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Indian Q2 Earnings Show Divergence: FMCG Holds, Autos Gain, Platforms Post Deeper Losses

Companies cited GST changes, heavy rains, export uncertainty as key factors.

Overview

  • Maruti Suzuki reported standalone net profit of Rs 3,293 crore, up 7% year on year, with revenue up 13% and margins down to 10.5% as quarterly exports hit a record with 42.2% growth.
  • ITC’s consolidated net profit rose to Rs 5,187 crore, up about 4%, as revenue dipped to Rs 21,256 crore and agri revenue fell sharply, with the board clearing Amitabh Kant’s appointment and a voluntary delisting from the Calcutta Stock Exchange.
  • Swiggy’s revenue jumped 54% to Rs 5,561 crore while the consolidated net loss widened to Rs 1,092 crore, with Instamart posting a Rs 849 crore loss as its network expanded to 1,102 dark stores.
  • Larsen & Toubro’s consolidated PAT increased 16% to Rs 3,926 crore and it was nominated with Hitachi Energy to deliver HVDC converter stations for TenneT’s offshore wind programme, as a Rs 5,413 crore impairment on the Hyderabad metro investment led to a standalone loss and an in‑principle divestment understanding with Telangana.
  • Dabur India’s consolidated net profit rose about 6.5% to roughly Rs 445 crore on revenue of Rs 3,191 crore, and the board approved Dabur Ventures with up to Rs 500 crore to invest in digital-first businesses.