Highlights: HDFC Bank, Avenue Supermarts-owned DMart release Q3FY23 earnings - check profit, revenue and other details
HDFC Bank, DMart: HDFC Bank – India’s largest private lender – reported strong earnings in the October-December quarter of the financial year 2022-23 (Q3FY23) in terms of profit and net interest income (NII). However, the asset quality of the bank as expected was stable for the third quarter.
Radhkishan Damani-owned DMart operator Avenue Supremarts reported in-line results in the December quarter as revenue grew by 25 per cent and profit came in single-digit on Saturday.
Along with HDFC Bank and DMart, a host of other firms such as InfoMedia, ZF Steering, Nouveau among others are also going to announce their third-quarter results during the day.
Here are the live updates from HDFC Bank Q3 results and DMart third quarter results today.
HDFC Bank, DMart: HDFC Bank – India’s largest private lender – reported strong earnings in the October-December quarter of the financial year 2022-23 (Q3FY23) in terms of profit and net interest income (NII). However, the asset quality of the bank as expected was stable for the third quarter.
Radhkishan Damani-owned DMart operator Avenue Supremarts reported in-line results in the December quarter as revenue grew by 25 per cent and profit came in single-digit on Saturday.
Along with HDFC Bank and DMart, a host of other firms such as InfoMedia, ZF Steering, Nouveau among others are also going to announce their third-quarter results during the day.
Here are the live updates from HDFC Bank Q3 results and DMart third quarter results today.
Latest Updates
DMart Q3 Results: Consolidated
Total Revenue for the quarter ended December 31, 2022 stood at Rs 11,569 crore, as compared to Rs. 9,218 crore in the same period last year.
Earnings before Interest, Tax, Depreciation and Amortization (EBITDA) in Q3FY23 stood at Rs.965 crore, as compared to Rs. 866 crore in the corresponding quarter of last year.
EBITDA margin stood at 8.3 % in Q3FY23 as compared to 9.4% in Q3FY22.
Net Profit stood at Rs.590 crore for Q3FY23, as compared to Rs. 553 crore in the corresponding quarter of last year.
PAT margin stood at 5.1% in Q3FY23 as compared to 6.0% in Q3FY22.
DMart Q3 Results: What Management Says
Q3 saw our revenues grow by 24.7% over the corresponding quarter of last year. FMCG and staples segment continued to outperform the general merchandise and apparel segments. Gross margin percentage decline over the corresponding quarter of last year is a reflection of this mix change. Discretionary non-FMCG sales did not do as well as expected in this quarter.
- Neville Noronha, CEO & Managing Director, Avenue Supermarts Limited.
DMart Q3 Results: Profit & EPS
Net Profit stood at Rs 641 crore for Q3FY23, as compared to Rs 586 crore in the corresponding quarter of last year.
PAT margin stood at 5.7% in Q3FY23 as compared to 6.4% in Q3FY22.
Basic Earnings per share (EPS) for Q3FY23 stood at Rs.9.90, as compared to Rs.9.04 for Q3FY22.
DMart Q3 Results: Revenue, EBITDA & Margin
Total Revenue for the quarter that ended December 31, 2022, stood at Rs 11,305 crore, as compared to Rs 9,065 crore in the same period last year.
Earnings before Interest, Tax, Depreciation and Amortization (EBITDA) in Q3FY23 stood at Rs.974 crore, as compared to Rs 868 crore in the corresponding quarter of last year.
EBITDA margin stood at 8.6% in Q3FY23 as compared to 9.6% in Q3FY22.
DMart Q3 Results: Standalone
• Total Revenue stood at Rs. 11,305 crore, year-on-year (YoY) growth of 24.7%
• EBITDA of Rs. 974 Crore; YoY growth of 12.2%
• PAT stood at Rs. 641 Crore; YoY growth of 9.4 %
• Basic EPS for Q3FY23 stood at Rs.9.90, as compared to Rs.9.04 for Q3FY22
• 4 stores were added in Q3FY23
HDFC Bank Q3 Results: Networks
As of December 31, 2022, the Bank's distribution network was at 7,183 branches and 19,007 ATMs / Cash Deposit & Withdrawal Machines (CD Ms) across 3,552 cities/ towns as against 5,779 branches and 17,238 ATMs / CDMs across 2,956 cities/ towns as of December 31, 2021.
