Indian Corporate Sector: Key Financial and Operational Updates for Q1 FY25

The first quarter of the fiscal year 2025 has seen notable activities and developments across various prominent Indian companies. From impressive customer growth and financial advancements to strategic collaborations and significant corporate actions, these updates highlight the dynamic nature of the Indian corporate sector. Below is a detailed account of these updates.

Bajaj Finance Limited

Bajaj Finance Limited has demonstrated remarkable growth in its customer base. As of June 30, 2024, the company’s customer franchise expanded to 88.11 million, a significant increase from 72.98 million a year earlier. This growth was accompanied by a 10% rise in new loans booked during the first quarter of FY25, totaling 10.97 million, compared to 9.94 million in Q1 FY24.

L&T Finance

L&T Finance has achieved substantial progress in its retailisation efforts, with 95% of its business in Q1 FY25 being retail, up from 82% in the same quarter of the previous fiscal year. Retail disbursements for the quarter were estimated at Rs 14,830 crore, reflecting a robust 33% year-on-year growth.

Bandhan Bank

Bandhan Bank reported a 21.8% year-on-year increase in loans and advances, reaching Rs 1,25,619 crore for Q1 FY25. This also represented a 0.7% growth quarter-on-quarter. Despite a 1.5% decline in total deposits from the previous quarter, the bank saw a 22.8% year-on-year increase, with total deposits standing at Rs 1,33,203 crore in Q1.

Vedanta Ltd

Vedanta Ltd recorded a 3% increase in aluminium production, reaching 596,000 tonnes in the April-June quarter. The alumina output from its Lanjigarh refinery saw a significant rise, with a 36% year-on-year increase and an 11% quarterly increase to 539,000 tonnes, driven by the addition of new capacity.

Dixon Technologies

Dixon Technologies has issued a corporate guarantee of Rs 516.8 million for its subsidiary, Dixon Electro Appliances. This guarantee to ICICI Bank will enable the subsidiary to secure a credit facility, bolstering its financial position.

Airtel Payment Bank

Airtel Payment Bank witnessed a significant 49% drop in the number of wallets, which fell to 36.7 million between January and May 2024. This reduction highlights a shift in the company’s digital wallet usage dynamics.

Inox Wind Ltd

Inox Wind Ltd announced the infusion of Rs 900 crore into the company by its promoter, Inox Wind Energy Ltd. This substantial funding will be utilized to pay off external term debt, helping the company achieve a net debt-free status.

KFin Technologies

KFin Technologies has divested its entire 20.95% stake in Fintech Products and Solutions (India) Pvt Ltd, indicating a strategic move to streamline its operations and focus on core business areas.

Inox India

CARE Edge has reaffirmed its ratings on the bank facilities of Inox India Ltd, enhancing it to CARE AA-; Stable / CARE A1+. This reaffirmation reflects the company’s strong financial health and stability.

Bharti Airtel

Bharti Airtel’s board has approved the allotment of 1,418,275 fully paid-up equity shares at a conversion price of Rs 518 per share to Foreign Currency Convertible Bond (FCCB) holders, strengthening its capital base.

H.G. Infra Engineering

H.G. Infra Engineering has appointed Mr. Chandra Pal Mehta as President-Technical, effective from July 8, 2024. This strategic appointment aims to bolster the company’s technical leadership.

Marico

Marico has entered into a collaboration with Kaya to expand its presence in the advanced, science-backed personal care segment. This partnership aims to leverage Kaya’s expertise in dermatology and skincare.

Larsen & Toubro

Fitch Ratings has assigned a first-time “BBB+” rating with a stable outlook to Larsen & Toubro, covering both long-term foreign and local currency issuer default ratings. This rating reflects the company’s solid financial position and robust operational performance.

Brigade Enterprises

Brigade Enterprises has signed a Joint Development Agreement for a residential project spanning 8 acres, with a total development potential of approximately 1.2 million square feet. The project, with a gross development value of around Rs 1,100 crore, underscores the company’s commitment to expanding its residential portfolio.

Alfa Transformers

Alfa Transformers’ Bhubaneswar plant has received a purchase order worth Rs 1.99 crore from Tata Power Northern Odisha Distribution Limited. This order highlights the company’s ongoing contribution to the power distribution sector.

Asian Paints

Asian Paints has subscribed to 47.9 million equity shares of its wholly-owned subsidiary, Asian Paints International Private Limited, Singapore, at SGD 0.67 per share. This investment, totaling approximately SGD 32.1 million (Rs 200 crore), aims to strengthen the subsidiary’s financial foundation.

GE T&D India

GE T&D India has secured two significant orders: one worth €26 million from GRID SOLUTIONS Middle East FZE, Dubai, and another worth €64 million from Grid Solutions SAS, France. Both orders are for the supply and supervision of high-voltage products, reinforcing the company’s leadership in the electrical equipment sector.

Taneja Aerospace & Aviation

Taneja Aerospace & Aviation has received an order worth Rs 14.5 crore from Bharat Electronics. This order demonstrates the company’s capabilities in the aerospace and defense sectors.

Ugro Capital

Ugro Capital’s board will consider and approve the raising of funds through the issuance of Non-Convertible Debentures on a private placement basis on July 6. This move is aimed at strengthening the company’s financial resources.

Computer Age Management Services Limited

Computer Age Management Services Limited has appointed Mr. Pravin Udhyavara Bhadya Rao as an Independent Director. Mr. Rao, who served at Infosys Limited from 1986 until his retirement as COO in 2021, brings a wealth of experience and expertise to the board.

These updates provide a comprehensive overview of the key financial and operational developments among leading Indian companies in Q1 FY25, highlighting their strategic initiatives, growth trajectories, and financial health.

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