L&T Net Profit May Slide Up to 60% QoQ in Q1

July 26, 2021July 26, 2021

India’s largest engineering and construction major Larsen and Toubro’s (L&T’s) net profit to decline up to 60 per cent sequentially. Besides, a slowdown in construction activity would have hit the company’s project execution capabilities, they believe. The company is slated to report its Q1FY22 numbers on Monday, July 26.

“We expect Q1FY22 to be a weak quarter in terms of execution and profitability across the cand industrials space, as a sharp spike in Covid-19 cases across India, particularly in April-May, impacted execution levels,” said a report by foreign brokerage Nomura.

It added: Q1FY22 also saw a further rise in commodity prices (especially steel), compared with Q4FY21, leading to further aggravation of pressure on gross margins. Thus, we expect execution to weaken for EPC companies like L&T from the March quarter of FY21 (Q4FY21).

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Larsen and Toubro’s (L&T’s)-View Detailed Analysis

AUTO INDIA

Audi Sets Up 6,500 EV Chargers in India, 75% Are Fast Chargers

Dhruva KulkarniApril 10, 2025April 10, 2025

April 10, 2025April 10, 2025

Audi India announced on Thursday that it has set up over 6,500 EV charging points nationwide as part of Phase II of its ‘Charge My Audi’ initiative.

Over 75% of these chargers are DC fast-charging stations aimed at reducing charging times and enhancing convenience for EV users.

The expansion added 5,500 new chargers across highways, urban hubs, and commercial areas, ensuring seamless long-distance travel and daily commutes. Audi India has partnered with 16 new EV infrastructure providers to strengthen its network.

Audi India Head Balbir Singh Dhillon highlighted the importance of a strong charging network in accelerating EV adoption and improving customer accessibility.

The initiative is supported by ChargePoint Operators, including Shell India, Adani Total Energies E-Mobility, Charge Zone, and Statiq.

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INDIA

India Approves Rs 63,000 Crore Deal for 26 Rafale Marine Jets from France

Dhruva KulkarniApril 9, 2025April 9, 2025

April 9, 2025April 9, 2025

India has approved a Rs 63,000 crore deal to acquire 26 Rafale Marine fighter jets from France, with the agreement expected to be signed during French Defence Minister Sébastien Lecornu’s visit this month.

Cleared by the Cabinet Committee on Security, chaired by PM Narendra Modi, the deal includes 22 single-seater and four twin-seater Rafale-M jets for the Indian Navy.

The package covers fleet maintenance, logistics, training, and offset obligations to boost indigenous manufacturing. It also includes upgrades, equipment, and spares for the 36 Rafale jets already in service with the IAF.

The new Rafale-M jets will be delivered within 37 to 65 months, with full induction expected by 2030–31. The Defence Ministry had approved the procurement in July 2023 for deployment on INS Vikrant.

The IAF currently operates 36 Rafale jets at Ambala and Hasimara airbases, and the new deal will enhance its capabilities, including an upgraded “buddy buddy” aerial refuelling system.

The Navy will need to install specialised equipment on aircraft carriers to operate the 4.5-generation Rafale jets and is also planning to induct indigenous fifth-generation Rafale jets developed by DRDO.

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FMCG INDIA

Haldiram’s Confirms Merger of Delhi and Nagpur Units

Dhruva KulkarniApril 8, 2025April 8, 2025

April 8, 2025April 8, 2025

Haldiram’s has merged its Delhi and Nagpur units under Haldiram Snacks Food Private Ltd (HSFPL), unifying its FMCG operations.

CEO Krishan Kumar Chutani called it a fresh start blending legacy, passion, and future vision. The merger, first reported in 2022, was completed after approvals from the Competition Commission of India (CCI) and the National Company Law Tribunal (NCLT).

Under the deal, the Delhi unit holds a 56% stake, while Nagpur owns 44%. The move follows recent minority stake sales to Temasek, Alpha Wave Global, and International Holding Company (IHC), valuing Haldiram’s at $10 billion. These investments will fuel global expansion, particularly in the US and the Middle East.

Founded in 1932 by Ganga Bishan Agarwal, Haldiram’s later split among his grandchildren. Shiv Kishan Agarwal runs the Nagpur entity (west and south India), while Manohar and Madhusudan Agarwal manage the Delhi unit (north India). The family collectively dominates 50% of India’s ethnic snacks market.

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AUTO INDIA

Rural Sales Outpace Cities as India’s Vehicle Retail Dips Slightly in March

Dhruva KulkarniApril 7, 2025April 7, 2025

April 7, 2025April 7, 2025

According to FADA (Federation of Automobile Dealers Associations), India’s vehicle retail sales fell by 0.7% in March 2025 compared to a year ago but rose 12% from February. For FY25 (April 2024–March 2025), sales grew by 6.46%, with rural markets outperforming cities.

In March, passenger vehicle sales increased by 6%, driven by discounts and new models, while commercial vehicles grew by 2.6% due to festivals and projects. However, two-wheeler sales fell by 1.7%, three-wheelers dropped by 5.6%, and tractors declined by 5.7%, impacted by weak rural demand. Sales started slow due to Kharmas but picked up last week, aided by Navratri, Gudi Padwa, Eid, and year-end discounts.

For FY25, passenger vehicles grew by 4.87%, two-wheelers by 7.71%, and commercial vehicles remained nearly flat, dropping by 0.17% due to weather and financing issues. Rural markets led the growth, with two-wheelers up 8.39% and three-wheelers rising 8.70% compared to 6.77% and 0.28% in cities.

Dealers face high car stock levels, strict sales targets, and financing challenges. Looking ahead, heatwaves may impact April sales, but festivals and the marriage season could provide a boost.

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INDIA

Rs 18,658 Crore Rail Network Boost to Strengthen Connectivity Across Three States

Dhruva KulkarniApril 4, 2025April 4, 2025

April 4, 2025April 4, 2025

PM Modi-led panel approved Rs 18,658 crore for four rail multitracking projects, expanding the network by 1,247 km across Maharashtra, Odisha, and Chhattisgarh.

The projects include new lines for Sambalpur – Jarapda, Jharsuguda – Sason, Kharsia – Naya Raipur – Parmalkasa, and Gondia – Balharshah to improve mobility and reduce congestion.

These expansions will enhance passenger convenience and freight operations, particularly for coal, iron ore, and other key commodities.

Nineteen new stations will be built, benefiting 3,350 villages and 47.25 lakh people, with better connectivity to Aspirational Districts like Gadchiroli and Rajnandgaon.

The projects will drive industrial growth, improve supply chain efficiency, and create employment under the PM Gati Shakti National Master Plan.

With increased freight capacity, rail transport will help reduce oil imports by 95 crore litres and CO₂ emissions by 477 crore kg, supporting environmental sustainability.

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