Q3 Results 2023: Listed companies on the BSE and NSE continued to announce their quarterly earnings on Tuesday. Some of the companies which declared their October-December results included Uco Bank, Macrotech Developers and Strides Pharma. Here are key takeaways from the results declared by these companies.    

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UCO Bank Q3 Results 2023: Net profit more than doubles to Rs 653 crore

UCO Bank on Tuesday reported a 110 per cent jump in profit at Rs 653 crore in the quarter ended December 2022, driven by increase in interest income and decline in bad loans.

The bank hopes to maintain the growth momentum in the fourth quarter of FY23.

Its net profit stood at Rs 310 crore in the same quarter of the preceding financial year.

"We expect business growth of advances and deposits in the fourth quarter will continue to be robust. Advances had grown 20.5 per cent during the quarter. With revision of rates, healthy growth in deposits is expected," UCO Bank MD & CEO Soma Sankara Prasad said.

Speaking about net interest margin, the executive said there is a continuous increase in each quarter and going forward NIM should be between 3 and 3.01 per cent.

"Recovery is higher than fresh slippages. Now our average quarterly slippages had reduced to Rs 500 crore from Rs 1,500 crore in the past. In this quarter write back from written off accounts was Rs 458 crore," Prasad said.

On the asset quality front, the bank recorded an improvement with gross NPAs (Non-Performing Assets) declining to 5.63 per cent of gross advances as compared to 8 per cent at the end of the third quarter of 2021-22.

Net NPAs too eased to 1.66 per cent from 2.81 per cent in the same quarter a year ago.

As a result, provisions for bad loans declined significantly to Rs 220 crore from Rs 565 crore in the same period a year ago.

Total income increased to Rs 5,451 crore in the quarter from Rs 4,638 crore in the year-ago period, the bank said in a regulatory filing.

Interest income rose to Rs 4,627 crore as compared to Rs 3,919 crore in the same quarter a year ago.

However, the capital adequacy ratio declined to 14.32 per cent in the December quarter as against 14.56 per cent.

During the quarter under review, the Reserve Bank imposed a penalty of Rs 88 lakh, the lender said.

Macrotech Developers Q3 Results 2023: net profit rises to Rs 404.98 crore

Realty firm Macrotech Developers Ltd on Tuesday reported a 41 per cent increase in its consolidated net profit at Rs 404.98 crore for the quarter ended December.

Its net profit stood at Rs 286.38 crore in the year-ago period, the company said in a regulatory filing.

However, the total income fell to Rs 1,902.44 crore in the third quarter of this fiscal year from Rs 2,155.70 crore in the corresponding period of the previous year.

Macrotech Developers, which is one of the leading real estate firms in the country, markets its properties under the Lodha brand. It focuses on Mumbai Metropolitan Region (MMR) and Pune -- the two biggest property markets in Maharashtra. It has recently forayed into the Bengaluru residential market.

Homefirst Finance net rises 28 pc on higher loan sales

Affordable housing focused Homefirst Finance Company on Tuesday reported a 27.9 per cent growth in net income at Rs 58.7 crore in the quarter ended December 2022.

The company said its loan book rose to Rs 6,751 crore on a quarterly disbursal of Rs 780 crore, up 37 per cent.

Its gross bad loan ratio came down 80 basis points to 1.8 while net NPA (non-performing asset) ratio improved by 10 basis points to 1.9.

Manoj Viswanathan, managing director of Homefirst Finance, said the reporting quarter saw the momentum continuing on disbursements, which jumped 37 per cent to Rs 780 crore, making it the highest quarterly loan sales.

The company continued to remain focused on timely collections helping it bring down the 30-plus DPD (days past due) from 3.3 per cent to 3 per cent. Improvement in asset quality continues across all buckets. 1+DPD improved from 4.7 per cent to 4.4 per cent helping the firm lower its gross stage 3 accounts to 1.8 per cent from 1.9 per cent.

During the quarter the company raised Rs 280 crore from the International Finance Corporation through up to 7-year debt. The proceeds will be used to provide financing to affordable home buyers and green affordable housing.

He said the company made further progress on the digital front with the usage of its app increasing to 91 per cent of customers, from 87 per cent in September.

Strides Pharma Q3 Results 2023: consolidated net loss at Rs 82 crore

Strides Pharma Science on Tuesday reported a consolidated net loss of Rs 82 crore for the third quarter ended December 31, 2022.

The drug firm had reported a net loss of Rs 127 crore in the October-December quarter of previous fiscal.

Revenue from operations rose to Rs 865 crore for the quarter under review as against Rs 794 crore in the year-ago period, the company said in a regulatory filing.

On a standalone basis, the company reported a net profit of Rs 12 crore as against a net loss of Rs 18 crore in the year-ago period, it added.

The Bengaluru-based firm said the profit during the quarter was impacted by loss from JV and associates on account of inventory write off related to Covid portfolio.

"We continue to focus on a profitable outcome for the business and have, by design, let go of several low margin businesses," Strides Pharma Science Founder, Managing Director and Executive Chairperson Arun Kumar said.

Earlier today, auto major Maruti Suzuki India Limited and SBI Cards and Payment Services reported their Q3 results. Maruti Suzuki reported over two-fold jump in net profit to Rs 2,351.3 crore for the quarter ended December 2022 compared with the corresponding period a year ago, far exceeding analysts' estimates. The New Delhi-based auto manufacturer had reported a net profit of Rs 1,011.3 crore for the quarter ended December 2021. Revenue of the auto major expanded 24.9 per cent to Rs 29,044.3 crore, according to a regulatory filing. 

Meanwhile, SBI Cards — which issues credit cards under brand SBI Card — on Tuesday reported a net profit of Rs 509 crore for the quarter ended December 2022, up 32 per cent compared with the corresponding period a year ago, missing analysts' estimates. The SBI Card stock continued to reel under pressure after the earnings announcement. 

Several listed companies announced their October-December quarter results on Tuesday. Among them were Sona BLW Precision Forgings, Gateway Distriparks, PNB Housing Finance and Tata Coffee.