India’s June earnings season gathered momentum this week, with automakers topping the list of large‑cap performers. Hospitality and consumer‑internet companies also posted resilient results, and management commentary highlighted steady domestic demand amid global uncertainty.
A market‑wide analysis of 259 companies that have announced results so far, excluding BFSI and oil & gas, shows revenue growth accelerated to 21.8% year‑on‑year in the June quarter. Net profit climbed 26.3%, and operating margins stayed broadly stable at 22.1%, indicating firms could largely absorb cost pressures.
UltraTech Cement’s consolidated revenue rose 16% to Rs 24,465 crore, and net profit grew 17% to Rs 2,604 crore. The lift was driven by volume, not price: cement volumes increased 12.2% to 41.31 million tonnes, with UltraTech‑branded volumes up 21.3%. CFO Atul Daga said the quarter reaffirmed the company’s demand thesis. Management flagged a Rs 130–140‑per‑tonne cost increase for Q2, driven by fuel and monsoon‑related shutdowns, but said the firm had absorbed the shock this quarter. Brokers remain positive, citing UltraTech’s scale and ability to handle future cost pressure.
Bajaj Auto’s revenue jumped 65% to Rs 21,689 crore, and net profit rose 46% to Rs 3,226 crore. Export volumes crossed 730,000 units, up 54% YoY, and the company protected margins through export strength and favourable currency movements. CFO Dinesh Thapar noted that commodity inflation this quarter exceeded the combined inflation of the previous two years. Brokers keep a constructive view, with targets ranging from Rs 11,500 to Rs 12,096.
TVS Motor posted revenue of Rs 16,296 crore, up 33.5%, and profit rose 51%–65% depending on the basis. EBITDA margin expanded 30 basis points to 12.8% even as input costs rose. Brokers cite improved product mix, currency benefits, and tight cost control as key factors. Risks highlighted include rising commodity prices, geopolitical uncertainty, and supply‑chain disruptions.
Eternal (Blinkit) reported net profit of Rs 92 crore, up 268% YoY, but missed Street estimates of about Rs 258 crore. Revenue surged 182% to Rs 20,211 crore, and Blinkit turned EBITDA‑positive for the first time. Management said growth takes priority over near‑term margin optimisation. Brokers largely issued Buy calls, though they caution that higher wages, rental costs, and inventory model changes could pressure margins.
Indian Hotels achieved its 17th consecutive best‑ever quarter. Consolidated revenue rose 14.7% to Rs 2,339 crore, EBITDA grew 18% to Rs 753 crore, and margins expanded 80 basis points to 31.1%. The lift came from strong domestic leisure demand and higher room rates, while international business was held back by geopolitical tensions and higher fuel costs. Management signed 20 new hotels, bringing the pipeline to 263 properties. Brokers remain bullish, citing durable domestic strength and a cyclical international drag.
Overall, the June quarter shows that volume growth, export strength, and domestic demand are key drivers of earnings, while rising commodity costs and global uncertainties present headwinds for the coming quarters.