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Mid-August Q1 Results Highlight Divergence Across Indian Energy, Metals and Defence Firms

Sectoral divergence in margins alongside pricing moves is prompting analysts to recalibrate Q1 forecasts.

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Overview

  • Hindustan Aeronautics reported a 3.7% year-on-year drop in Q1 net profit to Rs 1,383 crore but delivered a 29.2% jump in EBITDA and a 384 basis-point margin expansion to 26.7%.
  • Hindalco Industries posted a 30% surge in Q1 profit to Rs 4,004 crore backed by strong domestic aluminium volumes, even as its US arm Novelis remained a margin drag.
  • Suzlon Energy achieved record 444 MW first-quarter deliveries and grew its order book to 5.7 GW, yet its shares slid after a Rs 134 crore deferred-tax charge and the announcement of CFO Himanshu Mody’s resignation.
  • ONGC and Oil India each logged double-digit Q1 profit gains, with ONGC reporting Rs 8,024 crore (24% increase) and Oil India Rs 1,896 crore (45% increase) on firmer commodity prices.
  • NMDC’s 33% profit advance to Rs 1,967 crore was tempered by a July iron-ore price cut of over 9%, prompting broker target trims and warnings of revenue pressure ahead.