, Wipro, Reliance Industries, Bank of Maharashtra, Nestle India, Axis Bank, HDFC Life Insurance, LTIMindtree, Havells India, Tata Communications, PVR Inox, Bajaj Auto, L&T Technology Services, Mphasis, among many others have released their Q2 earnings already.
Today, market participants and investors are looking forward to Q2 announcements by Hindustan Zinc, Jio Financial Services, ICICI Lombard General Insurance Company, L&T Finance, TATA Consumer Products, Oberoi Realty, Zee Entertainment Enterprises, and others.
Earlier, Reliance Industries Ltd (RIL) had posted a profit decline of 4.8 per cent on-year at Rs 16,563 crore and revenue at Rs 235,481 crore. HCL Tech recorded Q2 profit at Rs 4,237 crore, up 10.5 per cent YoY and revenue at Rs 28,862 crore. TCS reported Q2 profit at Rs 11,909 crore, up 5.0 per cent YoY and revenue at Rs 64,259 crore. Infosys recorded Q2 profit at Rs 6506 crore and revenue at Rs 40,986 crore. Wipro, meanwhile, reported fiscal second quarter profit at Rs 3226.60 crore, up 21.0 per cent YoY and revenue at Rs 22,301.60 crore.
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Live Updates
Ceat Q2 Results 2024 Live: Arnab Banerjee on Q2 results and business outlook
Arnab Banerjee, MD & CEO, CEAT Limited, said, “We are pleased to see that we have successfully carried the momentum from Q1 through Q2. This quarter marks our highest revenue ever, driven largely by robust performances in our Replacement and International sectors. While there’s a significant increase in the commodity prices, our margins got impacted during the quarter. We took selective price increases during the quarter that offset part of the cost impact. The revenue outlook remains positive as we enter Q3.”
Ceat Q2 Results 2024 Live: Profit drops by 41.4% YoY to Rs 121.88 crore
Ceat Ltd reported a profit of Rs 121.88 crore during the second quarter of FY25, posting a decline of 41.4 per cent in comparison to Rs 208.00 crore during the corresponding quarter of FY24. It posted revenue from operations at Rs 3304.53 crore, up 8.2 per cent as against Rs 3053.32 crore during the same period of previous financial year. The company’s EBITDA margin stood at 11.1 per cent, posting a contraction of 102 bps vs Q1FY25.
On a standalone basis, Ceat recorded revenue at Rs 3,298.1 crore and EBITDA margin stood at 11.1 per cent. Net profit, meanwhile, came in at Rs 136.5 crore.
Q2 Results 2024 Live: How did IT services industry perform during Q2?
Shaji Nair, Research Analyst, Sharekhan by BNP Paribas, “Among Tier 1 companies, Infosys and LTIM reported strong CC growth q-o-q but missed our estimates. HCLtech stood out in terms of beating estimates despite soft expectations from it. Wipro also managed to beat weak expectations while TCS reported a soft quarter slightly lower than estimates. EBIT margin improved for HCLtech and Wipro beating expectations. EBIT margin was in line with expectations for LTIM. EBIT margins were flat for Infosys and declined for TCS missing estimates.
In terms of deal wins, Shaji Nair said, “TCV deal wins for most Tier 1 companies baring Wipro moderated and was slightly lower than expectations. Wipro reported the best large deal TCV deal to win momentum among the reported Tier1 companies.”
Karur Vysya Bank Q2 Results 2024 Live: Holding up well, consistency key for re-rating, says Elara Securities
Elara Securities said that Karur Vysya Bank’s Q2FY25 PAT rose >25 per cent YoY to ~Rs 4.7 billion, surpassing estimates, aided by higher revenue traction even as provisions were higher (prudent provisions and rising coverage). “Q2 was characterized by steady delivery across key metrics, enabling it to deliver > 20 per cent YoY PPoP growth, RoA of >1.7 per cent and RoE of 17 per cent plus. Asset quality continues to be steady, with curtailed slippages feeding into GNPL at 1.1 per cent and NNPL at 28bps, at the lowest level, which is commendable.”
It further added that despite being conservative, the Bank consistently delivered 1.5 per cent RoA and 15 per cent plus RoE in the medium term and seems a steady compounder. “That said, we see limited positive triggers hereon and a re-rating thus will be gradual – Revise to Accumulate from Buy with TP unchanged at Rs 242,” it said.
Nestle Q2 Results 2024 Live: Weak demand weighs on Q2 performance, says Elara Securities
Nestle India Q2 performance, Elara Securities said, fell short of expectations as well as the Street’s estimates, with domestic sales up by a modest 1.2 per cent, bringing H1 growth to 2.7 per cent. “This subdued growth was driven by two main factors: 1) weak consumption demand, and 2) high base of 12% growth in H1FY24. While we cut our estimates to factor in the lower growth outlook for FY25, we like Nestle’s portfolio, which has low penetration, and should benefit from the packaged and healthy food opportunity. We reiterate Accumulate rating with a lower TP of INR 2,600, although the key risk remains prolonged weak demand,” the report added.
Q2 Results 2024 Live: Companies to report Q2 earnings today
Today, companies like Hindustan Zinc, Jio Financial Services, ICICI Lombard General Insurance Company, L&T Finance, TATA Consumer Products, Oberoi Realty, Zee Entertainment Enterprises, and others will release their Q2 earnings report.
Q2 Results 2024 Live: Q2FY25 earnings season picking up pace now
With majors like like Tata Consultancy Services (TCS), HCL Technologies, Infosys, Wipro, Reliance Industries, Nestle India, Tata Elxsi, Avenue Supermarts, Just Dial, Lotus Chocolate Company, Axis Bank, HDFC Life Insurance, PVR INOX, Bajaj Auto, L&T Technology Services, Mphasis, having already released their Q2 numbers, the second earnings season is now picking up pace.
Q2 Results 2024 Live: Welcome to this live blog!
Greetings! The fiscal second quarter earnings season is in full swing now with almost all major IT services companies including TCS, HCL Technologies, Infosys, Wipro, having already released their Q2 earnings report already. We, at FinancialExpress.com, have been continuously bringing you with all the updates on how India Inc performed during Q2, what helped the growth and what led to de-growth. Stay tuned for further updates.
From: financialexpress
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