Q1 Results FY2023: Several listed companies announced their quarterly results for April-June quarter on Monday. Among them were Canara Bank, Jindal Stainless, Macrotech Developers and Century Textiles. Here are key highlights of the results. 

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Canara Bank Q1 results FY2023: profit rises 72% to Rs 2,022 cr on higher interest income, loan growth

State-owned Canara Bank reported a 72 per cent rise in its standalone profit after tax at Rs 2,022 crore in the April-June quarter of FY23, helped by healthy credit growth and interest income.

In the corresponding quarter of the previous fiscal, its standalone Profit After Tax ((PAT) stood at Rs 1,177 crore.

"Besides higher growth in Net Interest Income (NII), our non-interest income also rose by 25 per cent. Provisions were under control and credit growth was also healthy during the quarter," the bank's managing director and chief executive officer L V Prabhakar told reporters.

Net Interest Income (NII) grew by 10.15 per cent to Rs 6,785 crore as against Rs 6,160 crore in the year-ago period.

Non-interest income jumped by 24.55 per cent to Rs 5,175 crore as against Rs 4,155 crore a year ago.

Net Interest Margin (NIM) stood at 2.78 per cent compared to 2.71 per cent in the same quarter of the previous fiscal. Prabhakar expects NIM to reach 2.90 per cent in the current fiscal.

Gross Non-Performing Assets (GNPAs) ratio stood at 6.98 per cent as against 8.50 per cent. Net NPA ratio stood at 2.48 per cent compared to 3.46 per cent.

Fresh slippages in the quarter stood at Rs 3,606 crore. Cash recoveries during the quarter stood at Rs 1,886 crore and recoveries in written-off account were at Rs 711 crore.

The lender is targeting recoveries of Rs 15,000 crore in the current fiscal.

It has identified Rs 2,300 crore of bad loans to be transferred to the National Asset Reconstruction Company Ltd (NARCL), Prabhakar said.

Total provisions grew by 6.51 per cent to Rs 4,584 crore from Rs 4,304 crore.

Capital to Risk (Weighted) Assets Ratio (CRAR) stood at 14.91 per cent as in June 2022, out of which, tier-I was at 12.13 per cent, CET1 at 10.49 per cent and tier-II at 2.78 per cent.

The bank has already got the board approval to raise Rs 5,500 crore from AT-1 bonds and Rs 3,500 crore through tier II bonds in FY23.

Gross domestic advances of the bank grew by 13.14 per cent to Rs 7,48,140 crore and deposits rose by 8.49 per cent to Rs 10,52,907 crore.

On Monday, the Canara Bank shares closed at Rs 224.70 apiece on BSE, down 1.88 per cent from its previous close.

Jindal Stainless Q1 results FY2023: Net profit grows 8% to Rs 329 cr

Jindal Stainless Limited (JSL) on Monday reported about 8 per cent increase in its consolidated net profit to Rs 329.37 crore in the April-June quarter on higher income.

The company had a net profit of Rs 305.84 crore in the same period of 2021-22, JSL said in regulatory filing.

Its total income rose to Rs 5,490.91 crore, about 36 per cent up compared to Rs 4,042.32 crore in the year-ago period.

Expenses increased to Rs 5,089.45 crore in the quarter from Rs 3,610.89 crore in the April-June quarter of the preceding fiscal.

Jindal Stainless is the country's largest stainless steel making company with an annual melt capacity of 1.9 million tonnes (MT). It has two stainless steel manufacturing units located in Haryana and Odisha.

Jindal Stainless shares today ended ar Rs 121.50 on the NSE and were up 1.5 per cent from the Friday closing price. 

Macrotech Developers Q1 results FY2023: profit rises 68% to Rs 271 crore in June quarter

Realty firm Macrotech Developers on Monday reported a 68 per cent increase in its consolidated net profit to Rs 270.80 crore for the June quarter on better sales.

The company's net profit stood at Rs 160.91 crore in the year-ago period, according to a regulatory filing.

Total income rose to Rs 2,675.78 crore in the first quarter of this fiscal from Rs 1,749.97 crore in the corresponding period of the previous year.

On the performance, Macrotech Developers Ltd MD and CEO Abhishek Lodha highlighted that the April-June period was its best-ever first quarter with Rs 2,814 crore of pre-sales from India business.

"With this strong start to the FY23, we are pleased that 75 per cent of the sales growth that we had forecasted for this year (Rs 1,857 crore out of Rs 2,500 crore required to grow from Rs 9,024 crore to Rs 11,500 crore) has already been delivered," Lodha said.

Lodha said the company is carefully monitoring the impact of inflation and rising interest rates.

He asserted that the company has not yet seen any impact on housing demand for quality developers.

"Over the medium & long-term, driven by good wage growth, increase in the relevance of housing to the family after Covid, and consolidation of supply with high-credibility developers, we believe that the housing industry in India is in a structural upcycle," Lodha said.

Mumbai-based Macrotech Developers, erstwhile Lodha Developers, has delivered more than 86 million square feet of real estate and is currently developing around 100 million square feet under its on-going and planned portfolio.

Jindal Stainless shares today ended ar Rs 1159 on the NSE and were up nearly 3 per cent from the Friday closing price. 

Century Textiles Q1 results FY2023: net profit jumps 78% on robust sales

AV Birla group firm Century Textiles and Industries on Monday reported a 78 per cent jump in net income at Rs 63 crore driven by robust sales in the first quarter.

The company, which is primarily into textiles, pulp and paper products and realty, said its sales grew to Rs 1,170 crore, a growth of 41 per cent compared to the year-ago period.

The company's Managing Director J C Laddha attributed the strong numbers to the high operational efficiency and improved market demand.

The pulp and paper business has performed exceptionally well during the reporting quarter, especially with increased demand in the paper and tissue segment, he said.

The textiles business saw impressive growth, mainly supported by good demand for fabrics for apparel while the realty business was driven by strong consumer confidence and improved demand for quality residential units, he said.

The pulp and paper business saw sales increasing 49 per cent to Rs 857 crore. This was on the back of the better capacity utilisation which touched 97 per cent leading to a production increase of paper and tissue segments by 17 per cent and 14 per cent, respectively, on a year-on-year basis.

The realty business booked Rs 434 crore in sales with significant contribution from the Birla Niyaara project in Worli in the megapolis. This signature project of the company has so far achieved cumulative sales of about Rs 1,600 crore, Laddha said.

The turnover from the textiles vertical increased 31 per cent to Rs 268 crore on the back of higher capacity utilisation at 96 per cent.

The company's stock fell 1.45 per cent to Rs 801 on the BSE while the benchmark slipped 0.55 per cent after six days of gains.

Inputs from PTI