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Economists at the country's largest lender, SBI, today said they see India's Q2 real GDP growth slowing down further to 6.5% in the September quarter of this fiscal year. Amid concerns over the country's economic growth rate and whether it is slowing down, the analysts said they expect FY25 growth to come "closer to" 7%. SBI analysts join a long line of agencies like Fitch, ADB, IMF, Moody, World Bank, S&amp;P, and even RBI in forecasting India's GDP growth for FY25 in the range of 6.8% to 7.2% for FY25, driven by robust consumption and investment. SIP inflows have been at an all-time high, and so has QIP (qualified institutional placement) fundraising. As many as 71 companies raised Rs 88,678 crore this year through QIPs. Activity in Indian primary markets also remained robust, with 78 mainboard IPOs in 2024; this is a 111% rise from just 38 listings in FY23. Between April and June 2024, India's real GDP grew by 6.7%, the lowest growth seen in 15 quarters, pushing experts to believe that India is caught in a cycle of slowdown. "There is some incipient pressure evident on the domestic economy. Based on our analysis of 50 meaningful leading indicators (both consumption and demand-centric), a dip looks plausible across select cohorts of agriculture, industry, and services in Q2," the <keyword id="22337294" type="General" weightage="20" keywordseo="SBI-economists" source="keywords">SBI economists</keyword> added. Stating that they track 50 indicators to gauge economic activity, SBIs note said the proportion of indicators showing acceleration declined to 69% in Q2 FY25, as against 80% in Q2 FY24 and 78% in Q1 FY25. However, things might be changing now, given that rural demand has started looking up amidst muted urban demand. SBI also explained that the ongoing regulatory tightening on unsecured lending and roadblocks that are hindering rollover/refinancing of debt through unsecured credit are dismantling the unwarranted exuberance that had built up post-pandemic, especially in the urban areas. Madhu Lunawat, CIO &amp; Fund Manager, Bharat Value Fund states that the overall investment environment remains strong due to favorable economic conditions supporting government policies &amp; reforms. "The sustainable inflow from domestic investors is going to support the Indian equity market in any kind of correction. The long-term bullish structure of Indian economy will continue to attract new domestic &amp; global investors to participate in India’s growth story through various Investment avenues.” <h2>Rate cuts not on cards</h2>RBI Governor Shaktikanta Das clarified today that changing the monetary policy stance to 'neutral' does not mean a rate cut is imminent in the central bank's next policy announcement. Notably, RBI MPC is set to meet between December 4 and 6, 2024, to decide if the prevailing repo rate of 6.5%, which has stayed unchanged for the last 2 years, should be brought down or not. In its last meeting, The <keyword id="20501100" type="General" weightage="20" keywordseo="RBI-monetary-policy" source="keywords">RBI monetary policy</keyword> committee had shifted its stance to 'neutral' indicating that it is open to adjusting interest rates based on economic conditions. "It should not be assumed that we have done this, so therefore the next step is a rate cut. A change in stance doesn't mean that the next step is a rate cut in the very next meeting. It's not so," Das said. Das also cautioned that inflation remains a key factor, and inflation and CPI prints for October are expected to stay high.

SBI economists see Q2 GDP growth slowing down to 6.5%; FY25 growth to be closer to 7%

