Q1 Business Updates: Macrotech, JSPL, Titan, Bajaj Finance And More
India's listed companies are set to kick off the earnings season for the April-June quarter—a period marred by various challenges for businesses due to the second wave of Covid-19 and localised lockdowns.
Prior to the financial results though, a number of companies release their quarterly updates where they will detail how certain aspects of their business performed during the period.
Investors will keenly watch these business updates to gauge the impact of the second wave for India Inc.
Follow all quarterly business updates from listed Indian firms here...
Macrotech Developers’ Sales Bookings Slump 62% In Q1
Macrotech Developers Ltd. (formerly known as Lodha Developers Ltd.) saw its sales bookings fall in the quarter ended June as the deadlier second Covid-19 wave led to fresh curbs in several states, disrupting business.
The Mumbai-based real estate developer’s pre-sales—actual booking took place but the entire amount has not been realised—dropped 62% sequentially at Rs 957 crore in the April-June 2021 period, according to its business update released on the bourses.
It has clocked collections worth Rs 1,714 crore during the period, down 18% over the preceding three months.
Read the full story here.
JSPL Reports Record Q1 Production
Jindal Steel & Power Ltd. reported record first quarter production and second highest quarterly production ever.
Steel production surged 20% year-on-year to 2.01 million tonnes despite lockdown restrictions, the company said in an exchange filing. "Solid performance in Q1FY22 gives us confidence of achieving FY22 production target of 8.0-8.5 million tonnes."
Here are the other highlights:
JSPL’s sales grew 3% to 1.61 million tonnes
Exports accounted for 44% of volumes for June 21 and 34% in Q1FY22.
"Exports were however impacted by logistical challenges posed by adverse weather conditions leading to congestion at ports. Inventory of 1.5 lakh tonnes currently remains stuck at port; which will be shipped as soon as the logistical bottlenecks are removed."
Titan Sales Rise On Low Base
India's largest branded jewellery maker Titan Co. saw sales grow in the June-ended quarter, but was still impacted by the localised lockdowns that resulted in closure of stores.
Jewellery sales, excluding bullion, grew nearly 107% year-on-year. It was on a low base as sales were a washout in the previous year.
Watches division grew about 280% over last year.
Eyewear division grew 117% year-on-year.
Read the full story here.
AU Small Finance Bank's AUM Drops In Q1
AU Small Finance Bank Ltd. reported gross advances at Rs 34,688 crore in the quarter ended June 30, a fall of 2% quarter-on-quarter, according to an exchange filing.
Loan assets under management dropped 3% sequentially to Rs 36,635 crore.
Total deposits rose 3% quarter-on-quarter to Rs 37,014 crore
Bajaj Finance Booked 4.6 Million New Loans In Q1
Bajaj Finance Ltd. reported assets under management of about Rs 1.59 lakh as on June 30, compared with Rs 1.52 lakh crore in the March quarter, according to an exchange filing.
Other highlights from Bajaj Finance's Q1 update:
New loans booked in Q1 FY22 were 4.6 million compared to 5.77 million in Q4 FY21.
Company acquired 1.9 million new customers in Q1 versus 2.26 million in previous quarter.