Margin pressure tightened across Indian manufacturing counters as quarterly earnings rolled in. State-owned Cochin Shipyard saw its consolidated net profit plunge nearly 50% for the second quarter, even as top-line revenue advanced 12%. The board approved an interim dividend of ₹3 per equity share to soften the blow for income investors. The earnings divergence underscores rising operational overhead across shipyard orders.
Tire major MRF faced a similar pinch. Net profit dropped 13% to ₹417 crore for the September quarter despite top-line revenue climbing 17.4%. Cost inflation absorbed the volume gains. Like Cochin Shipyard, MRF's board declared an interim dividend of ₹3 per share to balance the margin erosion.
Consumer appliance manufacturer Whirlpool posted an even steeper operational slide. Net profit tumbled 39% year-on-year to ₹25 crore for the quarter, down from ₹41 crore a year earlier. While revenue advanced 13.7% to ₹1,873 crore from ₹1,647 crore, operating profitability collapsed. Earnings before interest, taxes, depreciation, and amortisation dropped 31% to ₹40 crore against ₹58 crore. Whirlpool's EBITDA margin compressed sharply to 2.13% from 3.5%.
Yet electric vehicle builder Olectra Greentech bucked the contraction trend. The commercial EV player reported a 6.8% rise in net profit to ₹52.93 crore compared to ₹49.54 crore a year ago. Revenue rose 4.6% to ₹687 crore, while EBITDA improved 2.5% to ₹91.7 crore. Operating margin slipped slightly to 13.4% from 13.6%, reflecting steady pricing power on deliveries.
| Company | Metric Reported | Q2 Performance | Prior-Year Comparison |
|---|---|---|---|
| Cochin Shipyard | Consolidated Net Profit | Down ~50% | Revenue rose 12% |
| MRF Ltd. | Net Profit | ₹417 crore (-13%) | ₹3 Interim Dividend |
| Whirlpool | Operating EBITDA | ₹40 crore (-31%) | Margin down to 2.13% |
| Olectra Greentech | Net Profit | ₹52.93 crore (+6.8%) | ₹49.54 crore |
Capital goods major BHEL secured a direct balance-sheet reprieve. The Telangana Commercial Tax Department dropped a tax demand order of ₹207.26 crore pertaining to the 2022-23 financial year, removing a lingering contingent liability from the state-run engineering firm.
Lenders and consumer goods producers also recalibrated capital terms. Bank of Baroda raised its Marginal Cost of Funds Based Lending Rate across four maturities effective November 12, according to its official regulatory disclosure. The lender hiked its one-month MCLR by 5 basis points to 8%, while pushing three-month and six-month rates higher by 20 basis points each to 8.50% and 8.70%.
FMCG player Jyothy Labs altered the structure of its planned capital return. The company raised its buyback price by 11.6% to ₹240 per share from ₹215, while trimming the maximum number of shares to be repurchased to 61.25 lakh from 68.37 lakh. The revised transaction covers up to 1.67% of total paid-up equity through a proportionate tender offer.