🇮🇳 India Daybook: RIL & Jio Post Robust Q2 Earnings, Afcons Infra Bags ₹3,469 Cr UP Contracts

📍 ORDER WINS & CONTRACTS

• Afcons Infrastructure: The engineering and construction firm secured two major engineering, procurement, and construction (EPC) contracts in Uttar Pradesh with a cumulative value of ₹3,469 crore (₹34.69 billion). The first is a ₹2,086 crore contract from UPEIDA for the 24.5-km greenfield Jewar Link Expressway connecting Noida International Airport. The second is a ₹1,383 crore package from UPMRC to construct a 6.52-km underground stretch with seven stations for Lucknow Metro Phase-1B.

📍 EARNINGS REACTION

• Reliance Industries (RIL): Reported a 41% year-on-year surge in consolidated net profit attributable to shareholders at ₹25,548 crore for Q2, aided by strong operational performance in the Oil-to-Chemicals (O2C) segment and digital services. Consolidated EBITDA climbed 24% YoY to a record ₹62,409 crore.
• Jio Platforms: In its maiden earnings report following its mega public debut, the telecom and digital giant posted a 14% YoY increase in consolidated net profit to ₹8,389 crore. Revenue from operations rose 11.4% YoY to ₹40,475 crore, with average revenue per user (ARPU) climbing to ₹218.8 and 5G subscribers crossing the 300 million mark.
• GE Vernova T&D India: Standalone net profit for the September quarter jumped 44.1% YoY to ₹431.4 crore, comfortably beating consensus estimates. Standalone revenue advanced 31.8% YoY to ₹2,026.98 crore, driven by robust domestic transmission equipment execution. Motilal Oswal retained a 'Buy' rating with a target price of ₹5,100.
• Godrej Consumer Products (GCPL): Reported a 13.8% YoY rise in consolidated net profit to ₹523 crore for Q2, while revenue from operations expanded 19% YoY to ₹4,413 crore on 8% volume growth. However, operating margins came under pressure due to elevated palm oil and commodity input costs, leading EBITDA margin to contract to 18.6%. The company declared an interim dividend of ₹5 per share.
• Trent: The Tata Group retail major recorded a 25.3% YoY rise in consolidated net profit to ₹468 crore for the September quarter, supported by strong same-store sales and retail footprint expansion.
• GAIL (India): Net profit for Q2 surged 139% YoY to ₹4,720 crore, with revenue increasing 33% YoY on improved gas transmission volumes and marketing margins.

📍 CORPORATE ACTIONS & PRIMARY MARKET

• GAIL (India): The company's board has formally accorded approval to initiate the Initial Public Offering (IPO) process for its city gas distribution subsidiary, GAIL Gas.
• Vedant Poly Fabs: The SME issue opens for subscription today, November 2, in a price band of ₹88–94 per share to raise ₹56.68 crore.
• Bombay Coated & Special Steels: The ₹183.06-crore mainboard IPO closes for public subscription today.