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Adani Green Energy Limited reported a 39% increase in consolidated net profit, reaching Rs 515 crore for Q2 FY25, compared to Rs 371 crore in the same quarter last year. Total income also rose by 30.4% to Rs 3,376 crore, up from Rs 2,589 crore in the previous year.
Indian benchmark indices faced significant declines on October 22, with the Nifty dropping below 24,500 and the Sensex falling by 930.55 points, or 1.15%, to close at 80,220.72. The market was impacted by extended selling, poor global cues, and weak sector performance, with major losers including Adani Enterprises, M&M, and Tata Steel, while ICICI Bank and Infosys were among the few gainers. All sectoral indices ended in the red, with declines of 2-3% across various sectors.
Adani Energy Solutions reported a consolidated profit of Rs 773.4 crore for Q2, marking a 172% increase from the previous year, driven by robust growth across segments. Revenue surged 85% to Rs 6,813.7 crore, with EBITDA rising 31% to Rs 1,891 crore. CEO Kandarp Patel highlighted the company's focus on timely project commissioning and the positive trends in power demand and new transmission projects.
Zomato plans to raise up to Rs 8,500 crore through a qualified institutional placement (QIP) of equity shares, as announced on October 22. The decision comes amid increased competitive intensity, despite the company maintaining a strong balance sheet and reporting consistent profits. The board will finalize details such as pricing in due course.
Zomato reported a remarkable 389% increase in net profit, rising from Rs 36 crore in Q2FY24 to Rs 176 crore in Q2FY25, driven by a 69% revenue growth from Rs 2,848 crore to Rs 4,799 crore. The company's operating revenues also saw a quarterly increase, reflecting steady business growth. Despite a 3.5% drop in share price to Rs 256.55, Zomato's shares have surged 107% year-to-date on the NSE, bolstered by a strong profit profile.
Jana Small Finance Bank's shares plummeted 11% to Rs 454 on October 22 following disappointing Q2FY25 results, with net profit falling 21% YoY to Rs 96 crore. Total expenditure surged 21.3% YoY to Rs 1,042 crore, despite a 31% increase in deposits and a 17% rise in advances. The bank maintains a capital adequacy ratio of 18.8% and a robust liquidity coverage ratio of 261%.
Indian engineering firm BTL EPC Ltd has experienced a doubling of revenues and expanded profit margins, attributed to a central bank-backed electronic platform that facilitates quicker and cheaper access to working capital for small businesses. The Trade Receivables Discounting System (TReDS), introduced by the Reserve Bank of India, has reduced the company's cost of funds by 2.5 percentage points, with revenues rising to 6.5 billion rupees ($77.3 million) for the year ending March 2024, and projections to exceed nine billion rupees this year.
HDFC Bank reported a Q2FY25 net interest income of INR 301,139 million, reflecting a 10% year-on-year growth. The net profit reached INR 168,210 million, up 5.3% YoY, driven by strong operating performance. KR Choksey has set a target price of INR 1,934 per share, maintaining an "ACCUMULATE" rating.
SBI Life Insurance is set to report its Q2FY25 results on October 23, with analysts predicting a 6% year-on-year increase in Annualised Premium Equivalent (APE) to Rs 5,553 crore, driven by strong new policy premiums. This growth is expected to enhance the Value of New Business (VNB) by 2% YoY, reaching Rs 1,524 crore.
Sonam Kapoor and her husband Anand Ahuja are acquiring Mumbai's iconic Rhythm House music store for $5.7 million (478.4 million rupees). The 3,600-square-foot store, which closed in 2018 following financial troubles of its previous owner, was sold under the oversight of a bankruptcy court resolution professional. The deal's value was confirmed in a telephone interview with Bloomberg News.
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