Result Update: Maruti Suzuki, Vedanta and Tata Power

Maruti Suzuki, Vedanta and Tata Power

Here are some of the key takeaways from the results

Maruti Suzuki

• Maruti Suzuki reported a rise of 334% YoY in standalone net profit at Rs 2,061 crore in Q2FY23 as against Rs 475.3 crore in Q2FY22
• Revenue from operations climbed 46% YoY at Rs 29,931 crore in Q2FY23
• The average selling price (ASP) of Maruti vehicles increased to Rs 5,51,667 in Q2FY23. From Rs 5,08,456 in Q2FY22
• Maruti’s EBITDA (earnings before interest, taxes, depreciation, and amortization) came in at Rs 2,769 crore, a YoY increase of 224%
• With a sale of 517,395 units in Q2FY23, the company recorded its highest-ever quarterly volume, which rose 36% YoY over 379,541 units sold in Q2FY22
• During Q2FY23, Maruti sold 454,200 units in the domestic market and exported 63,195 units. However, the shortage of electronic components impacted production by about 35,000 vehicles.

Vedanta

• Consolidated Revenue of Rs.36,237 crore in Q2FY, up 21% on a YoY basis
• Consolidated EBITDA of Rs.8,038 crore in Q2FY23 with EBITDA margin of 25% despite macro challenges
• Consolidated PAT (Profit After Tax) saw a 53% YoY decline in Q2FY23 to Rs 2,690 on weaker commodity prices and higher fuel costs
• Proactive strategic hedging for risk management recorded Rs.1,700 crore gain in this quarter
• Gross debt decreased Rs 2,543 crore on a QoQ basis to Rs.58,597 crore as on 30th Sep’22

Management Speak

Mr. Sunil Duggal, Chief Executive Officer, Vedanta, said “I am pleased to share that we have generated strong free cash flow (pre-capex) of Rs 8,369 crore underpinned by robust operational and financial performance. I am also happy to inform you that Vedanta has entered in the club of top 10 DJSI-ranked global metals and mining companies; ranking 6th globally. Our growth and vertical integration projects, aimed to reduce market volatility impact and create shareholders’ value, are progressing well. We remain well positioned, with a rich diversified asset portfolio, strong balance sheet, and cost optimization levers, to withstand the challenging macroeconomic environment.”

Tata Power

• Consolidated PAT up by 85 % YoY at Rs 935 crore in Q2FY23 as against Rs 506 crore in Q2FY22 on account of improved performance across all businesses
• Consolidated Revenue up by 49% YoY at Rs 14,163 crore in Q2Fy23 as against Rs 9,502 crore in Q2FY22 on account of higher plant availability in Mundra, higher sales across distribution companies and capacity addition in Renewables
• Consolidated EBITDA up by 18% YoY at Rs 2,043 crore in Q2FY23 as against Rs 1,732 crore in Q2FY22 on account of higher efficiencies achieved in the distribution business specially in Odisha Discoms
• New contracts wond during the quarter include LOA(Letter of Award) worth Rs 612 crore to set up 100 MW ground mounted project for SJVN in Gujarat and another LOA worth Rs 596 crore to set up 125 MWp floating solar project for NHDC Limited
• Tata Power to set up 60+ EV charging points across JP Infra’s residential projects to accelerate sustainable mobility in Mumbai and set up 450+ EV charging points across 350 national highways

Management Speak

Speaking of the Company’s quarterly performance, Dr. Praveer Sinha, CEO & MD, Tata Power said, “We have witnessed strong performance from all of our business clusters – Generation, Transmission, Distribution, including Odisha, and Renewables. The fact that our PAT has increased for 12th consecutive quarters demonstrates the strong foundations upon which each of these businesses have been built.

Our goals are aligned with the country’s energy priorities, and we will keep working towards accelerating India’s transition to clean energy while putting a sharp focus on the 3 Ds – Decarbonisation, Digitization, and Decentralisation which are the pillars of the new age energy sector.”