<ul><li>FMCG giant HUL’s shares reported a decline of over 6% on Thursday.</li><li>This comes a day after the company reported a 2.33% decline in consolidated net profit in Q2.</li><li>The stock tanked 6.59% to ₹2,483.95 on the NSE.</li></ul>Shares of FMCG major <keyword id="20002610" type="General" weightage="20" keywordseo="Hindustan-Unilever" source="keywords">Hindustan Unilever</keyword> Ltd (HUL) on Thursday tumbled over 6% after the firm reported a 2.33% decline in consolidated net profit for the second quarter ended in September. The stock tanked 6.59% to ₹2,483.95 on the NSE. The stock emerged as the biggest laggard among the Sensex and Nifty firms during the morning trade. Hindustan Unilever Ltd on Wednesday reported a 2.33% decline in consolidated net profit at ₹2,595 crore for the second quarter ended in September 2024, impacted by moderation in demand from the urban market. The company had logged a net profit of ₹2,657 crore in the July-September quarter a year ago, HUL said in a regulatory filing. However, revenue from product sales was up 2.36% at ₹15,703 crore in the September quarter, from ₹15,340 crore in the year-ago period, HUL which owns power brands such as Surf, Rin, Lux, Pond's, Lifebuoy, Lakme, Brooke Bond, Lipton and Horlicks said. "In the September quarter, <keyword id="21419477" type="General" weightage="20" keywordseo="FMCG-demand" source="keywords">FMCG demand</keyword> witnessed moderating growth in urban markets, while rural continued to recover gradually. In this context, we delivered a competitive and profitable performance," HUL CEO and Managing Director Rohit Jawa said. HUL reported an underlying sales growth of 2% and underlying volume growth of 3%. Total expenses were at ₹12,581 crore in the September quarter, up 3.03% year-on-year. HUL's total income, which includes other income, was up 2.14% to ₹16,145 crore in the September quarter of FY25. Addressing an earnings call, HUL CFO Ritesh Tiwari said, "Two thirds of our business we do in urban areas, and one-third we do in rural areas … we are seeing growth in the urban market moderating. We are seeing rural growth recovery is gradual … it impacts all the categories that we have." On the outlook, he said, "In the near term, we expect demand trends to be stable with no further acceleration in pace of growth." In this context, Tiwari said, "Our focus remains on driving competitive volume-led growth, while continuing investments behind our brands and strategy priorities … If commodity prices remain where they are, we expect a low single digit price growth in the near-term." With inputs from PTI. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/webstories/afcons-infrastructure-ipo-gmp-risk-factors-and-all-you-need-to-know/slidelist/114490954.cms">Afcons Infrastructure IPO – GMP, risk factors and all you need to know</a> <a href="https://www.businessinsider.in/tech/news/upi-refund-scam-to-digital-arrest-scam-here-are-most-common-online-scams-in-india/articleshow/114428011.cms">UPI refund to digital arrest scam, here are some online scams you need to be aware of</a> <a href="https://www.businessinsider.in/stock-market/news/waaree-energies-ipo-allotment-how-to-check-allotment-ipo-gmp-listing-date-and-more/articleshow/114508632.cms">Waaree Energies IPO allotment – How to check allotment, IPO GMP, listing date and more</a>

Hindustan Unilever shares tumble over 6% post Q2 results

Indian companies across multiple sectors have reported disappointing results in the second quarter of fiscal year 2025, notes a new JM Financials report. Consequently, their poor performance has triggered stock price corrections for affected companies. The brunt of this weaker than expected earnings was largely borne by consumer centric sectors like FMCG (fast moving consumer goods), retail, and auto, which slacked largely due to dampened urban demand. For instance, India's largest automaker, Maruti Suzuki, reported a 5% YoY decline in its total domestic passenger vehicle wholesales, largely on the back of pent-up inventory. Similarly, Honda reported a staggering 23% YoY dip in its total sales during October 2024. A recent report by Bernstein noted that around 48% of the companies listed on the NSE100 index missed their earnings estimate for Q2FY25, the highest since March 2020. Most companies have mentioned deteriorated domestic demand, urban slowing, macroeconomic risk, and margin pressures as the main reasons behind the dip. "The quarter's earnings have made investors nervous," noted the JM Financials report. The challenging environment stems from multiple factors: softening consumer demand, rising input costs, and companies' limited ability to increase prices. Moreover, this is not limited to just one quarter. Companies have been reporting weak, single-digit earnings growth for the last six consecutive quarters. Data from India Data Hub also suggests that corporate profits of listed companies plunged by as much as 3.4% during the quarter ended September 30, 2024. This is in stark contrast to the year-ago period, where they had shot up by over 40% The oil and gas sector had a difficult quarter, with refiners hit by weak margins and city gas distributors struggling with higher input costs. Financial institutions showed mixed results. While government-owned banks reported strong numbers, microfinance institutions and some private lenders faced massive difficulties with their unsecured loans. Most notable amongst this was the case of IndusInd Bank, which saw its net profits dip by 40% amidst burgeoning provisions, which climbed 87% to Rs 1,820 crore in Q2, as against Rs 974 crore reported in the year-ago period. <h2>Markets head southwards</h2>The selling trend by FPIs has dragged down the major Indian indices, the Nifty 50 and Sensex, both of which have dropped by around 8% since the beginning of this selling spree in October. According to National Securities Depository Ltd. (NSDL) data, FPIs offloaded equities worth a significant Rs 19,994 crore in just the first five trading sessions of November last week. The impact is clearly visible on Indian stock markets. Data suggests that while every sector in October closed the month in red, auto, oil and gas, and consumer durables were the most badly hit, each declining by as much as 10% during the month. Another indicator underlining the inherent weakness of the market was that the month saw only 242 stocks hit their 52-week high, significantly below the usual monthly average of 310.

