Q3 Results 2023: SKF India net jumps 31%, Trent PAT at Rs 154.81 crore; Shree Cement profit falls 41%

Q3 Results 2023: Several listed companies declared their December quarter results on Wednesday. Among them was SKF India which announced a 31 per cent rise in net profit for the reporting quarter. Meanwhile,  Tata group retail firm Trent's Q3FY23 net profit stood at Rs 154.81 crore. Shree Cement profit fells 41.61 per cent to Rs 281.83 crore. Here are key takeaways from the quarterly earnings declared by the company.

SKF India Q3 Net rises 31% to Rs 116.6 crore

Auto-component maker SKF India on Wednesday said its consolidated net profit grew 31 per cent to Rs 116.67 crore in the December quarter over the corresponding quarter of the previous fiscal.

The company had posted a consolidated net profit of Rs 88.79 crore in the third quarter of FY22.

The revenue from operations grew 11 per cent at Rs 1,077.20 crore in the quarter under review from Rs 967 crore in the same period of FY22, it said.

"Our focus on pricing actions, robust cash flow momentum and capital discipline combined with portfolio management helped us improve our overall margin, resulting in strong financial results,? said Manish Bhatnagar, Managing Director, SKF India Limited.

Given the continuous impact of inflation, ensuring full cost recovery continues to be the company's focus, he said and added, ?in a challenged environment, we remain committed to focused execution of our clean growth strategy to navigate through the near-term challenges and sustain strong momentum.

We believe that the strong fundamentals of our business, including our focus on prioritising high-growth segments, aligning with customers' evolving needs and maintaining operational discipline, put SKF in a position of strength as we continue to deliver sustained growth and value creation for all our shareholders, Bhatnagar said.

Trent Q3 Results 2023: net profit at Rs 154.81 crore

Tata group retail firm Trent Ltd on Wednesday reported a consolidated net profit of Rs 154.81 crore in the third quarter ended on December 31, 2022.

The company had posted a net profit of Rs 113.78 crore in the October-December quarter a year ago, Trent said in a regulatory filing.

Its revenue from operations was at Rs 2,303.38 crore during the quarter under review compared to Rs 1,499.08 crore in the third quarter of FY22.
Trent's total expenses were at Rs 2,189.62 crore.

According to the company, its results for Q3 FY23 "are not comparable" with the corresponding quarter and period of the previous year.

"This (the consolidated net profit result) gave the change in profile & quantum of inventory provisioning, rent waivers etc between the three quarters on account of the pandemic. Q3 FY22 had accounting for rent waivers and reversals relating to inventory provisioning. Accordingly, the CAGR of revenues and profitability versus FY20 is more representative of growth," it said.

Trent's Westside registered a growth of 17 per cent in same store sales. Currently, it operates 211 Westside stores, 326 Zudio stores and 21 stores across other lifestyle concepts.

During the quarter, Trent entered into a 50:50 joint venture with Mas Group of Sri Lanka for design, development and manufacture of intimate wear, active wear and related apparel products, the company said.

Over time, Trent and Mas would pool their domain expertise to undertake design, development, and manufacturing of a range of intimate wear and other apparel products, Trent chairman Noel N Tata said.

Shares of Trent Ltd on Wednesday settled 1.80 per cent up at Rs 1,235.70 apiece on the BSE.

Shree Cement Q3 Results 2023: profit falls 41.61% to Rs 281.83 crore

Shree Cement Ltd on Wednesday reported a 41.61 per cent decline in consolidated net profit to Rs 281.83 crore in the third quarter that ended December 2022 due to an increase in input cost.

The company posted a net profit of Rs 482.70 crore in the October-December quarter last fiscal, Shree Cement said in a regulatory filing.

Its revenue from operations was up 18.20 per cent to Rs 4,299.26 crore as against Rs 3,637.11 crore in the year-ago period.

During the quarter, Shree Cement "total volume increased YoY by 23 per cent from 6.55 million tonnes to 8.03 million tonnes," the company said in its earnings updates.

Shree Cement's total expenses were at Rs 4,085.28 crore, higher 30.47 per cent in Q3 of FY23.

In the quarter gone by, there has been strong momentum in cement demand due to a rise in construction activities, it said.

Commenting on the results, Shree Cement Managing Director Neeraj Akhoury said: "Shree Cement continues its strong focus on operational efficiencies to mitigate increase in the input costs including fuel.

"We are determined to become the greenest cement company with global scale performance on power mix. We are continuing to strengthen our technology fundamentals with digitalization and this will enable us to create a significant advancement on customer satisfaction."

The board of Shree Cement has declared an interim dividend of Rs 45 per share for the year 2022-23.

Over the capex plan, it said: "The company has been actively working on achieving its goal of having 80 million tonnes capacity by year 2030."

While giving an outlook for the sector Shree Cement said given the government's focus on infrastructure growth in the union Budget 2023-24 through higher allocation for road construction projects, Pradhan

Mantri Awas Yojana (PMAY), capital investment outlay, etc. And other overall buoyancy in the economy, cement sector is poised for robust growth in coming years.

"However, rising input costs led by higher fuel prices may impact the margins," it said.

Shares of Shree Cement Ltd on Wednesday were trading at Rs 23,991.85 on BSE, down 1.18 per cent from the previous close.