Maruti Suzuki India: The company has announced to recall of 9,925 units of Wagon R, Celerio and Ignis manufactured between August 3, 2022, and September 1, 2022. “It is suspected that there may be a defect in the rear brake assembly pin, which in a certain case, may break and cause a peculiar noise. There may be a possibility of an impact on brake performance in the long run,” it said in its regulatory filing.
NTPC: The company reported a 7.4% year-on-year (YoY) decline in net profit at Rs 3,417.7 crore for Q2FY23 driven by higher fuel cost, finance cost, loss at joint ventures and lower other income. Revenue grew by 36% to Rs 44,175 crore against the year-ago quarter. Average tariff rate at Rs 4.77 per unit in the reviewed quarter, up from Rs 3.86 per unit in the corresponding quarter a year ago.
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Tata Power Company: The company has recorded a healthy 85% year-on-year (YoY) growth in net profit at Rs 935.2 crore for Q2FY23, driven by improved performance across all businesses. Revenue for the quarter grew by 43% to Rs 14,031 crore against the year-ago quarter, supported by higher plant availability in Mundra, higher sales across distribution companies and capacity addition in renewables. Consolidated EBITDA rose by 18% to Rs 2,043 crore during the quarter.
Dr Reddy’s Laboratories: The pharma major has reported a 12.2% year-on-year (YoY) growth in profit at Rs 1,112.8 crore for Q2FY23 driven by operating income, but impacted by high tax cost. Revenue for the quarter at Rs 6,305.7 crore increased by 9.4% compared to the year-ago quarter due to North American business. EBITDA for the quarter stood at Rs 1,932.2 crore which rose by 24% compared to the year-ago quarter.
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JSW Energy: The company recorded a 36% year-on-year (YoY) growth in net profit at Rs 456.6 crore driven by lower tax costs and higher other income. Revenue from operations stood at Rs 2,387 crore increased by 14.4% compared to the year-ago quarter, and EBITDA grew by 2% year-on-year (YoY) to Rs 1,098 crore. The company reported net power generation of 6.7 billion units, lower by 2% year-on-year (YoY).
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Indian Oil Corporation Limited (IOCL): The company reported a standalone loss of Rs 272.35 crore in Q2FY23, against a profit of Rs 6,360 crore in the year-ago quarter and a loss of Rs 1,993 crore in the previous quarter, despite getting an LPG subsidy from the government of Rs 10,800 crore. More than a 50% rise in other income aided the company to minimise its loss for the quarter. Revenue from operations grew by 34.5% year-on-year (YoY) to Rs 2.28 lakh crore for the quarter.
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Vedanta: Anil Agarwal-owned company reported a 54% year-on-year (YoY) decline in net profit at Rs 2,690 crore Q2FY23 impacted by weak operating performance, and higher finance cost and high power & fuel expenses, but supported by topline and exceptional income of Rs 234 crore (against loss of Rs 97 crore). Revenue from operations stood at Rs 36,237 crore increased by 20.6% against the year-ago quarter. EBITDA fell 24% year-on-year (YoY) to Rs 8,038 crore and the margin contracted to 25% for the quarter. In addition, its board members approved an expansion project for its subsidiary Bharat Aluminium Company (Balco), which will expand the rolled product capacity from the existing 50 KTPA to 180 KTPA at a revised cost of Rs 595 crore.
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Hero MotoCorp: The company reported a growth of 20% in retail sales in Q2FY23. The company said it has registered a significant gain in its market share and festival season retails were led by the strong performance of its brands including 100cc Splendor+, 125cc Glamour and Super Splendor, and the XPulse variants in the premium range.