India Inc. stares at an earnings dearth in Q2, FMCG, auto, and consumer durables falter

Bloodbath on the D-Street entered its fifth straight day today, with <keyword id="19896381" type="General" weightage="20" keywordseo="Nifty" source="keywords">Nifty</keyword> dipping by 218 points to close the day at 24,180.80, much below the 25,000-mark. <keyword id="19896382" type="General" weightage="100" keywordseo="Sensex" source="keywords">Sensex</keyword> also dropped a massive 662 points to close the week at 79,402.29 points. Notably, this was the worst weekly run experienced by the markets over the last 14 months. Clearly, the markets are not in the mood to embrace the impending festivities. Only 12 out of 50 stocks on the Nifty50 advanced today, while the other 38 declined. It was no different on the BSE, where an astounding 3,101 stocks slipped during the day, while just 841 inched up. Smallcaps bore the biggest brunt of this drawdown, with the smallcap 100, 50, 250, and microcaps each sliding by over 2% during the day. Amidst sectors, media, metal, PSU banks, consumer durables, and oil and gas skidded over 2% each today. Gaurav Garg, Research Analyst at Lemonn Markets Desk, explains that on a weekly basis, benchmarks had recorded five consecutive daily losses. Markets appear oversold, with RSI (Relative Strength Index) falling to 27 levels, its lowest in more than a year. Persistent foreign outflows with a record ~97000 crores so far in October, along with disappointing <keyword id="23378466" type="General" weightage="20" keywordseo="Q2-earnings" source="keywords">Q2 earnings</keyword>, have led to sharp valuation corrections in stocks with high multiples as investors adjust their expectations for future growth. Per media reports, investors saw their wealth diminish by a massive Rs 6.80 lakh crore today, largely due to a sharp, 18% dip in the shares of <keyword id="19901053" type="General" weightage="20" keywordseo="IndusInd-Bank" source="keywords">IndusInd Bank</keyword> and uncontrolled exodus of <keyword id="19900795" type="General" weightage="20" keywordseo="foreign-investors" source="keywords">foreign investors</keyword>. Reportedly, IndusInd Bank reported a 40% decline in its net profits for the quarter ended September 30, 2024. "Another major factor contributing to this dip is disappointing earnings reports from Indian companies, especially in the consumption sector, which signal an economic slowdown, particularly in urban consumption," Santosh Meena, Head of Research at Swastika Investmart, said. Mahindra &amp; Mahindra, Larsen &amp; Toubro, NTPC, Adani Ports, Tata Steel, Maruti, Bajaj Finance and Titan were also among the laggards. "Markets continued its downward trajectory as a broader selloff pulled down key benchmarks with Sensex ending below the crucial 80k mark. The dismal Q2 earnings so far has aggravated the investors' woes while persistent <keyword id="21360658" type="General" weightage="20" keywordseo="FII-selling" source="keywords">FII selling</keyword> continued to create havoc in the market," said Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd. On October 24, 2024, i.e. yesterday, foreign investors offloaded a massive Rs 5,062.45 worth of equities, while domestic investors remained net buyers, purchasing around Rs 3,620.47 crore worth of shares. Thus far in October, foreign investors have pulled out a record Rs 97,205.42 crore from Indian markets. Shrikant Chouhan, Head Equity Research, Kotak Securities expects that the "market sentiment will continue to be weighed down by weaker-than-expected Q2FY25 earnings prints and continued weak commentary. FPI flows are expected to remain volatile in the days to come". "Indian equity markets corrected sharply this week as FII continued with selling in Indian markets. Benchmark indices (Nifty 50 and Sensex 30) declined between 2-3% this week. The midcap and the <keyword id="20187540" type="General" weightage="20" keywordseo="smallcap-stocks" source="keywords">smallcap stocks</keyword> witnessed selling pressure. As a result, the BSE Midcap and the BSE Smallcap indices underperformed the larger peers and were down between 5-8% on a weekly basis. All the sectoral indices ended the week in the red with multiple indices seeing a weekly fall in excess of 6%", added Chouhan Per Chouhan, in the coming weeks, key events that will determine the market's course of action include the US elections and the US FOMC meet. Stock specific action will continue based on Q2FY25 financial performance and management commentary. Garg also anticipates that in the near term, the markets will trade rangebound. Market veteran Raamdeo Agrawal, who heads Motilal Oswal Financial Services, called the ongoing <keyword id="22528556" type="General" weightage="20" keywordseo="market-downturn" source="keywords">market downturn</keyword> the "healthiest possible correction".

