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On the consolidated basis, at PCBL, net sales for the quarter came in at ₹ 2,163 crore with carbon black sales volumes at 149 kt (up 14% YoY, down 3% QoQ) and realisation at ₹ 118/kg (up 5% QoQ). EBITDA for the quarter came in at ₹364 crore with corresponding margins at 16.8% (up 10 bps QoQ). Consequent PAT for Q2FY25 stood at ₹123 crore, flat YoY. Speciality grade carbon black sales for the quarter came in at 17K tonne (~11.5% of total sales volume, up 130 bps QoQ). Consolidated numbers also include performance of its recent acquisition i.e. Aquafarm and hence is not comparable YoY. 

Ramco Cements has notified that the company has monetized non-core assets worth Rs 376 crores since Sept 2024 (Rs 326 crores via sale of equity shares held in Ramco Industries & Rs 50 crores via sale of compulsory convertible preference shares of Swiggy Limited). The proposed transaction will be undertaken as an inter-se transfer among Ramco Cements and promoters' entities of Ramco Industries.

JSW has informed the exchanges that it has signed a Memorandum of Understanding (MOU) with South Korea’s PSOCO group for collaboration in steel space by setting up an integrated steel plant with an initial capacity of 5 million tonnes (MTPA). Moreover, the partnership will focus on battery materials related to Electric Vehicles and renewable energy space to meet the steel plant’s captive needs.

Revenues grew 26% YoY to ₹ 1188 crore driven by flagship Fluoropolymers business (up 22% YoY) and Fluorochemicals business (up 64% YoY). On the other hand, Bulk Chemicals segment was down 6% YoY. EBITDA grew 81% YoY and margins stood at 24.8% up 760 bps. Fluoropolymers growth was attributable to improved realisation driven by sale of high value-added sales. Fluorochemicals sales were mainly driven by marginal improvement in Refrigerant prices and volumes growth.

MSIL reported muted performance in Q2FY25. Sales volume for the quarter stood at 5.4 lakh units, down 2% YoY. Total operating income for Q2FY25 came in at ₹ 37,203 crore with ensuing ASPs at ₹6.57 lakh/unit, up 1.2% QoQ. SUV share of sales in total domestic PV sales volume stood at ~40% (up 3% QoQ). EBITDA margins for the quarter came in at 11.9%, down 80 bps QoQ. Consequent PAT in Q2FY25 came in at ₹3,069 crore, down ~17.4% YoY and ~16% QoQ. Reported PAT includes an exceptional one-time deferred tax provision of ₹ 838 crore.

Revenues grew ~6% YoY to ₹ 7051 crore on the back of ~29% growth in South Africa and 19% growth in Emerging markets and Europe. Growth in core geographies of India and the US was growth was little subdued at ~5%. EBITDA grew ~9% YoY to ₹ 1886 crore with 78 bps margin expansion to 26.7% tracking strong GPM performance (up 226 bps to 67.6%). PAT grew ~13% to ₹ 1306 crore. US grew ~5% YoY to ₹ 1986 crore and this lower trendline growth was attributable to supply constraints for Lanreotide injection (hormonal) at one of the vendors besides ~10% price erosion in the base business  especially oral solids). The market share of Lanreotide (before supply constraints) in the month of August was ~35%. Similarly for Albuterol (respiratory)the market share stood at ~19% (as of September 20). India grew ~5% YoY to ₹ 2948 crore, driven by branded prescription growth of 16% in Urology, ~12% in Cardiac and ~9% in respiratory but pulled down by Anti-infectives (high base) and Trade Generics (seasonality). However, growth in Consumer Health portfolio stood at a healthy 21%. South Africa grew 29% YoY to ₹ 799 crore led by Respiratory, CNS and Anti-Infectives therapies and OTC growth. Emerging markets and Europe grew 19% YoY to ₹ 806 crore with uptick in both DTM and B2B categories.