Q1 Results FY2023: L&T, Union Bank, Shoppers Stop, India Grid Trust declare June quarter results - Highlights

Q1 Results FY2023: Several listed companies on Tuesday announced their April-June quarter results. Among them were engineering and construction conglomerate Larsen & Toubro (L&T), Union Bank of India, Shoppers Stop and India Grid Trust which announced their earnings results.  

L&T Q1 Results FY2023: net profit rises 45% to Rs 1,702 crore in April-June quarter

L&T Q1 Results FY2023: Engineering and construction conglomerate Larsen & Toubro (L&T) on Tuesday said its consolidated net profit increased 44.9 per cent to Rs 1,702.07 crore in the June 2022 quarter due to higher revenue from operations.

The company had posted a consolidated net profit of Rs 1,174.44 crore in the year-ago period, L&T said in a filing to BSE.

The consolidated revenue from operations of the company during April-June period increased to Rs 35,853.20 crore from Rs 29,334.73 crore in the year-ago period, the filing said.

L&T shares ended at Rs 1,750.60 on the NSE on Tuesday and were down 1.8 per cent from the Monday closing price.

Union Bank of India Q1 Results FY2023: net profit up 32 pc at Rs 1,558 cr on higher NII, lower bad loans (Eds: Adding more info)

Union Bank of India Tuesday reported a 32 per cent rise in its standalone profit after tax (PAT) to Rs 1,558 crore for the June quarter on higher net interest income and improvement in asset quality.

It had reported a standalone PAT of Rs 1,181 crore in the corresponding quarter of the preceding fiscal.

The bank's Managing Director and CEO A Manimekhalai said the good result was on account of growth in net interest income (NII), a decline in bad loans ratio and higher credit and deposit growth.

"We are hoping that even in the September quarter the bank will be able to show good results," she told reporters.

NII grew 8.11 per cent to Rs 7,582 crore against Rs 7,013 crore in the year-ago period.

Net Interest Margin (NIM) dropped 8 basis points (bps) to 3 per cent from 3.08 per cent a year ago.

The gross non-performing asset (GNPAs) ratio improved to 10.22 per cent compared to 13.60 per cent. Net NPA stood at 3.31 per cent against 4.69 per cent.

Fresh slippages were Rs 3,600 crore, which includes Rs 2,900 crore from the corporate book, Rs 900 crore from MSMEs and Rs 600 crore from retail. The lender is looking at slippages to the tune of Rs 13,000 crore for fiscal 2023, Manimekhalai said.

Recovery during the three-month ended June was Rs 4,200 crore and the bank is targeting recoveries worth Rs 15,000 crore during the fiscal, she said.

Total provisions declined 5.65 per cent to Rs 3,889 crore against Rs 4,122 crore in the same quarter of the previous fiscal.

Capital to Risk (Weighted) Assets Ratio (CRAR) improved to 14.42 per cent as of June 30, 2022, from 13.32 per cent as of June 30, 2021. CET 1 ratio improved to 10.68 per cent from 9.77 per cent.

The bank may look at raising Rs 3,500 crore through the qualified institutional placement (QIP) route in the third quarter of the current fiscal, Manimekhalai said.

The advances increased by 12.95 per cent on a year-on-year basis, while deposits grew by 9.27 per cent.

The lender is looking at a loan growth of 12-13 per cent in the current fiscal, she said.

Union Bank shares closed at Rs 37.10 per cent apiece, down 2.24 per cent on BSE.

Shoppers Stop Q1 Results FY2023: net profit at Rs 22.83 cr, sales up to Rs 948.44 cr

Retail chain Shoppers Stop Ltd on Tuesday reported a consolidated net profit of Rs 22.83 crore for the first quarter that ended on June 30, 2022.

The company had posted a net loss of Rs 104.89 crore in the April-June quarter a year ago, said Shoppers Stop in a regulatory filing.

Its revenue from operations during the period under review was at Rs 948.44 crore, up over four-fold in comparison to a lower base of the pandemic-impacted corresponding quarter. It was Rs 205.23 crore in Q1/FY 2021-22.

"The momentum continued from March 22 as the industry witnessed the first disruption-free quarter, and the company recorded a strong quarterly performance, despite 'end of season' sale delayed by 10 days," said a Shoppers Stop earning statement.

Shoppers Stop's total expenses were at Rs 921.63 crore, up over two-fold in Q1/FY 2022-23 as against Rs 408.95 crore.

Its e-commerce sales grow by 29 per cent on a year-on-year(YoY) basis, it added.

During the quarter "average selling price (ASP) has improved by 15 per cent YoY and the average transaction value (ATV) by 7 per cent YoY in Q1FY23," said Shoppers Stop.

The K Raheja Group-owned retailing firm Shoppers Stop continues to remain debt free and opened six new stores during the quarter.

Commenting on the results Shoppers Stop MD & CEO Venu Nair said: "The strong growth momentum, seen March 22, persisted through the first quarter of FY23 and continuing in July. We recorded a strong quarterly performance, and believe that the growth will continue in the coming quarters due to the easing of Covidrelated restrictions.

This, coupled with the upcoming festive season, is likely to release a significant pent-up demand and further aid the company's revenue growth, he added.

Over the outlook, he said: "We expect good demand in tier-2 cities and beyond, with the rise in smartphone penetration, and the growing adoption of digital payment systems. We plan to launch new stores primarily in tier-2 and tier-3 cities while sustaining our investments in store renovations, during the year."

Shoppers Stop operates 90 department stores in 47 cities, retailing fashion and beauty brands. It also operates 11 premium home concept stores and 138 beauty stores of M.A.C, Est?e Lauder, Bobbi Brown, Clinique, Jo Malone, Too Faced and SS Beauty.

Share of Shoppers Stop Ltd on Tuesday settled at Rs 541.70 on BSE, down 3.17 per cent from the previous close.

India Grid Trust Q1 Results FY2023: net profit up 4% at 84 cr

India Grid Trust on Tuesday posted a nearly 4 per cent rise in its consolidated net profit to Rs 83.72 crore for the April-June quarter, driven by higher income.

The company had posted a net profit of Rs 80.91 crore in the same quarter of 2021-22, India Grid Trust (IndiGrid) said in a BSE filing.

Its total income increased to Rs 586.41 crore in April-June FY23 from Rs 564.99 crore in the year-ago period. Expenses were also higher at Rs 498.10 crore against Rs 481.61 crore in the April-June period of the preceding fiscal.

IndiGrid is India's first and largest Infrastructure Investment Trust (InvIT) in the power transmission sector. It owns, operates, and manages power transmission networks and renewable energy assets that deliver reliable power throughout India.

In a separate statement, the company said Jyoti Kumar Agarwal has been appointed as the company's new CEO and Whole-Time Director role effective July 1, 2022, and Divya Bedi Verma took up the role of the CFO.

"The board of the investment manager also approved a distribution per unit (DPU) of Rs 3.30 for Q1 (April-June) FY23 to unit holders in line with the distribution guidance of Rs 13.20 per unit for FY23. The record date for the distribution is August 1, 2022, and shall be paid as Rs 3.06 per unit in the form of interest and Rs 0.24 per unit as capital repayment," it said.

Newly-appointed CEO Agarwal said, the company's performance during the quarter has been on the expected lines, and it is now on track to meet the FY23 distribution guidance of Rs 13.20 per unit.

India Grid Trust shares ended at Rs 142.50 on the NSE and were flat from the Monday closing price.

Inputs from PTI