Massacre continues on Sensex and Nifty as foreign investors withdraw Rs 97,205.42 crore in October

India's largest airline with a market share of 62.5% and Asia's biggest carrier by market valuation, <keyword id="19899182" type="General" weightage="100" keywordseo="IndiGo" source="keywords" meta.keywordsubtype="org" meta.entityname="IndiGo" meta.hostid="261" meta.entityid="IndiGo">Indigo</keyword>, posted a net loss of Rs 986.7 crore for the last quarter ended September 30, 2024. Indigo's profits during this quarter in 2023 were Rs 188.9 crore. The main reason behind the carrier running into reds during the second quarter of FY25 was high <keyword id="21353061" type="General" weightage="20" keywordseo="fuel-costs" source="keywords">fuel costs</keyword>. Per the airline, its fuel costs jumped by 12.8% to Rs 6,605.2 crore, compared to Rs 5,856 crore in the year-ago period. Another expense area that witnessed an exponential surge was aircraft and engine rentals, which rose to Rs 763.6 crore in the second quarter. This stood at Rs 195.6 crore in the year-ago period. All in all, the company's total expenses burgeoned 22% to Rs 18,666.1 crore during the previous quarter. Indigo's <keyword id="20066400" type="General" weightage="20" keywordseo="revenue-from-operations" source="keywords">revenue from operations</keyword>, while down by 13.3% on a QoQ basis, from Rs 19,571 crore in June 2024 to Rs 16,970 crore as of September 2023, jumped 13.6% on a YoY basis. The company's revenue from operations during the September quarter in 2023 stood at Rs 14,944 crore. Indigo’s consolidated top line also jumped 14% YoY to Rs 16,970 crore, which included Rs 14,359 crore of <keyword id="23687772" type="General" weightage="20" keywordseo="ticketing-revenue" source="keywords">ticketing revenue</keyword> and Rs 1,875 crore earned from ancillary services. At the end of September 2024, Indigo had a fleet of 410 planes. For the last quarter, Indigo was plagued by mass groundings of its aircraft due to faulty engines manufactured by <keyword id="21405019" type="General" weightage="20" keywordseo="Pratt-and-Whitney" source="keywords">Pratt and Whitney</keyword> Group. This had forced the airline to ground around 75 planes, or about 1/5th of its fleet. However, in the earnings call today, the management noted that the worst was behind them. Indigo expects the number of non-operational planes to drop below 60 by the end of this year and further dip to 40 by March 2025. Already, the number of grounded aircraft had come down to the high 60s. IndiGo’s cost per available seat kilometer (<keyword id="23687771" type="General" weightage="20" keywordseo="CASK" source="keywords">CASK</keyword>)—a useful metric to assess an airline's operational efficiency—also inched up 12% YoY to stand at Rs 4.69. The company expects this figure to inch up to double digits by the next quarter. Indigo's stock was down by 3.23% during the day, closing the week at Rs 4,373.70.

