Q4 Results 2022: Galaxy Surfactants, Indian Overseas Bank announce March quarter results; here are key highlights

Q4 Results 2022: Listed companies Galaxy Surfactants and Indian Overseas Bank (IOB) today announced their March quarter results. While the former reported a net profit of Rs 98 cr, the latter reported net profit of Rs 552 crore. Galaxy Surfactants PAT was up 25 per cent while IOB reported a 58 per cent jump. Here are key highlights of the results.

Galaxy Surfactants Q4 results 2022: profit up 25% at Rs 98 cr

Specialty care products maker Galaxy Surfactants Ltd (GSL) on Wednesday posted 25 per cent jump in consolidate net profit at Rs 98.40 crore for the fourth quarter ended March 2022 on robust income.

The company had clocked a net profit of Rs 78.68 crore in the same quarter of previous fiscal year, according to a regulatory filing.

Total income increased to Rs 1,054.13 crore in January-March 2021-22 compared with Rs 786.10 crore in the year-ago period.

"This has been a robust quarter for us. Amidst the global uncertainties, Galaxy has reported its highest quarterly profit," Managing Director U Shekhar said.

Though the overall performance last fiscal year was muted, the company ended the year on a strong note, he said.

As per the filing, the company's net profit in 2021-22 was Rs 262.78 crore, lower than Rs 302.14 crore in the previous fiscal.

Total income, however, remained higher at Rs 3,698.22 crore as against Rs 2,94.92 crore in 2020-21.

"If FY22 was about managing the supply-side risks, we believe, FY23 will be about managing both; the ?supply' as well as the ?demand-side' risks. While the global scenario remains precarious, inflationary headwinds have now started impacting demand," Shekhar said.

The company is seeing the first signs of demand cutbacks and down-trading in parts of India. Deteriorating supply conditions due to the Russia-Ukraine war and lockdowns in China will further exacerbate this, he said.

"Given this backdrop, we begin FY23 on a cautious note," he said, adding that while the focus will remain on growth, the company believes that it is effective risk management that will differentiate and separate the best from the rest.

Galaxy Surfactants shares ended up nearly 4 per cent on the NSE on Wednesday. 

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Indian Overseas Bank Q4 results 2022: net profit jumps 58% to Rs 552 crore

State-owned Indian Overseas Bank (IOB) on Wednesday reported a nearly 58 per cent jump in net profit at Rs 552 crore in the quarter ended March 2022, mainly due to lower provisioning for bad loans.

The bank had posted a net profit of Rs 350 crore in the year-ago period.

However, the total income of the bank during the latest March quarter fell to Rs 5,719 crore as against Rs 6,074 crore in the same period a year ago, according to a regulatory filing.

The bank's interest income rose by 4 per cent in the fourth quarter ended March to Rs 4,215 crore.

There was an improvement in the asset quality as the gross Non-Performing Assets (NPAs) declined to 9.82 per cent of the gross advances as of March 31, 2022 from 11.69 per cent in the year-ago period. The same was at 10.40 per cent at the end of December 2021.

The net NPAs or bad loans fell to 2.65 per cent from 3.58 per cent on an annual basis. Sequentially, it was slightly high compared to 2.63 per cent at the end of December 2021.

The provisions for bad loans and contingencies for the March 2022 quarter fell to Rs 1,014 crore as against Rs 1,380 crore in the year-ago period.

On a full year basis, the bank reported an 106 per cent increase in net profit at Rs 1,710 crore in 2021-22. It was at Rs 831 crore in 2020-21.

However, yearly income dropped to Rs 21,633 crore as against Rs 22,525 crore in previous fiscal ended March 2021.

Indian Overseas Bank shares closed 4.12 per cent up at Rs 17.70 apiece on BSE.

Inputs from PTI