Q3FY22 Earnings: Apollo Tyres, Indian Overseas Bank, Dhanuka Agritech, Servotech Power Systems declare December quarter results - here are key highlights!

Companies including Apollo Tyres Limited, Indian Overseas Bank (IOB), Dhanuka Agritech Limited and Servotech Power Systems on Wednesday. Here are key highlights of the quartely results of these companies! 

Apollo Tyres' net profit declines 50% to Rs 224 cr in December quarter

Apollo Tyres on Wednesday said its consolidated net profit declined 49.54 per cent to Rs 224 crore in the third quarter ended December 31, 2021.

The company had posted a consolidated net profit of Rs 444 crore in the corresponding period last year.

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Its revenue from operations, however, increased 10 per cent to Rs 5,707 crore as against Rs 5,195 crore in the third quarter of FY21, Apollo Tyres said in a statement.

"Despite the headwinds, we have seen healthy growth in the third quarter, contributed by a strong performance in the European operations and exports out of India.

"Considering the cost inflation, which is likely to continue in the near term, we intend to take further pricing actions at the opportune time, along with other cost control measures," Apollo Tyres Chairman Onkar Kanwar said.

The company continues to expand its product range and footprint across key markets, to align with the robust demand momentum going forward, he added. 

Shares of Apollo Tyres ended at Rs 225.40 on the NSE, up 2.8 per cent from the Tuesday closing price.

Indian Overseas Bank's Q3 net profit more than doubles to Rs 454 cr

State-owned Indian Overseas Bank (IOB) on Wednesday reported a 113 per cent jump in its standalone profit after tax (PAT) to Rs 454 crore in the quarter ended December 2021, helped by lower provisions and higher cash recovery.

Its standalone PAT stood at Rs 213 crore in the corresponding quarter last year.

"The profit in the quarter was driven by lower provisioning requirements, improvement in cash recovery and also as we were able to contain our operational cost," the bank's Managing Director and CEO Partha Pratim Sengupta told reporters.

The bank, which came out of the Reserve Bank of India's (RBI) prompt corrective action (PCA) framework in September 2021, is aiming the net profit to touch around Rs 1,600 crore in the current financial year.

Interest income marginally declined to Rs 4,198 crore during the quarter ended December 31, 2021, compared with Rs 4,244 crore last year. Sengupta said lower treasury income due to the hardening of yields impacted the interest income.

Net interest margin (NIM) declined to 2.40 per cent from 2.45 per cent in the year-ago period.

Its gross non-performing assets (GNPAs) reduced to 10.45 per cent, against 12.19 per cent a year ago.

Net NPA came down to 2.63 per cent from 3.13 per cent.

Sengupta said slippages in the quarter stood at Rs 1,254 crore. Of this, Rs 650 crore was on account of divergences in NPA classification pointed out by the RBI. The divergences were mainly in education and agriculture loans of the lender, he said.

Provisions fell to Rs 1,073 crore from Rs 1,518 crore in the year-ago period. The provision coverage ratio (PCR) improved to 92.33 per cent as against 91.91 per cent.

The total cash recovery stood at Rs 1,199.51 crore. This includes recovery of Rs 247.37 crore from technically written-off accounts and sale to asset reconstruction companies (ARC) of Rs 241.46 crore and security receipts.

The lender has identified three stressed accounts worth Rs 1,800 crore to be transferred to National Asset Reconstruction Company Ltd (NARCL).

Its COVID-19 restructured book stood at Rs 5,500 crore.

The bank's capital adequacy ratio (CRAR) stood at 15.41 per cent.

Sengupta said the bank plans to raise Rs 1,000 crore through tier-II bonds in this quarter.

Total deposits increased by 5.55 per cent to Rs 247,118 crore and gross advances grew by 7.89 per cent to Rs 1,48,316 crore.

The bank's shares on Wednesday closed at Rs 21.65 apiece, a jump of 4.09 per cent on the BSE. 

Shares of IOB ended at Rs 21.70 on the NSE, up 4.3 per cent from the Tuesday closing price.

Dhanuka Agritech Q3 profit up 6% at Rs 42.5 cr; revenue up 19 pc at Rs 364 cr

Agro-chemicals firm Dhanuka Agritech Ltd on Wednesday reported a six per cent increase in its consolidated net profit to Rs 42.51 crore for the quarter ended December.

Its net profit had stood at Rs 40.04 crore in the year-ago period.

Total income increased to Rs 363.58 crore in the third quarter of this fiscal year from Rs 305.04 crore in the corresponding period of the previous year, according to a regulatory filing. 

Shares of Dhanuka Agritech ended at Rs 775 on the NSE, up 2.7 per cent from the Tuesday closing price.

Servotech Power Systems Q3 profit up

Servotech Power Systems posted a consolidated net profit of Rs 1.07 crore in the December quarter, up from Rs 85.97 lakh in the same period a year ago.

Total consolidated income of the company rose to Rs 41.42 crore in the quarter ended on December 31, 2021 from Rs 25.03 crore in the same period a year ago, a NSE filing stated.

Commenting on the results, Servotech Power Systems Ltd. Managing Director Raman Bhatia in a statement said, ?The drastic rise in our revenue and profit highlights the growing demand for our brilliant range of products and solutions."

Servotech Power Systems Ltd is a leading manufacturer of solar, LED, medical grade products and EV chargers. 

Shares of Servotech Power ended at Rs 100 on the NSE, down 4.6 per cent from the Tuesday closing price.