TLDR:
- Larsen & Toubro Ltd reported a 15% rise in consolidated net profit in Q3 FY24.
- PB Fintech, parent firm of Policybazaar, reported a profit in Q3 FY24 after incurring losses in the previous quarter.
- Dr Reddy’s Laboratories reported a 11% rise in net profit for the quarter ending December 31, 2023.
Engineering major Larsen & Toubro Ltd (L&T) reported a 15% increase in consolidated net profit for the quarter ended December 31, 2023. The company’s net profit stood at Rs 2,947 crore, compared to Rs 2,553 crore in the same period last year. L&T’s revenue from operations also grew by 19% to Rs 55,128 crore.
Parent firm of Policybazaar, PB Fintech, reported a profit of Rs 37 crore in the third quarter ended December 31, 2023. This marks a significant turnaround after incurring a loss of Rs 21.1 crore in the preceding quarter. PB Fintech’s Q3 performance was driven by growth in insurance premiums and improved contributing margins.
Pharma company Dr Reddy’s Laboratories posted a net profit of Rs 1,379 crore, reflecting an 11% increase for the quarter ending December 31, 2023. The growth was fueled by strong performance in its generic drugs business in key US and European markets. Dr Reddy’s revenue rose 7% to Rs 7,215 crore, with revenue from its North American generics segment seeing a 9.6% increase.
In other news, Tata Consultancy Services (TCS) announced a 15-year expansion of its partnership with Aviva, a UK-based insurance and wealth provider. Nova Agritech, a soil health and crop protection products maker, is set to make its stock market debut on January 31. Voltas, a home appliance company, reported a net loss of Rs 27.6 crore in Q2 but saw its consolidated revenue from operations climb 31% to Rs 2,625.7 crore. Zee Entertainment addressed claims made by its promoter, Subhash Chandra, about increasing his family’s stake in the company.
Lastly, KEC International, a flagship company of RPG Group, reported a consolidated net profit of Rs 97 crore for the third quarter ended December 31, 2023. The company’s revenue increased by 14.4% to Rs 5,006.7 crore.
