Bharti Airtel, L&T, Tata Steel, Axis Bank in focus

Bharti Airtel: The telecom major's consolidated net profit surged 89.17% to Rs 2,145.2 crore on 21.89% jump in revenue from operations to Rs 3,4526.8 crore in Q2 FY23 over Q2 FY22. The telecom operator said that it continues to gain strong share of the 4G customers in the market and added 17.8 million 4G data customers to its network over last year, an increase of 9.2% YoY.

Larsen & Toubro (L&T): L&T posted a consolidated net profit of Rs 2,229 crore in Q2 FY23, registering a growth of 23% over the corresponding quarter of the previous year. The conglomerate recorded revenues of Rs 42,763 crore for the quarter ended 30 September 2022, recording a YoY growth of 23%. The consolidated order book of the group was at Rs 372,381 crore as on 30 September 2022, with international orders having a share of 28%.

Tata Steel: Tata Steel reported 90% drop in consolidated net profit to Rs 1,297 crore in Q2 FY23 from Rs 12,548 crore in Q2 FY22. Total revenue from operations fell marginally, by 1%, to Rs 59,878 crore in the second quarter as compared with the same period last year. The Tata Steel board has approved the amalgamation proposal of seven listed and unlisted entities into Tata Steel, a value accretive merger with multiple benefits.

Axis Bank: US-based private investment firm Bain Capital is reportedly likely to sell stake in Axis Bank via block deals today, 1 November 2022. The PE firm is looking to sell 1.24% stake for shares worth $410 million or Rs 3,350 crore in the private lender.

Castrol India: Castrol India reported a net profit of Rs 187 crore in Q3 2022 as against a net profit of Rs 186 crore in Q3 2021. For the third quarter (3Q) from July to September 2022, the company registered revenue from operations of Rs 1,121 crore, achieving a growth of 4% compared to Rs 1,073 crore in Q3 2021.

Glenmark Pharmaceuticals: Glenmark Pharmaceuticals Inc., USA (Glenmark) announced it has launched their Fingolimod Capsules, 0.5 mg, the generic version of Gilenya 1 Capsules, 0.5 mg, of Novartis Pharmaceuticals Corporation.

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