IndiGo's bottom-line turns red for Q2, high fuel costs, and forced groundings main reason

India's largest paint maker <keyword id="20026009" type="General" weightage="100" keywordseo="Asian-Paints" source="keywords" meta.keywordsubtype="org" meta.entityname="Asian Paints" meta.hostid="261" meta.entityid="Asian Paints">Asian Paints</keyword>, reported a 24.5% dip in its net profits for the quarter, pushing it down to Rs 1,170 crore from Rs 1,383 crore in the same quarter last year. The company's net sales during the quarter also dipped by over 2% to touch Rs 8,970 crore, compared to Rs 9,182.31 crore in the year-ago period. In a statement, Amit Syngle, MD and CEO of Asian Paints attributed the below-expectation results to tough demand conditions during <keyword id="21159844" type="General" weightage="20" keywordseo="April-June" source="keywords">April-June</keyword>, which also saw severe heatwaves and general elections. However, he expected the demand to pick up soon, largely on the back of improving <keyword id="22447264" type="General" weightage="20" keywordseo="rural-sentiment" source="keywords">rural sentiment</keyword> and monsoon making headway in the country. The company's international sales also took hit, down to Rs 679.1 crore from Rs 695.1 crore, mainly due to liquidity and forex crises it experienced in the key markets, namely Asia, Nepal, Bangladesh and Egypt. On the other hand, Ethiopia and <keyword id="19931726" type="General" weightage="20" keywordseo="sri-lanka" source="keywords">Sri Lanka</keyword> proved beneficial for the company's international growth during the quarter. In June 2024, the company paid out a final dividend of Rs 28.15 per equity share to its shareholders. The company also reported a 7% volume growth during the previous quarter. But its EBITDA margin during the quarter shrunk from 23.1% in the same quarter last year to 18.1% between April-June 2024. The company's consolidated profits before depreciation, interest, tax, income and exceptional items dipped to Rs 1,694 crore, as compared to Rs 2,121 crore in the year ago period. <h2>Bath fitting sales inch up </h2>The only segment within the business' umbrella that registered growth was the bath fitting segment, which grew by 10%, and <keyword id="6921293" type="General" weightage="20" keywordseo="kitchen-fittings" source="Orion">kitchen fittings</keyword>, which jumped by 4.6%. The company's industrial business grew by 5.8% due to solid growth in auto original equipment manufacturing (OEM) and the powder coating segments. At close of markets on Tuesday, the paint maker's stock was trading at Rs 2,968.00, up by 0.39%. Over the last year, the company's share has fallen by as much as 14.23%, but it remains a solid catch for long-term investors, jumping up by 116.78% over the last 5 years.

Asian Paints Q1FY25 results: Net profit dips by 25%, revenue also misses market estimates

