Godrej Properties tumbles on lacklustre Q2
Godrej Properties’ Q2 numbers showed a sequential recovery as total income jumped 44% and adjusted EBITDA jumped 87% on a quarter-on-quarter basis. This is broadly in line with the sales recovery seen across Tier-1 cities. However, sluggishness due to the pandemic was evident in the results on a year-on-year basis. The total income declined 36% to ₹238 crore. Meanwhile, net profit stood at ₹7 crore, down ~78%. Furthermore, projects slated for launch in Q2 were postponed due to delays in regulatory approvals. The stock took a beating today and was down 9.1%. However, the silver lining is that the company’s labour force at its various construction sites has significantly increased, and has exceeded pre-Covid levels by ~30%. The company believes that it has tremendous opportunity to improve its share in the residential real-estate market.
Cadila Healthcare results beat street estimates
Shares of Cadila Healthcare jumped 5.9% today after the company’s Q2 results beat market estimates on all counts. Revenues grew 13.4% on a year-on-year basis to ₹3,820 crore versus estimates of ₹3,661 crore. The revenue growth was led by the company’s US business (contributing ~45% of revenues), which grew at 18%. The company launched six new products in the US during the June-September quarter. In the Indian market (accounting for ~40% of revenues), it improved market share in various therapies including gynaecology, pain management, anti-infectives, anti-diabetic and hormones. Overall, its net profit grew by 73% year-on-year. Further, as compared to March 2020, the company’s net debt has declined by 40% to ₹4,031 crore. Investor confidence is evident in the stock, which has risen 63% in this fiscal.
RIL headed for 42% cut? Macquarie sees major downside post Q2 results
Brokerages offered mixed views on Reliance Industries NSE -1.44 % (RIL) stock after the oil-to-telecom behemoth on Friday posted a 15 per cent year-on-year (YoY) drop in net profit attributable to the owners at Rs 9,567 crore for the quarter ended September 30.
ICICI Bank Q2 results: Net profit jumps six-fold to Rs 4,251 crore; NII rises 16% to Rs 9,366 crore
ICICI Bank NSE 6.32 % on Saturday reported a six-fold jump in its net profit at Rs 4,251 crore for the September quarter.
The private lender had reported a profit of Rs 655 crore in the year ago quarter.