Tech Mahindra Q2 Revenue Falls, Axis Bank Profit Rises — Earnings Wrap

Revenue growth at Tech Mahindra Ltd. faltered for a second straight quarter in July–September, underscoring the slowdown threat faced by India's $245 billion IT services industry.

Revenue of the Pune-based outsourcer fell 2.25% over the previous three months to Rs 12,863.9 crore in the quarter ended Sept. 30, according to an exchange filing on Wednesday. That compares with the Rs 13,244.6 crore consensus estimate of analysts tracked by Bloomberg.

Axis Bank Ltd.'s profit increased 10% year-on-year in the July-September quarter on higher core income, in line with analysts' estimates. However, higher provisions during the quarter affected net profit.

The private sector lender's net profit rose to Rs 5,864 crore, as compared with Rs 5,330 crore a year ago, according to an exchange filing. Analysts polled by Bloomberg estimated a net profit of Rs 5,754 crore for the second quarter.

Net interest income grew 19% year-on-year to Rs 12,315 crore. Other income for the quarter rose 31% from a year ago to Rs 5,034 crore. The net interest margin for the quarter was flat at 4.11%.

Here are the major quarterly results announced after market hours on Wednesday:

Tech Mahindra Q2 FY24 (Consolidated, QoQ)

• Revenue is down 2.25% at Rs 12,863.9 crore vs. Rs 13,159 crore.

• EBIT is down 48.73% at Rs 457.1 crore vs. Rs 891.4 crore.

• EBIT margin at 3.55% vs. 6.77%

• Reported PAT is down 28.18% at Rs 505.3 crore vs. Rs 703.6 crore.

 Jubilant FoodWorks Q2 FY24 (Standalone, YoY)

• Revenue is up 4.51% at Rs 1,344.83 crore vs. Rs 1,286.77 crore.

• Ebitda is down 10.18% at Rs 280.7 crore vs. Rs 312.49 crore.

• Ebitda margin at 20.87% vs. 24.28%

• Reported PAT is down 39.45% at Rs 72.15 crore vs. Rs 119.17 crore.

 Axis Bank Q2 FY24 (Standalone)

• Reported PAT is up 10% at Rs 5,863.6 crore vs. Rs 5,329.8 crore YoY.

• NII is up 19% at Rs 12,314.6 crore vs. Rs 10,360 crore YoY.

• Gross NPA at 1.73% vs. 1.96% QoQ

• Net NPA at 0.36% vs. 0.41% QoQ

 Sona BLW Precision Forgings Q2 FY24 (Consolidated, YoY)

• Revenue is up 20.6% at Rs 787.47 crore vs. Rs 652.91 crore.

• Ebitda up 36.43% at Rs 219.99 crore vs. Rs 161.24 crore.

• Ebitda margin at 27.93% vs. 24.69%

• Reported PAT is up 34.04% at Rs 124.06 crore vs. Rs 92.55 crore.

 Lakshmi Machine Works Q2 FY24 (Consolidated, YoY)

• Revenue is up 8.95% at Rs 1,320.42 crore vs. Rs 1,211.9 crore.

• Ebitda up 13.29% at Rs 135.96 crore vs. Rs 120.01 crore.

• Ebitda margin at 10.29% vs. 9.9%

• Reported PAT is up 10.36% at Rs 115.11 crore vs. Rs 104.3 crore.

 Sonata Software Q2 FY24 (Consolidated, QoQ)

• Revenue is up 27.84% at Rs 1,912.57 crore vs. Rs 1,495.98 crore.

• EBIT is up 16.28% at Rs 163.98 crore vs. Rs 141.01 crore.

• EBIT margin at 8.57% vs. 9.42%

• Reported PAT is up 10.16% at Rs 124.17 crore vs. Rs 112.71 crore.

 Chalet Hotels Q2 FY24 (Consolidated, YoY)

• Revenue is up 26.91% at Rs 314.54 crore vs. Rs 247.84 crore.

• Ebitda up 48.01% at Rs 125.95 crore vs. Rs 85.09 crore.

• Ebitda margin at 40.04% vs. 34.33%

• Reported PAT is up 2.3 times at Rs 36.44 crore vs. Rs 15.75 crore.

 Chennai Petroleum Corp. Q2 FY24 (Consolidated, YoY)

• Revenue is down 12.6% to Rs 16,544.64 crore vs. Rs 19,508.68 crore.

• Ebitda up 685.15% at Rs 1,804.44 crore vs. Rs 229.82 crore.

• Ebitda margin at 10.9% vs. 1.17%

• Reported PAT is up 70.6 times at Rs 1,195.41 crore vs. Rs 16.93 crore.

 Rallis India Q2 FY24 (YoY)

• Revenue is down 12.52% to Rs 832 crore vs. Rs 951 crore.

• Ebitda up 13.67% at Rs 133 crore vs. Rs 117 crore.

• Ebitda margin at 15.98% vs. 12.3%

• Reported PAT is up 13.88% at Rs 82 crore vs. Rs 72 crore.

 Bannari Amman Sugars Q2 FY24 (Consolidated, YoY)

• Revenue is up 17.65% at Rs 600.13 crore vs. Rs 510.06 crore.

• Ebitda up 35.43% at Rs 92.37 crore vs. Rs 68.2 crore.

• Ebitda margin at 15.39% vs. 13.37%

• Reported PAT is up 81.24% at Rs 48.81 crore vs. Rs 26.93 crore.

 Share India Securities Q2 FY24 (Standalone, YoY)

• Revenue is up 56.59% at Rs 277.55 crore vs. Rs 177.24 crore.

• Reported PAT is up 77.04% at Rs 79.53 crore vs. Rs 44.92 crore.

 Gulf Oil Lubricants India Q2 FY24 (Consolidated, YoY)

• Revenue is up 11.5% at Rs 802.3 crore vs. Rs 719.5 crore.

• Ebitda is up 25.23% at Rs 100.48 crore vs. Rs 80.23 crore.

•  Ebitda margin at 12.52% vs. 11.15%

•  Reported PAT up 40.86% at Rs 73.6 crore vs. Rs 52.25 crore.

 Indus Towers Q2 FY24 (Consolidated, YoY)

• Revenue is down 10.5% at Rs 7,132 crore vs. Rs 7,967 crore.

• Ebitda up 22.9% at Rs 3,456 crore vs. Rs 2,812 crore.

• Net profit is up 48.5% at Rs 1,295 crore vs. Rs 872 crore.

CMS Info Systems Q2 FY24 (Consolidated, YoY)

• Revenue is up 15.27% at Rs 543.73 crore vs. Rs 471.67 crore.

• Ebitda up 8.53% at Rs 145.64 crore vs. Rs 134.19 crore.

• Ebitda margin at 26.78% vs. 28.44%

• Reported PAT is up 16.32% at Rs 84.35 crore vs. Rs 72.51 crore.