Coal India Limited (<keyword id="19983407" type="General" weightage="20" keywordseo="CIL" source="keywords">CIL</keyword>) achieved an 8 per cent <keyword id="19910261" type="General" weightage="20" keywordseo="growth" source="keywords">growth</keyword> in <keyword id="19922489" type="General" weightage="20" keywordseo="coal-production" source="keywords">coal production</keyword>, reaching 189.3 million <keyword id="22246379" type="General" weightage="20" keywordseo="tonnes" source="keywords">tonnes</keyword> in the first quarter of the current fiscal, surpassing its target of 189.2 million tonnes, the company said in a statement on Monday. The company's production increased by 13.8 million tonnes compared to the corresponding quarter of FY'24, with all seven producing subsidiaries registering positive growth, it said. CIL's supplies also rose by 6 per cent to 198.4 million tonnes during April-June 2024, with a significant increase in supplies to both power and non-power sectors, it added. The company's coal loading witnessed healthy growth, with an average of 367.2 rakes per day, a 10.3 per cent year-on-year increase, it said. Higher production and loading resulted in a substantial increase in coal inventory at CIL's pitheads, reaching 81.5 million tonnes, providing a sufficient buffer to meet any sudden surge in demand, it said. At a time when power demand in the country is surging, the miner stepped up its supplies to coal-fired plants, registering a 4 per cent growth to 160 million tonnes in <keyword id="20501879" type="General" weightage="20" keywordseo="Q1" source="keywords">Q1</keyword> FY'25, a year-on-year increase of 6 million tonnes. In the same period of FY 2024, CIL's off-take to thermal power plants stood at 154 million tonnes, the company said. Additionally, CIL's supplies to the non-power sector reached an all-time high of 38.4 million tonnes in Q1FY25, logging a 16 per cent growth. This sector had received 33 million tonnes in April-June 2023. The growth in June 2024 alone was 23 per cent at 13.4 million tonnes, the statement said. SEE ALSO:<a href="https://www.businessinsider.in/stock-market/news/vraj-iron-and-steel-ipo-allotment-how-to-check-allotment-ipo-gmp-listing-date-and-more/articleshow/111394752.cms" target="_blank"></a> <a href="https://www.businessinsider.in/stock-market/news/vraj-iron-and-steel-ipo-allotment-how-to-check-allotment-ipo-gmp-listing-date-and-more/articleshow/111394752.cms" target="_blank">Vraj Iron and Steel IPO allotment – How to check allotment, IPO GMP, listing date and more</a><a href="https://www.businessinsider.in/business/telecom/news/reliance-jio-and-airtel-price-hike-new-plans-and-how-you-can-save-money/articleshow/111331794.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/telecom/news/reliance-jio-and-airtel-price-hike-new-plans-and-how-you-can-save-money/articleshow/111331794.cms" target="_blank">Reliance Jio and Airtel price hike – new plans and how you can save money</a><a href="https://www.businessinsider.in/tech/mobile/webstories/upcoming-smartphones-launching-in-india-in-july-2024/slidelist/111304902.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/webstories/upcoming-smartphones-launching-in-india-in-july-2024/slidelist/111304902.cms" target="_blank">Upcoming smartphones launching in India in July 2024</a>