51% of our branches are in semi-urban and rural areas. In addition, we have 15,815 business correspondents, which are primarily manned by Common Service Centres (CSC). Number of employees were at 166,890 as of December 31, 2022 (as against 134,412 as of December 31, 2021).
HDFC Bank Q3 Results: Consolidated Profit
The consolidated net profit for the quarter ended December 31, 2022 was Rs 12,698 crore, up 19.9%, over the quarter ended December 31, 2021. Consolidated advances grew by 19.2% from Rs 1,312,142 crore as on December 31, 2021 to Rs 1,563,799 crore as on December 31, 2022.
HDFC Bank Q3 Results: Advances
Total advances as of December 31, 2022 were Rs 1,506,809 crore, an increase of 19.5% over December 31, 2021. Gross of transfers through inter-bank participation certificates and bills rediscounted, total advances grew by 23.6% over December 31, 2021.
Domestic retail loans grew by 21.4%, commercial and rural banking loans grew by 30.2% and corporate and other wholesale loans grew by 20.3%. Overseas advances constituted 2.8% of total advances.
HDFC Bank Q3 Results: CASA Deposits
Total Deposits showed a healthy growth and were at Rs 1,733,204 crore as of December 31, 2022, an increase of 19.9% over December 31, 2021. CASA deposits grew by 12.0% with savings account deposits at Rs 535,206 crore and current account deposits at Rs 227,745 crore.
Time deposits were at Rs 970,253 crore, an increase of 26.9% over the corresponding quarter of the previous year, resulting in CASA deposits comprising 44.0% of total deposits as of December 31, 2022.
HDFC Bank Q3 Results: Capital Adequacy
The Bank's total Capital Adequacy Ratio (CAR) as per Basel Ill guidelines (including profits for the nine months ended December 31, 2022) was at 19.4% as on December 31, 2022 (19.5% as on December 31, 2021) as against a regulatory requirement of 11.7%.
This includes Capital Conservation Buffer of 2.5%, and an additional requirement of 0.2% on account of the Bank being identified as a Domestic Systemically Important Bank (D-SIB).
HDFC Bank Q3 Result: Other Highlights
Operating expenses for the quarter ended December 31, 2022 were at Rs 12.463.6 crore, an increase of 26.5% over Rs 9,851.1 crore during the corresponding quarter of the previous year. The cost-to-income ratio for the quarter was at 39.6%.
Pre-provision Operating Profit (PPOP) was at Rs 19,024.1 crore. PPOP, excluding net trading and mark to market income, grew by 19.3% over the quarter ended December 31, 2021.
Provisions and contingencies for the quarter ended December 31, 2022, were Rs 2,806.4 crore as against Rs 2,994.0 crore for the quarter ended December 31, 2021.
The total credit cost ratio was at 0.74%, as compared to 0.94% for the quarter ending December 31, 2021.
HDFC Bank Q3: Profit
Profit before tax (PBT) for the quarter ended December 31, 2022 was at Rs 16,217.6 crore. After providing Rs 3,958.1 crore for taxation, the Bank earned a net profit of Rs 12,259.5 crore, an increase of 18.5% over the quarter ended December 31, 2021.
HDFC Bank Q3 Asset Quality
Gross non-performing assets were at 1.23% of gross advances as on December 31, 2022 (1.00% excluding NPAs in the agricultural segment), as against 1.23% as on September 30, 2022 (1.03% excluding NPAs in the agricultural segment), and 1.26% as on December 31, 2021 (1.04% excluding NPAs in the agricultural segment). Net nonperforming assets were at 0.33% of net advances as on December 31, 2022.
HDFC Bank Q3 Results
The Bank's net revenue, grew by 18.3% to Rs 31.487.7 crore for the quarter ended December 31, 2022 from Rs 26,627.0 crore for the quarter ended December 31, 2021. Excluding net trading and mark to market income, the net revenue grew by 22.1% over the quarter ended December 31, 2021.
HDFC Bank Q3 Results
Net interest income (interest earned less interest expended) for the quarter ended December 31, 2022 grew by 24.6% to~ 22,987.8 crore from ~ 18.443.5 crore for the quarter ended December 31, 2021. Core net interest margin was at 4.1 % on total assets, and 4.3% based on interest earning assets.