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Industry Leaders Deliver Strong Performance: M&M, ONGC, Aurobindo Pharma, Maruti Suzuki, and More


Mahindra & Mahindra, ONGC, Aurobindo Pharma, Maruti Suzuki, Sun Pharma, Bajaj Electricals, Karnataka Bank, Vodafone Idea, and Samvardhana Motherson Post Strong Financial Results


Mahindra & Mahindra (M&M) reported an impressive 18% rise in consolidated net profit for the fiscal fourth quarter. Boosted by robust sales of SUVs and tractors, M&M's net profit reached ₹2,637 crore. The company also declared a dividend of 16.25 per share, reflecting a 325% payout. M&M achieved its highest-ever automobile sales of 698,000 vehicles in FY23, a significant increase of 50%, along with record tractor sales of 404,000 units during the year.


ONGC, the state-run petroleum giant, announced its Q4FY23 results, reporting a consolidated net profit of ₹5,701 crore, which represents a 53% decline compared to the corresponding period last year. However, ONGC's revenue from operations increased by five per cent to ₹164,066.72 crore during the January-March quarter, indicating steady growth. ONGC's consolidated turnover for FY23 stood at Rs.6,84,829 crore, surpassing ₹5,31,793 crore achieved in FY22.


Aurobindo Pharma's consolidated net profit for Q4FY23 reached ₹505.9 crore, marking a decline of 12.2% compared to the same quarter last year. However, Aurobindo Pharma experienced a sequential increase in profit, climbing by 3% from the previous quarter. The company's EBITDA before R&D stood at ₹1,412.9 crore, showing a 0.5% year-on-year growth and a 3.2% quarter-on-quarter growth. Despite a contraction in EBITDA margins, Aurobindo Pharma remains focused on its growth trajectory.


Maruti Suzuki, India's largest carmaker, continues to face challenges due to the shortage of electronic components, leading to production losses. The company lost around 45,000 units in the third quarter and approximately 38,000 units in the fourth quarter of the previous fiscal year. Maruti Suzuki expects some relief in the July-September period but anticipates the production loss to persist in the first quarter of the current fiscal year.


Sun Pharmaceutical Industries proposed a reverse triangular merger to acquire all shares of Taro Pharmaceutical Industries. The all-cash deal, valued at US $38 per ordinary share, represents a premium of 31.2% over Taro's closing price on May 25, 2023. This move signifies Sun Pharma's strategic expansion plans and aims to strengthen its position in the pharmaceutical industry.


Bajaj Electricals is gearing up to increase its presence in the premium range of appliances and other segments. The company expects revenue contribution from upscale products to rise significantly and has recently launched the new brand 'Nex' targeting upscale urban consumers with a premium range of appliances. Despite the slowdown in certain segments, Bajaj Electricals has planned new product launches in the premium space, including Morphy Richards, in the latter half of this year.


Karnataka Bank, based in Mangalore, witnessed a significant growth in net profit during the fourth quarter of FY23. The bank's net profit more than doubled to ₹353.75 crore on a year-on-year basis. Despite a sharp increase in provisions and a sequential rise in gross NPA, Karnataka Bank achieved an impressive growth of 171.38% in Q4FY23 PAT. The bank's NII also registered a notable growth of 27.15% from the year-ago quarter.


Vodafone Idea's promoters have expressed their readiness to provide additional equity investments, and discussions with external investors have gained momentum. Following the equity conversion by the Indian government, the company is actively working to raise funds from external investors. With at least three ongoing discussions, Vodafone Idea aims to strengthen its financial position and improve its competitive standing in the telecom sector.


Samvardhana Motherson International (SAMIL), an automotive component manufacturer, reported remarkable growth in net profit for the March quarter of FY23. SAMIL's net profit surged by 438% to reach ₹654 crore, driven by strong booked business. The company also achieved its highest-ever quarterly and yearly revenue, with a 30% increase to ₹22,477 crore in Q4FY23 and a 23% growth to ₹78,701 crore for the fiscal year 2022-23.


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