Axis Bank, Tata Steel, L&T, Asian Paints and others

The market lost 0.5% in the last session after rising almost 5% in the previous six consecutive sessions, led by stocks of autos, pharmaceuticals, some banks, health products consumer goods and financial services. The market appears to be cautious ahead of the Federal Reserve’s monetary policy meeting. The BSE Sensex fell more than 300 points to 55,766, while the Nifty50 was down 88.5 points to 16,631.

Results today

Larsen & Toubro, Asian Paints, Bajaj Finserv, Bajaj Auto, Tata Power Company, Union Bank of India, Aditya Birla Sun Life AMC, United Spirits, Ujjivan Small Finance Bank, UTI Asset Management Company, Greenlam Industries, Ramco Systems, Symphony, Sanofi India, Shoppers Stop, Apollo Pipes, EIH Associated Hotels, EPL, Ethos, KEI Industries, Mahindra EPC Irrigation, PNB Gilts, SIS, South Indian Bank and TTK Healthcare will be in focus ahead of June quarter results on 26 July.

Actions in the spotlight today

Tata Steel

The company reported a nearly 13% year-on-year decline in its consolidated profit to Rs 7,765 crore for the quarter ended June 2022, impacted by higher input costs and tax charges. Revenue in the quarter increased by 18.6% year-on-year to Rs 63,430 crore in the quarter. Consolidated EBITDA stood at Rs 15,047 crore, despite sharply rising input costs, particularly coking coal and gas prices in Europe, down 7% year-on-year.

Axis Bank

The private sector bank posted 91% year-on-year growth in profit to Rs 4,125 crore due to lower provisions, but other income fell 11% and profit d operating before provision decreased by 5% year-on-year. Net interest income increased by 21% to Rs 9,384 crore over the same period.

Lupine

The pharmaceutical company has received US FDA approval for its abbreviated new drug application (ANDA), Azilsartan Medoxomil tablets, to market a generic equivalent of Edarbi tablets from Azurity Pharmaceuticals Inc, in the United States. The product will be manufactured at Lupin’s factory in Nagpur, India.

Tech Mahindra

The IT services provider reported a 24.8% sequential decline in its consolidated profit to Rs 1,132 crore for the quarter ended June 2022, impacted by weak operational performance. Revenues increased by 4.9% QoQ to Rs 12,708 crore over the same period and EBITDA fell by 10% QoQ to Rs 1,880 crore. Dollar revenue increased 1.5% quarter-on-quarter to $1,632 million and constant currency revenue growth was 3.5% quarter-on-quarter.

Sonata Software

The company said the board approved a free issue of one share for every three shares held by the company’s shareholders on the record date. The free allocation of capital shares will be subject to shareholder approval. The company recorded a 24% year-on-year growth in consolidated profit to Rs 107.76 crore and revenue increased by 40.2% to Rs 1,778.86 crore YoY.

Tanla Platforms

The company reported a 4% year-on-year drop in profit to Rs 100.4 crore for the quarter ended June 2022, marred by weak operational performance. Revenues were strong, increasing by 27.7% to Rs 800.1 crore over the same period. EBITDA fell by 2.8% to Rs 130.70 crore and margin contracted to 16.3% from 21.5% in the same period.

Macrotech Developers

The property company reported a 69% year-on-year profit growth to Rs 271.26 crore for the quarter ended June 2022, driven by strong revenue growth. Revenue increased by 66.67% to Rs 2,675.75 crore during the same period. It was the best first quarter in its history with Rs 2,814 crore in presales from its India business.

Automation Craftsman

The company posted 135.3% year-on-year growth in consolidated profit to Rs 56.64 crore for the quarter ended June 2022, supported by revenue and operating profit higher. Revenue jumped 55.55% year-on-year to Rs 676.96 crore over the same period.

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Garland K. Long