Coal India's Q1 production surges 8% to 189.3 million tonne in FY'25

Air conditioning and <keyword id="17833175" type="General" weightage="20" keywordseo="engineering-services" botkeyword="" source="Denny">engineering services</keyword> provider <keyword id="21567326" type="General" weightage="20" keywordseo="Voltas-Ltd" botkeyword="" source="Denny" meta.keywordsubtype="org" meta.entityname="Voltas Ltd" meta.hostid="153" meta.entityid="Voltas Ltd">Voltas Ltd</keyword> on Tuesday reported a 22.75 per cent decline in <keyword id="20203162" type="General" weightage="20" keywordseo="consolidated" botkeyword="" source="Denny">consolidated</keyword> <keyword id="17985868" type="General" weightage="20" keywordseo="net-profit" botkeyword="" source="Denny">net profit</keyword> to Rs 110.64 crore in the fourth quarter ended March 31, 2024, impacted by higher <keyword id="18067946" type="General" weightage="20" keywordseo="expenses" botkeyword="" source="Denny">expenses</keyword>. The company had posted a consolidated net profit of Rs 143.23 crore in the same period previous fiscal, <keyword id="6354999" type="DOMAIN" weightage="20" keywordseo="voltas" botkeyword="" source="ET" sourcekeytype="COMPANY" meta.keywordsubtype="EQ" meta.aliasname="voltas" meta.entityname="Voltas Ltd." meta.entityid="12815" meta.seoname="voltas-ltd">Voltas</keyword> said in a regulatory filing. Consolidated <keyword id="17915033" type="General" weightage="20" keywordseo="revenue" botkeyword="" source="Denny">revenue</keyword> from operations during the quarter under review stood at Rs 4,202.88 crore as against Rs 2,956.8 crore in the year-ago period, it added. Total expenses in the fourth quarter were higher at Rs 4,044.90 crore compared to Rs 2,761.45 crore in the corresponding period a year ago. In the fourth quarter the unitary cooling products business segment revenue grew by 44 per cent to Rs 2,955 crore as compared to Rs 2,049 crore in the corresponding quarter of the previous year on account of a better product mix enhancement approach, the company said. The engineering products and services division clocked revenue of Rs 156 crore as compared to Rs 142 crore in the year-ago period, it added. Similarly, electro-mechanical <keyword id="18084086" type="General" weightage="20" keywordseo="projects" botkeyword="" source="Denny">projects</keyword> and services segment comprising both domestic and international projects businesses grew by 38 per cent year-an-year due to a healthy carry forward order book position, it added. <keyword id="21544478" type="General" weightage="20" keywordseo="Voltas" botkeyword="" source="Denny">Voltas</keyword> said for the fiscal ended March 31, 2024, consolidated net profit was higher at Rs 248.11 crore as compared to Rs 136.22 crore in the previous year. Consolidated revenue from operations in FY24 was at Rs 12,481.21 crore as against Rs 9,498.77 crore in FY23. The company said it achieved the milestone of 20 lakh <keyword id="21211630" type="General" weightage="20" keywordseo="AC-sales" botkeyword="" source="Denny">AC sales</keyword> in 2023-24. Voltas said its board of directors has recommended a <keyword id="18713200" type="General" weightage="20" keywordseo="dividend" botkeyword="" source="Denny">dividend</keyword> of Rs 5 per share of the face value of Re 1 per share for the year 2023-24 subject to the approval of shareholders of the company. SEE ALSO:<a href="https://www.businessinsider.in/stock-market/webstories/aadhar-housing-finance-ipo-price-band-to-risk-factors-all-you-need-to-know/slidelist/109919298.cms" target="_blank"></a> <a href="https://www.businessinsider.in/stock-market/webstories/aadhar-housing-finance-ipo-price-band-to-risk-factors-all-you-need-to-know/slidelist/109919298.cms" target="_blank">Aadhar Housing Finance IPO – Price band to risk factors, all you need to know</a><a href="https://www.businessinsider.in/business/auto/webstories/top-selling-cars-in-india-in-april-2024-tata-punch-continues-to-dominate/slidelist/109909744.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/auto/webstories/top-selling-cars-in-india-in-april-2024-tata-punch-continues-to-dominate/slidelist/109909744.cms" target="_blank">Top-selling cars in India in April 2024 – Tata Punch continues to dominate</a><a href="https://www.businessinsider.in/tech/news/worldwide-tablet-shipments-grow-in-q1-2024-after-two-years-of-decline/articleshow/109876390.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/news/worldwide-tablet-shipments-grow-in-q1-2024-after-two-years-of-decline/articleshow/109876390.cms" target="_blank">Worldwide tablet shipments grow in Q1 2024 after two years of decline</a>

