Adani Green Energy Q1 net profit & More on today’s market

Adani Green Energy Q1 net profit jumps 51%

Adani Green Energy announced its financial results for the quarter ended June 2023, showing a consolidated net profit of Rs 323 crore, marking a significant increase of 50.93 percent compared to the same period last year when it was Rs 214 crore. The company's total revenue also saw substantial growth, reaching Rs 2,404 crore, up by 41.32 percent from the previous year's Rs 1,701 crore. The revenue from power supply was a major contributing factor, with a remarkable 55 percent YoY increase to Rs. 2,059 crore. Additionally, EBITDA from power supply witnessed a substantial rise of 53 percent YoY, reaching Rs 1,938 crore, with an impressive EBITDA margin of 92.5 percent. The company's operational capacity grew by 43 percent YoY, now standing at 8,316 MW, attributable to the addition of 1,750 MW solar-wind hybrid, 212 MW solar, and 554 MW wind power plants over the past year. The Solar portfolio Capacity Utilisation Factor (CUF) recorded a positive improvement, standing at 26.9 percent with a 40 basis points increase YoY, while the Wind portfolio CUF experienced a reduction of 830 basis points YoY, settling at 38.7 percent.

DCB Bank tanks 5% on muted Q1 results

On July 31, the shares of DCB Bank experienced a 5 percent decline in trading due to underwhelming Q1 results. By 1:30 pm, the stock was trading 4.62 percent lower at Rs 122.80 on the NSE. The private sector lender disclosed a profit of Rs 127 crore for Q1FY24 in a filing with the BSE on July 28, showing a notable increase of 31 percent compared to the same period in the previous fiscal year. Furthermore, the bank's operating profit also witnessed a growth of 26 percent year-on-year (YoY), reaching Rs 209 crore.

Indus Tower’s growth potential diminishing?

Indus Towers is facing challenges as rising single tenancy and a potential decrease in demand could create difficulties for the company in the upcoming periods, according to analysts. Despite reporting a consolidated net profit of Rs 1,348 crore for the quarter ended June 2023, reflecting a significant YoY increase of 182 percent, and a 3 percent rise in revenue from operations to Rs 7,076 crore, the stock traded flat at Rs 174 on BSE on July 31 and received a mostly neutral to bearish outlook from analysts. The company's Q1 numbers were positively noted for high tenancy addition and no provisioning, but concerns remain for its future performance. Sanjesh Jain, a research analyst at ICICI Securities, downgraded the stock from 'hold' to 'reduce,' indicating potential challenges ahead for Indus Towers.

Kotak Mahindra Bank says no communication received from RBI

In response to reports about Kotak Mahindra Bank's CEO Uday Kotak's succession plans, the private lender issued a statement on July 31, stating that the Reserve Bank of India (RBI) has not communicated anything, formally or informally, regarding the matter to the bank or its Board members. The clarification came after a Bloomberg report cited sources claiming that the RBI was encouraging the bank to choose an external candidate as the next Chief Executive Officer to succeed Uday Kotak. According to a regulatory filing on April 21, Uday Kotak is expected to assume a non- executive role in the bank after his tenure as CEO ends on December 31, 2023.

Conclusion

In conclusion, the Indian stock market displayed a positive performance, with major indices closing in the green, driven by strong gains in banking, financial, and IT stocks. Adani Green Energy reported an impressive 51 percent increase in net profit for Q1, while DCB Bank faced a 5 percent decline in its shares due to muted Q1 results. Indus Towers encountered challenges with rising single tenancy and potential decrease in demand, impacting its growth potential. Meanwhile, Kotak Mahindra Bank clarified that it has not received any communication from RBI regarding the CEO succession plans. As the market remains dynamic, investors and analysts will closely monitor these developments to gauge the trajectory of these companies in the coming periods.

Source - Moneycontrol