Companies whose HY25 profits surpassed FY24 levels beating slowdown

At a time when India Inc is facing pressure on revenue and profits due to demand concerns, a handful of companies across sectors reported net profits for the first half of FY25 that exceeded their respective profits for the entire previous fiscal year helped by various factors such as growing revenue, lower input costs, inventory benefit, lower tax outgo, and improved operating cash flows. There were eight such companies among the BSE 200 index components including Bharti Airtel, Zomato, Vedanta, Dixon Technologies (India), PB Fintech, Godrej Properties, Voltas, and Adani Wilmer arranged in the descending order of their current market capitalisations.

Among these companies, food delivery provider Zomato, electronics manufacturer Dixon, online insurance solutions provider PB Fintech, Realty developer Godrej Properties, and air conditioning major Voltas reported robust revenue growth year-on-year in the six months to September 2024. For Dixon, revenue rose sharply by 120.5% to Rs8,214.7 crore while net profit jumped by 197.3% to Rs523.5 crore, surpassing the FY24 net profit of Rs367.8 crore.

In the case of Zomato, net profit in the first half of FY25 increased multifold to Rs429 crore from Rs 38 crore in the comparable period of the previous year helped by 38% jump in revenue and a improved operating leverage. Commodity supplier Adani Wilmer was benefitted from improving sales and lower raw material costs. Its revenue rose by 13.6% year-on-year to Rs 28,629 crore while net profit was Rs624.2 crore compared with net loss of Rs 209.7 crore in the year-ago period.


Godrej properties was benefitted from change in inventory and reported 43.2% increase in net profit for the six months to September 2024 at Rs855.3 crore thereby exceeding the FY25 net profit of Rs725.3 crore. Mining and metals major Vedanta was benefitted by lower tax outgo, which catapulted its net profit to Rs7,958 crore in the first half of FY25 from Rs Rs857 crore in the year-ago period.

Given a strong momentum in their profits, some of the sample companies have earned remarkable returns on exchanges. The stocks of Dixon Technologies, PB Fintech, Zomato, Voltas, and Vedanta have more than doubled over the past 12 months.