India’s corporate earnings season offered a mixed picture on Tuesday, as companies across renewable energy, healthcare, construction materials and consumer goods reported resilient demand but flagged growing pressure on execution and investment cycles.
Suzlon Energy reported fourth-quarter execution of 830MW, slightly below market expectations, while EBITDA margins remained broadly stable at 17.5%. Net profit came in largely in line with estimates, supported by deferred tax adjustments. Management cautioned that working capital pressures had intensified due to the execution of public-sector orders and delays in commissioning. Executives also refrained from offering firm guidance on growth over the next two years, although they pointed to export opportunities and a stronger engineering, procurement and construction mix as future growth drivers.
In healthcare, Fortis Healthcare posted quarterly revenue ahead of expectations, driven by strong patient volumes. Hospital revenues rose 19% year-on-year, while margins held steady at 22%. Its diagnostics arm, Agilus, also delivered double-digit growth, reflecting continued demand for diagnostic services. Analysts noted improving performances from the company’s Jaipur and Mulund facilities.
JK Cement delivered one of the strongest operational updates of the quarter, reporting grey cement volume growth of 14% year-on-year in the final quarter and 17% for the full financial year. Although EBITDA per tonne declined amid cost pressures, the company expanded capacity through a new 3mtpa grinding unit in Bihar, taking total grey cement capacity to 32.3mtpa. Management said it remained confident of achieving double-digit growth next year.
Meanwhile, Century Plyboards announced another round of capital expenditure after reporting sharp growth across plywood, MDF and particle board segments. Higher investment income also helped lift profits despite rising depreciation and interest costs.
Consumer paints maker Indigo Paints reported its strongest growth in two years, aided by recovering demand across emulsions and construction-linked products. The company also strengthened senior leadership with the appointment of a new chief business officer from the packaged foods sector.
