In the June 2024 quarter, several large cap companies witnessed remarkable profit growth. Their stocks also gave solid returns to investors in 2024. Data available from ACE Equity shows as many as 7 large cap companies from the BSE 100 index have posted over 100% profit growth in the June quarter. Here are the select 10 companies with highest profit growth in the last quarter.
Info Edge (India), a key player in the IT sector, is the top gainer with 286% (QoQ) growth in profit compared to the previous quarter. Their profit after tax (PAT) jumped from Rs 60 crore in March quarter to Rs 233 crore in June 2024 (Q1 FY25). This stock gained 50% in 2024 from Rs 5,137 on December 29, 2023 to Rs 7,698 on August 29, 2024 and had a latest market capitalisation (m-cap) of Rs 1 lakh crore.
Adani Enterprises, from the trading sector, ranked second with a 223% rise in profits. Their PAT surged from Rs 451 crore to Rs 1,455 crore. Shares of the flagship Adani company increased 6% in 2024 so far. The stock was trading at Rs 3,022 on August 29, 2024 with an m-cap of Rs 3.45 lakh crore.
In the metals industry, Vedanta also saw a substantial increase in profitability, reporting a 163% rise in their quarterly profits. From Rs 1,369 crore in March, their profit surged to Rs 3,606 crore in June 2024. Vedanta stocks gained 79% in 2024 so far with latest m-cap of Rs 1.81 lakh crore.
Varun Beverages, a major player in the FMCG sector, experienced a 133% increase in profits, with earnings rising from Rs 537 crore to Rs 1,253 crore. Its share price increased 23% in 2024 and has m-cap of Rs 1.97 lakh crore. In the healthcare sector, Lupin reported a 123% growth in profit. The earnings increased from Rs 359 crore to Rs 801 crore, indicating a robust operational performance. Lupin has given 66% market return this year and has an m-cap of Rs 1 lakh crore.
Some other stocks with highest profitability growth are United Spirits, in the alcohol sector, achieved a 101% growth in profits, with their profit after tax rising from Rs 241 crore to Rs 485 crore. It is followed by Bharti Airtel, the telecom giant, which reported a 101% rise in profits, with their earnings jumping from Rs 2,072 crore to Rs 4,160 crore. In the chemicals sector, Pidilite Industries saw an 89% increase in profits, with their earnings growing from Rs 301 crore to Rs 567 crore. Tata Steel, operating in the iron and steel sector, reported a 57% rise in profits, with earnings increasing from Rs 611 crore to Rs 960 crore.
Lastly, Adani Ports and Special Economic Zone, a logistics giant, experienced a 53% growth in profits, with earnings rising from Rs 2,040 crore to Rs 3,113 crore.