Voltas net profit declines 22% YoY to ₹110.64 crore in Q4 FY24

<keyword id="19990482" type="General" weightage="20" keywordseo="power-finance-corporation" source="keywords">Power Finance Corporation</keyword> (<keyword id="20058831" type="General" weightage="20" keywordseo="PFC" source="keywords">PFC</keyword>) on Wednesday posted over 23 per cent rise in consolidated net profit at Rs 7,556.43 crore for March quarter FY24 on account of growth in loan portfolio. It had clocked Rs 6,128.63 crore profit from "continuing and discontinued operations" during the fourth quarter of last fiscal, the company said in an exchange filing. Total income rose to Rs 24,176.34 crore from Rs 20,074.11 crore in January-March FY23. Expenses were at Rs 14,579.16 crore as against Rs 12,312.29 crore a year ago. The company logged the highest annual profit of Rs 26,461 crore in FY24, up 25 per cent from Rs 21,179 crore in FY23. Its consolidated loan asset book increased to Rs 9,90,824 crore as on March 31, 2024, up from Rs 8,57,500 crore a year ago. PFC's consolidated net worth (including non-controlling interest) increased 20 per cent from Rs 1,11,981 crore as on March 31, 2023 to Rs 1,34,289 crore as on March 31 this year. The company's total balance sheet size crossed Rs 10 lakh crore in FY24. Consolidated gross NPA was at 3.02 per cent in FY24 as against 3.66 per cent in FY23. The board also approved the final dividend of Rs 2.50 per share. With this, the total dividend for FY24 would be Rs 13.50 per share. <keyword id="21668447" type="General" weightage="20" keywordseo="cmd-parminder-chopra" source="keywords">CMD Parminder Chopra</keyword> said,"This strong performance is backed by a 14 per cent growth in our loan portfolio while retaining a strong asset quality. Our Net NPA levels reduced from 1.07 per cent in previous financial year to 0.85 per cent currently. Maximizing shareholder value remains a priority." PFC's renewable loan portfolio grew 25 per cent year-on-year to over Rs 60,000 crore, she said. SEE ALSO:<a href="https://www.businessinsider.in/stock-market/webstories/virat-kohli-backed-go-digit-ipo-subscription-opens-today-all-you-need-to-know/slidelist/110137661.cms" target="_blank"></a> <a href="https://www.businessinsider.in/stock-market/webstories/virat-kohli-backed-go-digit-ipo-subscription-opens-today-all-you-need-to-know/slidelist/110137661.cms" target="_blank">Virat Kohli-backed Go Digit IPO subscription opens today — all you need to know</a><a href="https://www.businessinsider.in/business/auto/news/tvs-iqube-gets-a-new-variant-priced-under-1-lakh-st-variant-gets-a-bigger-battery/articleshow/110121391.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/auto/news/tvs-iqube-gets-a-new-variant-priced-under-1-lakh-st-variant-gets-a-bigger-battery/articleshow/110121391.cms" target="_blank">TVS iQube gets a new variant priced under ₹1 lakh, ST variant gets a bigger battery</a><a href="https://www.businessinsider.in/tech/mobile/news/qualcomm-snapdragon-8s-gen-3-chipset-to-debut-in-india-with-the-poco-f6/articleshow/110115537.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/news/qualcomm-snapdragon-8s-gen-3-chipset-to-debut-in-india-with-the-poco-f6/articleshow/110115537.cms" target="_blank">Qualcomm Snapdragon 8s Gen 3 chipset to debut in India with the Poco F6</a>

PFC Q4 profit grows 23% to ₹7,556 crore

Kolkata, Battery and flashlight major <keyword id="166960" type="General" weightage="20" keywordseo="Eveready-industries" source="Orion">Eveready Industries</keyword> India Ltd (EIIL) on Tuesday reported a 73.5 per cent increase in consolidated net profit to Rs 25.44 crore for the second quarter of the current fiscal on easing input cost. The city-based company had posted a net profit of Rs 14.73 crore in the corresponding quarter last fiscal, the company said in a regulatory filing. Revenue from operation during the July-September quarter was lower by three per cent to Rs 364.9 crore as compared to Rs 375.7 crore in the year-ago period. Operating EBITDA (earnings before interest, taxes, depreciation, and amortisation) margin improved to 12.7 per cent from 11.4 per cent in the second quarter of the 2022-23 fiscal. Eveready Industries said the revenue performance was nearly flat owing to the distribution revamp, which is expected to normalise in the coming quarters. Battery-operated flashlights continued to degrow despite healthy growth in rechargeable category, it said. "Favourable trends in key raw materials and stability in exchange rate created suitable conditions for margin expansion," the company said in a statement. "Our emphasis to grow within our existing business mix saw us successfully execute a very complex route to market in our distribution structure," Eveready Industries Managing Director Suvamoy Saha said. The initial moderation in uptake in batteries is expected to resolve in the coming quarters as stocks get replenished via more efficient pathways, he said. In its revamp journey with the new management under the Dabur family, Eveready has also unveiled a new logo and a tagline, aiming at wooing the new generation of consumers.

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