Q3FY22 Earnings: Karnataka Bank, Chemplast Sanmar, Suzlon Energy announce December quarter results - key highlights here!

Listed companies including The Karnataka Bank Limited, Chemplast Sanmar Ltd and Suzlon Energy on Saturday announced their Decemeber quarter results. Zee Business brings to you the highlights of these results of the three companies. The companies announced their Q3FY22 results through filings to the exchanges.

Karnataka Bank posts net profit of Rs 146.42 cr

The private sector Karnataka bank has posted a net profit of Rs 146.42 crore for the third quarter of current financial year with a year-on-year growth rate of 8.16 percent as against Rs 135.37 crore net profit earned during the corresponding quarter of the previous year.

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The financial results for the quarter and nine months period ended December 31, 2021 were approved at a meeting of the director board held here Friday, a bank release here said.

The asset quality also improved significantly. The gross non-performing assets (GNPA) has declined by 39 basic points (bps) to 4.11 percent from 4.50 percent as compared to the sequential previous quarter in September, 2021.

In absolute terms also, the GNPA declined by Rs 170.60 crore to Rs 2,330.52 crore from Rs 2,501.12 crore as at the previous quarter. Similarly, the NNPA also declined by 39 bps to 2.45 percent from 2.84 percent as compared to the sequential previous quarter.

The NNPA amount also reduced by Rs 186.37 crore to Rs 1359.89 crore from Rs 1546.26 crore as at the previous quarter. The PCR has further improved to 73.74 percent from 71.75 percent as in September last.

The bank has clocked a business turnover of Rs 1,33,918.07 crore as on December 31, 2021, with a growth rate of 5.44 percent, deposits of Rs 78,428.71 crore with a growth rate of 6.24 percent and advances of Rs 55,489.36 crore with a growth rate of 4.33 percent.

The results were announced by managing director and CEO M S Mahabaleshwara at the bank's headquarters in the city. 

Karnataka Bank share price ended at Rs 65.15 on the NSE, down by 0.8 per cent from the Thursday closing price.

Chemplast Sanmar Ltd reports standalone Q3 net at Rs 142.82 crore

Chemplast Sanmar Ltd, the flagship company of Sanmar Group, on Saturday reported standalone net profits at Rs 142.82 crore for the quarter ending December 31, 2021, the company said on Saturday.

The city-based company had registered standalone net at 21.27 crore during the corresponding quarter in the previous year, a company statement said.

For the nine-month period ending December 31, 2021, standalone net profits went up to Rs 231.36 crore as against a standalone net loss at Rs 15.22 crore registered during the same period last financial year.
Total income from operations on standalone basis, for the quarter under review, grew to Rs 517.14 crore from Rs 406.83 crore registered in the same period last financial year.

For the nine-month period ending December 31, 2021, standalone total income from operations went up to Rs 1,363.51 crore from Rs 875.15 crore registered during the corresponding period last fiscal, the company said.

Chemplast Sanmar share price ended at Rs 504.15 on the BSE, down by over 3 per cent from the Thursday closing price.

Suzlon Energy posts net profit of Rs 37 cr in December quarter

Suzlon Energy has posted a consolidated net profit of Rs 37.73 crore in the December 2021 quarter mainly on account of higher revenues.

The company had reported a consolidated net loss of Rs 118.06 crore in the same quarter of the previous fiscal, according to a BSE filing released on Friday night.

Its total income rose to Rs 1,615.06 crore in the reported quarter from Rs 959.52 crore in the same period a year ago.

"Q3 of FY22 saw us sustaining pace in our manufacturing and projects operations. However, with the current uncertainty, availability and prices of raw materials and components remain a challenge, eroding our margins and volumes," Himanshu Mody, Chief Financial Officer, Suzlon Group, said in a statement.

He further stated that an exponential rise in logistics costs and the increase in GST(goods and services tax) from 5 per cent to 12 per cent has further increased project costs.

"We have maintained our quarter on quarter (QoQ) performance with a revenue of Rs. 1,597 crores while keeping a strict control on costs. Our Operations and Maintenance Service (OMS) business continued to deliver good turbine performance in Q3 leveraging digitization and digitalization to navigate the uncertainties of the pandemic," he added.
Ashwani Kumar, Chief Executive Officer, Suzlon Group, feels satisfied about the manner in which operations of the company gained momentum in Q3 keeping it on track with its business plan for the year.

However, he said, "Unfortunately, the COVID-19 pandemic is surging across the world again in Q4 FY22 with alarmingly high numbers in India as well. This poses renewed challenges for us going ahead on business delivery towards the end of the financial year."

Suzlon Energy share price ended at Rs 11.45 on the NSE, down by over 0.9 per cent from the Thursday closing price.