Q4 Results 2022: Eicher Motors net up 16%; REC, Bandhan Bank PAT rises too; here are key highlights

Q4 Results 2022: More companies announced their March quarter earnings on Friday. Nifty50 constituent Eicher Motors announced its January-March quarter results. Along with it, REC and Bandhan Bank also declared their quarterly results. Here are key highlights of the results.   

Eicher Motors Q4 results 2022: net up 16% at Rs 610 cr

Eicher Motors on Friday said its consolidated net profit after tax increased by 16 per cent to Rs 610 crore for the fourth quarter ended March 31, 2022.

The company had reported a net profit after tax of Rs 526 crore in the January-March quarter of the 2020-21 fiscal.

Total revenue from operations rose to Rs 3,193 crore in the fourth quarter as compared to Rs 2,940 crore in the same period of FY21, Eicher Motors said in a regulatory filing.

For the year ended March 31, 2022, the company posted a consolidated net profit after tax of Rs 1,677 crore as against Rs 1,347 crore in 2020-21 fiscal.

Total revenue from operations rose to Rs 10,298 crore during the last fiscal as compared with Rs 8,720 crore in FY21.

This was the company's highest-ever revenue in the fourth quarter as well as the full fiscal, it added.

The company said its board approved a dividend of Rs 21 per share of face value of Re 1 each for 2021-22.

Royal Enfield, the company's two-wheeler arm, sold 1,82,125 motorcycles in the fourth quarter, a dip of 10 per cent from 2,03,343 units sold in the year-ago period.

During 2021-22, Royal Enfield registered motorcycle sales of 5,95,474, down 2 per cent from 6,09,403 units in 2020-21.

VECV, the company's JV with Volvo Group, reported revenue from operations at Rs 12,724 crore for the last fiscal, as against Rs 8,676 crore in FY21.

Profit after tax stood at Rs 111 crore compared to Rs 57 crore last year.

VECV recorded sales of 57,077 vehicles for 2021-22, marking a growth of 38 per cent over 41,268 units in 2020-21.

"The year gone by was very significant for Eicher Motors, as we registered considerable progress towards our long term strategic business vision," Eicher Motors Managing Director Siddhartha Lal noted.

Over the last eight years, the company has made concerted efforts in becoming a premium, global player, concentrating on some of the toughest motorcycle markets in the world, with an ambition to sustainably grow overseas presence and business, he added.

"During this year, our international markets growth story showed stellar performance with more than 100 per cent growth YoY as we continued to deliver sustained results in the domestic market," Lal said.

At VECV, the company's performance was extremely encouraging, he added.

Royal Enfield CEO B Govindarajan noted that despite persistent challenges on the supply front and COVID-induced disruptions last year, the two-wheeler maker has made remarkable progress regarding strategic long-term vision.

"As we move forward, we remain focused on creating products and offering experiences that stay true to our philosophy of pure motorcycling. As the supply chain settles and the market starts getting buoyant, we are ready to ramp up and grow Royal Enfield to new heights," he added. 

Eicher Motors shares ended at Rs 2420 on the NSE on Friday, up 1.5 per cent from the Thursday closing price.

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REC Q4 results 2022: net profit rises 14% to Rs 2,301 cr in March quarter

State-owned REC Ltd posted a 14 per cent rise in its consolidated net profit to Rs 2,301.33 crore in the March quarter, mainly on the back of higher revenues.

The consolidated net profit of the company was Rs 2,017.84 crore in the quarter ended March 2021, a BSE filing said.

Total income in the quarter rose to Rs 9,653.27 crore from Rs 9,215.92 crore in the same period a year ago.

In 2021-22, the consolidated net profit also climbed to Rs 10,035.70 crore. It stood at Rs 8,378.14 crore in the year-ago period.

Total income in the fiscal increased to Rs 39,339.10 crore, as against Rs 35,575.56 crore in 2020-21.

The company's board has recommended the payment of final dividend of Rs 4.80 per share on the face value of Rs 10 each for the financial year 2021-22, subject to the approval of the shareholders in the ensuing Annual General Meeting (AGM).

If approved, it will be paid to the shareholders within 30 days from the date of the AGM.

The final dividend is in addition to the interim dividends of Rs 10.50 per equity share already declared and paid during the year in three tranches, thereby, making total dividend for FY 2021-22 to Rs 15.30 per share, on the face value of Rs 10 each. 

Shares of REC ended ar Rs 114 on the NSE, down by 1.6 per cent from Thursday closing price.

Bandhan Bank Q4 results 2022: net profit doubles to Rs 1,902 crore as bad debt provisions decline

Bandhan Bank on Friday reported a doubling of net profit for the March quarter at Rs 1,902 crore on the back of a massive reduction in provisions for bad debts.

The Kolkata-headquartered bank that started as a microfinancier closed FY22 with a profit of Rs 126 crore, down 94 per cent as against the previous fiscal, as the devastating second wave of the pandemic resulted in significant reverses.

"Our results (for the March quarter) shows that pandemic is over," its Chief Executive Officer and Managing Director C S Ghosh told reporters in the financial capital, adding that he expects business to be as usual from here on.

The fiscal year, which saw the bank booking quarterly losses as well due to high provisions for bad assets, has pushed back a five-year plan to achieve strategic objectives like reducing the reliance on the micro credit business, by one year, Ghosh said.

In the March quarter, its core net interest income grew 44.56 per cent to Rs 2,540 crore on the back of a 14 per cent loan growth and a widening in the net interest margin to 8.7 per cent from 6.8 per cent in the year-ago period.

The non-interest income grew 37 per cent to Rs 964 crore during the reporting quarter.

The overall provisions came down to Rs 5 crore from Rs 1,508 crore as a result of a heavy decline in the Gross Non-Performing Assets (GNPAs).

Its chief financial officer Sunil Samdani said that GNPA ratio has come down to 6.46 per cent as against 10.81 per cent three months ago, and added that it was not required to make any provisions at all but decided to make some as a conservative measure due to which there is no write-back of money.

Ghosh said the GNPAs were down majorly due to a normalisation in collection efficiencies, which were hit severely due to the pandemic, and added that the level now stands at 99 per cent. West Bengal and

Assam, which have a high concentration of the network, also saw the efficiencies at 99 per cent and 98 per cent, respectively.

"We are well on the revival path. The operating environment and ground realities are in favour of a strong revival in business," Ghosh, who is recently back from a field trip, said. People's livelihoods are coming back as the economic activity goes up, which is benefitting the bank, he added.

Ghosh said 24 per cent of group microcredit borrowers have shifted to becoming individual borrowers as per its long term intent, and added that by 2025, nearly half of its book will be secured. Such shifts will not hamper the margins, he noted.

The bank's overall capital adequacy was over 20 per cent and it does not see a need for an infusion in the next three years, Samdani said.

It will open 550 branches in FY23, of which 80 per cent will be outside of the eastern region, Ghosh said, adding that geographical mix is very essential for it.

Shares of Bandhan Bank ended the session with gains of 4.34 per cent at Rs 317.40 apiece on the BSE, as against a 0.26 per cent correction in the benchmark.

With inputs from PTI